Fourth largest in the world #1 LDC in gas storage #2 in renewable sales in the Great Lakes area

Cross Winds Energy Park Ludington Pumped Storage Ray Compressor Station

Third Quarter 2015 Results & Outlook

October 29, 2015

This presentation is made as of the date hereof and contains “forward-looking statements” as defined in Rule 3b-6 of the

Securities Exchange Act of 1934, Rule 175 of the Securities Act of 1933, and relevant legal decisions. The forward-looking

statements are subject to risks and uncertainties. All forward-looking statements should be considered in the context of the risk

and other factors detailed from time to time in CMS Energy’s and Consumers Energy’s Securities and Exchange Commission

filings. Forward-looking statements should be read in conjunction with “FORWARD-LOOKING STATEMENTS AND

INFORMATION” and “RISK FACTORS” sections of CMS Energy’s and Consumers Energy’s Form 10-K for the year ended

December 31, 2014 and as updated in subsequent 10-Qs. CMS Energy’s and Consumers Energy’s “FORWARD-LOOKING

STATEMENTS AND INFORMATION” and “RISK FACTORS” sections are incorporated herein by reference and discuss

important factors that could cause CMS Energy’s and Consumers Energy’s results to differ materially from those anticipated in

such statements. CMS Energy and Consumers Energy undertake no obligation to update any of the information presented

herein to reflect facts, events or circumstances after the date hereof.

The presentation also includes non-GAAP measures when describing CMS Energy’s results of operations and financial

performance. A reconciliation of each of these measures to the most directly comparable GAAP measure is included in the

appendix and posted on our website at www.cmsenergy.com.

CMS Energy provides historical financial results on both a reported (Generally Accepted Accounting Principles) and adjusted

(non-GAAP) basis and provides forward-looking guidance on an adjusted basis. Management views adjusted earnings as a key

measure of the company’s present operating financial performance, unaffected by discontinued operations, asset sales,

impairments, regulatory items from prior years, or other items. These items have the potential to impact, favorably or

unfavorably, the company's reported earnings in future periods.

Investors and others should note that CMS Energy routinely posts important information on its website and considers the

Investor Relations section, www.cmsenergy.com/investor-relations, a channel of distribution.

1

2

Agenda

Overview

Results & Outlook

Earnings Update

Operational and Legislative Update

Capacity Diversity & Portfolio Mix

Third Quarter Performance

Sustainable Growth Model

Self-fund Rates

3

EPS . . . .

First Nine Months:

• at $1.51, up 9¢ from 2014

2015 Full-Year guidance raised:

• to $1.87 - $1.89, up 6% to 7%

2016 Full-Year guidance introduced:

• at $1.97 to $2.01, up 5% to 7%

Future long-term annual growth:

• at 5% to 7%

. . . . consistent, predictable year-over-year growth.

a

_ _ _ _ _

a Adjusted EPS (non-GAAP)

4

EPS Guidance . . . .

$1.36

$1.45

$1.55

2010 2011 2012 2013 2014 2015 2016 Future

. . . . raised with strong confidence in Plan.

_ _ _ _ _

a Adjusted EPS (non-GAAP)

$2.10

$1.66

EPS

0

$1.89

+7%

+6%

a

$1.97

+5%

+7% Average growth per year

+7%

+5%

$2.01

+7%

$1.77 $1.87

$1.44

$1.55

$1.52

$1.66

$1.63

$1.78

$1.73

$1.35

Original guidance

Further

Growth Upsides

Not in Plan

More renewables

Capacity for

“ROA”/“PPAs”

Gas infrastructure

$1.85

a

• First quartile customer-satisfaction, residential electric and gas

• Leveraging large gas system with decade-low prices

• Record-setting performance . . . .

– Safest ever

– Best reliability ever

– Whiting Plant achieved Company record 679-day run

• Major projects on schedule . . . .

5

Operational Results . . . .

. . . . strong performance for customers AND investors.

Ludington Pumped Storage

55% complete

Smart Energy

50% complete

New Gas Compressors

40% complete

6

Recent Economic Development Announcements . . . .

