PPL Corp - FORM 8-K/A - EX-99.3 - SLIDES - February 27, 2012

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©PPL Corporation 2012
1
4
th
Quarter Earnings Call
PPL Corporation
February 10, 2012
Revised February 27, 2012
©PPL Corporation 2012
Exhibit 99.3

©PPL Corporation 2012
2
Cautionary Statements and Factors
That May Affect Future Results
Any statements made in this presentation about future
operating results or other future events are forward-looking
statements under the Safe Harbor Provisions of the Private
Securities Litigation Reform Act of 1995. Actual results may
differ materially from such forward-looking statements. A
discussion of factors that could cause actual results or events
to vary is contained in the Appendix to this presentation and
in the Company’s SEC filings.

©PPL Corporation 2012
3
Agenda
2011 Earnings Results
2011 Operational Overview and 2012
Earnings Forecast
2011 Segment Results and Financial
Overview
Q&
A
J. H. Miller
W. H. Spence
P. A. Farr

©PPL Corporation 2012
4
Earnings Results
$0.78
$0.73
$0.00
$0.50
$1.00
4Q 2010
4Q 2011
$0.83
$0.71
$0.00
$0.50
$1.00
4Q 2010
4Q 2011
Fourth Quarter
Reported Earnings
Fourth Quarter
Earnings from Ongoing Operations
Note:
See Appendix for the reconciliation of earnings from ongoing operations to reported earnings.
Revised February 27, 2012
$2.70
$2.17
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
YTD 2010
YTD 2011
$3.13
$2.73
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
YTD 2010
YTD 2011
Year-to-Date
Reported Earnings
Year-to-Date
Earnings from Ongoing Operations

©PPL Corporation 2012
5
PPL Well-Positioned for Future Success
Increased mix of rate-regulated earnings provides stability in weak
economic environment
Approximately 70% of projected 2012 EPS from regulated businesses
Substantial
organic
growth
in
rate
base:
~8%
CAGR
from
2012-2016
Business Risk Profile rated “Excellent”
by S&P
Secure dividend with strong platform for continued growth
Highly attractive competitive generation fleet with diverse fuel
mix allows
for significant upside when power markets recover
Strong
baseload
footprint
in
PJM
complemented
by
flexible
gas-fired
units
No major exposure to currently proposed environmental regulations
Strong management team with track record of execution
UK
team
already
showing
meaningful
improvement
in
Midlands
operations
ECR
approval
received
in
Kentucky
Successfully hedging competitive generation and locking in margins in a challenging
market

©PPL Corporation 2012
6
2011 Operational Review
Midlands Integration
Kentucky ECR approval
Pennsylvania storm restorations
Overcame Susquehanna outages 
Supply rail contract negotiation

©PPL Corporation 2012
7
International Regulated Segment
Investment Highlights
Highly attractive rate-regulated business with significant growth
prospects
Regulator-approved 5-year forward-looking revenues based on future business plan,
including capital expenditures and O&M plus adjustments for inflation
Real-time
return
of
and
return
on
capital
investment
–
no
lag
No volumetric risk
Additional incentives for operational efficiency and high-quality service
Top performing electricity distribution business in the U.K.
Leader in capital and operating cost efficiency, customer service and reliability
Over $380 million in incentive revenues earned over past 7 years
Highest percentage of bonus revenue among peers
Best-in-class U.K. management team
Experienced team with record of delivering results
Completely transformed acquired Midlands operation in 9 months
Strong potential to earn additional incentive revenues
Consistent pattern of dividend repatriation to U.S. parent

©PPL Corporation 2012
8
Kentucky Regulated Segment
Investment Highlights
Efficient, well-run utility focused on safety, reliability and customer
service
Projected rate base CAGR of 9.6% through 2016
Constructive regulatory environment that provides a timely return on a
substantial amount of planned capex over the next 5 years
Environmental Cost Recovery (ECR):  ~$2.3 billion plan approved by the KPSC with a
10.1%
ROE;
~$500
million
remaining
under
prior
plan
at
10.63%
ROE
–
virtually
no
regulatory lag
Other supportive recovery mechanisms include Construction Work In Process, Fuel
Adjustment Clause, Gas Supply Clause Adjustment and Demand Side Management
recovery
Very
competitive
retail
rates
that
attract
energy-intensive
businesses

©PPL Corporation 2012
9
Pennsylvania Regulated Segment
Investment Highlights
Significant growth in transmission portion of business which
earns a favorable rate of return on a near real-time basis
CAGR of 21.7% in transmission rate base through 2016 driven by
initiatives to improve aging infrastructure and Susquehanna-Roseland
Project
ROE of 11.68% earned through FERC Formula Rate Mechanism
Susquehanna-Roseland Project earns an incentive 12.93% ROE and earns
a return on construction work-in-progress
Projected CAGR of 6.0% in distribution rate base through
2016 driven by initiatives to improve aging infrastructure
Alternative ratemaking bill passed state legislature and is
before the Governor for approval
Intended to provide for more timely recovery of eligible distribution plant
costs that improve and maintain safety and reliability

©PPL Corporation 2012
10
Supply Segment
Investment Highlights
Very well-positioned competitive generation
PJM assets:
Low marginal cost nuclear and hydro facilities
Efficient supercritical coal units with fuel switching optionality
Attractive gas-fired assets that capture market opportunity and back-stop base load unit availability
Montana assets:
Low marginal cost coal and hydro units that are critical to infrastructure supporting load in the Northwest
Considerable upside from potential expansion of export capability to Alberta and the Dakotas in support of
rapidly growing unconventional oil production activities
Substantially in compliance with new emissions standards without
further major
investments
Generation fleet will benefit from multiple factors
Tightening reserve margins
Forced retirement of less efficient stations due to tightening emissions standards
Firming of demand driven by general economic recovery
General firming of natural gas prices
Among the strongest forward hedge profiles in industry
Wholesale generation increasingly augmented by growing competitive retail
activities across commercial, industrial and residential customer classes

