By any measure, 2002 was a difficult year for Westar Energy. The company recorded a loss of $793.4 million, 45 percent of book value; the share price dropped to a low of $8.50 from $17.20 at its close December 31, 2001; the Securities and Exchange Commission, the Federal Energy Regulatory Commission, and the U.S. Attorney’s Office commenced investigations of various aspects of past business practices; relations with the Kansas Corporation Commission were severely strained; and liquidity issues became a concern by mid-2002. In early 2003, we reduced our quarterly dividend 37 percent, from 30 cents to 19 cents per share. A bright spot throughout this difficult year was that we continued to provide outstanding electric utility service to nearly 647,000 Kansas customers. Indeed, we were awarded the Edison Electric Institute’s Emergency Response Award for our recovery efforts from one of the worst ice storms in our history. Our power plants performed at record levels for reliability, availability, and costs of production. Additionally, in May and June of 2002, we issued $1.5 billion of new debt, proceeds of which retired maturing debt. These transactions addressed the liquidity issues. As this letter is written, we believe you can be cautiously optimistic that at 2002’s end a turnaround had begun. In December 2002 and January 2003, a new senior management team was formed. The appointment of a non-executive chairman marks a deliberate and significant change in our corporate governance. The nominating committee of the Board of Directors is proceeding to identify independent candidates for consideration as directors. In February 2003, we initiated a comprehensive debt reduction and restructuring plan that calls for us by the end of 2004 to reduce debt by more than $2 billion, exit all non-utility and non-core business activities, and return to our roots as a pure Kansas electric utility. In early 2003, we enhanced liquidity with the sale of about 40 percent of our interest in ONEOK for $300 million. Currently available cash combined with the proceeds of this sale provide us the ability to retire maturing debt obligations through 2004. Importantly, our agreement with ONEOK calls for the registration of our remaining holdings. This should facilitate the sale of our remaining holdings, subject to agreed-upon restrictions.