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This presentation contains “forward-looking statements” as defined in Rule 3b-6 of the Securities Exchange Act of 1934, as amended, Rule 175 of the Securities Act of 1933, as amended, and relevant legal decisions. The forward-looking statements are subject to risks and uncertainties. They should be read in conjunction with “FORWARD-LOOKING STATEMENTS AND INFORMATION” and “RISK FACTORS” each found in the MANAGEMENT’S DISCUSSION AND ANALYSIS sections of CMS Energy’s Form 10-K and Consumers Energy’s Form 10-K each for the Year Ended December 31, 2007 and as updated in CMS Energy’s and Consumers Energy’s Forms 10-Q for the Quarter ended March 31, 2008. These sections discuss important factors that could cause actual results to differ materially from those anticipated in such statements. 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 expects 2008 reported earnings to be about the same as adjusted earnings. Reported earnings could vary because of gains or charges relating to previously sold assets and business operations or other factors. CMS Energy is not providing reported earnings guidance reconciliation because of the uncertainties associated with those factors. 1

Consumers Energy Overview Territory Focus Electric • Excellent operations Gas • Combination Customer value • Investment ^MioAlcona • Responsible rate increases Cooke Loud Hodenpyl 5 Channels Foote • Healthy capital structure Tippy New coal plant • EPS growth 6% — 8% Ludington Pumped Storage Rogers • Fair and timely regulation Hardy J C Weadock Croton D E Karn • Consistent strong financial B C Cobb Zeeland Webber performance J H Campbell Allegan J R Whiting Investment growth balances responsible rate increases and healthy capital structure with attractive earnings growth. 2

Utility Investment Plan Rate Base with Coal Plant Coal Plant Alternative Bils $13 Coal plant Capital Spending AMI 2008-12 12 Renewables/energy efficiency (mils) Zeeland plant Electric reliability and other 11 Gas compression/pipelines 2015 Coal plant $ 575 Environmental 10 Customer growth Alternative: Maintenance 7% 9 Depreciation Plant life extensions $ 200 Gas turbines 200 8 Gas combined cycle 100 Reliability 75 7 Total $ 575 6 Present Rate Base 5 Average 2007 2008 2009 2010 2011 2012 Rate Base (bils) $7.9 $8.7 $9.1 $9.6 $10.3 $11.3 Rate base growth substantial, with or without new clean coal generation investment. 7

Energy Legislation • Michigan House approved package on strong bipartisan vote • Package now under consideration in Michigan Senate • Major provisions • Reform of state’s electric deregulation law (PA 141) • Limit retail open access to 10 percent • File and implement ratemaking • Certificate of necessity for major projects, power contracts • Deskewing (cost of service rates) • Energy-efficiency program • Renewable portfolio standard, 10 percent by 2015 • Legislation anticipated this summer Bills balance need for regulatory certainty with customer interests. 10

a 2008 Cash Flow Forecast CMS Energy Parent Consumers Energy Amount Amount (mils) (mils) Cash at year end 2007 $ 136 Cash at year end 2007 $ 195 Sources Sources Consumers Energy dividends/tax sharing $ 395 Operating (depreciation $566) $ 1,325 Enterprises 15 Other working capital [decom refund ($250)] (430) Sources $ 410 Sources $ 895 Uses Uses $250 Interest and preferred dividends $ (195) Interest and preferred dividends $ (135) Capital expenditures ^c (925) Overhead and Federal tax payments (25) Dividends/tax sharing to CMS $(83) (395) DIG settlement (275) Uses $ (1,515) Uses ^b $ (425) Cash flow $ (620) Cash flow $ (15) Financing Financing and Dividends New issues (60% complete) $ 590 New issues $ 10 Retirements (505) Retirements (150) Net short-term financing 380 Net short-term financing 150 Common dividends (80) Financing $ 465 Financing and dividends $ (70) Cash at year end 2008 $ 40 Cash at year end 2008 $ 51 Bank Facility ($500) available $ 320 Bank Facility ($550) available $ 400 ___^anon-GAAP ^bIncludes other ^cIncludes cost of removal and capital leases

