<PAGE>

                         ------------------------------------

                       PREFERRED SECURITIES GUARANTEE AGREEMENT


                                   KCPL Financing I


                              Dated as of April 15, 1997


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                                  TABLE OF CONTENTS

                                      ARTICLE I
                            DEFINITIONS AND INTERPRETATION

Section 1.1.  Definitions......................................................1
Section 1.2.  Interpretation...................................................5

                                      ARTICLE II
                                 TRUST INDENTURE ACT

Section 2.1.  Trust Indenture Act; Application.................................5
Section 2.2.  Lists of Holders of Preferred Securities.........................6
Section 2.3.  Reports by the Guarantee Trustee.................................6
Section 2.4.  Periodic Reports to Guarantee Trustee............................6
Section 2.5.  Evidence of Compliance with Conditions Precedent.................6
Section 2.6.  Events of Default; Waiver........................................6
Section 2.7.  Events of Default; Notice........................................7
Section 2.8.  Conflicting Interests............................................7

                                     ARTICLE III
                             POWERS, DUTIES AND RIGHTS OF
                                  GUARANTEE TRUSTEE

Section 3.1.  Powers and Duties of the Guarantee Trustee.......................7
Section 3.2.  Certain Rights of Guarantee Trustee..............................9
Section 3.3.  Not Responsible for Recitals or Issuance of
               Guarantee......................................................11

                                      ARTICLE IV
                                  GUARANTEE TRUSTEE

Section 4.1.  Guarantee Trustee; Eligibility..................................12
Section 4.2.  Appointment, Removal and Resignation of Guarantee
               Trustee........................................................13

                                      ARTICLE V
                                      GUARANTEE

Section 5.1.  Guarantee.......................................................13
Section 5.2.  Waiver of Notice and Demand.....................................13
Section 5.3.  Obligations Not Affected........................................13
Section 5.4.  Rights of Holders...............................................15
Section 5.5.  Guarantee of Payment............................................15
Section 5.6.  Subrogation.....................................................15
Section 5.7.  Independent Obligations.........................................15


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                                      ARTICLE VI
                      LIMITATION OF TRANSACTIONS; SUBORDINATION

Section 6.1.  Limitation of Transaction.......................................16
Section 6.2.  Ranking.........................................................16

                                     ARTICLE VII
                                     TERMINATION

Section 7.1.  Termination.....................................................17

                                     ARTICLE VIII
                                   INDEMNIFICATION

Section 8.1.  Exculpation.....................................................17
Section 8.2.  Indemnification.................................................17

                                      ARTICLE IX
                                SUCCESSOR CORPORATION

Section 9.01.  Guarantor May Consolidate, Etc.................................18
Section 9.02.  Successor Corporation Substituted..............................19
Section 9.03.  Evidence of Consolidation, Etc. to Trustee.....................19

                                      ARTICLE X
                                    MISCELLANEOUS

Section 10.1.  Successors and Assigns.........................................19
Section 10.2.  Amendments.....................................................19
Section 10.3.  Notices........................................................19
Section 10.4.  Benefit........................................................20
Section 10.5.  Governing Law..................................................20

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                       PREFERRED SECURITIES GUARANTEE AGREEMENT


         THIS PREFERRED SECURITIES GUARANTEE AGREEMENT (this "Guarantee
Agreement"), dated as of April 7, 1997, is executed and delivered by KANSAS CITY
POWER & LIGHT COMPANY, a Missouri corporation (the "Guarantor"), and The First
National Bank of Chicago, a national banking association duly organized and
existing under the laws of the United States, as trustee (the "Guarantee
Trustee"), for the benefit of the Holders (as defined herein) from time to time
of the Preferred Securities (as defined herein) of KCPL Financing I, a Delaware
statutory business trust (the "ISSUER").


                                 W I T N E S S E T H:

         WHEREAS, pursuant to an Amended and Restated Declaration of Trust (the
"DECLARATION"), dated as of April 15, 1997, among the trustees of the Issuer,
the Guarantor as Sponsor and the holders from time to time of undivided
beneficial interests in the assets of the Issuer, the Issuer is issuing on the
date hereof $150,000,000 aggregate stated liquidation amount of its 8.3% Trust
Originated Preferred Securities (the "Preferred Securities"); and

         WHEREAS, as incentive for the Holders to purchase the Preferred
Securities, the Guarantor desires irrevocably and unconditionally to agree, to
the extent set forth in this Guarantee Agreement, to pay to the Holders of the
Preferred Securities the Guarantee Payments (as defined herein) and to make
certain other payments on the terms and conditions set forth herein;

         NOW, THEREFORE, in consideration of the purchase by each Holder of
Preferred Securities, which purchase the Guarantor hereby agrees shall benefit
the Guarantor, the Guarantor executes and delivers this Guarantee Agreement for
the benefit of the Holders. 


                                      ARTICLE I
                            DEFINITIONS AND INTERPRETATION

         SECTION 1.1.  DEFINITIONS.  In this Guarantee Agreement, unless the
context otherwise requires:  (a) capitalized terms used in this Guarantee
Agreement but not defined in the preamble above have the respective meanings
assigned to them in this Section 1.1; (b) a term defined anywhere in this
Guarantee Agreement has the same meaning throughout; and (c) a term defined in
the Trust Indenture Act has the same meaning when used in this Guarantee
Agreement unless otherwise defined in this Guarantee Agreement or unless the
context otherwise requires.

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AFFILIATE:

         The term "Affiliate" has the same meaning as given to that term in
Rule 405 of the Securities Act of 1933 or any successor rule thereunder.

