Here are some reasons to learn more about PPL:

Commitment:

PPL Corporation strives to balance our commitment to our customers, our communities and our environment. But we also understand that each business decision must ultimately build a foundation for shareowner value.

Yes, the marketplace has changed dramatically. The 1990s saw an end to the traditional electric utility. In this exciting new era of competition, PPL has positioned itself to take advantage of new opportunities in both the regulated and deregulated industry. Our corporate strategies emphasize growth in shareowner value through expansion into new markets and the offering of new energy-related products and service.

Performance:

• PPL Corporation reported declines in both third-quarter and nine-month earnings for 2008, compared with the same periods of 2007.

• Contributing to the declines were lower wholesale electricity margins, partially offset by improved earnings from PPL’s electricity delivery business in the United Kingdom.

• PPL’s reported earnings in the most recent quarter were $0.54 per share, compared with $0.84 per share a year ago. For the first nine months of 2008, PPL’s reported earnings were $1.73 per share, compared with $2.25 per share a year ago.

• Third-quarter earnings from ongoing operations also declined, to $0.45 per share, compared with $0.72 per share a year ago. For the first nine months of 2008, earnings from ongoing operations were $1.56 per share, compared with $2.00 per share a year ago.

• During the third quarter of 2008, PPL saw unprecedented levels of volatility in the energy commodities market, a rapid decline in the capital devoted to energy markets by a range of market participants and a substantial drop in wholesale electricity prices. As a consequence, PPL experienced unrealized losses in certain of its energy positions that, along with extended outages at two of its large coal-fired plants in Pennsylvania, resulted in third-quarter energy margins that are much lower than a year ago.

• PPL’s reported earnings in the third quarter of 2008 included net special-item credits of $0.09 per share. The company reported special-item credits of $0.18 per share in the quarter related to mark-to-market impacts of energy-related, non-trading economic hedges, offset by special-item charges of $0.09 per share: $0.07 per share related to the impairment of nitrogen oxide emission allowances as a result of a federal court decision invalidating the Environmental Protection Agency’s Clean Air Interstate Rule; $0.01 per share related to the sale of PPL’s natural gas distribution and propane businesses; and $0.01 per share related to an impairment of nuclear decommissioning trust investments. The third quarter of 2007 reflected net special-item credits of $0.12 per share.

Reported earnings are calculated in accordance with generally accepted accounting principles (GAAP). Earnings from ongoing operations is a non-GAAP financial measure that excludes special items. Special items include charges or credits that are unusual or nonrecurring. Special items also include the mark-to-market impact of energy-related, non-trading economic hedges and impairments of securities in PPL’s nuclear decommissioning trust funds.

“Earnings from ongoing operations” excludes the impact of special items. Special items include charges, credits or gains that are unusual or nonrecurring. Special items also include the mark-to-market impact of energy-related, non-trading economic hedges and impairments of securities in PPL’s nuclear decommissioning trust funds. The mark-to-market impact of these hedges is economically neutral to the company because the mark-to-market gains or losses on the energy hedges will reverse as the hedging contracts settle in the future. Earnings from ongoing operations should not be considered as an alternative to reported earnings, or net income, 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 measure, is also useful and meaningful to investors because it provides them with PPL’s underlying earnings performance as another criterion in making their 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.

For more information, contact PPL Investor Services at 1-800-345-3085.