SUMMARY — ELECTRIC RATE CASE No. U-15245*

On March 31, 2008 the Administrative Law Judge (ALJ) filed his Proposal for Decision (PFD) in Consumers Energy’s request for final electric rate relief and recovery of Zeeland plant costs. The ALJ’s recommended increase is $8 million more than the MPSC staff’s recommendation. The ALJ recommended an ROE of 10.42%, which is lower than both the Company and Staff positions. The PFD states that the Commission should make final determination related to $127 million in Palisades decommissioning proceeds. The ALJ supports the Company’s rate design and cost allocation proposals, including elimination of rate skewing over 5 years. Details comparing the ALJ’s position with both the Company and MPSC Staff positions are provided below.


	Company			MPSC Staff			ALJ Recommendation
Item	Position (mils)			Position (mils)			(mils)
Base Rate Impacts

Remove Palisades from Base Rates	$	(164	)	$	(164	)	$	(164	)
O&M		114			117			111
Rate of Return		31			4			10
Rate Base		54			39			51
Book Depreciation		34			34			34
Gross Margin		(150	)		(150	)		(150	)
Taxes & Other		60			60			61

2008 Test Year Revenue Deficiency (Sufficiency)	$	(21	)	$	(60	)	$	(47	)


Zeeland Plant Revenue Requirement – Incremental ⁽¹⁾		11			3			3
Additional Equity and Debt		6			5		Included Above

Total Base Rate Increase (Decrease)	$	(4	)	$	(52	)	$	(44	)


Zeeland Plant Interim	$	69		$	69		$	69

Eliminate Palisades Recovery Credit in PSCR		167			167			167

Palisades Transaction Costs		28			13			13

Energy Efficiency		5			5			5


Total Final Position	$	265		$	202		$	210


⁽¹⁾		Amount above $69M in interim relief granted on December 18, 2007

SUMMARY — ELECTRIC RATE CASE No. U-15245*


Ratemaking	Existing			Company			MPSC Staff			ALJ
Capital Structure	(U-14347)			Position			Position			Recommendation
Long Term Debt		45.28	%		41.54	%		41.66	%		41.55	%
Short Term Debt		1.10			0.81			0.81			0.81
Preferred Stock		0.53			0.50			0.50			0.50
Common Equity		36.32			42.02			41.55			41.75
Deferred FIT		15.91			14.40			14.74			14.65
ITC/JDITC		0.86			0.73			0.74			0.74

		100.00	%		100.00	%		100.00	%		100.00	%


Rate Base and	Existing			Company			MPSC Staff			ALJ
Return Percentage	(U-14347)			Position			Position			Recommendation
Rate Base (Bils)⁽²⁾	$	4.84		$	5.13		$	5.00		$	5.13
Return on Rate Base		6.78	%		7.19	%		6.77	%		6.82	%
Return on Equity		11.15	%		11.25	%		10.60	%		10.42	%


⁽²⁾		Excludes $522 million of Zeeland Plant investment

REMAINING ELECTRIC RATE CASE SCHEDULE


Exceptions		April 21, 2008
Replies to Exceptions		May 7, 2008
MPSC Decision (estimated)		June 2008


*		Electric Rate Case U-15245 can be accessed at the Michigan Public Service Commission’s website.

http://efile.mpsc.cis.state.mi.us/efile/electric.html

GAS RATE CASE U-15506*

On February 15, 2008, Consumers Energy filed an application with the Michigan Public Service Commission seeking an increase in its gas delivery and transportation rates based on a 2009 test year. The request seeks authority to implement a revenue decoupling mechanism for the residential rate class, which enables the Company to recover appropriate operating and maintenance expenses to ensure continued reliable service to customers. The decoupling mechanism also removes the impact of the energy efficiency and conservation programs on revenues. The proposed capital structure includes an 11.00% authorized return on equity. If approved, the request would add about $3.00 per month, or about 3.5%, to the typical residential customer’s average monthly bill. The $91 million revenue deficiency is detailed below.