BUSINESS DAY:

         The term "Business Day" means any day other than a day on which
banking institutions in Chicago, Illinois or New York, New York are authorized
or required by any applicable law to close.

COMMON SECURITIES:

         The term "Common Securities" means the securities representing common
undivided beneficial interests in the assets of the Issuer. 

COVERED PERSON:

         The term "Covered Person" means any Holder or beneficial owner of
Preferred Securities. 

EVENT OF DEFAULT:

         The term "Event of Default" means a default by the Guarantor on any of
its payment or other obligations under this Guarantee Agreement. 

GUARANTEE PAYMENTS:

         The term "Guarantee Payments" means the following payments or
distributions, without duplication, with respect to the Preferred Securities, to
the extent not paid or made by the Issuer:  (i) any accrued and unpaid
Distributions (as defined in the Declaration) that are required to be paid on
the Preferred Securities to the extent the Issuer shall have funds available
therefor, (ii) the redemption price, including all accrued and unpaid
Distributions to the date of redemption (the "Redemption Price") to the extent
the Issuer has funds available therefor, with respect to any Preferred
Securities called for redemption by the Issuer, and (iii) upon a voluntary or
involuntary dissolution, winding-up or termination of the Issuer (other than in
connection with the distribution of Subordinated Debentures to the Holders in
exchange for Preferred Securities as provided in the Declaration), the lesser of
(a) the aggregate of the liquidation amount and all accrued and unpaid
Distributions on the Preferred Securities to the date of payment, and (b) the
amount of assets of the Issuer remaining available for distribution to Holders
in liquidation of the Issuer (in either case, the "Liquidation Distribution"). 


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GUARANTEE TRUSTEE:

         The term "Guarantee Trustee" means The First National Bank of Chicago,
as trustee under this Guarantee Agreement, until a Successor Guarantee Trustee
has been appointed and has accepted such appointment pursuant to the terms of
this Guarantee Agreement and thereafter means such Successor Guarantee Trustee.

GUARANTOR:

         The term "Guarantor" means Kansas City Power & Light Company, and its
successor or successors by merger, consolidation or purchase of all or
substantially all of its assets.

HOLDER:

         The term "Holder" shall mean any holder, as registered on the books
and records of the Issuer, of any Preferred Securities; provided, however, that,
in determining whether the holders of the requisite percentage of Preferred
Securities have given any request, notice, consent or waiver hereunder, "Holder"
shall not include the Guarantor or any Affiliate of the Guarantor. 

INDEMNIFIED PERSON:

         The term "Indemnified Person" means the Guarantee Trustee, any
Affiliate of the Guarantee Trustee, or any officers, directors, shareholders,
members, partners, employees, representatives or agents of the Guarantee
Trustee. 

INDENTURE:

         The term "Indenture" means the Indenture dated as of April 1, 1997,
between the Guarantor (the "Debenture Issuer") and The First National Bank of
Chicago, as trustee, and any amendment thereto and any indenture supplemental
thereto pursuant to which certain unsecured subordinated debt securities of the
Debenture Issuer are to be issued to the Property Trustee of the Issuer. 

MAJORITY IN LIQUIDATION AMOUNT OF THE SECURITIES:

         The term "Majority in liquidation amount of the Securities" means,
except as provided by the Trust Indenture Act, a vote by Holder(s) of Preferred
Securities, voting separately as a class, of more than 50% of the liquidation
amount (including the stated amount that would be paid on redemption,
liquidation or maturity, plus accrued and unpaid Distributions to the date

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upon which the voting percentages are determined) of all Preferred Securities. 

OFFICERS' CERTIFICATE:

         The term "Officers' Certificate" means, with respect to any Person, a
certificate signed by two Authorized Officers of such Person.  Any Officers'
Certificate delivered with respect to compliance with a condition or covenant
provided for in this Guarantee Agreement shall include:

              (a)  a statement that each such officer signing the Officers'
         Certificate has read the covenant or condition and the definition
         relating thereto;

              (b)  a brief statement of the nature and scope of the examination
         or investigation undertaken by each such officer in rendering the
         Officers' Certificate;

              (c)  a statement that each such officer has made such examination
         or investigation as, in such officer's opinion, is necessary to enable
         such officer to express an informed opinion as to whether or not such
         covenant or condition has been complied with; and

              (d)  a statement as to whether, in the opinion of each such
         officer, such condition or covenant has been complied with.

PERSON:

         The term "Person" means any individual, corporation, partnership,
limited liability company, joint venture, joint stock company, unincorporated
association or government or any agency or political subdivision thereof, or any
other entity of whatever nature.

RESPONSIBLE OFFICER:

         The term "Responsible Officer", when used with respect to the
Guarantee Trustee, means the Chairman of the board of directors, the President,
any Vice President, the Secretary, the Treasurer, any trust officer, any
corporate trust officer or any other officer or assistant officer of the
Guarantee Trustee customarily performing functions similar to those performed by
any of the persons who at the time shall be such officers, respectively, or to
whom any corporate trust matter is referred because of that officer's knowledge
of and familiarity with the particular subject.

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SUBORDINATED DEBENTURES:

         The term "Subordinated Debentures" means the series of unsecured
subordinated debt securities of the Guarantor designated the 8.3% Junior
Subordinated Deferable Interest Debentures due March 31, 2037 held by the
Property Trustee of the Issuer.

SUCCESSOR GUARANTEE TRUSTEE:

         The term "Successor Guarantee Trustee" means a successor Guarantee
Trustee possessing the qualifications to act as Guarantee Trustee under Section
4.1.