. . . . demonstrate attractive business environment in Michigan.

Arauco

• Largest particleboard

press in North America

• 250 jobs created

• $325 million investment

• 15 MW

7

Michigan Energy Law . . . .

. . . . moving toward the goal line.

Gov. Snyder

October November/ December

Committee

Hearings

Governor’s

Signature

Rep. Nesbitt Sen. Nofs

Senate and House bills

closely align

Opportunities

Renewables -- Integrated Resource Plan (IRP)

Efficiency -- Eliminate waste

ROA -- Fair choice; no subsidy

Committee &

Full Vote

8

Cleaner Energy Portfolio . . . .

• Competitive price

• 100 MW

• Commercial operation 2016

• Capacity, energy, and renewable

credits

• PPA with option to purchase

. . . . demonstrates ability to grow green generation.

Apple Blossom Wind Farm Community Solar Gardens

• Utility Scale Solar

• Grand Valley State University, 3 MW

• Western Michigan University, 1 MW

Digital rendering of Grand Valley’s campus

Coal < 24%

Gas > 35%

Pumped Storage

12%

Renewables 11%

Purchases 1%

Oil 9%

Nuclear 8%

Capacity Diversity . . . .

Coal 34%

Gas 32%

Pumped Storage

11%

Renewables 9%

Oil 6%

Nuclear 8%

. . . . evolving to cleaner generation and becoming more cost competitive.

Coal 41%

Gas 31%

Pumped Storage

11%

Renewables 3%

Oil 6% Nuclear

8%

9

Coal reduced

by over 40%!

2nd best in U.S.

2005

2014

2017

10

Clean Power Plan . . . .

. . . . positioned well for compliance.

10

11

12

13

14

15

16

17

18

19

20

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Retire

950 MW

coal

Tons CO2

(mils)

0

Consumers Energy 2012 Emissions

State of Michigan Target

(Consumers Energy’s share)

Potential Outlook --

More Renewables Needed --

Not in Plan

11

2015 Nine Months EPS . . . .

. . . . substantially stronger than plan.

By Business Segment Results

Utility

Enterprises

Interest & other

Company

$1.51

2015 2014

$1.65

0.04

(0.18)

$1.51

$1.39 $1.26

$1.42 Better

than Plan

$0.08

0.01

0.02

$0.11

EPS

Above Plan

Actual

Third Quarter

EPS

First Call

53¢

49¢

37¢

EPS

Weather-normalized

+16¢

+8%

+10%

+9¢

12

2015 EPS . . . .

(2)¢

2014 Rate Change,Cost & Other

Weather Mortality Tables& Disc. Rates

Other O&M Investment Cost& Other

2015

Year-to-Date Three Months To Go

$1.77

. . . . customer capital investment self-funded.

YTD

$1.51

$1.87 - $1.89

YTD

$1.42

(4)¢

_+6% to +7%

(3)¢ - (5)¢ 13¢ 8¢

a

_ _ _ _ _

a Adjusted EPS (non-GAAP)

+9¢ 1¢ - 3¢

+6¢

O&M

13

2015

Adjusted EPS

(non-GAAP)

Guidance

January March 31 June 30 September 30 December

17¢

2014

Weather 12¢

Natural Offsets (4)

Cost & Other 3

Total 11¢

O&M “Reinvestment” Helps CUSTOMERS . . . .

. . . . AND provides sustainable, premium growth for INVESTORS.

13¢

DIG outage

Reliability

Donations & other

Total

$10

--

5

$15

2015 O&M

Reinvestment

2016

Savings (mils) (mils)

$ (8)

(10)

(5)

$(23)

11¢

+6% -

+7%

$2.00 $4.50 $7.50

“DIG” Capacity & Energy Price Increases . . . .

. . . . adding value to the plant. 14

Outage . . . . Upside

Capacity

price

($ kW per

month)

2016 (mils)

Future Scenarios (mils)

$35

$20

Capacity

Energy

$40

$2.50 (Forecast)

$4.50 $7.50

• . . . . Pull-ahead takes

advantage of customer

reinvestment.