©PPL Corporation 2012
11
Capacity revenues are expected to be $385 million and $590 million for 2012 and 2013, respectively.
As of  January 31, 2012
(1) Represents
expected
sales
of
Supply
segment
based
on
current
business
plan
assumptions.
(2) The 2012 average hedge energy prices are based on the fixed price swaps as of January 31, 2012; the prior collars have all been converted to fixed swaps.
(3) The
2013
ranges
of
average
energy
prices
for
existing
hedges
were
estimated
by
determining
the
impact
on
the
existing
collars
resulting
from
2013
power
prices
at
the
5th
and
95th
percentile confidence levels.
(4) Includes contract with Southern Montana Electric Generation and Transmission Cooperative, Inc., which filed for bankruptcy protection on October 21, 2011.
Enhancing Value Through Active Hedging
2012
2013
Baseload
Expected Generation
(1)
(Million MWhs)
53.7
53.1
East
45.5
44.8
West
8.2
8.3
Current Hedges (%)
95-99%
80-84%
East
94-98%
80-84%
West
(4)
98-102%
82-86%
Average Hedged Price (Energy Only) ($/MWh)
(2) (3)
East
$54-55
$49-52
West
(4)
$50-52
$47-50
Current Coal Hedges (%)
98%
89%
East
98%
93%
West
100%
79%
Average Hedged Consumed Coal Price (Delivered $/Ton)
East
$75-78
$82-86
West
$23-28
$23-29
Intermediate/Peaking
Expected Generation
(1)
(Million MWhs)
6.9
7.0
Current Hedges (%)
49%
6%

©PPL Corporation 2012
12
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
2011A
2012E
2012 Earnings Forecast
$2.73
$/Share
Note:  See appendix for reconciliation of earnings from ongoing operations to reported earnings.
Revised February 27, 2012
$2.45
$2.15

©PPL Corporation 2012
13
Ongoing Earnings Overview
Q4 2011
Q4 2010
Change
Kentucky Regulated
$0.06
$0.07  
($0.01)
International Regulated
0.28
0.07
0.21
Pennsylvania Regulated
0.10
0.05
0.05
Supply
0.27
0.64
(0.37)
Total
$0.71
$0.83
($0.12)
Note: See Appendix for the reconciliation of earnings from ongoing operations to reported earnings.
Revised February 27, 2012
2011
2010
Change
Kentucky Regulated
$0.40
$0.06  
$0.34
International Regulated
0.87
0.53
0.34
Pennsylvania Regulated
0.31
0.27
0.04
Supply
1.15
2.27
(1.12)
Total
$2.73
$3.13
($0.40)

©PPL Corporation 2012
14
International Regulated Segment
Earnings Drivers
Note: See Appendix for the reconciliation of earnings from ongoing operations to reported earnings.
(1) Includes interest expense from the 2011 equity units and Bridge Facility borrowings.
2011
2010 EPS –
Ongoing Earnings
$0.53
Midlands
(1)
0.50
Delivery revenue
0.13
O&M
(0.02)
Income taxes & other
(0.06)
Effect of exchange rates
0.03
Dilution
(0.24)
Total
0.34
2011 EPS –
Ongoing Earnings
$0.87

©PPL Corporation 2012
15
Pennsylvania Regulated Segment
Earnings Drivers
Note: See Appendix for the reconciliation of earnings from ongoing operations to reported earnings.
2011
2010 EPS –
Ongoing Earnings
$0.27
Electric Delivery Margins
0.09
O&M
0.01
Income taxes & other
0.03
Dilution
(0.09)
Total
0.04
2011 EPS –
Ongoing Earnings
$0.31

©PPL Corporation 2012
16
Supply Segment Earnings Drivers
Note: See Appendix for the reconciliation of earnings from ongoing operations to reported earnings.
Revised February 27, 2012
2011
2010 EPS –
Ongoing Earnings
$2.27
Margins
(0.55)
O&M
(0.09)
Income taxes & other
(0.17)
Dilution
(0.31)
Total
(1.12)
2011 EPS –
Ongoing Earnings
$1.15

©PPL Corporation 2012
17
$2.30
Share
Dilution
($0.13)
Int'l
Regulated
$0.23
KY
Regulated
($0.04)
Supply
($0.40)
PA
Regulated
($0.09)
$2.73
$1.50
$1.75
$2.00
$2.25
$2.50
$2.75
$3.00
2011 Actual
2012 Forecast
Mid-Point
2011A to 2012E Earnings Walk
O&M:       ($0.08)
Other:      ($0.05)
Margins:    $0.04
Midlands:    $0.28
Revenue:    $0.14
O&M:        ($0.06)
Other:       ($0.11)
Currency:  ($0.02)
Margins:    ($0.19)
O&M:        ($0.11)
Other:       ($0.10)
O&M:       ($0.07)
Other:      ($0.03)
Margins:    $0.06
(1)
Note:  See Appendix for the reconciliation of earnings from ongoing operations to reported earnings.
(1)  4 months of Midlands operating results, net of interest expense associated with equity units
(2)  Earnings from ongoing operations.
Revised February 27, 2012
(2)
(2)
Int’l Reg:   ($0.06)
KY Reg:    ($0.02)
PA Reg:    ($0.01)
Supply:     ($0.04)

©PPL Corporation 2012
18
$531
$314
($1,010)
($1,200)
($1,000)
($800)
($600)
($400)
($200)
$0
$200
$400
$600
$800
2010
Actual
2011
Actual
2012
Forecast
Free Cash Flow before Dividends
Free Cash Flow before
Dividends
(Millions of Dollars)
(1)
2010 Free Cash Flow includes two months of the results of the Kentucky Regulated segment.
(1)
2010A
2011A
2012E
Cash from Operations
2,034
$   
2,507
$   
2,800
$   
Increase (Decrease) in cash due to:
Capital Expenditures
(1,644)
   
(2,555)
   
(3,840)
   
Sale of Assets
161
       
381
       
Other Investing Activities - Net
(20)
        
(19)
        
30
         
Free Cash Flow before Dividends
531
$     
314
$     
(1,010)
$  
Reconciliation of Cash from
Operations to Free Cash Flow
before Dividends
(Millions of dollars)

