Hunton Andrews Kurth LLP advised the initial purchasers in connection with PPL Capital Funding, Inc.’s offering of $1.15 billion in aggregate principal amount of equity-linked 3.000% Exchangeable Senior Notes due 2030 (“Notes”), fully and unconditionally guaranteed by PPL Corporation (“PPL”), in a private placement under Rule 144A of the Securities Act of 1933, as amended, to eligible purchasers, which included an additional $150 million in aggregate principal amount of Notes purchased pursuant to the exercise in full of the option granted to the initial purchasers pursuant to the purchase agreement for this offering. The Notes may be exchangeable into shares of PPL’s common stock at an initial exchange rate tied to the price of PPL’s common stock and as further described in the offering memorandum for this offering.

PPL Capital Funding, Inc. is a wholly owned subsidiary of PPL whose primary business is to provide PPL with financing for its operations. PPL is headquartered in Allentown, Pennsylvania and is a utility holding company, incorporated in 1994. PPL delivers electricity to customers through its regulated utility subsidiaries in Pennsylvania, Kentucky, Virginia, and Rhode Island; delivers natural gas to customers in Kentucky and Rhode Island; and generates electricity from power plants in Kentucky.

The Hunton team included Peter K. O’Brien, Brendan P. Harney, Reuben H. Pearlman, Jingyi “Alice” Yao and Jack W. Chatas. Robert McNamara and William Freeman provided tax advice.