A clearly defined, targeted growth strategy has enabled PPL Corp. (NYSE: PPL) to take advantage of new energy market opportunities that have driven its revenues — and its profits — to record levels, the company's chairman told shareowners on Friday (4/28).

"The numbers that we use to measure our progress in this rapidly evolving energy marketplace clearly indicate the success of our strategy," said William F. Hecht, PPL chairman, president and chief executive officer.

The company's 1999 revenues were nearly $4.6 billion, a 21 percent increase from the previous year, and 1999 earnings, when excluding one-time items, were $2.35 per share, both record highs, he said.

"Our increase in both revenues and earnings comes from a broad range of company initiatives, including our international operations and our U.S. marketing efforts," said Hecht. "Our earnings for 1999 were 9 percent higher than we had forecast."

The company has continued that strong earnings performance for the first three months of 2000 as well. On Wednesday (4/26), PPL Corp. announced record quarterly earnings per share of $0.99 for the three months ended March 31, 2000 — a 30 percent increase over its first quarter 1999 earnings of $0.76.

Contributing to PPL's record first-quarter results were a 22 percent increase over a year ago in electricity supplied to retail customers in both regulated and competitive energy markets; a 7 percent increase in wholesale energy sales; and a 3 percent increase in electricity delivered to retail customers in the company's regulated energy markets in central and eastern Pennsylvania.

The first quarter performance puts the company on track with its forecast of record earnings for the next two years.

"We are forecasting earnings per share in the $2.60 to $2.65 range for this year and in the $2.95 to $3.00 range for 2001," said Hecht. "Achievement of these earnings by the end of next year will mean that we will have increased earnings per share by about 60 percent in just three years."

The revenue and earnings increases result from significant accomplishments in the company's integrated strategy to:

• Be a major generator of electricity in the United States.
• Be a leading marketer - both at wholesale and to end-use customers - of competitively priced energy in key U.S. markets.
• Operate excellent energy delivery businesses in the United States.
• Own and actively manage international energy projects and companies.

Hecht said the company's growth strategy has fueled the company's upward movement in the Fortune 500. PPL Corp. now ranks 349 on that list, 118 places higher than it ranked just two years ago. In addition to prompting significant improvements in such nationally recognized measures, the company's integrated strategy is continuing to build value for shareowners.

"Our priority continues to be the development and acquisition of productive assets that lead to real, sustainable earnings growth," Hecht told shareowners. "We are convinced that continued pursuit of new revenue-producing opportunities in a deliberate, diligent and decisive manner — combined with our continued focus on operational excellence — will result in significant long-term growth in the value of your investment."

Hecht made his remarks during the company's annual meeting of shareowners at Stabler Arena on the campus of Lehigh University in Bethlehem, Pa.

During the meeting, shareowners also heard from Frank A. Long, PPL Corp. executive vice president and chief operating officer, who provided an overview of the operations achievements of the company in the past year; and John R. Biggar, PPL Corp. senior vice president and chief financial officer, who outlined the company's financial accomplishments.

About 500 attended the meeting, during which shareowners ratified the appointment of PricewaterhouseCoopers LLP as the company's independent accountants and elected four members of the company's board of directors.

Reelected to the board were E. Allen Deaver, Lancaster, former executive vice president of Armstrong World Industries; and Elmer D. Gates, Bethlehem, former vice chairman of Fuller Co. Newly elected were John W. Conway, Philadelphia, president and chief operating officer of Crown, Cork & Seal Co.; and W. Keith Smith, Pittsburgh, former vice chairman of Mellon Financial Corp. and senior vice chairman of Mellon Bank.

Deaver, Gates and Conway will serve until the 2003 annual meeting. Smith will serve until the 2001 annual meeting.

Continuing to serve on the board are (expiration of term in parentheses): Frederick M. Bernthal, president of Universities Research Association, Washington, D.C. (2002); William J. Flood, secretary-treasurer of Highway Equipment & Supply Co., Harrisburg, Pa. (2002); Long (2002); Hecht (2001); and Stuart Heydt, chief executive officer of Penn State Geisinger Health System (2001).

Certain statements contained in this news release, including statements with respect to future earnings, are "forward-looking statements" within the meaning of the federal securities laws. Although PPL Corp. believes that the expectations and assumptions reflected in these forward-looking statements are reasonable, these statements involve 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 variations affecting customer energy usage; competition in retail and wholesale power markets; the effect of any business or industry restructuring; the profitability and liquidity of PPL Corp. and its subsidiaries; new accounting requirements or new interpretations or applications of existing requirements; operating performance of plants and other facilities; environmental conditions and requirements; system conditions and operating costs; performance of new ventures; political, regulatory or economic conditions in countries where PPL Corp. or its subsidiaries conduct business; foreign exchange rates; and the commitments and liabilities of PPL Corp. and its subsidiaries. Any such forward-looking statements should be considered in light of such factors and in conjunction with PPL Corp.'s Form 10-K and other reports on file with the Securities and Exchange Commission.