©PPL Corporation 2012
19
Continued Dividend Increases
A significantly more rate-regulated business mix provides strong
support for current dividend and a platform for future growth
$0.50
$0.70
$0.90
$1.10
$1.30
$1.50
2008
2009
2010
2011
2012
Ongoing EPS
Dividend
(1)
Ongoing EPS based on mid-point of forecast.  Annualized dividend based on 2/10/2012 announced increase. Actual dividends to be determined by Board of
Directors.
(2)
From only regulated segments.
$/Share
Annualized
(2)
(1)
2.9%
Dividend
Increase

©PPL Corporation 2012
20
Appendix

©PPL Corporation 2012
21
Midlands Integration –
Improved
Network Performance
Customer Minutes Lost
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
Number of customers off more than 18 hours
0
200
400
600
800
1000
1200
1400
1600
1800
2000
Percentage of customers restored within one hour of an HV fault
50%
55%
60%
65%
70%
75%
80%
85%
Customer Interruptions (per 100 customers)
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00

©PPL Corporation 2012
22
Regulated Volume Variances
Regulated Volume Variances
Note:  Total includes Residential, Commercial and Industrial customer classes as well as “Other”, which is not depicted on the charts above.
KY Regulated Weather-Normalized Sales
0.18%
-1.37%
1.27%
-1.44%
2.02%
0.89%
0.38%
-1.06%
-2.0%
-1.5%
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3-months ended 12/31/11 vs 12/31/10
12-months ended 12/31/11 vs 12/31/10
Residential
Commercial
Industrial
Total
Residential
Commercial
Industrial
Total
Weather-Normalized (charted)
0.18%
1.27%
2.02%
0.38%
-1.37%
-1.44%
0.89%
-1.06%
Actual
-12.40%
-3.34%
1.74%
-5.17%
-8.19%
-4.16%
0.74%
-4.30%
PA Regulated Weather-Normalized Sales
2.08%
0.92%
1.93%
0.63%
1.55%
0.37%
1.82%
0.67%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3-months ended 12/31/11 vs 12/31/10
12-months ended 12/31/11 vs 12/31/10
Residential
Commercial
Industrial
Total
Residential
Commercial
Industrial
Total
Weather-Normalized (charted)
2.08%
1.93%
1.55%
1.82%
0.92%
0.63%
0.37%
0.67%
Actual
-1.40%
1.09%
1.55%
0.22%
1.06%
0.74%
0.37%
0.76%

©PPL Corporation 2012
23
Market Prices
(1)
24-hour average.
(2)
NYMEX and TZ6NNY forward gas prices on 12/31/2011.
(3)
Market Heat Rate = PJM on-peak power price divided by TZ6NNY gas price.
Balance of
2012
2013
$39
$43
$28
$31
$33
$37
$26
$32
$20
$25
$24
$29
$2.86
$3.56
$3.13
$3.87
12.5
11.1
$123.63
$187.49
88%
90%
(Per MWD)
EQA
HEAT RATE
(3)
TZ6NNY
PJM MARKET
ATC
(1)
NYMEX
GAS
(2)
CAPACITY PRICES
Mid-Columbia
On-Peak
Off-Peak
ATC
(1)
ELECTRIC
PJM
On-Peak
Off-Peak

©PPL Corporation 2012
24
$1.1
$1.1
$1.1
$1.1
$1.1
$0.6
$0.8
$0.8
$0.7
$0.1
$0.7
$0.8
$0.7
$0.5
$0.3
$0.5
$0.5
$0.4
$0.3
$0.4
$0.3
$0.3
$0.3
$0.9
$0.7
$0.6
$0.5
$0.6
$0.6
$0.3
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
$4.5
2012E
2013E
2014E
2015E
2016E
WPD
LKE ECR
LKE base
PA Transmission
PA Distribution
Supply
Capital Expenditures
($ in billions)
(1)
Includes capex for WPD Midlands. Figures based on assumed exchange rate of $1.57 / GBP.
(2)
Expect between 80% and 90% to receive timely returns via ECR mechanism based on historical experience and future projections.
(1)
(2)
$3.8
$4.2
$4.1
$3.7
$2.9

©PPL Corporation 2012
25
$8.0
$8.4
$8.9
$9.4
$9.8
$10.2
$6.5
$7.1
$8.3
$9.4
$10.2
$10.2
$3.2
$3.5
$4.1
$4.7
$5.2
$5.4
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
2011A
2012E
2013E
2014E
2015E
2016E
WPD
LKE
PPL EU
Regulated Rate Base Growth
($ in billions)
(1)
Represents capitalization for LKE, as LG&E and KU rate constructs are based on capitalization.  Represents Regulatory Asset Value (RAV) for WPD.
(2)
Includes
RAV
for
WPD
Midlands.
Figures
based
on
assumed
exchange
rate
of
$1.57
/
GBP
and
are
as
of
year-end
December
31.
$19.0
$21.3
$23.5
$25.2
(2)
2012E
–
2016E
Regulatory
Asset
Base 
CAGR:
7.8%
$17.7
$25.8
(1)

©PPL Corporation 2012
26
Debt Maturities
Note:  As of December 31, 2011
(1)
Excludes $1.15 billion of junior subordinated notes due 2018 that are a component of PPL’s 2010 Equity Units and
may be put back to PPL Capital Funding if the remarketing in 2013 is not successful.
(2)
Excludes
$978
million
of
junior
subordinated
notes
due
2019
that
are
a
component
of
PPL’s
2011
Equity
Units
and
may be put back to PPL Capital Funding if the remarketing in 2014 is not successful.
(3)
Bonds defeased in substance in 2008 by depositing sufficient funds with the trustee.
(4)
Represents
REset
Put
Securities
due
2035
that
are
required
to
be
put
by
the
holders
in
October
2015
either
for
(a)
purchase and remarketing by a remarketing dealer or (b) repurchase by PPL Energy Supply.
2012
2013
2014
2015
2016
PPL Capital Funding
$0
$0
(1)
 
$0
(2)
$0
$0
LG&E and KU Energy (Holding Co LKE)
0
0
0
400
0
Louisville Gas & Electric
0
0
0
250
0
Kentucky Utilities
0
0
0
250
0
PPL Electric Utilities
0
0
10
(3)
100
0
PPL Energy Supply
0
737
300
300
(4)
350
WPD
0
0
0
0
460
Total
$0
$737
$310
$1,300
$810
(Millions)