TRUST INDENTURE ACT:

         The term "Trust Indenture Act" means the Trust Indenture Act of 1939.

         SECTION 1.2.  INTERPRETATION.  Each definition in this Guarantee
Agreement includes the singular and the plural, and references to the neuter
gender include the masculine and feminine where appropriate.  Terms which relate
to accounting matters shall be interpreted in accordance with generally accepted
accounting principles in effect from time to time.  References to any statute
mean such statute as amended at the time and include any successor legislation. 
The word "or" is not exclusive, and the words "herein," "hereof" and "hereunder"
refer to this Guarantee Agreement as a whole.  The headings to the Articles and
Sections are for convenience of reference and shall not affect the meaning or
interpretation of this Guarantee Agreement.  References to Articles and Sections
mean the Articles and Sections of this Guarantee Agreement unless otherwise
specified.


                                      ARTICLE II
                                 TRUST INDENTURE ACT

         SECTION 2.1.  TRUST INDENTURE ACT; APPLICATION.  

         (a) This Guarantee Agreement is subject to the provisions of the Trust
Indenture Act that are required to be part of this Guarantee Agreement and
shall, to the extent applicable, be governed by such provisions.

         (b)  If and to the extent that any provision of this Guarantee
Agreement limits, qualifies or conflicts with the duties imposed by Sections 310
to 317, inclusive, of the Trust Indenture Act, such imposed duties shall
control.

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         SECTION 2.2.  LISTS OF HOLDERS OF PREFERRED SECURITIES.  

         (a) The Guarantor shall provide the Guarantee Trustee with a list, in
such form as the Guarantee Trustee may reasonably require, of the names and
addresses of the Holders of the Preferred Securities ("List of Holders") as of
such date, (i) within ten Business Days after January 1 and June 30 of each
year, and (ii) at any other time, within 30 days of receipt by the Guarantor of
a written request for a List of Holders as of a date no more than 14 days before
such List of Holders is given to the Guarantee Trustee, PROVIDED that the
Guarantor shall not be obligated to provide such List of Holders at any time
when the List of Holders does not differ from the most recent List of Holders
given to the Guarantee Trustee by the Guarantor.  The Guarantee Trustee may
destroy any List of Holders previously given to it on receipt of a new List of
Holders.

         (b)  The Guarantee Trustee shall comply with its obligations under
Section 311(a), 311(b) and Section 312(b) of the Trust Indenture Act.

         SECTION 2.3.  REPORTS BY THE GUARANTEE TRUSTEE.  Within 60 days after
May 15 of each year, the Guarantee Trustee shall provide to the Holders of the
Preferred Securities such reports as are required by Section 313 of the Trust
Indenture Act, if any, in the form and in the manner provided by Section 313 of
the Trust Indenture Act.  The Guarantee Trustee shall also comply with the
requirements of Section 313(d) of the Trust Indenture Act.

         SECTION 2.4.  PERIODIC REPORTS TO GUARANTEE TRUSTEE.  The Guarantor
shall provide to the Guarantee Trustee such documents, reports and information
as required by Section 314 (if any) and the compliance certificate required by
Section 314 of the Trust Indenture Act in the form, in the manner and at the
times required by Section 314 of the Trust Indenture Act. 

         SECTION 2.5.  EVIDENCE OF COMPLIANCE WITH CONDITIONS PRECEDENT.  The
Guarantor shall provide to the Guarantee Trustee such evidence of compliance
with any conditions precedent, if any, provided for in this Guarantee Agreement
that relate to any of the matters set forth in Section 314(c) of the Trust
Indenture Act.  Any certificate or opinion required to be given by an officer
pursuant to Section 314(c)(1) may be given in the form of an Officers'
Certificate. 

         SECTION 2.6.  EVENTS OF DEFAULT; WAIVER.  The Holders of a Majority in
liquidation amount of Preferred Securities may, by vote, on behalf of the
Holders of all of the Preferred Securities, waive any past Event of Default and
its consequences.  Upon such waiver, any such Event of Default shall cease to
exist, and any Event of Default arising therefrom shall be deemed to have been
cured, for every purpose of this Guarantee Agreement, but no such waiver shall
extend to any subsequent or other default or Event of Default or impair any
right consequent thereon. 

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         SECTION 2.7.  EVENTS OF DEFAULT; NOTICE.  

         (a)  The Guarantee Trustee shall, within 90 days after a Responsible
Officer has knowledge of the occurrence of an Event of Default, transmit by
mail, first class postage prepaid, to the Holders of the Preferred Securities,
notices of all Events of Default known to the Guarantee Trustee, unless such
defaults have been cured before the giving of such notice, provided, that the
Guarantee Trustee shall be protected in withholding such notice if and so long
as the board of directors, the executive committee, or a trust committee of
directors and/or Responsible Officers of the Guarantee Trustee in good faith
determines that the withholding of such notice is in the interests of the
Holders of the Preferred Securities.

         (b)  The Guarantee Trustee shall not be deemed to have knowledge of
any Event of Default unless the Guarantee Trustee shall have received written
notice, or a Responsible Officer charged with the administration of the
Declaration shall have obtained written notice, of such Event of Default.

         SECTION 2.8.  CONFLICTING INTERESTS.  The Declaration shall be deemed
to be specifically described in this Guarantee Agreement for the purposes of
clause (i) of the first proviso contained in Section 310(b) of the Trust
Indenture Act. 


                                     ARTICLE III
                             POWERS, DUTIES AND RIGHTS OF
                                  GUARANTEE TRUSTEE

         SECTION 3.1.  POWERS AND DUTIES OF THE GUARANTEE TRUSTEE.  