Item	$ Millions			Explanation
1. O&M	$	28		Conservation: $9 Company use and LUAF: $6 Other: $13

2. Rate of Return		25		Higher capitalization: $20 Higher debt costs: $5

3. Rate Base		38		Working capital: $13 Net plant (new investment, primarily distribution plant to serve new customers, CEA project): $25

4. Book Depreciation		19		New investment, primarily distribution plant to serve new customers

5. Gross Margin		18		Lower throughput: $29 Miscellaneous revenues: ($11)

6. Taxes		13		Increased general taxes, new Michigan Business Tax, offset by lower federal income taxes

7. U-15190 Settlement		(50	)	U-14547 used as base since settlement agreement did not identify specific cost of service items


8. Total Base Rate Increase	$	91


Ratemaking	Existing			As Filed						After-Tax
Capital Structure	(U-14547) ⁽²⁾			Percent of Total			Annual Cost			Weighted Costs
Long Term Debt		46.77	%		42.06	%		5.97	%		2.51	%
Short Term Debt		1.04			0.68			5.34			0.04
Preferred Stock		0.51			0.51			4.46			0.02
Common Equity		35.06			42.88			11.00			4.72
Deferred FIT		15.09			12.42			0.00			0.00
JDITC/Other		1.53			1.45						0.11

		100.00	%		100.00	%					7.40	%⁽¹⁾


Rate Base and Return	Existing
Percentage	(U-14547) ⁽²⁾			As Filed
Rate Base	$2.25		billion	$2.58		billion
Return on Rate Base		6.69	%		7.40	%
Return on Equity		11.00	%		11.00	%

GAS RATE CASE U-15506 SCHEDULE


Staff & Intervenors File Testimony		August 25, 2008
Rebuttal Testimony		September 18, 2008
Motions to Strike Testimony		October 2, 2008
Cross of all Witnesses		October 9-October 17, 2008
Initial Briefs		November 10, 2008
Reply Briefs		November 24, 2008
PFD Target Date		TBD
Exceptions		TBD
Replies to Exceptions		TBD


⁽¹⁾		Equivalent to 10.55% pre-tax basis.

⁽²⁾		Amounts are those authorized in the Company’s fully litigated Case U-14547 prior to the rates established in U-15190. The order in Case No. U-15190 was the result of a partial settlement agreement. The Settlement Agreement did not identify specific cost of service items.

*		Gas Rate Case U-15506 can be accessed at the Michigan Public Service Commission’s website.

http://efile.mpsc.cis.state.mi.us/efile/gas.html

MATURITY SCHEDULE OF CMS AND CECO LONG-TERM DEBT & PREFERRED SECURITIES
AS OF 04/30/2008

Reflects redemption of $27.9MM & $67.7MM PCRBs, maturity of $249.5MM FMBs & $616K survivors’ option puts of IQs (all CECo)


		Maturity	Amount
F/V	S/U	or Call Date	(000’s)			DEBT/ CO
SHORT-TERM DEBT:

F	U	SHORT-TERM		150,000		3.375% Convertible Sr Notes 7/15/08 Put Date* (CMS)
F	S	02/17/09		200,000		4.8% FMBs (CECo)

				350,000


LONG-TERM DEBT:

F	S	08/15/09		150,000		4.4% Series K FMBs (CECo)

				150,000

F	S	05/15/10		250,000		4% $250MM FMBs (CECo)
F	S	06/15/10		30,000		3.375% Fixed PCRBs (CECo)
F	S	06/15/10		27,900		4.25% PCRBs (CECo)
F	U	08/01/10		300,000		7.75% Sr Unsec Notes (CMS)

				607,900

F	U	04/15/11		300,375		8.5% Sr Notes (CMS)
F	U	12/01/11		287,500		2.875% Convertible Sr Unsec Notes Put Date* (CMS)

