Evergy Issues Statement

Evergy, Inc. (NYSE: EVRG) today issued the following statement:

Evergy’s Board and management are committed to serving the best interests of ALL Evergy shareholders and stakeholders.

Our focus is on the execution of the Company’s Sustainability Transformation Plan (“STP”), which the Board unanimously determined is the option that creates the highest, most certain value for shareholders and benefits for our stakeholders. Since announcing the STP, there has been no change in circumstance that alters the basis for this decision, and there is currently no offer or bid from any third party for a potential transaction.

The STP is the result of an independent, multi month and comprehensive review of both a potential strategic combination and a modified standalone plan. This process was led by a four-member Strategic Review & Operations Committee (“SROC”) formed pursuant to the agreement with Elliott Management (“Elliott”) on March 2, 2020 and included two directors appointed pursuant to the Elliott agreement, one of whom was the Committee’s Co-Chair.

The Committee and the full Board of Directors were well advised with three independent financial advisors assisting in the strategic process, including Centerview Partners, who served as financial advisor to the Committee, as well as Morgan Stanley and Goldman Sachs & Co. LLC who served as financial advisors to the Company.

While we are always open to new ideas and opportunities that have the potential to enhance shareholder value, we remain confident that the STP, which Elliott publicly endorsed when it was announced, is the best risk-adjusted path forward and that all appropriate steps are being and have been taken to maximize shareholder value. We will continue to act accordingly.

Evergy’s STP is a low risk and straight-forward traditional capital investment plan that requires no advance regulatory approvals and is covered by well-established regulatory mechanisms. The plan honors prior regulatory and merger commitments made in connection with Evergy’s formation, while targeting top-quartile earnings and dividend growth, and providing significant direct customer benefits through enhancing the Company’s focus on grid modernization, renewable energy investment and cost management. Evergy continues to have an ongoing dialogue with its regulators and stakeholders about the plan. Based on these conversations, Evergy believes that many regulatory stakeholders are supportive of the STP and recognize the meaningful benefits it creates.