©PPL Corporation 2012
27
Institution
Facility
Expiration
Date
Total
Facility
(Millions)
Letters of Credit
Outstanding &
Commercial
Paper Backup 
(Millions)
Drawn 
(Millions)
Availability
(Millions)
PPL Energy Supply
Syndicated Credit Facility
Oct-2016
$3,000
$541
$0
$2,459
Letter of Credit Facility
Mar-2013
200
89
0
111
$3,200
$630
$0
$2,570
PPL Electric Utilities
Syndicated Credit Facility
Oct-2016
$200
$1
$0
$199
Asset-backed Credit Facility
Jul-2012
150
0
0
150
$350
$1
$0
$349
Louisville Gas & Electric
Syndicated Credit Facility
Oct-2016
$400
$0
$0
$400
Kentucky Utilities
Syndicated Credit Facility
Oct-2016
$400
$0
$0
$400
Letter of Credit Facility
Apr-2014
198
198
0
0
$598
$198
$0
$400
WPD
PPL WW Syndicated Credit Facility
Jan-2013
£150
£0
£111
£39
WPD (South West) Syndicated Credit Facility
Jul-2012
210
0
0
210
WPD (East Midlands) Syndicated Credit Facility
Apr-2016
300
70
0
230
WPD (West Midlands) Syndicated Credit Facility
Apr-2016
300
71
0
229
Uncommitted Credit Facilities
73
3
0
70
£1,033
£144
£111
£778
Liquidity Profile
Note:  As of December 31, 2011
•
Credit facilities consist of a diverse bank group, with no bank and its affiliates providing an aggregate commitment of more than 9%
of the total committed capacity for the domestic facilities and 17% of the total committed capacity for WPD’s facilities.
(1)
In January 2012, WPD (South West) entered into a £245 million syndicated credit facility to replace its existing £210 million
syndicated credit facility.
(1)
(1)

©PPL Corporation 2012
28
Reconciliation of Fourth Quarter Earnings from
Ongoing Operations to Reported Earnings
$
36
           
$
164
        
$
58
             
$
152
       
$
410
       
             
69
         
69
         
(3)
           
(3)
          
WPD Midlands acquisition-related costs:
             
Separation benefits
(7)
           
(7)
          
Other acquisition-related costs
(21)
         
(21)
        
             
Montana hydroelectric litigation
47
         
47
         
Windfall profits tax litigation
(39)
         
(39)
        
Counterparty bankruptcy
(6)
          
(6)
          
Wholesale supply cost reimbursement
4
           
4
           
(70)
         
114
       
44
         
$
36
           
$
94
          
$
58
             
$
266
       
             
$
454
       
Kentucky
Regulated
$
36
$
32
          
$
26
             
$
311
       
$
(1)
          
$
404
       
             
(1)
(6)
          
(7)
          
3
            
3
           
Sales of assets:
             
Maine hydroelectric generation business
15
         
15
         
             
Emission allowances
(1)
          
(1)
          
LKE acquisition-related costs:
             
Monetization of certain full-requirement sales contracts
(23)
        
(23)
        
Sale of certain non-core generation facilities
(2)
          
(2)
          
Discontinued cash flow hedges and ineffectiveness
(9)
          
(9)
          
Reduction of credit facility
(6)
          
(6)
          
2010 Bridge Facility costs
(8)
          
(8)
          
Other acquisition-related costs
(14)
        
(14)
        
Other:
             
LKE discontinued operations
2
             
2
           
Change in U.K. tax rate
(1)
           
(1)
          
Montana basin seepage litigation
2
           
2
           
Total Special Items
1
             
2
            
(30)
        
(22)
        
(49)
        
$
37
           
$
34
          
$
26
             
$
281
       
$
(23)
        
$
355
       
* Represents net income attributable to PPL Corporation
(a)
Revised February 27, 2012
Includes certain costs incurred prior to the November 1, 2010 acquisition of LKE.
(Millions of Dollars, After-Tax)
Kentucky
International
Pennsylvania
Other
Total
Earnings from Ongoing Operations
Quarter Ending December 31, 2011
Regulated
Regulated
Regulated
Special Items:
Adjusted energy-related economic activity, net
Foreign currency-related economic hedges
Supply
Other:
Total Special Items
Reported Earnings*
International
Pennsylvania
Other (a)
Total
Earnings from Ongoing Operations
Special Items:
Quarter Ending December 31, 2010
Regulated
Regulated
Supply
Reported Earnings*
Adjusted energy-related economic activity, net
Foreign currency-related economic hedges
Impairments:

©PPL Corporation 2012
29
Reconciliation of Fourth Quarter Earnings from
Ongoing Operations to Reported Earnings
(Per Share)
$
0.06
         
$
0.28
         
$
0.10
         
$
0.27
$
0.71
         
              
0.11
         
0.11
         
WPD Midlands acquisition-related costs:
              
Separation benefits
(0.01)
        
(0.01)
        
Other acquisition-related costs
(0.04)
        
(0.04)
        
Other:
              
Montana hydroelectric litigation
0.08
         
0.08
         
Windfall profits tax litigation
(0.07)
        
(0.07)
        
Counterparty bankruptcy
(0.01)
        
(0.01)
        
Wholesale supply cost reimbursement
              
              
0.01
         
              
0.01
         
(0.12)
        
0.19
         
              
0.07
         
$
0.06
         
$
0.16
         
$
0.10
         
$
0.46
         
$
0.78
         
$
0.07
         
$
0.07
         
$
0.05
         
$
0.64
         
$
0.83
         
              
(0.01)
        
(0.01)
        
              
Maine hydroelectric generation business
0.03
         
0.03
         
              
Monetization of certain full-requirement sales contracts
(0.05)
        
(0.05)
        
Discontinued cash flow hedges and ineffectiveness
(0.02)
        
(0.02)
        
Reduction of credit facility
(0.01)
        
(0.01)
        
2010 Bridge Facility costs
$
(0.01)
        
(0.01)
        
Other acquisition-related costs
(0.03)
        
(0.03)
        
              
              
(0.06)
        
(0.04)
        
(0.10)
        
$
0.07
         
$
0.07
         
$
0.05
         
$
0.58
         
$
(0.04)
        