• . . . . Eliminates 2016

planned outage when

MISO Zone 7 is expected

to be short capacity.

• . . . . Adds 38 MW to take

advantage of improving

market conditions.

$50

$60 + $20 – $40

more

Capex Up 45% . . . .

. . . . with more opportunity and no “big bets” over ten years! 15

Opportunity 2015-2024 2005-2014

$10.7 bil

+45% +30% Opportunity

Electric

Maintenance

Gas

Infrastructure

New

Generation

Environmental

Smart

Energy Electric

Reliability

Electric

Maintenance

Gas

Infrastructure

Environ.

New

Generation

Smart

Energy

Electric

Reliability

Opportunity

$20 + bil $15.5 bil

Infra

27%

37%

Upside Opportunities

“ROA” Capacity More renewables Replace “PPAs” Gas Infra.

16

Capital investment (drives long-term growth)

- O&M cost reductions

- Sales growth

- No “block” equity dilution

- Surcharges and other

INVESTMENT SELF-FUNDED

Rate increase at or below inflation

2 pts

½

1

1½

5 pts

<2 %

Plan Opportunity

5% - 7% 6% - 8%

<2%

Short-term

ROA return

and/or

Long-term

Replace PPAs

. . . . drives sustainable growth with upside opportunities.

Simple, Perhaps Unique CMS Growth Model . . . .

5-Year Upside

Note: “Real” rate increase 0 %

O&M Cost Performance . . . .

Actual Cost Reduction

Consumers

- - - - - Source: SNL, Form 1, Electric Non-fuel O&M

Peer Average >5%

(2014 over 2006)

Future Cost Savings

FAST START!

•Attrition $ - 35 $ - 75

•Productivity (Coal Gas) - 35 - 50

• “Pole Top” Hardening - 30 - 30

•Smart Meters - 5 - 25

•Eliminate Waste (UA’s) - 15 - 20

•Mortality Tables &

Discount Rates

+50 + 50

•Service Upgrades +10 + 50

Net Savings $ - 60 $ - 100

Percent Savings - 6% - 10%

2014

& 2015 2014

2018 (mils) (mils)

2% a year!

17 . . . . better than peers with substantial upside.

-2.7%

Other Ideas . . . .

. . . . driving cost reductions.

Mobility Productivity

Technology Productivity

Quality Productivity

Two-way communication/

connectivity

25%-50%

reduction in calls $5-10 mil

savings

18

Grid modernization 1-2 pt line loss

reduction $25-50 mil

savings

Improved work

management

Productive

truck rolls $15-25 mil

savings

Michigan’s Recovery . . . .

. . . . among the best in the nation.

Gross Domestic Product – 2010 through 2014

Source: U.S. Department of Commerce – bea.gov, real GDP 2009 chained dollars, 2014 advance and 2009 – 2013 revised, 9/25/15

Highest quintile

Fourth quintile

Third quintile

Second quintile

Lowest quintile

WA

11.3

OR

12.8

CA

10.3

NV

1.4

MT

11.6

ID

6.6 WY

-0.9

UT

12.5

AZ

7.2

NM

3.0

CO

11.7

ND

50.8

SD

8.0

NE

13.8

KS

8.9

OK

13.2

TX

25.5

MN

11.3

IA

10.8

MO

4.0

AR

9.6

LA

2.5

WI

9.2

IL

6.0

MS

2.2 AL

7.6

TN

11.2

MI

13.9

IN

9.8

OH

11.4

KY

9.8

VA

4.2

WV

7.9

PA

7.5

MD

5.8 DE

0.7

NJ

4.0

NY

12.0

CT

2.5

RI

5.6

NH

9.3 MA

11.4

ME

1.0

DC

5.8

HI

8.1

AK

-1.8

FL

6.5

GA

7.2

SC

8.1

NC

7.3

VT

7.4

U.S. Total = 10.1%

Grand Rapids 21.5%

Top 10% of All Cities!