				587,875

F	U	02/01/12		150,000		6.3% Senior Notes (CMS)
F	S	02/15/12		300,000		5% Series L FMBs (CECo)
V	U	01/15/13		150,000		Floating Rate Sr Notes (CMS)
F	S	04/15/13		375,000		5.375% Series B FMBs (CECo)
F	S	02/15/14		200,000		6% FMBs (CECo)
F	S	03/15/15		225,000		5% FMBsSeries N (CECo)
F	U	12/15/15		125,000		6.875% Sr Notes (CMS)
F	S	08/15/16		350,000		5.5% Series M FMBs (CECo)
F	S	02/15/17		250,000		5.15% FMBs (CECo)
F	U	07/17/17		250,000		6.55% Sr Notes (CMS)
F	S	03/01/18		180,000		6.875% Sr Notes (CECo)
V	S	04/15/18		67,700		VRDBs to replace PCRBs CECo)
F	S	09/15/18		250,000		5.65% FMBs (CECo)
F	S	04/15/20		300,000		5.65% FMBs (CECo)
F	U	07/15/27		177,835		QUIPS 7.75%(CMS) *Pref Sec* **
V	S	04/01/35		35,000		PCRBs (CECo)
F	S	04/15/35		143,675		5.65% FMBsIQ Notes (CECo)
F	S	09/15/35		175,000		5.80% FMBs (CECo)

				3,704,210

			$	5,399,985		GRAND TOTAL


			$	5,222,150		GRAND TOTAL EXCLUDING PREFERRED SECURITIES


		Various Maturity Dates/No Maturity Date Available:
				293,353		CECo Securitization Bonds after 04/20/08 payment
				247,754		CECo Capital lease rental commitments as of 03/31/08
				160,951		CECo DOE Liability as of 04/30/08
				153,729		EnerBank (Long-Term & Short-Term) Discount Brokered CDs as of 03/31/08 (CMS)
				(4,794	)	CMS Net unamortized discount as of 03/31/08
				(5,189	)	CECo Net unamortized discount as of 03/31/08
				78,635		CMS Enterprises Debt as of 03/31/08
			$	6,324,424		GRAND TOTAL INCLUDING CMS ENERGY, CONSUMERS & OTHER CMS ENTERPRISES SUBSIDIARIES, INCLUDING PREFERRED SECURITIES


*		— Date that issue can be put to the Company is used instead of maturity date

**		— Includes subordinated notes amounts associated with preferred securities. Issue amount: $172.5MM QUIPS.

Status Codes: F-Fixed rate; V-Variable rate; S-Secured; U-Unsecured

CMS Energy
Earnings Reconciliation By Quarter and Year
December 31

Reconciliation of reported measures prepared in accordance with
Generally Accepted Accounting Principles (GAAP) versus non-GAAP measures


	Unaudited Quarters
(millions, except per share amounts)	1Q03			2Q03			3Q03			4Q03			FY 2003

Reported net income	$	82		$	(65	)	$	(69	)	$	8		$	(44	)

After-tax items:
Electric and gas utility other											30			30
Enterprises other		5			7			62			37			111
Corporate other		1						19			4			24
Discontinued operations		(31	)		53			(2	)		(43	)		(23	)
Cumulative accounting changes		24												24

Ongoing earnings (non-GAAP)	$	81		$	(5	)	$	10		$	36		$	122


Average shares outstanding, basic		144.1			144.1			152.2			161.1			150.4

Average shares outstanding, diluted		165.0			144.1			152.2			161.1			150.4


Reported earnings per share	$	0.52		$	(0.45	)	$	(0.46	)	$	0.05		$	(0.30	)

After-tax items
Electric and gas utility other											0.19			0.21
Enterprises other		0.03			0.05			0.41			0.23			0.74
Corporate other								0.12			0.02			0.16
Discontinued operations		(0.19	)		0.37			(0.01	)		(0.27	)		(0.16	)
Cumulative accounting changes		0.14												0.16

Ongoing earnings per share (non-GAAP)	$	0.50		$	(0.03	)	$	0.06		$	0.22		$	0.81

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

A-1

CMS Energy
Earnings Reconciliation By Quarter and Year

Reconciliation of reported measures prepared in accordance with
Generally Accepted Accounting Principles (GAAP) versus non-GAAP measures


	Unaudited												31-Dec
(millions, except per share amounts)	1Q04*			2Q04			3Q04			4Q04			FY 2004