$
0.73
         
Note: Per share amounts are based on diluted shares outstanding.
Revised February 27, 2012
Reported Earnings
International
Pennsylvania
Adjusted energy-related economic activity, net
Total Special Items
Total
Earnings from Ongoing Operations
Special Items:
Quarter Ending December 31, 2011
Regulated
Regulated
Regulated
Other
Other
Kentucky
International
Pennsylvania
Supply
Reported Earnings
Total
Earnings from Ongoing Operations
Special Items:
Adjusted energy-related economic activity, net
Quarter Ending December 31, 2010
Regulated
Regulated
Sales of assets:
Supply
LKE acquisition-related costs:
Kentucky
Regulated
Total Special Items

©PPL Corporation 2012
30
Reconciliation of Year-to-Date Earnings from
Ongoing Operations to Reported Earnings
$
      220
$
             482
$
173
     
$
      634
$
  1,509
      
          1
        72
        73
                  5
          5
      
Emission allowances
         (1)
         (1)
Renewable energy credits
         (3)
         (3)
      
2011 Bridge Facility costs
              (30)
      (30)
Foreign currency loss on 2011 Bridge Facility
              (38)
      (38)
Net hedge gains
               38
        38
Hedge ineffectiveness
                (9)
         (9)
U.K. stamp duty tax
              (21)
      (21)
Separation benefits
              (75)
      (75)
Other acquisition-related costs
              (57)
      (57)
LKE acquisition-related costs:
      
Sale of certain non-core generation facilities
         (2)
         (2)
Other:
      
Montana hydroelectric litigation
        45
        45
Litigation settlement - spent nuclear fuel storage
        33
        33
Change in U.K. tax rate
               69
        69
Windfall profits tax litigation
            
              (39)
      (39)
Counterparty bankruptcy
         (6)
         (6)
Wholesale supply cost reimbursement
          4
          4
Total Special Items
          1
            (157)
      142
      (14)
Reported Earnings*
$
221
$
325
$
173
$
776
$
1,495
* Represents net income attributable to PPL Corporation
Revised February 27, 2012
(Millions of Dollars, After-Tax)
Kentucky
International
Pennsylvania
Total
Earnings from Ongoing Operations
Adjusted energy-related economic activity, net
Year-to-Date December 31, 2011
Regulated
Regulated
Regulated
Special Items:
Supply
Impairments:
Foreign currency-related economic hedges
WPD Midlands acquisition-related costs:

©PPL Corporation 2012
31
Reconciliation of Year-to-Date Earnings from
Reconciliation of Year-to-Date Earnings from
Ongoing Operations to Reported Earnings
Ongoing Operations to Reported Earnings
Kentucky
Regulated (a)
$
             25
$
230
             
$
115
              
$
990
    
$
(2)
       
$
1,358
 
                    
          
              (1)
                    
(121)
   
(122)
   
Foreign currency-related economic hedges
1
                   
1
         
Sales of assets:
          
Maine hydroelectric generation business
15
      
15
      
Sundance indemnification
1
         
1
         
          
Emission allowances
                 
                    
(10)
     
(10)
     
LKE acquisition-related costs:
          
Monetization of certain full-requirement sales contracts
(125)
   
(125)
   
Sale of certain non-core generation facilities
(64)
     
(64)
     
Discontinued cash flow hedges and ineffectiveness
(28)
     
(28)
     
Reduction of credit facility
(6)
       
(6)
       
2010 Bridge Facility costs
(52)
     
(52)
     
Other acquisition-related costs
(22)
     
(22)
     
                 
                    
          
Montana hydroelectric litigation
                 
                    
(34)
     
(34)
     
LKE discontinued operations
2
2
         
Change in U.K. tax rate
                 18
18
      
Windfall profits tax litigation
12
12
      
Health care reform - tax impact
                 
                                          
(8)
       
(8)
       
Montana basin seepage litigation
2
         
2
         
               1
                 31
                    
(378)
   
(74)
     
(420)
   
$
             26
$
261
             
$
115
              
$
612
    
$
(76)
     
$
938
    
* Represents net income attributable to PPL Corporation
(a)
(b)
The Kentucky Regulated segment includes $21 million of interest expense (after tax) on the 2010 equity units, which were issued in June 2010
to partially fund the LKE acquisition.  Of this amount, $11 million (after tax) was included in the Supply segment in the third quarter, which
was reallocated from the Supply segment to the Kentucky Regulated segment for the year-to-date presentation.
Includes certain costs incurred prior to the November 1, 2010 acquisition of LKE.
Total
Regulated
Other (b)
Supply
Special Items:
Earnings from Ongoing Operations
(Millions of Dollars, After-Tax)
International
Pennsylvania
Reported Earnings*
Other:
Year-to-Date December 31, 2010
Regulated
Total Special Items
Impairments:
Adjusted energy-related economic activity, net

©PPL Corporation 2012
32
Reconciliation of Year-to-Date Earnings from
Ongoing Operations to Reported Earnings
(Per Share)
$
0.40
         
$
0.87
         
$
0.31
         
$
1.15
         
$
2.73
         
              
              
              
0.12
         
0.12
         
              
0.01
         
              
0.01
         
              
Renewable energy credits
(0.01)
        
(0.01)
        
              
              
              
2011 Bridge Facility costs
              
(0.05)
        
              
(0.05)
        
Foreign currency loss on 2011 Bridge Facility
(0.07)
        
(0.07)
        
Net hedge gains
0.07
         
0.07
         
Hedge ineffectiveness
(0.02)
        
(0.02)
        
U.K. stamp duty tax
(0.04)
        
(0.04)
        
Separation benefits
(0.13)
        
(0.13)
        
Other acquisition-related costs
              
(0.10)
        
              
(0.10)
        
Other:
              
Montana hydroelectric litigation
0.08
         
0.08
         
Litigation settlement - spent nuclear fuel storage
0.06
         
0.06
         
Change in U.K. tax rate
              
0.12
         
              
0.12
         
Windfall profits tax litigation
(0.07)
        
(0.07)
        
Counterparty bankruptcy
(0.01)
        
(0.01)
        
Wholesale supply cost reimbursement
0.01
         
0.01
         
              
(0.28)
        
              
0.25
         
(0.03)
        