Michigan

Top 3

state!

19

20

Sales Growth . . . .

Grand

Rapids

Michigan

U.S

Building Permits +18% +13% +13%

GDP

2010 2014

22 14 10

Population

2011 2014

3 0 2

Unemployment

(9/15)

3.5

5.0 5.1

. . . . planned conservatively.

b

_ _ _ _ _

a Grand Rapids b Annualized numbers thru August

Annual Electric Sales

2010-2014 2015 - 2019

6%

2%

½% 1%

Industrial

Total

_ _ _ _ _ c Weather normalized vs. prior year

Conservative

Post-Recession Future

½%

Our Service Territory Outperforms a

c

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Future

CMS Energy . . . .

21

Recession

Governor (R) Governor (D)

Commission (D) New

Commission (R)

Recession

7% CAGR

Polar

vortex Cold

Feb.

Mild

summer Warm

winter

Hot

summer

Hot

summer

Hot

summer Cold

winter

Cold

winter

Summer-

“less” Mild

summer

Warm

winter

Mild

summer

Commission (D)

Hurt

Help

Dividend EPS

. . . . consistent growth through recession, adverse weather, changing policy leaders . . . .

_ _ _ _ _

a Adjusted EPS (non-GAAP)

a

Future

+5% to +7%

Further

Growth Upsides

Not in Plan More renewables

Capacity for

“ROA”/“PPAs”

Gas infrastructure

Weather

22

Sensitivities . . . .

_ _ _ _ _

a Reflect 2015 sales forecast; weather adjusted

2015 Impact

Status Sensitivity EPS OCF

Sales a

• Electric (37,485 GWh)

• Gas (301.8 Bcf)

+ 1%

+ 5

+ $0.05

+ 0.07

+ $ 20

+ 30

Gas prices (NYMEX) + 50¢ 0 55

ROE (authorized)

• Electric (10.3%)

• Gas (10.3%)

+ 10 bps

+ 20

+ 0.01

+ 0.01

+ 5

+ 4

Interest Rates

Capital Investment

O&M Cost

+100 bps

+$100 mil

- ½%

+ < 0.01

+ 0.01

0.01

+ 5

+ 10

5

– +

. . . . reflect strong risk mitigation.

– +

(mils)

+

+

23

Interest Rates Increases . . . .

. . . . have up and downsides!

Amount (bils)

Sensitivities (bps)

Pre-Tax

Earnings Impact

• Interest Expense $1.0 +100 (3)¢

• Benefit Liability (discounted) 3.0 +100 4

Total 1 ¢

Note: ROE ?

24

2015 Financial Targets . . . .

Adjusted EPS (non-GAAP)

Operating cash flow (mils)

Dividend payout ratio

Customer price decreases

Electric

Gas

FFO/Average debt

Capital investment (bils)

. . . . 13th year of transparent, consistent, strong performance.

Target

$1.87 - $1.89

+6% to +7%

$1,550

≈(3)%

18%

> 62%

$1.6

Focus

Consistent, high-

end performance

No “big bets”

Good value

Self-funded growth

Competitive

Organic

≈(3)%

25

Q & A

See you at EEI

Appendix

27

. . . . strong and conservative.

Renewal Availability Capacity

$1.6 Billion

$1.5 Billion Stronger liquidity

than peers

CMS Energy

5-year revolver

Consumers Energy

Cash

Letter of Credit May 2018

AR Facility Nov 2016

Letter of Credit

Aug 2018

5-year revolver May 2020

May 2020 $550 mils

650

36

250

150

30

$547 mils

573

250

150

Letter of Credit Apr 2018

68

Liquidity (as of September 2015) . . . .

28

Operating Cash Flow Growth . . . .

(0.9)

(0.4)

0.1

0.6

1.1

1.6

2.1

2.6

2014 2015 2016 2017 2018 2019 2020

Amount

(bils)

$

Investment

Cash flow before dividend

_ _ _ _ _

a Non-GAAP

NOLs & Credits $0.7 $0.6 $0.7 $0.5 $0.4 $0.2 $0.1

. . . . up $0.6 billion or 30% over five years!