         (a)  This Guarantee Agreement shall be held by the Guarantee Trustee
for the benefit of the Holders of the Preferred Securities, and the Guarantee
Trustee shall not transfer this Guarantee Agreement to any Person except to a
Holder of Preferred Securities exercising the rights of such Holder pursuant to
Section 5.4(b) or to a Successor Guarantee Trustee on acceptance by such
Successor Guarantee Trustee of its appointment to act as Successor Guarantee
Trustee.  The right, title and interest of the Guarantee Trustee shall
automatically vest in any Successor

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Guarantee Trustee, and such vesting and cessation of title shall be effective
whether or not conveyancing documents have been executed and delivered pursuant
to the appointment of such Successor Guarantee Trustee.

         (b)  If an Event of Default has occurred and is continuing, the
Guarantee Trustee shall enforce this Guarantee Agreement for the benefit of the
Holders of the Preferred Securities.

         (c)  The Guarantee Trustee, before the occurrence of any Event of
Default and after the curing of all Events of Default that may have occurred,
shall undertake to perform only such duties as are specifically set forth in
this Guarantee Agreement, and no implied covenants shall be read into this
Guarantee Agreement against the Guarantee Trustee.  In case an Event of Default
has occurred (that has not been cured or waived pursuant to Section 2.6), the
Guarantee Trustee shall exercise such of the rights and powers vested in it by
this Guarantee Agreement, and use the same degree of care and skill in its
exercise thereof, as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs.

         (d)  No provision of this Guarantee Agreement shall be construed to
relieve the Guarantee Trustee from liability for its own negligent action, its
own negligent failure to act, or its own willful misconduct, except that:

              (i)  prior to the occurrence of any Event of Default and
    after the curing or waiving of all such Events of Default that may
    have occurred:

                   (A)  the duties and obligations of the Guarantee
         Trustee shall be determined solely by the express provisions of
         this Guarantee Agreement, and the Guarantee Trustee shall not be
         liable except for the performance of such duties and obligations
         as are specifically set forth in this Guarantee Agreement, and no
         implied covenants or obligations shall be read into this
         Guarantee Agreement against the Guarantee Trustee; and

                   (B)  in the absence of bad faith on the part of the
         Guarantee Trustee, the Guarantee Trustee may conclusively rely,
         as to the truth of the statements and the correctness of the
         opinions expressed therein, upon any certificates or opinions
         furnished to the Guarantee Trustee and conforming to the
         requirements of this Guarantee Agreement; but in the case of any
         such

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         certificates or opinions that by any provision hereof are specifically
         required to be furnished to the Guarantee Trustee, the Guarantee
         Trustee shall be under a duty to examine the same to determine whether
         or not they conform to the requirements of this Declaration;

              (ii)  the Guarantee Trustee shall not be liable for any
    error of judgment made in good faith by a Responsible Officer of the
    Guarantee Trustee, unless it shall be proved that the Guarantee
    Trustee was negligent in ascertaining the pertinent facts upon which
    such judgment was made;

             (iii)  the Guarantee Trustee shall not be liable with respect
    to any action taken or omitted to be taken by it in good faith in
    accordance with the direction of the Holders of not less than a
    Majority in liquidation amount of the Preferred Securities at the time
    outstanding relating to the time, method and place of conducting any
    proceeding for any remedy available to the Guarantee Trustee, or
    exercising any trust or power conferred upon the Guarantee Trustee
    under this Guarantee Agreement; and

              (iv)  no provision of this Guarantee Agreement shall require
    the Guarantee Trustee to expend or risk its own funds or otherwise
    incur personal financial liability in the performance of any of its
    duties or in the exercise of any of its rights or powers, if there is
    reasonable grounds for believing that the repayment of such funds or
    liability is not reasonably assured to it under the terms of this
    Guarantee Agreement or adequate indemnity against such risk or
    liability is not reasonably assured to it.

         SECTION 3.2.  CERTAIN RIGHTS OF GUARANTEE TRUSTEE.  

         (a) Subject to the provisions of Section 3.1:

               (i)  The Guarantee Trustee may rely and shall be fully
    protected in acting or refraining from acting upon any resolution,
    certificate, statement, instrument, opinion, report, notice, request,
    direction, consent, order, approval, bond, security or other paper or
    document believed by it to be genuine and to have been signed, sent or
    presented by the proper party or parties.

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              (ii)  Any direction or act of the Guarantor contemplated by
    this Guarantee Agreement shall be sufficiently evidenced by a
    Direction or an Officers' Certificate.

              (iii)  Whenever in the administration of this Guarantee
    Agreement the Guarantee Trustee shall deem it desirable that a matter
    be proved or established before taking, suffering or omitting any
    action hereunder, the Guarantee Trustee (unless other evidence is
    herein specifically prescribed) may, in the absence of bad faith on
    its part, request and rely upon an Officers' Certificate which, upon
    receipt of such request, shall be promptly delivered by the Guarantor.

              (iv)  The Guarantee Trustee shall have no duty to see to any
    recording, filing or registration of any instrument (or any
    rerecording, refiling or reregistration thereof).

              (v)  The Guarantee Trustee may consult with counsel and the
    written advice or opinion of such counsel with respect to legal
    matters shall be full and complete authorization and protection in
    respect of any action taken or suffered or omitted by it hereunder in
    good faith and in accordance with such advice or opinion.  Such
    counsel may be counsel to the Guarantor or any of its Affiliates and
    may include any of its employees.  The Guarantee Trustee shall have
    the right at any time to seek instructions concerning the
    administration of this Guarantee Agreement from any court of competent
    jurisdiction.

