DTE Energy : Australian Investor Meeting August 2019

DTE Business Update

Australian Investor Meetings August 19-21, 2019

Safe Harbor Statement

Many factors impact forward-looking statements including, but not limited to, the following: impact of regulation by the EPA, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs; economic conditions and population changes in our geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; the operational failure of electric or gas distribution systems or infrastructure; impact of volatility of prices in the oil and gas markets on DTE Energy's gas storage and pipelines operations; impact of volatility in prices in the international steel markets on DTE Energy's power and industrial projects operations; the risk of a major safety incident; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; the cost of protecting assets against, or damage due to, cyber incidents and terrorism; health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; volatility in the short-term natural gas storage markets impacting third-party storage revenues related to DTE Energy; volatility in commodity markets, deviations in weather, and related risks impacting the results of DTE Energy's energy trading operations; changes in the cost and availability of coal and other raw materials, purchased power, and natural gas; advances in technology that produce power or reduce power consumption; changes in the financial condition of significant customers and strategic partners; the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; access to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which could impact availability of short and long- term financing; the timing and extent of changes in interest rates; the level of borrowings; the potential for increased costs or delays in completion of significant capital projects; changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits; the effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers; unplanned outages; employee relations and the impact of collective bargaining agreements; the availability, cost, coverage, and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of plant and distribution system performance; the effects of competition; changes in and application of accounting standards and financial reporting regulations; changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues; contract disputes, binding arbitration, litigation, and related appeals; and the risks discussed in the Registrants' public filings with the Securities and Exchange Commission.

2

DTE overview

70% - 75% Utility

DTE Electric

Electric generation and distribution

DTE Gas

Natural gas transmission, storage

and distribution

25% - 30% Non-utility

Gas Storage & Pipelines (GSP)

Transport, store and gather natural gas

Power & Industrial Projects (P&I)

Own and operate energy related assets

Energy Trading

Gas, power and renewables marketing

DTE headquarters DTE operations

3

Growth plan continues to deliver significant shareholder value

Strong track record		Distinctive focus		Broad utility		Strong non-utility
		infrastructure
	for shareholders		on culture			growth agenda
			investment
✓ Decade-long record	✓ Elite workforce	✓ Expanding voluntary		✓ Expanding pipeline
	of beating guidance		engagement		renewables program		and gathering
✓	Strong TSR over	✓	Force for growth in	✓	Accelerating gas main		platform
	10 year period		our community		renewal program		✓ Delivering industrial /
✓	Strong balance sheet						renewable gas
						solutions
	metrics

Targeting 5% - 7% operating EPS* growth through 2023

Annualized dividend growth of 7% through 2020**

* Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix	4
** Subject to Board approval

Environmental, social and governance efforts are key priorities

Environmental

50% clean

energy by 2030

Carbon emissions

reduced 80%

by 2040*

Social

Recognized by

DiversityInc as a top-five

utility in the nation

2018 Business Diversity

Innovation Award from

the Edison Electric

Institute

Governance

11 out of 13 Board

members are independent

Incentive plans tied to safety and customer satisfaction targets

* CO2 percentage reductions from 2005 levels	5