On January 21, 2020, Elliott Management Corporation released a letter to Evergy, Inc.'s Board outlining steps which should result in high-certainty, line-of-sight equity value creation of up to $5 billion, with opportunities for significant additional value creation over time. In the letter, Elliott Management urged the Company to immediately explore both of the following alternative paths: (1) standalone path: implement high-performance plan with enhanced oversight and (2) combination path: pursue strategic premium merger transaction.