              (vi)  The Guarantee Trustee shall be under no obligation to
    exercise any of the rights or powers vested in it by this Guarantee
    Agreement at the request or direction of any Holder, unless such
    Holder shall have provided to the Guarantee Trustee reasonable
    security or indemnity against the costs, expenses (including
    attorneys' fees and expenses) and liabilities that might be incurred
    by it in complying with such request or direction, including such
    reasonable advances as may be requested by the Guarantee Trustee;
    provided that, nothing contained in this Section 3.2(a)(vi) shall,
    however, relieve the Guarantee Trustee, upon the occurrence of an
    Event of Default, of its obligation to exercise the rights and powers
    vested in it by this Guarantee Agreement.

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              (vii)  The Guarantee Trustee shall not be bound to make any
    investigation into the facts or matters stated in any resolution,
    certificate, statement, instrument, opinion, report, notice, request,
    direction, consent, order, approval, bond, security or other papers or
    documents, but the Guarantee Trustee, in its discretion, may make such
    further inquiry or investigation into such facts or matters as it may
    see fit.

              (viii)  The Guarantee Trustee may execute any of the trusts
    or powers hereunder or perform any duties hereunder either directly or
    by or through agents or attorneys, and the Guarantee Trustee shall not
    be responsible for any misconduct or negligence on the part of any
    agent or attorney appointed with due care by it hereunder.

              (ix)  Any action taken by the Guarantee Trustee or its
    agents hereunder shall bind the Holders of the Preferred Securities,
    and the signature of the Guarantee Trustee or its agents alone shall
    be sufficient and effective to perform any such action.  No third
    party shall be required to inquire as to the authority of the
    Guarantee Trustee to so act or as to its compliance with any of the
    terms and provisions of this Guarantee Agreement, both of which shall
    be conclusively evidenced by the Guarantee Trustee's or its agent's
    taking such action.

              (x)  Whenever in the administration of this Guarantee
    Agreement the Guarantee Trustee shall deem it desirable to receive
    instructions with respect to enforcing any remedy or right or taking
    any other action hereunder, the Guarantee Trustee (i) may request
    instructions from the Holders of a Majority in liquidation amount of
    the Preferred Securities, (ii) may refrain from enforcing such remedy
    or right or taking such other action until such instructions are
    received, and (iii) shall be protected in acting in accordance with
    such instructions.

         (b)  No provision of this Guarantee Agreement shall be deemed to
impose any duty or obligation on the Guarantee Trustee to perform any act or
acts or exercise any right, power, duty or obligation conferred or imposed on it
in any jurisdiction in which it shall be illegal, or in which the Guarantee
Trustee shall be unqualified or incompetent in accordance with applicable law,
to perform any such act or acts or to exercise any such right, power, duty or
obligation.  No permissive power or

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authority available to the Guarantee Trustee shall be construed to be a duty.

         SECTION 3.3.  NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF GUARANTEE. 
The recitals contained in this Guarantee shall be taken as the statements of the
Guarantor, and the Guarantee Trustee does not assume any responsibility for
their correctness.  The Guarantee Trustee makes no representation as to the
validity or sufficiency of this Guarantee Agreement.


                                      ARTICLE IV
                                  GUARANTEE TRUSTEE

         SECTION 4.1.  GUARANTEE TRUSTEE; ELIGIBILITY.  

         (a)  There shall at all times be a Guarantee Trustee which shall:

               (i)  not be an Affiliate of the Guarantor; and

              (ii)  be a corporation organized and doing business under the
    laws of the United States of America or any State or Territory thereof or
    of the District of Columbia, or a corporation or Person permitted by the
    Securities and Exchange Commission to act as an institutional trustee under
    the Trust Indenture Act, authorized under such laws to exercise corporate
    trust powers, having a combined capital and surplus of at least fifty
    million U.S. dollars ($50,000,000), and subject to supervision or
    examination by Federal, State, Territorial or District of Columbia
    authority.  If such corporation publishes reports of condition at least
    annually, pursuant to law or to the requirements of the supervising or
    examining authority referred to above, then, for the purposes of this
    Section 4.1(a)(ii), the combined capital and surplus of such corporation
    shall be deemed to be its combined capital and surplus as set forth in its
    most recent report of condition so published.
 
         (b)  If at any time the Guarantee Trustee shall cease to be eligible
so to act under Section 4.1(a), the Guarantee Trustee shall immediately resign
in the manner and with the effect set out in Section 4.2(c).

         (c)  If the Guarantee Trustee has or shall acquire any "conflicting
interest" within the meaning of Section 310(b) of the Trust Indenture Act, the
Guarantee Trustee and Guarantor

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shall in all respects comply with the provisions of Section 310(b) of the Trust
Indenture Act.

         SECTION 4.2.  APPOINTMENT, REMOVAL AND RESIGNATION OF GUARANTEE
TRUSTEE.  

         (a) Subject to Section 4.2(b), the Guarantee Trustee may be appointed
or removed without cause at any time by the Guarantor.

         (b)  The Guarantee Trustee shall not be removed in accordance with
Section 4.2(a) until a Successor Guarantee Trustee has been appointed and has
accepted such appointment by written instrument executed by such Successor
Guarantee Trustee and delivered to the Guarantor.

