ENERGY FORWARD - PPL Corporation

1 ENERGY FORWARD . PPL Corporation 2022 NOTICE OF annual meeting AND proxy STATEMENT. Message to Our Shareowners Dear Shareowner, Thank you for your continued investment in PPL. On behalf of our entire Board of Directors, we are pleased to invite you to our virtual 2022 annual meeting of Shareowners. Over the past year, your company has taken significant steps to strategically reposition itself and to lay a strong foundation for long- term growth and success all while delivering essential ENERGY and exceptional service to our customers. Our 2021 highlights included: Delivering top-quartile reliability, award-winning customer satisfaction and near-record safety performance across our utility operations.

2 Maintaining affordable rates below regional averages. Advancing our clean ENERGY strategy and committing to net-zero carbon emissions by 2050. Investing $2 billion in the to build smarter, more dynamic and more resilient ENERGY networks. Receiving exceptional value in the sale of our utility business. Advancing the acquisition of The Narragansett Electric Company, Rhode Island's primary electric and gas utility. Returning more than $ billion to shareowners through dividends and share repurchases. As PPL excelled operationally and executed on its strategic repositioning in 2021, our Board remained responsive to shareowner interests and committed to strong corporate governance.

3 Among the year's highlights, our Directors appointed a new independent Board Chair and welcomed new Director Heather Redman. Our company established its new net-zero carbon emissions goal, pledged more than $50 million in new investments to drive clean ENERGY innovation, and linked executive incentive compensation to several goals aimed at climate-related and environmental, social and governance performance. In the fall, we also published our latest Climate Assessment Report and filed our Triennial Integrated Resource Plan in Kentucky, the latter of which projected a significant increase in renewable additions in the 15-year planning horizon compared to our prior plan.

4 In addition, throughout the year we pursued our enterprise-wide diversity, equity and inclusion strategy, strengthening diversity within our leadership ranks and overall workforce and continuing to enhance a culture of equity and inclusion. Additional performance highlights can be found throughout the proxy statement and our annual report to shareowners. In closing, we're very proud of our 2021 accomplishments, but our work is not done. We're focused on delivering strong operational performance as we continue to create clean- ENERGY -enabling grids. We continue to economically transition our Kentucky coal-fired generation and are committing not to burn unabated coal by 2050.

5 We've received all the necessary regulatory approvals to acquire Narragansett Electric and are now working diligently through state appeals processes in order to close the transaction. And we're excited to showcase a new PPL a ENERGY company delivering superior utility operations, driving sustainable value for all stakeholders and leading a responsible clean ENERGY transition for our customers. As always, we welcome your feedback on the direction we're headed and encourage you to vote your shares. We appreciate your continued support. Sincerely, Craig A. Rogerson Vincent Sorgi Independent Chair of the Board President and Chief Executive Officer PPL Corporation .

6 Two North Ninth Street Allentown, Pennsylvania 18101. Notice of annual meeting of Shareowners Date May 18, 2022. Time Online check-in begins: 8:30 Eastern Time meeting begins: 9:00 Eastern Time Place meeting live via the internet. Please visit: Items of Business To elect nine directors, as listed in this proxy Statement, for a term of one year. To conduct an advisory vote to approve the compensation of our named executive officers. To ratify the appointment of Deloitte & Touche LLP as the company's independent registered public accounting firm for the year ending December 31, 2022. To consider such other business as may properly come before the annual meeting and any adjournments or postponements thereof.

7 Record Date You can vote if you were a shareowner of record on February 28, 2022. proxy Voting Your vote is important. Please vote your shares by voting on the internet or by telephone or by completing and returning your proxy card. For more details, see the information beginning on page 84. This year's annual meeting will be held virtually and will be conducted live through an audio webcast on the internet. The virtual-only format offers an efficient and effective means to engage shareowners, helps prevent the spread of COVID-19, and affords shareowners the same rights as if the meeting were held in person, including the ability to vote your shares electronically during the meeting and ask questions in accordance with our rules of conduct for the meeting .

8 You will be able to attend the annual meeting online and submit your questions during the meeting by visiting and entering the 16-digit control number included on your Notice of Internet Availability of proxy Materials, proxy card or the voting instructions that accompanied your proxy materials. On Behalf of the Board of Directors, Wendy E. Stark Senior Vice President, General Counsel, Corporate Secretary and Chief Legal Officer April 6, 2022. Important Notice Regarding the Availability of proxy Materials for the Shareowner meeting to Be Held on May 18, 2022: This proxy Statement and the annual Report to Shareowners are available at QUICK INFORMATION.

9 The following charts provide quick information about PPL Corporation 's 2022 annual meeting and our corporate governance and executive compensation practices. These charts do not contain all of the information provided elsewhere in the proxy statement; therefore, you should read the entire proxy statement carefully before voting. We first released this proxy statement and the accompanying proxy materials to shareowners on or about April 6, 2022. annual meeting Information DATE & TIME LOCATION RECORD DATE. Wednesday, May 18, 2022 meeting live via the internet. Please visit: February 28, 2022. 9:00 Eastern Time Proposals That Require Your Vote Board More Proposal Voting Options Recommendation Information Proposal 1 FOR, AGAINST or ABSTAIN FOR each Page 5.

10 Election of Directors for each Director Nominee Nominee Proposal 2 FOR, AGAINST or ABSTAIN FOR Page 28. Advisory Vote to Approve Compensation of Named Executive Officers Proposal 3 FOR, AGAINST or ABSTAIN FOR Page 80. Ratification of the Appointment of Independent Registered Public Accounting Firm See information beginning on page 84 on how you can vote. Corporate Governance and Compensation Facts Corporate Governance or Compensation Matter PPL's Practice Board Composition, Leadership and Operations Current Number of Directors 10. Independence of Current Directors 90%. Standing Board Committee Membership Independence Yes Independent Chair of the Board Yes Voting Standards in Director Elections Majority with plurality carve-out for contested elections Frequency of Director Elections annual Resignation Policy Yes Classified Board No Mandatory Retirement Age Yes (75).