WESTAR ENERGY ANNOUNCES PUBLIC OFFERING OF ITS COMMON STOCK

Westar Energy, Inc. (the “Company”) (NYSE:WR) announced today that it plans to make a public offering of 7.6 million shares of its common stock, subject to market conditions. The Company expects that the underwriters will be granted an option to purchase up to an additional 1.14 million shares to cover over-allotments, if any.
The Company intends to use any net proceeds that it receives upon settlement of the Forward Sale Agreement described below, to repay short-term debt obligations incurred to fund investments in its electric utility infrastructure, including large projects to reduce air emissions from its power plants, the construction of new natural gas-fired turbines, the construction of new high capacity transmission lines, and significant investments in wind turbines pending receipt of satisfactory regulatory pre-approval, along with funding general corporate purposes.
J.P. Morgan Securities Inc. and UBS Investment Bank are joint book-running managers, and, together with Wachovia Capital Markets, LLC, are joint lead managers for the offering.
Other underwriters for the offering are Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Edward D. Jones & Co., L.P. and Wedbush Morgan Securities Inc.

The offering will be made under the Company’s existing shelf registration statement filed with the Securities and Exchange Commission.
In connection with the offering, the Company will enter into an agreement (the “Forward Sale Agreement”) with an affiliate of UBS Investment Bank (the “Counterparty”) under which the Company will agree to sell to the Counterparty (subject to the Company’s right to cash settle or net share settle the Forward Sale Agreement) in the aggregate 7.6 million shares of the Company’s common stock at the price per share in the offering, subject to certain adjustments. In connection with hedging its exposure under the Forward Sale Agreement, the Counterparty is expected to borrow from third-party lenders and sell in the aggregate 7.6 million shares of the Company’s common stock (or such smaller amount that they are able to borrow) at the close of this offering.
This press release is neither an offer to sell nor a solicitation of an offer to buy shares of common stock. The offering of these securities will be made only by means of a prospectus and a related prospectus supplement. When available, copies of the prospectus and prospectus supplement may be obtained from J.P. Morgan Securities Inc., 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11245 or UBS Investment Bank, 299 Park Avenue, New York, NY 10171 (telephone number 212-821-3000).

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