         (c)  The Guarantee Trustee appointed to office shall hold office until
a Successor Guarantee Trustee shall have been appointed or until its removal or
resignation.  The Guarantee Trustee may resign from office (without need for
prior or subsequent accounting) by an instrument in writing executed by the
Guarantee Trustee and delivered to the Guarantor, which resignation shall not
take effect until a Successor Guarantee Trustee has been appointed and has
accepted such appointment by instrument in writing executed by such Successor
Guarantee Trustee and delivered to the Guarantor and the resigning Guarantee
Trustee.

         (d)  If no Successor Guarantee Trustee shall have been appointed and
accepted appointment as provided in this Section 4.2 within 60 days after
delivery to the Guarantor of an instrument of resignation, the resigning
Guarantee Trustee may petition any court of competent jurisdiction for
appointment of a Successor Guarantee Trustee.  Such court may thereupon, after
prescribing such notice, if any, as it may deem proper, appoint a Successor
Guarantee Trustee.


                                      ARTICLE V
                                      GUARANTEE

         SECTION 5.1.  GUARANTEE.  The Guarantor irrevocably and
unconditionally agrees to pay in full to the Holders the Guarantee Payments
(without duplication of amounts theretofore paid by the Issuer), as and when
due, regardless of any defense, right of set-off or counterclaim that the Issuer
may have or assert.  The Guarantor's obligation to make a Guarantee Payment may
be satisfied by direct payment of the required amounts by the Guarantor to the
Holders or by causing the Issuer to pay such amounts to the Holders.

                                          13


<PAGE>

         SECTION 5.2.  WAIVER OF NOTICE AND DEMAND.  The Guarantor hereby
waives notice of acceptance of this Guarantee Agreement and of any liability to
which it applies or may apply, presentment, demand for payment, any right to
require a proceeding first against the Issuer or any other Person before
proceeding against the Guarantor, protest, notice of nonpayment, notice of
dishonor, notice of redemption and all other notices and demands.

         SECTION 5.3.  OBLIGATIONS NOT AFFECTED.  The obligations, covenants,
agreements and duties of the Guarantor under this Guarantee Agreement shall in
no way be affected or impaired by reason of the happening from time to time of
any of the following:

         (a)  the release or waiver, by operation of law or otherwise, of the
    performance or observance by the Issuer of any express or implied
    agreement, covenant, term or condition relating to the Preferred Securities
    to be performed or observed by the Issuer;

         (b)  the extension of time for the payment by the Issuer of all or any
    portion of the Distributions, Redemption Price, Liquidation Distribution or
    any other sums payable under the terms of the Preferred Securities or the
    extension of time for the performance of any other obligation under,
    arising out of, or in connection with, the Preferred Securities (other than
    an extension of time for payment of Distributions that results from the
    extension of any interest payment period on the Subordinated Debentures
    permitted by the Indenture);

         (c)  any failure, omission, delay or lack of diligence on the part of
    the Holders to enforce, assert or exercise any right, privilege, power or
    remedy conferred on the Holders pursuant to the terms of the Preferred
    Securities, or any action on the part of the Issuer granting indulgence or
    extension of any kind;

         (d)  the voluntary or involuntary liquidation, dissolution, sale of
    any collateral, receivership, insolvency, bankruptcy, assignment for the
    benefit of creditors, reorganization, arrangement, composition or
    readjustment of debt of, or other similar proceedings affecting, the Issuer
    or any of the assets of the Issuer;

         (e)  any invalidity of, or defect or deficiency in, the Preferred
    Securities;

                                          14


<PAGE>

         (f)  the settlement or compromise of any obligation guaranteed hereby
    or hereby incurred; or

         (g)  any other circumstance whatsoever that might otherwise constitute
    a legal or equitable discharge or defense of a guarantor, it being the
    intent of this Section 5.3 that the obligations of the Guarantor hereunder
    shall be absolute and unconditional under any and all circumstances.

There shall be no obligation of the Holders to give notice to, or obtain consent
of, the Guarantor with respect to the happening of any of the foregoing.

         SECTION 5.4.  RIGHTS OF HOLDERS.  

         (a)  The Holders of a Majority in liquidation amount of the Preferred
Securities have the right to direct the time, method and place of conducting of
any proceeding for any remedy available to the Guarantee Trustee in respect of
this Guarantee Agreement or exercising any trust or power conferred upon the
Guarantee Trustee under this Guarantee Agreement.

         (b)  If the Guarantee Trustee fails to enforce this Guarantee
Agreement, any Holder of Preferred Securities may institute a legal proceeding
directly against the Guarantor to enforce its rights under this Guarantee
Agreement, without first instituting a legal proceeding against the Issuer, the
Guarantee Trustee or any other Person.

         SECTION 5.5.  GUARANTEE OF PAYMENT.  This Guarantee Agreement creates
a guarantee of payment and not of collection.

         SECTION 5.6.  SUBROGATION.  The Guarantor shall be subrogated to all
(if any) rights of the Holders of Preferred Securities against the Issuer in
respect of any amounts paid to such Holders by the Guarantor under this
Guarantee Agreement; provided, however, that the Guarantor shall not (except to
the extent required by mandatory provisions of law) be entitled to enforce or
exercise any right that it may acquire by way of subrogation or any indemnity,
reimbursement or other agreement, in all cases as a result of payment under this
Guarantee Agreement, if, at the time of any such payment, any amounts are due
and unpaid under this Guarantee Agreement.  If any amount shall be paid to the
Guarantor in violation of the preceding sentence, the Guarantor agrees to hold
such amount in trust for the Holders and to pay over such amount to the Holders.