$
0.40
         
$
0.59
         
$
0.31
         
$
1.40
         
$
2.70
         
Note: Per share amounts are based on diluted shares outstanding.
Revised February 27, 2012
Foreign currency-related economic hedges
WPD Midlands acquisition-related costs:
Total Special Items
Reported Earnings
Impairments:
Total
Earnings from Ongoing Operations
Special Items:
Year-to-Date December 31, 2011
Regulated
Regulated
Regulated
Adjusted energy-related economic activity, net
Kentucky
International
Pennsylvania
Supply

©PPL Corporation 2012
33
Reconciliation of Year-to-Date Earnings from
Ongoing Operations to Reported Earnings
(Per Share)
$
0.06
         
$
0.53
         
$
0.27
         
$
2.27
         
$
3.13
         
              
              
              
(0.27)
        
(0.27)
        
Sales of Assets:
              
Maine hydroelectric generation business
0.03
         
0.03
         
              
              
Emission allowances
(0.02)
        
(0.02)
        
              
Monetization of certain full-requirement sales contracts
(0.29)
        
(0.29)
        
Sale of certain non-core generation facilities
(0.14)
        
(0.14)
        
Discontinued cash flow hedges and ineffectiveness
(0.06)
        
(0.06)
        
Reduction of credit facility
(0.01)
        
(0.01)
        
2010 Bridge Facility costs
$
(0.12)
        
(0.12)
        
Other acquisition-related costs
(0.05)
        
(0.05)
        
              
              
Montana hydroelectric litigation
              
(0.08)
        
(0.08)
        
Change in U.K. tax rate
0.04
         
0.04
         
Windfall profits tax litigation
0.03
         
0.03
         
Health care reform - tax impact
              
              
(0.02)
        
(0.02)
        
              
0.07
         
              
(0.86)
        
(0.17)
        
(0.96)
        
$
0.06
         
$
0.60
         
$
0.27
         
$
1.41
         
$
(0.17)
        
$
2.17
         
Note: Per share amounts are based on diluted shares outstanding.
Kentucky
Regulated
Impairments:
Other:
Total Special Items
Reported Earnings
LKE acquisition-related costs:
Total
Earnings from Ongoing Operations
Special Items:
Adjusted energy-related economic activity, net
Year-to-Date December 31, 2010
Regulated
Regulated
Supply
Other
International
Pennsylvania

©PPL Corporation 2012
34
Reconciliation of PPL’s Earnings from Ongoing
Operations to Reported Earnings
(Per Share)
High
Low
2012
2012
2011
2010
2009
Earnings from Ongoing Operations
2.45
$    
2.15
$    
$2.73
$3.13
$1.95
Special Items:
  
Adjusted energy-related economic activity, net
        0.12
      (0.27)
(0.59)
Sales of assets:
     Maine hydroelectric generation business
0.03
0.06
     Long Island generation business
(0.09)
     Latin American businesses
(0.07)
     Interest in Wyman Unit 4
(0.01)
Foreign currency-related economic hedges
        0.01
Impairments:
Emission allowances
      (0.02)
(0.05)
Renewable energy credits
      (0.01)
Other asset impairments
(0.01)
WPD Midlands acquisition-related costs:
2011 Bridge Facility costs
      (0.05)
Foreign currency loss on 2011 Bridge Facility
      (0.07)
Net hedge gains
        0.07
Hedge ineffectiveness
      (0.02)
U.K. stamp duty tax
      (0.04)
Separation benefits
      (0.13)
Other acquisition-related costs
      (0.10)
LKE acquisition-related costs:
Monetization of certain full-requirement sales contracts
      (0.29)
Sale of certain non-core generation facilities
      (0.14)
Discontinued cash flow hedges and ineffectiveness
      (0.06)
Reduction of credit facility
      (0.01)
2010 Bridge Facility costs
      (0.12)
Other acquisition-related costs
      (0.05)
Workforce reduction
(0.03)
Other:
Montana hydroelectric litigation
        0.08
      (0.08)
(0.01)
Health care reform - tax impact
      (0.02)
Litigation settlement - spent nuclear fuel storage
        0.06
Change in U.K. tax rate
        0.12
        0.04
Change in tax accounting method related to repairs
(0.07)
Windfall profits tax litigation
      (0.07)
        0.03
Counterparty bankruptcy
      (0.01)
Wholesale supply cost reimbursement
        0.01
Total Special Items
      (0.03)
      (0.96)
(0.87)
Reported Earnings
2.45
$    
2.15
$    
$2.70
$2.17
$1.08
Note: Per share amounts are based on diluted shares outstanding.
Revised February 27, 2012
Actual
Forecast

©PPL Corporation 2012
35
$
1,548
$
                 -
$
1,548
$
2.12
  
  
  
  
  
  
$
741
$
679
$
62
$
0.08
180
176
4
0.01
          
$
921
$
855
$
66
$
0.09
  
  
  
  
  
  
  
  
  
  
  
  
Eastern U.S.
$
2,018
$
2,429
$
(411)
$
(0.56)
Western U.S.
349
339
10
0.01
          
(2)
2
(4)
-
           
$
2,365
$
2,770
$
(405)
$
(0.55)
(a)
Excludes dilution which is primarily associated with the April 2011 issuance of common stock.
(b)
For the two-month period in 2010 subsequent to the acquisition of LKE, KY Gross Margins were not used to measure
the financial performance of LKE.
PA Gross Delivery Margins by Component
Distribution
Transmission
Total
Total
Unregulated Gross Energy Margins by Region
Non-trading
Net energy trading
KY Gross Margins
(after-tax) (a)
Twelve Months Ended December 31,
Diluted
Per Share
(Millions of Dollars)
2011 
2010 
Change
Gross Margins Summary

©PPL Corporation 2012
36
Reconciliation of Year-to-Date
Operating Income to Margins
$
2,791
    
$
1,881
       
$
1,620
       
(d)
$
6,292
       
$
2,448
       
$
1,220
       
(d)
$
3,668
       
PLR intersegment Utility
(26)
          
$
26
                      
            
(320)
         
$
320
                
            
            
            
696
                   
30
            
726
          
414
                 
1
               
415
           
            
            
3,745
               
62
            
(f)
3,807
       
4,511
               
321
          
(f)
4,832
       
            
            
activity
1,407
       
(g)
1,407
        
(805)
        
