Great Plains Energy Announces Redemption of All of Its Outstanding Depositary Shares, Each Representing 1/20th Interest in a Share of 7.00% Series B Mandatory Convertible Preferred Stock

KANSAS CITY, Mo.–(BUSINESS WIRE)–Great Plains Energy Incorporated (NYSE: GXP) (“Great Plains Energy” or
the “Company”) announced today that on July 13, 2017 a notice of
redemption (the “Notice of Redemption”) will be sent to the holders of
its Depositary Shares (the “Depositary Shares”), each representing 1/20^th
interest in a share of the Company’s 7.00% Series B Mandatory
Convertible Preferred Stock (the “Mandatory Convertible Preferred
Stock”) providing for the redemption of all of the Company’s outstanding
Mandatory Convertible Preferred Stock and the related Depositary Shares.
The redemption price shall be the Acquisition Termination Make-whole
Amount, as set forth in the Notice of Redemption.

The redemption date will be August 17, 2017. Payment of the Acquisition
Termination Make-whole Amount for each share of Mandatory Convertible
Preferred Stock will be made only upon presentation and surrender of the
Depositary Shares to Computershare Trust Company, N.A., the Company’s
redemption agent, during its normal business hours at the address
specified in the Notice of Redemption.

Questions relating to the redemption should be directed to Computershare
Trust Company, N.A., at 1-855-396-2084.

About Great Plains Energy:

Headquartered in Kansas City, Mo., Great Plains Energy Incorporated
(NYSE: GXP) is the holding company of Kansas City Power & Light Company
and KCP&L Greater Missouri Operations Company, two of the leading
regulated providers of electricity in the Midwest. Kansas City Power &
Light Company and KCP&L Greater Missouri Operations Company use KCP&L as
a brand name.

Forward-Looking Statements:

Statements made in this release that are not based on historical facts
are forward-looking, may involve risks and uncertainties, and are
intended to be as of the date when made. Forward-looking statements
include, but are not limited to, statements relating to the anticipated
merger transaction of Great Plains Energy and Westar Energy, Inc.
(Westar Energy), including those that relate to the expected financial
and operational benefits of the merger to the companies and their
shareholders (including cost savings, operational efficiencies and the
impact of the anticipated merger on earnings per share), the expected
timing of closing, the outcome of regulatory proceedings, cost estimates
of capital projects, redemption of Great Plains Energy debt and
convertible preferred stock, dividend growth, share repurchases, balance
sheet and credit ratings, rebates to customers, employee issues and
other matters affecting future operations. In connection with the safe
harbor provisions of the Private Securities Litigation Reform Act of
1995, Great Plains Energy is providing a number of important factors
that could cause actual results to differ materially from the provided
forward-looking information. These important factors include: future
economic conditions in regional, national and international markets and
their effects on sales, prices and costs; prices and availability of
electricity in regional and national wholesale markets; market
perception of the energy industry, Great Plains Energy and Westar
Energy; changes in business strategy, operations or development plans;
the outcome of contract negotiations for goods and services; effects of
current or proposed state and federal legislative and regulatory actions
or developments, including, but not limited to, deregulation,
re-regulation and restructuring of the electric utility industry;
decisions of regulators regarding rates that the companies can charge
for electricity; adverse changes in applicable laws, regulations, rules,
principles or practices governing tax, accounting and environmental
matters including, but not limited to, air and water quality; financial
market conditions and performance including, but not limited to, changes
in interest rates and credit spreads and in availability and cost of
capital and the effects on derivatives and hedges, nuclear
decommissioning trust and pension plan assets and costs; impairments of
long-lived assets or goodwill; credit ratings; inflation rates;
effectiveness of risk management policies and procedures and the ability
of counterparties to satisfy their contractual commitments; impact of
terrorist acts, including, but not limited to, cyber terrorism; ability
to carry out marketing and sales plans; weather conditions including,
but not limited to, weather-related damage and their effects on sales,
prices and costs; cost, availability, quality and deliverability of
fuel; the inherent uncertainties in estimating the effects of weather,
economic conditions and other factors on customer consumption and
financial results; ability to achieve generation goals and the
occurrence and duration of planned and unplanned generation outages;
delays in the anticipated in-service dates and cost increases of
generation, transmission, distribution or other projects; Great Plains
Energy’s and Westar Energy’s ability to successfully manage and
integrate their respective transmission joint ventures; the inherent
risks associated with the ownership and operation of a nuclear facility
including, but not limited to, environmental, health, safety, regulatory
and financial risks; workforce risks, including, but not limited to,
increased costs of retirement, health care and other benefits; the
ability of Great Plains Energy and Westar Energy to obtain the
regulatory and shareholder approvals necessary to complete the
anticipated merger or the imposition of adverse conditions or costs in
connection with obtaining regulatory approvals; the risk that a
condition to the closing of the anticipated merger may not be satisfied
or that the anticipated merger may fail to close; the outcome of any
legal proceedings, regulatory proceedings or enforcement matters that
may be instituted relating to the anticipated merger; the costs incurred
to consummate the anticipated merger; the possibility that the expected
value creation from the anticipated merger will not be realized, or will
not be realized within the expected time period; difficulties related to
the integration of the two companies, the credit ratings of the combined
company following the anticipated merger; disruption from the
anticipated merger making it more difficult to maintain relationships
with customers, employees, regulators or suppliers; the diversion of
management time and attention on the anticipated merger; and other risks
and uncertainties.

This list of factors is not all-inclusive because it is not possible to
predict all factors. Additional risks and uncertainties will be
discussed in the joint proxy statement/prospectus and other materials
that Great Plains Energy, Westar Energy and Monarch Energy Holding, Inc.
(Monarch Energy) will file with the Securities and Exchange Commission
(SEC) in connection with the anticipated merger. Other risk factors are
detailed from time to time in quarterly reports on Form 10-Q and annual
reports on Form 10-K filed by Great Plains Energy and Westar Energy with
the SEC. Each forward-looking statement speaks only as of the date of
the particular statement. Monarch Energy, Great Plains Energy and Westar
Energy undertake no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.

Contacts

Great Plains Energy
Investors:
Calvin Girard,
816-654-1777
Senior Manager, Investor Relations
[email protected]
or
Media:
Katie
McDonald, 816-556-2365
Senior Director, Corporate Communications
[email protected]