         SECTION 5.7.  INDEPENDENT OBLIGATIONS.  The Guarantor acknowledges
that its obligations hereunder are independent of the obligations of the Issuer
with respect to the Preferred

                                          15


<PAGE>

Securities, and that the Guarantor shall be liable as principal and as debtor
hereunder to make Guarantee Payments pursuant to the terms of this Guarantee
Agreement notwithstanding the occurrence of any event referred to in subsections
(a) through (g), inclusive, of Section 5.3 hereof.


                                      ARTICLE VI
                      LIMITATION OF TRANSACTIONS; SUBORDINATION

         SECTION 6.1.  LIMITATION OF TRANSACTION.  So long as any Preferred
Securities remain outstanding, if there shall have occurred an Event of Default
or an event of default under the Declaration, then (a) the Guarantor shall not
declare or pay any dividend on, or make any distribution with respect to, or
redeem, purchase, acquire or make a liquidation payment with respect to, any of
its capital stock (other than (i) purchases or acquisitions of shares of
Guarantor common stock in connection with the satisfaction by the Guarantor of
its obligations under any employee benefit plans or any other contractual
obligations of the Guarantor, other than a contractual obligation ranking PARI
PASSU, with or junior to the Subordinated Debentures), (ii) as a result of a
reclassification of Company capital stock or the exchange or conversion of one
class or series of Company capital stock for another class or series of Company
capital stock or (iii) the purchase of fractional interests in shares of Company
capital stock pursuant to the conversion or exchange provisions of such Company
capital stock or the security being converted or exchanged), (b) the Guarantor
shall not make any payment of interest, principal or premium, if any, on or
repay, repurchase or redeem any debt securities (including guarantees) issued by
the Guarantor which rank PARI PASSU with or junior to the Subordinated
Debentures and (c) the Guarantor shall not make any guarantee payments with
respect to the foregoing (other than pursuant to this Guarantee Agreement and
other guarantee agreements entered into by the Guarantor with respect to
preferred securities of any Affiliate of the Guarantor).

         SECTION 6.2.  RANKING.  This Guarantee Agreement will constitute an
unsecured obligation of the Guarantor and will rank (i) subordinate and junior
in right of payment to all other liabilities of the Guarantor, including the
Subordinated Debentures, except those liabilities of the Guarantor made PARI
PASSU or subordinate by their terms, (ii) PARI PASSU with the most senior
preferred stock now or hereafter issued by the Guarantor and with any guarantee
now or hereafter entered into by the Guarantor in respect of any preferred
securities of any Affiliate of the Guarantor, and (iii) senior to the
Guarantor's common stock.

                                          16


<PAGE>


                                     ARTICLE VII
                                     TERMINATION

         SECTION 7.1.  TERMINATION.  This Guarantee Agreement shall terminate
upon (i) full payment of the Redemption Price of all Preferred Securities, (ii)
upon the distribution of the Subordinated Debentures to the Holders of all of
the Preferred Securities or (iii) upon full payment of the amounts payable in
accordance with the Declaration upon liquidation of the Issuer.  Notwithstanding
the foregoing, this Guarantee Agreement will continue to be effective or will be
reinstated, as the case may be, if at any time any  of Preferred Securities must
restore payment of any sums paid under the Preferred Securities or under this
Preferred Securities Guarantee.


                                     ARTICLE VIII
                                   INDEMNIFICATION

         SECTION 8.1.  EXCULPATION.  

         (a)  No Indemnified Person shall be liable, responsible or accountable
in damages or otherwise to the Guarantor or any Covered Person for any loss,
damage or claim incurred by reason of any act or omission performed or omitted
by such Indemnified Person in good faith in accordance with this Guarantee
Agreement and in a manner that such Indemnified Person reasonably believed to be
within the scope of the authority conferred on such Indemnified Person by this
Guarantee Agreement or by law, except that an Indemnified Person shall be liable
for any such loss, damage or claim incurred by reason of such Indemnified
Person's negligence or willful misconduct with respect to such acts or
omissions.

         (b)  An Indemnified Person shall be fully protected in relying in good
faith upon the records of the Guarantor and upon such information, opinions,
reports or statements presented to the Guarantor by any Person as to matters the
Indemnified Person reasonably believes are within such Person's professional or
expert competence and who has been selected with reasonable care by or on behalf
of the Guarantor, including information, opinions, reports or statements as to
the value and amount of the assets, liabilities, profits, losses, or any other
facts pertinent to the existence and amount of assets from which Distributions
to Holders of Preferred Securities might properly be paid. 

         SECTION 8.2.  INDEMNIFICATION. 

         (a)  To the fullest extent permitted by applicable law, the Guarantor
shall indemnify and hold harmless each Indemnified

                                          17


<PAGE>

Person from and against any loss, damage or claim incurred by such Indemnified
Person by reason of any act or omission performed or omitted by such Indemnified
Person in good faith in accordance with this Guarantee Agreement and in a manner
such Indemnified Person reasonably believed to be within the scope of authority
conferred on such Indemnified Person by this Guarantee Agreement, except that no
Indemnified Person shall be entitled to be indemnified in respect of any loss,
damage or claim incurred by such Indemnified Person by reason of negligence or
willful misconduct with respect to such acts or omissions.

         (b)  To the fullest extent permitted by applicable law, expenses
(including legal fees) incurred by an Indemnified Person in defending any claim,
demand, action, suit or proceeding shall, from time to time, be advanced by the
Guarantor prior to the final disposition of such claim, demand, action, suit or
proceeding upon receipt by the Guarantor of an undertaking by or on behalf of
the Indemnified Person to repay such amount if it shall be determined that the
Indemnified Person is not entitled to be indemnified as authorized in Section
8.2(a).