(g)
(805)
         
(2)
                       
(2)
              
2
                      
2
               
                     
507
         
507
          
409
         
409
          
2,791
    
1,855
      
4,465
               
3,626
      
12,737
     
                     
2,128
        
5,247
             
1,146
        
8,521
        
866
       
1,151
                   
(71)
           
(h)
1,946
        
1,132
               
103
          
(h)
1,235
        
            
            
238
       
738
         
912
                    
242
         
(f)
2,130
        
1,075
        
1,389
              
309
         
(f)
2,773
       
            
            
activity
1,123
        
(g)
1,123
         
(286)
        
(g)
(286)
         
            
            
90
         
108
          
16
                       
2,453
      
2,667
       
76
             
23
                    
1,657
       
1,756
        
49
         
911
           
960
          
556
         
556
          
99
           
30
                      
197
          
326
          
129
           
14
                     
95
            
238
          
484
         
484
          
383
         
383
          
(11)
            
3
                        
8
              
            
(7)
              
3
                      
4
              
            
1,243
    
934
         
2,112
                 
5,347
      
9,636
       
                     
1,273
        
2,561
              
2,821
       
6,655
       
12
                       
(12)
           
(i)
84
                    
(84)
          
(i)
$
1,548
    
$
921
          
$
2,365
               
$
(1,733)
     
$
3,101
         
                     
$
855
          
$
2,770
             
$
(1,759)
     
$
1,866
        
Note: See next slide for footnotes
Revised February 27, 2012
Operating Revenues
Kentucky
Other (a)
Delivery
Margins
Margins
Margins
Gross
Operating
Twelve Months Ended December 31, 2011
PA Gross
(Millions of Dollars)
Gross
Unregulated
Energy
Income (b)
Realized
Unrealized economic
Unregulated retail
Wholesale energy marketing
electric and gas
Utility
Twelve Months Ended December 31, 2010
Unregulated
Kentucky
PA Gross
Gross
Operating
Margins (c)
Margins
Margins
Income (b)
Gross
Delivery
Energy
Other (a)
Other operation and
Depreciation
Energy purchases
maintenance
Unrealized economic
Realized
Intercompany eliminations
Taxes, other than income
Total  
Total Operating Expenses
Energy-related businesses
Discontinued operations
revenue (expense) (e)
Fuel
Operating Expenses
Net energy trading margins
Total Operating Revenues
Energy-related businesses

©PPL Corporation 2012
37
Margins Footnotes
a)
Represents amounts that are excluded from Margins.
b)
As reported on the Statement of Income.
c)
Kentucky Gross Margins were not used to measure the financial performance of LKE for the
two-month period subsequent to the acquisition in 2010.
d)
Primarily represents WPD's utility revenue.  2010 also includes LKE’s utility revenues.
e)
Primarily related to PLR supply sold by PPL EnergyPlus to PPL Electric.
f)
Represents energy-related economic activity as described in "Commodity Price Risk (Non-
trading) - Economic Activity" within Note 19 to the Financial Statements. For 2011,
“Wholesale energy marketing – Realized” and "Energy purchases - Realized" include a net
pre-tax gain of $19 million related to the amortization of option premiums and a net pre-tax
loss of $216 million related to the monetization of certain full-requirement sales contracts. 
2010 includes a net pre-tax gain of $32 million related to the amortization of option premiums
and a net pre-tax gain of $37 million related to the monetization of certain full-requirement
sales contracts. 2009 includes a net pre-tax loss of $54 million related to the amortization of
option premiums.
g)
Represents energy-related economic activity as described in "Commodity Price Risk (Non-
trading) - Economic Activity" within Note 19 to the Financial Statements.
h)
Includes economic activity related to fuel. 2011 includes credits of $57 million for the spent
nuclear fuel litigation settlement.
i)
Represents the net of certain revenues and expenses associated with certain businesses that
are classified as discontinued operations.  These revenues and expenses are not reflected in
"Operating Income" on the Statements of Income.

©PPL Corporation 2012
38
Forward-Looking Information Statement
Statements contained in this presentation, including statements with respect to future earnings, cash flows, financing, regulation and
corporate strategy are "forward-looking statements" within the meaning of the federal securities laws. Although PPL Corporation
believes that the expectations and assumptions reflected in these forward-looking statements are reasonable, these statements are
subject to a number of risks and uncertainties, and actual results may differ materially from the results discussed in the statements.
The following are among the important factors that could cause actual results to differ materially from the forward-looking statements:
market demand and prices for energy, capacity and fuel; weather conditions affecting customer energy usage and operating costs;
competition in power markets; the effect of any business or industry restructuring; the profitability and liquidity of PPL Corporation, its
subsidiaries and customers; new accounting requirements or new interpretations or applications of existing requirements; operating
performance of plants and other facilities; the length of scheduled and unscheduled outages at our generating plants; environmental
conditions and requirements and the related costs of compliance, including environmental capital expenditures and emission
allowance and other expenses; system conditions and operating costs; development of new projects, markets and technologies;
performance of new ventures; asset or business acquisitions and dispositions, and PPL Corporation’s ability to realize the expected
benefits from acquired businesses, including the 2010 acquisition of Louisville Gas and Electric Company and Kentucky Utilities
Company and the 2011 acquisition of the Central Networks electricity distribution businesses in the U.K.; any impact of hurricanes or
other severe weather on our business, including any impact on fuel prices; receipt of necessary government permits, approvals, rate
relief and regulatory cost recovery; capital market conditions and decisions regarding capital structure; the impact of state, federal or
foreign investigations applicable to PPL Corporation and its subsidiaries; the outcome of litigation against PPL Corporation and its
subsidiaries; stock price performance; the market prices of equity securities and the impact on pension income and resultant cash
funding requirements for defined benefit pension plans; the securities and credit ratings of PPL Corporation and its subsidiaries;
political, regulatory or economic conditions in states, regions or countries where PPL Corporation or its subsidiaries conduct business,
including any potential effects of threatened or actual terrorism or war or other hostilities; foreign exchange rates; new state, federal or
foreign legislation, including new tax legislation; and the commitments and liabilities of PPL Corporation and its subsidiaries. Any such
forward-looking statements should be considered in light of such important factors and in conjunction with PPL Corporation's
Form 10-K and other reports on file with the Securities and Exchange Commission.

