Great Plains Energy Incorporated

Great Plains Energy — Merger or Acquisition (October 2017)

14 slides from Great Plains Energy's merger presentation, Oct 31, 2017

  1. Slide 1: Westar Energy Investor Update – October 31, 2017

    Westar Energy Investor Update – October 31, 2017 Exhibit 99.3

  2. Slide 2: Forward-Looking Disclosures

    Forward-Looking Disclosures OCTOBER 31, 2017 INVESTOR UPDATE 2 Forward Looking Statements Certain matters discussed in this presentation are “forward-looking statements.” The Private Securities Litigation Reform Act of 1995 has established that these statements qualify for safe harbors from liabilit

  3. Slide 3: Company Update

    Company Update 3 OCTOBER 31, 2017 INVESTOR UPDATE

  4. Slide 4: Recent Announcements & Focus

    Recent Announcements & Focus  Reported Q3 2017 EPS of $1.11  Compared to Q3 2016 EPS of $1.09  Upcoming Rate Review  Expect to file for general rate review in 1st quarter 2018  Merger with Great Plains Energy  100% stock-for-stock, tax-free exchange  Westar: exchange 1 WR share for 1 share of

  5. Slide 5: Clean Energy Leader

    Clean Energy Leader 5 OCTOBER 31, 2017 INVESTOR UPDATE In 2017, more than half of retail sales will come from emission-free sources – renewables and nuclear power. * Emissions and water reduction change since 2005

  6. Slide 6: Earnings Update 6 OCTOBER 31, 2017 INVESTOR UPDATE

    Earnings Update 6 OCTOBER 31, 2017 INVESTOR UPDATE

  7. Slide 7: Year Over Year Earnings Variance

    Year Over Year Earnings Variance $1.09 $1.11 $2.06 $2.03 3Q16 3Q17 YTD 16 YTD 17 EPS 2016 vs 2017 7  Q3 Variance Drivers Lower income tax expense ~ $25M Lower O&M~ $7M 11% decrease in CDD Higher depreciation expense ~ ($10M) Decrease in COLI benefit ~ ($10M) Increase in merger-related expenses ~ ($

  8. Slide 8: Additional Earnings Detail

    Additional Earnings Detail  Merger Expenses  2016 – $10.2M  Q3 2017 – $7.8M  YTD 2017 – $8.6M  Expected total upon closing – $40M to 45M  Weather EPS Estimate  Q3 – $0.05 unfavorable to 2016 – $0.03 unfavorable to normal  2017 – $0.09 unfavorable to 2016 – $0.09 unfavorable to normal  COLI

  9. Slide 9: Merger Update

    Merger Update 9 OCTOBER 31, 2017 INVESTOR UPDATE

  10. Slide 10: Merger Value

    Merger Value 10 OCTOBER 31, 2017 INVESTOR UPDATE  Expected stronger EPS growth  New company EPS CAGR of 6-8%1 vs WR stand-alone EPS CAGR of 4-6%2  Merger savings – Improve “slope” of EPS growth  Share buybacks – Upward “shift” of EPS growth  Immediate ≈15% dividend increase  Not at expense of

  11. Slide 11: Strong Growth Targets

    Strong Growth Targets 11 OCTOBER 31, 2017 INVESTOR UPDATE $2.19 $1.44 $1.52 $1.60 $1.84 $2.32 2015A 2016A 2017 Pro Forma 2018E Pro Forma 2021E $2.43 $3.57 2016A Pro Forma 2021E $3.25 Targeted EPS Growth 6-8%1 Targeted Dividend Growth 6-8%1 1Indicated annual earnings per share and dividend per share

  12. Slide 12: Merger Expected To Close In 1st Half 2018

    Merger Expected To Close In 1st Half 2018 12 OCTOBER 31, 2017 INVESTOR UPDATE STAKEHOLDER FILED APPROVAL ANTICIPATED ADDITIONAL INFO. GXP and WR shareholders √ 4Q17 Special shareholder meetings for Westar and Great Plains to be held on November 21, 2017 KCC √ 2Q18 Docket: 18-KCPE-095-MER MPSC √ 2Q18

  13. Slide 13: Merger Summary

    Merger Summary 13 OCTOBER 31, 2017 INVESTOR UPDATE Transaction Structure • All stock merger of equals (100% stock-for-stock, tax-free exchange); combined equity value of ~$14 billion • New company to be jointly named prior to close Exchange Ratio • Westar Energy: 1:1 • Great Plains Energy: 0.5981:1

  14. Slide 14: Additional Information

    Additional Information OCTOBER 31, 2017 INVESTOR UPDATE 14 Additional Information and Where to Find It This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any proxy, vote or approval, nor shall there be any sale of securit

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