Reported net income — GAAP	$	(9	)	$	16		$	56		$	47		$	110

After-tax items:
Electric and gas utility other											(67	)		(67	)
Enterprises other		88						(29	)		48			107
Corporate other		(7	)					(1	)		1			(7	)
Discontinued operations		2						(8	)		10			4
Cumulative accounting changes		2												2

Adjusted earnings, including M-T-M	$	76		$	16		$	18		$	39		$	149
Mark-to-market impacts	NM				(13	)		9			9			5

Adjusted earnings, excluding M-T-M	$	76		$	3		$	27		$	48		$	154


Average shares outstanding, basic		161.1			161.2			161.5			190.2			168.6

Average shares outstanding, diluted		161.1			164.2			165.0			194.0			172.1


Reported earnings per share — GAAP	$	(0.06	)	$	0.10		$	0.34		$	0.24		$	0.64

After-tax items
Electric and gas utility other											(0.35	)		(0.39	)
Enterprises other		0.56						(0.17	)		0.25			0.62
Corporate other		(0.05	)					(0.01	)		0.01			(0.03	)
Discontinued operations		0.01						(0.05	)		0.05			0.02
Cumulative accounting changes		0.01												0.01

Adjusted earnings per share, including M-T-M	$	0.47		$	0.10		$	0.11		$	0.20		$	0.87
Mark-to-market impacts	NM				(0.08	)		0.06			0.05			0.03

Adjusted earnings per share, excluding M-T-M	$	0.47		$	0.02		$	0.17		$	0.25		$	0.90

Note: Year-to-date & full-year EPS may not equal sum of quarters due to share count differences.


*		Quarterly amounts differ from amounts previously reported due to accelerating the measurement date on our benefit plans by one month and the remeasurement of our post retirement obligation.

NM: Not meaningful.

A-2

CMS Energy
Earnings Reconciliation By Quarter and Year

Reconciliation of reported measures prepared in accordance with
Generally Accepted Accounting Principles (GAAP) versus non-GAAP measures


	Unaudited												31-Dec
(millions, except per share amounts)	1Q05			2Q05			3Q05			4Q05			FY 2005

Reported net income — GAAP	$	150		$	27		$	(265	)	$	(6	)	$	(94	)

After-tax items:
Electric and gas utility other
Enterprises other		(2	)		(1	)		(1	)		13			9
Corporate other					1						8			9
Discontinued operations											(14	)		(14	)
Asset impairment								385						385

Adjusted earnings, including M-T-M	$	148		$	27		$	119		$	1		$	295
Mark-to-market impacts		(75	)		19			(75	)		40			(91	)

Adjusted earnings, excluding M-T-M	$	73		$	46		$	44		$	41		$	204


Average shares outstanding, basic		195.3			217.9			219.6			218.5			211.8

Average shares outstanding, diluted		206.3			228.9			219.6			218.5			211.8


Reported earnings per share — GAAP	$	0.74		$	0.12		$	(1.21	)	$	(0.03	)	$	(0.44	)

After-tax items
Electric and gas utility other
Enterprises other		(0.01	)	NM			NM				0.06			0.04
Corporate other				NM							0.03			0.04
Discontinued operations											(0.06	)		(0.07	)
Asset impairment								1.75						1.82

Adjusted earnings per share, including M-T-M	$	0.73		$	0.12		$	0.54		$	0.00		$	1.39
Mark-to-market impacts		(0.36	)		0.08			(0.34	)		0.19			(0.43	)

Adjusted earnings per share, excluding M-T-M	$	0.37		$	0.20		$	0.20		$	0.19		$	0.96

Note: Year-to-date & full-year EPS may not equal sum of quarters due to share count differences.