                                      ARTICLE IX
                                SUCCESSOR CORPORATION

         SECTION 9.1.  GUARANTOR MAY CONSOLIDATE, ETC.  Nothing contained in
this Guarantee Agreement shall prevent any consolidation or merger of the
Guarantor with or into any other corporation or corporations (whether or not
affiliated with the Guarantor), or successive consolidations or mergers in which
the Guarantor or its successor or successors shall be a party or parties, or
shall prevent any sale, conveyance, transfer or other disposition of the
property of the Guarantor or its successor or successors as an entirety, or
substantially as an entirety, to any other corporation (whether or not
affiliated with the Guarantor or its successor or successors) authorized to
acquire and operate the same; PROVIDED, HOWEVER, the Guarantor hereby covenants
and agrees that, upon any such consolidation, merger, sale, conveyance, transfer
or other disposition, the due and punctual payment, performance and observance
of all the covenants and conditions of this Guarantee Agreement to be paid,
performed or observed by the Guarantor, shall be expressly assumed, by
supplemental indenture (which shall conform to the provisions of the Trust
Indenture Act, as then in effect) satisfactory in form to the Trustee executed
and delivered to the Trustee by the entity formed by such consolidation, or into
which the Guarantor shall have been merged, or by the entity which shall have
acquired such property.


                                          18


<PAGE>

         SECTION 9.2.  SUCCESSOR CORPORATION SUBSTITUTED.  

         (a)  In case of any such consolidation, merger, sale, conveyance,
transfer or other disposition and upon the assumption by the successor
corporation, by supplemental indenture, executed and delivered to the Trustee
and satisfactory in form to the Trustee, of the due and punctual payment,
performance and observance of all of the covenants and conditions of this
Guarantee Agreement to be paid, performed or observed by the Guarantor, such
successor corporation shall succeed to and be substituted for the Guarantor with
the same effect as if it had been named as the Guarantor herein.

         (b)  Nothing contained in this Guarantee Agreement shall prevent the
Guarantor from merging into itself or acquiring by purchase or otherwise all or
any part of the property of any other Person (whether or not affiliated with the
Guarantor).

         SECTION 9.3.  EVIDENCE OF CONSOLIDATION, ETC. TO TRUSTEE.  The
Trustee, subject to the provisions of Section 3.01, may receive an opinion of
counsel as conclusive evidence that any such consolidation, merger, sale,
conveyance, transfer or other disposition, and any such assumption, comply with
the provisions of this Article.


                                      ARTICLE IX
                                    MISCELLANEOUS

         SECTION 10.1.  SUCCESSORS AND ASSIGNS.  All guarantees and agreements
contained in this Guarantee Agreement shall bind the successors, assigns,
receivers, trustees and representatives of the Guarantor and shall inure to the
benefit of the Holders of the Preferred Securities then outstanding.

         SECTION 10.2.  AMENDMENTS.  Except with respect to any changes that do
not materially adversely affect the rights of Holders (in which case, no consent
of Holders will be required), this Guarantee Agreement may only be amended with
the prior approval of the Holders of at least 66-2/3% in liquidation amount of
all the outstanding Preferred Securities.  The provisions of Section 12.2 of the
Declaration with respect to meetings of Holders of the Preferred Securities
apply to the giving of such approval.

         SECTION 10.3.  NOTICES.  All notices provided for in this Guarantee
Agreement shall be in writing, duly signed by the party giving such notice, and
shall be delivered, telecopied or mailed by registered or certified mail, as
follows:

                                          19


<PAGE>

         (a)  If given to the Guarantee Trustee, at the Guarantee Trustee's
    mailing address set forth below (or such other address as the Guarantee
    Trustee may give notice of to the Holders of the Preferred Securities):

              The First National Bank of Chicago
              One First National Plaza, Suite 0126
              Chicago, Illinois  60670-0126
              Attention:  Corporate Trust Administration


         (b)  If given to the Guarantor, at the Guarantor's mailing address set
    forth below (or such other address as the Guarantor may give notice of to
    the Holders of the Preferred Securities):

              Kansas City Power & Light Company
              1201 Walnut
              Kansas City, Missouri  64106-2124
              Attention:  Treasurer

         (c)  If given to any Holder of Preferred Securities, at the address
    set forth on the books and records of the Issuer.

All such notices shall be deemed to have been given when received in person,
telecopied with receipt confirmed, or mailed by first class mail, postage
prepaid except that if a notice or other document is refused delivery or cannot
be delivered because of a changed address of which no notice was given, such
notice or other document shall be deemed to have been delivered on the date of
such refusal or inability to deliver.

         SECTION 10.4.  BENEFIT.  This Guarantee Agreement is solely for the
benefit of the Holders of the Preferred Securities and, subject to Section
3.1(a), is not separately transferable from the Preferred Securities. 

         SECTION 10.5.  GOVERNING LAW.  THIS GUARANTEE AGREEMENT SHALL BE
GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK.


                                          20


<PAGE>

         THIS GUARANTEE AGREEMENT is executed as of the day and year first
above written.

                                       KANSAS CITY POWER & LIGHT COMPANY


                                       By: /s/ B. J. Beaudoin
                                           Name: Bernard J. Beaudoin
                                           Title: Executive Vice President -
                                                    Chief Financial Officer

                                       THE FIRST NATIONAL BANK OF CHICAGO, Not
                                       in its individual capacity but solely as
                                       Guarantee Trustee



                                       By: /s/ John R. Prendiville
                                           Name: John R. Prendiville
                                           Title: Vice President