Our ability to meet our debt-reduction target depends upon our success in selling the balance of our interest in ONEOK, as well as our 88 percent interest in Protection One. We have retained an investment-banking adviser to assist with the sale of Protection One. While we also intend to dispose of our 100 percent interest in Protection One Europe (a separate company), its relatively smaller size makes it less critical to our ability to meet our debt-reduction goal. Our objective is to obtain enough cash from these asset sales, available free cash flow, and, if needed, an equity issuance to meet our debt-reduction target. Reducing the dividend was a necessary but very unwelcome step in our debt reduction and restructuring plan. In addition to increasing cash available to pay down debt, we attempted to achieve several other important goals. We wanted the dividend to be clearly sustainable and, at the completion of our restructuring plan, to be able to grow at a rate consistent with the underlying growth of our Kansas utility business. We wanted our stock price to begin to reflect not only our improving credit quality but also a stable base from which future growth is a realistic expectation. We are fully cooperating with the agencies involved in the various investigations noted at the beginning of this letter. Beyond that, there is little that it is appropriate for us to say about such matters. With respect to the U.S. Attorney’s Office and SEC matters, a Special Committee of the Board of Directors was formed in October and, with the assistance of outside counsel, supervised a thorough internal investigation that has been completed. We will discuss the investigation at our annual shareholder meeting June 16. The FERC matter involves limited power trades with another utility as well as trades related to our system and our marketing operations. We have examined the subject transactions and do not believe they violated any laws or regulations. As you might expect, class action lawsuits that reference these matters have been filed against Westar Energy and certain of its officers and former officers. We will defend against these lawsuits. Going forward, it is a new day at Westar Energy. We are committed to regaining the confidence of our stakeholders. Indeed, there is already tangible evidence of our progress. We understand that to regain your confidence we must make steady and sustainable progress in building the value of your investment. We are focused on that objective.     Charles Q. Chandler IV Chairman of the Board James S. Haines, Jr. President & Chief Executive Officer