A-3

CMS Energy
Earnings Reconciliation By Quarter and Year

Reconciliation of reported measures prepared in accordance with
Generally Accepted Accounting Principles (GAAP) versus non-GAAP measures


	Unaudited
	2006												2006
(In millions, except per share amounts)	1Q			2Q			3Q			4Q			Dec YTD

Reported net income — GAAP	$	(27	)	$	72		$	(103	)	$	(32	)	$	(90	)

After-tax items:
Electric and gas utility other		—			—			—			—			—
Enterprises other		—			—			(29	)		25			(4	)
Corporate interest and other		2			(15	)		4			82			73
Discontinued operations (gain)		(1	)		(2	)		(1	)		(2	)		(6	)
Asset impairment charges		—			—			169			—			169

Adjusted earnings, including MTM	$	(26	)	$	55		$	40		$	73		$	142
Mark-to-market impacts		74			21			30			(13	)		112

Adjusted earnings, excluding MTM	$	48		$	76		$	70		$	60		$	254


Average shares outstanding, basic		219.1			219.6			220.1			220.6			219.9
Average shares outstanding, diluted		219.1			229.6			220.1			220.6			219.9


Reported earnings per share — GAAP	$	(0.12	)	$	0.31		$	(0.47	)	$	(0.15	)	$	(0.41	)

After-tax items
Electric and gas utility other		—			—			—			—			—
Enterprises other		—			—			(0.13	)		0.11			(0.02	)
Corporate other		0.01			(0.07	)		0.02			0.38			0.27
Discontinued operations		(0.01	)		(0.01	)		—			(0.01	)		(0.03	)
Asset impairment charges		—			—			0.76			—			0.76

Adjusted earnings per share, including MTM	$	(0.12	)	$	0.23		$	0.18		$	0.33		$	0.57
Mark-to-market impacts		0.34			0.10			0.13			(0.06	)		0.51

Adjusted earnings per share, excluding MTM	$	0.22		$	0.33		$	0.31		$	0.27		$	1.08

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



NM:		Not Meaningful.

A-4

CMS Energy
Earnings Reconciliation By Quarter and Year

Reconciliation of reported measures prepared in accordance with
Generally Accepted Accounting Principles (GAAP) versus non-GAAP measures


	2007
(In millions, except per share amounts)	1Q			2Q			3Q			4Q			Dec YTD
Reported net income (loss) — GAAP	$	(215	)	$	33		$	82		$	(127	)	$	(227	)

After-tax items:
Electric and gas utility		4			—			—			—			4
Enterprises		49			19			(10	)		222			280
Corporate interest and other		(81	)		32			9			(38	)		(78	)
Discontinued operations		178			(91	)		—			2			89
Asset impairment charges, net		157			25			(49	)		—			133

Adjusted income, including MTM of $1, $3, $4, $3 and $11	$	92		$	18		$	32		$	59		$	201


Average shares outstanding, basic		221.5			222.6			223.0			223.4			222.6
Average shares outstanding, diluted		221.5			222.6			241.3			223.4			222.6


Reported earnings (loss) per share — GAAP	$	(0.97	)	$	0.15		$	0.34		$	(0.57	)	$	(1.02	)

After-tax items:
Electric and gas utility		0.01			—			—			—			(0.07	)
Enterprises		0.23			0.08			(0.04	)		0.99			1.25
Corporate interest and other		(0.36	)		0.15			0.03			(0.17	)		(0.32	)
Discontinued operations		0.80			(0.41	)		—			0.01			0.40
Asset impairment charges, net		0.71			0.11			(0.20	)		—			0.60

Adjusted earnings per share, including MTM of $0.01, $0.01, $0.02, $0.02 and $0.05	$	0.42		$	0.08		$	0.13		$	0.26		$	0.84



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

A-5

CMS Energy
Earnings Reconciliation By Quarter and Year

Reconciliation of reported measures prepared in accordance with

Generally Accepted Accounting Principles (GAAP) versus non-GAAP measures


	2008
(In millions, except per share amounts)	1Q

Reported net income — GAAP	$	103

After-tax items:
Electric and gas utility		—
Enterprises		*
Corporate interest and other		—
Discontinued operations		(*	)
Asset impairment charges, net		—

Adjusted income — non-GAAP	$	103


Average shares outstanding, basic		223.5
Average shares outstanding, diluted		236.6


Reported earnings per share — GAAP	$	0.44

After-tax items:
Electric and gas utility		—
Enterprises		*
Corporate interest and other		—
Discontinued operations		(*	)
Asset impairment charges, net		—

Adjusted earnings per share — non-GAAP	$	0.44



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.