$2.3

Interest, working capital and taxes $1.8

$2.6

$1.55

$2.1 $2.2

$2.0

Gross operating cash flowa up $0.1 billion per year

$2.5

Up $0.6 Billion

29

Credit Ratings . . . .

. . . . show continuous improvement.

•Consistent

Performance

•Less Risk

•Customer Focus

•Constructive

Regulation

•Good Energy

Policy

Reflects

Present

Prior

2002

Scale

S&P Moody’s

S&P

(Dec. ‘14)

Moody’s

(Mar. ‘15)

A+ A1

A A2

A- A3

BBB+ Baa1

BBB Baa2

BBB- Baa3

BB+ Ba1

BBB Baa2

BBB- Baa3

BB+ Ba1

BB Ba2

BB- Ba3

B+ B1

B B2

B- B3

Outlook Stable Stable

Consumers Secured

CMS Unsecured

30

2015 Cash Flow Forecast (non-GAAP)

CMS Energy Parent Cash at year end 2014 95$

Sources

Consumers Energy dividend and tax sharing 375$

Enterprises 20

Sources 395$

Uses

Interest and preferred dividend (130)$

Overhead and Federal tax payments (10)

Equity infusion (150)

Pension contribution 0

Uses a

(315)$

Cash flow 80$

Financing and Dividend

New issues 250$

Retirements -

DRP, continuous equity 45

Net short-term financing & other (5)

Common dividend (320)

Financing (30)$

Cash at year end 2015 145$

Bank Facility ($550) available 547$

Consumers Energy

_ _ _ _ _ a Includes other

_ _ _ _ _ b Includes cost of removal and capital leases

Cash at year end 2014 71$

Sources

Operating (depreciation & amortization $745) 1,930$

Other working capital (260)

Sources 1,670$

Uses

Interest and preferred dividend (235)$

Capital expenditures b

(1,640)

Dividend and tax sharing $100 from CMS (375)

Pension contribution 0

Uses (2,250)$

Cash flow (580)$

Financing

Equity 150$

New issues 250

Retirements (50)

Net short-term financing & other 185

Financing 535$

Cash at year end 2015 26$

Bank Facility ($650) available 390$

AR Facility ($250) available 250$

Amount(mils)

GAAP Reconciliation

32

2008 2009 2010 2011 2012 2013 2014

Reported earnings per share - GAAP $1.20 $0.91 $1.28 $1.58 $1.42 $1.66 $1.74

After-tax items:

Electric and gas utility 0.05 0.33 0.03 - 0.17 - -

Enterprises (0.02) 0.09 (0.03) (0.11) (0.01) * 0.03

Corporate interest and other (0.02) 0.01 * (0.01) * * *

Discontinued operations (income) loss (*) (0.08) 0.08 (0.01) (0.03) * (*)

Adjusted earnings per share, non-GAAP $1.21 (a) $1.26 $1.36 $1.45 $1.55 $1.66 $1.77

* Less than $500 thousand or $0.01 per share.

(a) $1.25 excluding discontinued Exeter operations and accounting changes related to convertible debt and restricted stock.

CMS ENERGY CORPORATION

Earnings Per Share By Year GAAP Reconciliation

(Unaudited)

33

(In Millions, Except Per Share Amounts)

1Q 2Q 3Q 4Q YTD Dec

Reported net income - GAAP $204 $83 $94 $96 $477

After-tax items:

Electric and gas utility - - - - -

Enterprises - * 9 * 9

Corporate interest and other * * * * *

Discontinued operations (income) loss (*) * * * (*)

Adjusted income - non-GAAP $204 $83 $103 $96 $486

Average shares outstanding, basic 266.1 268.0 274.0 274.1 270.6

Average shares outstanding, diluted 273.0 274.6 274.7 275.0 274.6

Reported earnings per share - GAAP $0.75 $0.30 $0.34 $0.35 $1.74

After-tax items:

Electric and gas utility - - - - -

Enterprises - * 0.03 * 0.03

Corporate interest and other * * * * *

Discontinued operations (income) loss (*) * * * (*)

Adjusted earnings per share - non-GAAP $0.75 $0.30 $0.37 $0.35 $1.77

(In Millions, Except Per Share Amounts)

1Q 2Q 3Q

Reported net income - GAAP $202 $67 $148

After-tax items:

Electric and gas utility - - -

Enterprises * * *

Corporate interest and other * * *

Discontinued operations (income) loss (*) * (*)

Adjusted income - non-GAAP $202 $67 $148

Average shares outstanding, basic 274.8 275.4 276.0

Average shares outstanding, diluted 275.7 276.2 276.9

Reported earnings per share - GAAP $0.73 $0.25 $0.53

After-tax items:

Electric and gas utility - - -

Enterprises * * *

Corporate interest and other * * *

Discontinued operations (income) loss (*) * (*)

Adjusted earnings per share - non-GAAP $0.73 $0.25 $0.53

Note: Year-to-date (YTD) EPS may not equal sum of quarters due to share count differences.

* Less than $500 thousand or $0.01 per share.

CMS ENERGY CORPORATION

Earnings By Quarter and Year GAAP Reconciliation

(Unaudited)

2014

2015

34

September 30 2015 2014 2015 2014

Electric Utility

Reported 0.60$ 0.47$ 1.24$ 1.19$

Restructuring Costs and Other - - - -

Adjusted 0.60$ 0.47$ 1.24$ 1.19$

Gas Utility

Reported (0.02)$ (0.03)$ 0.41$ 0.44$

Restructuring Costs and Other - - - -

Adjusted (0.02)$ (0.03)$ 0.41$ 0.44$

Enterprises

Reported 0.01$ (0.03)$ 0.04$ (0.01)$

Restructuring Costs and Other * 0.03 * 0.03

Adjusted 0.01$ -$ 0.04$ 0.02$

Corporate Interest and Other

Reported (0.06)$ (0.07)$ (0.18)$ (0.23)$

Restructuring Costs and Other * * * *

Adjusted (0.06)$ (0.07)$ (0.18)$ (0.23)$

Discontinued Operations

Reported $ * $ (*) $ * $ *

Discontinued Operations (Income) Loss (*) * (*) (*)

Adjusted -$ -$ -$ -$

Totals

Reported 0.53$ 0.34$ 1.51$ 1.39$

Discontinued Operations (Income) Loss (*) * (*) (*)

Restructuring Costs and Other * 0.03 * 0.03

Adjusted 0.53$ 0.37$ 1.51$ 1.42$

Average Common Shares Outstanding - Diluted (in millions) 276.9 274.7 276.3 274.2

* Less than $0.01 per share.

Three Months Ended Nine Months Ended

CMS ENERGY CORPORATION

Earnings Segment Results GAAP Reconciliation

(Unaudited)

35

Interest/ Capital

Tax Other Financing Other Working Lease Pymts Securitization Common

non-GAAP Sharing Payments Capital and Other Debt Pymts Dividends GAAP

Amount Operating as Operating as Investing as Financing as Financing as Financing Amount Description

Cash at year end 2014 71$ -$ -$ -$ -$ -$ -$ 71$ Cash at year end 2014

Sources

Operating (dep & amort $745) 1,930$

Other working capital (260) Net cash provided by

Sources 1,670$ 100$ (235)$ 83$ 23$ 74$ -$ 1,715$ operating activities

Uses

Interest and preferred dividends (235)$

Capital expenditures a

(1,640)

Dividends/tax sharing to CMS (375)

Pension Contribution - - Net cash used in

Uses (2,250)$ (100)$ 235$ (83)$ -$ -$ 475$ (1,723)$ investing activities

Cash flow from

Cash flow (580)$ -$ -$ -$ 23$ 74$ 475$ (8)$ operating and

investing activities

Financing

Equity 150$

New Issues 250

Retirements (50)

