1. 1 Westar Energy’s 2013 Annual Transmission Revenue Requirement True-Up Meeting Westar Energy’s 2013 Annual Transmission Revenue Requirement True-Up Meeting June 25, 2013

2. 2 Today Quick Review of the Formula The Results: 2012 Actual ATRR vs. Projected 2012 ATRR Why is there a Difference Between the Actual and Projected? Protocol Review

3. 3 Quick Review: The Formula (True-Up) Gross Revenue Requirement (GRR) includes: Actual Transmission Plant Actual Transmission O&M Actual Transmission Depreciation Expense Taxes Return Net Revenue Requirement adjusts the GRR for: Revenue Credits received for Point-to-Point Transmission Service and revenue received from Network customers outside the Westar pricing zone “Rent” received (i.e. pole attachments) Note: Actuals used to determine true-up do not include any projections or previous years’ true-up adjustments

4. 4 The Results: Projected vs Actual ATRR for 2012 ProjectedActual Westar’s Gross Rev. Requirement$203,102,936$198,983,473 Revenue Credits$ 21,496,752$ 30,339,692 Westar’s Net Rev. Requirement $181,606,183* $168,643,782 True-Up Amount (before interest)**($ 12,962,401) * 2012 Projected Net Revenue Requirement without the 2010 True-Up ** Credit to be applied to 2014 ATRR (plus interest), in the rates effective January 1, 2014

5. 5 Why the Difference? Two Main Reasons… 1. Actual O&M was less than projected The TFR calculates a projected O&M based upon the change in net plant and is automatically calculated as part of the formula

6. 6 Why the Difference? Two Main Reasons… 2. Actual Revenue Credit was more than projected The projected revenue credit is the amount of revenue received by Westar for transmission service which does not come from Network Transmission customers in the Westar pricing Zone The Westar TFR always sets the projected revenue credit equal to the amount from the latest FERC Form 1 year (2010) Actual 2010 revenues were primarily from point-to-point transmission service Since 2010, the amount of revenue coming from Base Plan regional projects built by Westar increased such that most of the revenue Westar receives from Network customers outside the Westar zone is now significantly larger than the revenue from point-to-point transactions

7. 7 Formula Protocols: Annual Update Today: June 25, 2013 Data requests regarding this true-up calculation may be submitted until September 9, 2013 –Westar will make its best effort to respond within 10 business days of the receipt of such requests Send comments or data requests via e-mail to: –Melissa Deutsch at melissa.deutsch@westarenergy.commelissa.deutsch@westarenergy.com –Please cc: gelene.tiller@westarenergy.comgelene.tiller@westarenergy.com

8. 8 Summary Thank you very much for participating in today’s meeting! We are here to assist in any way possible. Please let us know if you have any questions. Safe travels home! SAVE THE DATE FOR THE 2014 ANNUAL WESTAR ATRR MEETING:October 29, 2013