A-6

CMS ENERGY
Earnings Segment Results GAAP Reconciliation
For Periods Ended March 31
(Unaudited — In Millions, Except per Share Amounts)


	*Three Months*
	EPS
	2008			2007
Electric Utility
Reported	$	0.28		$	0.23
Asset Sales Loss and Other, net		—			0.01

Adjusted	$	0.28		$	0.24


Gas Utility
Reported and Adjusted	$	0.26		$	0.26


Enterprises
Reported	$	(*	)	$	(0.90	)
Asset Impairment Charges, net		—			0.71
Asset Sales Loss and Other, net		*			0.23

Adjusted	$	(*	)	$	0.04


Corporate Interest and Other
Reported	$	(0.10	)	$	0.24
Asset Sales Gain and Other, net		—			(0.36	)

Adjusted	$	(0.10	)	$	(0.12	)


Discontinued Operations
Reported		*		$	(0.80	)
Discontinued Operations (Gain) Loss		(*	)		0.80

Adjusted	$	—		$	—


Totals
Reported	$	0.44		$	(0.97	)
Discontinued Operations (Gain) Loss		(*	)		0.80
Asset Impairment Charges, net		—			0.71
Asset Sales Gain and Other, net		*			(0.12	)

Adjusted	$	0.44		$	0.42


Average Common Shares Outstanding — Diluted		236.6			221.5


*		Less than $0.01 per share.

A-7

Consumers Energy
2008 Cash Flow GAAP Reconciliation (in millions)


				Reclassifications From Sources and Uses to Statement of Cash Flows
Presentation Sources and Uses				Tax			Interest			Accts/Rec			Capital			Securitization			Preferred			Common			Consolidated Statements of Cash Flows
	non-GAAP			Sharing			Payments			Financing			Lease Pymts			Debt Pymts			Dividends			Dividends			GAAP
Description	Amount			Operating			as Operating			as Operating			as Financing			as Financing			as Financing			as Financing			Amount			Description
Cash at year end 2007	$	195		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	195		Cash at year end 2007

Sources
Operating	$	1,325		$	(83	)	$	(193	)	$	325		$	16		$	32		$	—		$	—		$	1,422
Other working capital		(430	)		—			—			—			—			—			—			—			(430	)

Sources	$	895		$	(83	)	$	(193	)	$	325		$	16		$	32		$			$			$	992		Net cash provided by operating activities

Uses
Interest and preferred dividends	$	(195	)	$	—		$	193		$	—		$	—		$	—		$	2		$	—		$	—
Capital expenditures		(925	)		—			—			—			—			—			—			—			(925	)
Dividends/tax sharing to CMS		(395	)		83			—			—			—			—			—			312			—

Uses	$	(1,515	)	$	83		$	193		$	—		$	—		$	—		$	2		$	312		$	(925	)	Net cash provided by investing activities


Cash flow	$	(620	)	$	—		$	—		$	325		$	16		$	32		$	2		$	312		$	67		Cash flow from operating and investing activities

Financing
New Issues	$	590		$	—		$	—		$	(325	)				$	—		$	(2	)	$	—		$	263
Retirements		(505	)		—			—			—			(16	)		(32	)					(312	)		(865	)
Net short-term financing		380			—			—			—			—			—			—			—			380

Financing	$	465		$	—		$	—		$	(325	)	$	(16	)	$	(32	)	$	(2	)	$	(312	)	$	(222	)	Net cash provided by financing activities

Net change in cash	$	(155	)	$			$	—		$	—		$	—		$	—		$	—		$	—		$	(155	)	Net change in cash


Cash at year end 2008	$	40		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	40		Cash at year end 2008

A-8

CMS Energy Parent
2008 Cash Flow GAAP Reconciliation (in millions)


				Reclassifications From Sources and Uses to Statement of Cash Flows
Presentation Sources and Uses				Interest			Overheads &			DIG			Other			Preferred			Cash From			Consolidated Statements of Cash Flows
	non-GAAP			Payments			Tax Payments			Settlement			Uses (a)			Dividends			Consolidated			GAAP
Description	Amount			as Operating			as Operating			as Operating			as Operating			as Financing			Companies			Amount			Description
Cash at year end 2007	$	136		$	—		$	—		$	—		$	—		$	—		$	17		$	153		Cash at year end 2007