Net short-term financing & other 185 - - Net cash used in

Financing 535$ -$ -$ -$ (23)$ (74)$ (475)$ (37)$ financing activities

Net change in cash (45)$ -$ -$ -$ -$ -$ -$ (45)$ Net change in cash

Cash at year end 2015 26$ -$ -$ -$ -$ -$ -$ 26$ Cash at year end 2015

a Includes cost of removal and capital leases

Description

Consumers Energy

2015 Forecasted Cash Flow GAAP Reconciliation (in millions) (unaudited)

Reclassifications From Sources and Uses to Statement of Cash Flows

Presentation Sources and Uses Consolidated Statements of Cash Flows

36

Non Equity

non-GAAP Uses GAAP

Amount as Operating Other Amount Description

Cash at year end 2014 95$ -$ (95)$ -$ Cash at year end 2014

Sources

Consumers Energy dividends/tax sharing 375$

Enterprises 20 Net cash provided by

Sources 395$ (165)$ (50)$ 180$ operating activities

Uses

Interest and preferred dividends (130)$

Overhead and Federal tax payments (10)

Equity infusions (150)

Pension Contribution - Net cash used in

Uses (a) (315)$ 165$ -$ (150)$ investing activities

Cash flow from

Cash flow 80$ -$ (50)$ 30$ operating and

investing activities

Financing and dividends

New Issues 250$

Retirements -

Equity programs (DRP, continuous equity) 45

Net short-term financing & other (5) - -

Common dividend (320) Net cash used in

Financing (30)$ -$ -$ (30)$ financing activities

Net change in cash 50$ -$ (50)$ -$ Net change in cash

Cash at year end 2015 145$ -$ (145)$ -$ Cash at year end 2015

(a) Includes other

Description

CMS Energy Parent

2015 Forecasted Cash Flow GAAP Reconciliation (in millions) (unaudited)

Reclassifications From Sources and Uses to Statement of Cash Flows

Presentation Sources and Uses Consolidated Statements of Cash Flows

37

Other Consumers Equity

Consumers CMS Parent Consolidated Common Dividend Infusions to Consolidated Statements of Cash Flows

Description Amount Amount Entities as Financing Consumers Amount Description

Cash at year end 2014 71$ -$ 136$ -$ -$ 207$ Cash at year end 2014

Net cash provided by 1,715$ 180$ 130$ (475)$ -$ 1,550$ Net cash provided by

operating activities operating activities

Net cash used in (1,723) (150) (334) - 150 (2,057) Net cash used in

investing activities investing activities

Cash flow from (8)$ 30$ (204)$ (475)$ 150$ (507)$ Cash flow from

operating and operating and

investing activities investing activities

Net cash used in (37)$ (30)$ 277$ 475$ (150)$ 535$ Net cash provided by

financing activities financing activities

Net change in cash (45)$ -$ 73$ -$ -$ 28$ Net change in cash

Cash at year end 2015 26$ -$ 209$ -$ -$ 235$ Cash at year end 2015

Consolidated CMS Energy

2015 Forecasted Consolidation of Consumers Energy and CMS Energy Parent Statements of Cash Flow (in millions) (unaudited)

Eliminations/Reclassifications/Consolidation to

Arrive at the Consolidated Statement of Cash Flows

Statements of Cash Flows

38

2014 2015 2016 2017 2018 2019 2020

Consumers Operating Income + Depreciation & Amortization 1,813$ 1,930$ 2,027$ 2,145$ 2,266$ 2,401$ 2,515$

Enterprises Project Cash Flows 20 20 40 58 62 67 71

Gross Operating Cash Flow 1,833$ 1,950$ 2,067$ 2,203$ 2,328$ 2,468$ 2,586$

(386) (400) (567) (603) (628) (668) (686)

Net cash provided by operating activities 1,447$ 1,550$ 1,500$ 1,600$ 1,700$ 1,800$ 1,900$

CMS Energy

Reconciliation of Gross Operating Cash Flow to GAAP Operating Activities

(unaudited)(mils)

Other operating activities including taxes, interest payments and

working capital