©PPL Corporation 2012
39
Definitions of Non-GAAP Financial Measures
“Earnings
from
ongoing
operations”
should
not
be
considered
as
an
alternative
to
reported
earnings,
or
net
income
attributable
to
PPL,
which
is
an
indicator
of
operating
performance
determined
in
accordance
with
generally
accepted
accounting
principles
(GAAP).
PPL
believes
that
“earnings
from
ongoing operations,”
although a non-GAAP financial measure, is also useful and meaningful to investors because it provides management’s view of
PPL’s fundamental earnings performance as another criterion in making investment decisions. PPL’s management also uses “earnings from ongoing
operations”
in measuring certain corporate performance goals. Other companies may use different measures to present financial performance.
“Earnings
from
ongoing
operations”
is
adjusted
for
the
impact
of
special
items.
Special
items
include:
•
Energy-related economic activity (as discussed below).
•
Foreign currency-related economic hedges.
•
Gains and losses on sales of assets not in the ordinary course of business.
•
Impairment charges (including impairments of securities in the company’s nuclear decommissioning trust funds).
•
Workforce reduction and other restructuring impacts.
•
Acquisition-related costs and charges.
•
Other charges or credits that are, in management’s view, not reflective of the company’s ongoing operations.
Energy-related economic activity includes the changes in fair value of positions used economically to hedge a portion of the economic value of PPL’s
generation
assets, full-requirement
sales
contracts
and
retail
activities.
This
economic
value
is
subject
to
changes
in
fair
value
due
to
market
price
volatility of the input and output commodities (e.g., fuel and power) prior to the delivery period that was hedged. Also included in energy-related
economic activity is the ineffective portion of qualifying cash flow hedges, the monetization of certain full-requirement sales contracts and premium
amortization associated with options. This economic activity is deferred, with the exception of the full-requirement sales contracts that were monetized,
and included in earnings from ongoing operations over the delivery period of the item that was hedged or upon realization. Management believes that
adjusting for such amounts provides a better matching of earnings from ongoing operations to the actual amounts settled for PPL’s underlying hedged
assets. Please refer to the Notes to the Financial Statements and MD&A in PPL Corporation’s periodic filings with the Securities and Exchange
Commission for additional information on energy-related economic activity.
Free cash flow before dividends is derived by deducting capital expenditures and other investing activities-net, from cash flow from operations. Free
cash flow before dividends should not be considered as an alternative to cash flow from operations, which is determined in accordance with GAAP.
PPL believes that free cash flow before dividends, although a non-GAAP measure, is an important measure to both management and investors, as it is
an indicator of the company's ability to sustain operations and growth without additional outside financing beyond the requirement to fund maturing
debt obligations. Other companies may calculate free cash flow before dividends in a different manner.

©PPL Corporation 2012
40
Definitions of Non-GAAP Financial Measures
"Kentucky Gross Margins" is a single financial performance measure of the Kentucky Regulated segment's electricity generation, transmission and
distribution operations as well as its distribution and sale of natural gas.  In calculating this measure, utility revenues and expenses associated with
approved cost recovery tracking mechanisms are offset.  Certain costs associated with these mechanisms, primarily ECR and DSM, are recorded
as "Other operation and maintenance" expense and the depreciation associated with ECR equipment is recorded as "Depreciation" expense. 
These mechanisms allow for recovery of certain expenses, returns on capital investments and performance incentives.  As a result, this measure
represents the net revenues from the Kentucky Regulated segment's operations. 
"Pennsylvania Gross Delivery Margins" is a single financial performance measure of the Pennsylvania Regulated segment's electric delivery
operations, which includes transmission and distribution activities.  In calculating this measure, utility revenues and expenses associated with
approved recovery mechanisms, including energy provided as a PLR, are offset with minimal impact on earnings.  Costs associated with these
mechanisms are recorded in "Energy purchases," "Other operation and maintenance," which is primarily Act 129 costs, and in "Taxes, other than
income," which is primarily gross receipts tax.  This performance measure includes PLR energy purchases by PPL Electric from PPL EnergyPlus,
which are reflected in "PLR intersegment Utility revenue (expense)."  These mechanisms allow for recovery of certain expenses; therefore, certain
expenses and revenues offset with minimal impact on earnings.  As a result, this measure represents the net revenues from the Pennsylvania
Regulated segment's electric delivery operations.
"Unregulated Gross Energy Margins" is a single financial performance measure of the Supply segment's competitive energy non-trading and
trading activities.  In calculating this measure, the Supply segment's energy revenues, which include operating revenues associated with certain
Supply segment businesses that are classified as discontinued operations, are offset by the cost of fuel, energy purchases, certain other operation
and maintenance expenses, primarily ancillary charges, gross receipts tax, which is recorded in "Taxes, other than income," and operating
expenses associated with certain Supply segment businesses that are classified as discontinued operations.  This performance measure is
relevant to PPL due to the volatility in the individual revenue and expense lines on the Statements of Income that comprise "Unregulated Gross
Energy Margins."  This volatility stems from a number of factors, including the required netting of certain transactions with ISOs and significant
swings in unrealized gains and losses.  Such factors could result in gains or losses being recorded in either "Wholesale energy marketing" or
"Energy purchases" on the Statements of Income.  This performance measure includes PLR revenues from energy sales to PPL Electric by PPL
EnergyPlus, which are reflected in "PLR intersegment Utility revenue (expense)."  PPL excludes from "Unregulated Gross Energy Margins" the
Supply segment's energy-related economic activity, which includes the changes in fair value of positions used to economically hedge a portion of
the economic value of PPL's competitive generation assets, full-requirement sales contracts and retail activities.  This economic value is subject to
changes in fair value due to market price volatility of the input and output commodities (e.g., fuel and power) prior to the delivery period that was
hedged.  Also included in this energy-related economic activity is the ineffective portion of qualifying cash flow hedges, the monetization of certain
full-requirement sales contracts and premium amortization associated with options.  This economic activity is deferred, with the exception of the
full-requirement sales contracts that were monetized, and included in unregulated gross energy margins over the delivery period that was hedged
or upon realization.

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