Sources
Consumers Energy dividends/tax sharing	$	395		$	(124	)	$	(25	)	$	—		$	—		$	—		$	—		$	246
Enterprises		15			—			—			(275	)		10			—			—			(250	)

Sources	$	410		$	(124	)	$	(25	)	$	(275	)	$	10		$	—		$	—		$	(4	)	Net cash provided by operating activities

Uses
Interest and preferred dividends	$	(135	)	$	124		$	—		$	—		$	—		$	11		$	—		$	—
Overhead and Federal tax payments		(25	)		—			25			—			—			—			—			—
DIG settlement		(275	)		—			—			275			(10	)		—			(53	)		(63	)

Uses (a)	$	(425	)	$	124		$	25		$	275		$	(10	)	$	11		$	(53	)	$	(53	)	Net cash provided by investing activities


Cash flow	$	(15	)	$	—		$	—		$	—		$	—		$	11		$	(53	)	$	(57	)	Cash flow from operating and investing activities

Financing and dividends
New Issues	$	10		$	—		$	—		$	—		$	—		$	(11	)	$	53		$	52
Retirements		(150	)		—			—			—			—			—			—			(150	)
Net short-term financing		150			—			—			—			—			—			—			150
Common dividend		(80	)		—			—			—			—			—			—			(80	)

Financing	$	(70	)	$	—		$	—		$	—		$	—		$	(11	)	$	53		$	(28	)	Net cash provided by financing activities


Net change in cash	$	(85	)	$	—		$	—		$	—		$	—		$	—		$	—		$	(85	)	Net change in cash


Cash at year end 2008	$	51		$	—		$	—		$	—		$	—		$	—		$	17		$	68		Cash at year end 2008


(a)		Includes other

A-9

Consolidated CMS Energy
2008 Consolidation of Consumers Energy and CMS Energy Parent Statements of Cash Flow (in millions)


							Eliminations/Reclassifications to Arrive at the
							Consolidated Statement of Cash Flows
Statements of Cash Flows							Consumers			Equity
	Consumers			CMS Parent			Common Dividend			Infusions to		Consolidated Statements of Cash Flows
Description	Amount			Amount			as Financing			Consumers		Amount			Description
Cash at year end 2007	$	195		$	153		$	—		$	—	$	348		Cash at year end 2007

Net cash provided by operating activities	$	992		$	(4	)	$	(312	)	$	—	$	676		Net cash provided by operating activities

Net cash provided by investing activities		(925	)		(53	)		—			—		(978	)	Net cash provided by investing activities


Cash flow from operating and investing activities	$	67		$	(57	)	$	(312	)	$	—	$	(302	)	Cash flow from operating and investing activities

Net cash provided by financing activities	$	(222	)	$	(28	)	$	312		$	—	$	62		Net cash provided by financing activities


Net change in cash	$	(155	)	$	(85	)	$	—		$	—	$	(240	)	Net change in cash


Cash at year end 2008	$	40		$	68		$	—		$	—	$	108		Cash at year end 2008

A-10


Commission File Number	Registrant; State of Incorporation; Address; and Telephone Number	IRS Employer Identification No.


1-9513	CMS ENERGY CORPORATION (A Michigan Corporation) One Energy Plaza Jackson, Michigan 49201 (517) 788-0550	38-2726431

1-5611	CONSUMERS ENERGY COMPANY (A Michigan Corporation) One Energy Plaza Jackson, Michigan 49201 (517) 788-0550	38-0442310


	CMS ENERGY CORPORATION
Dated: May 28, 2008
	By:	/s/ Thomas J. Webb
		Thomas J. Webb
		Executive Vice President and Chief Financial Officer


	CONSUMERS ENERGY COMPANY
Dated: May 28, 2008
	By:	/s/ Thomas J. Webb
		Thomas J. Webb
		Executive Vice President and Chief Financial Officer