CMS Energy : October Investor Meetings

Investor Meetings

October 2020

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 most recent Form 10-K and as updated in reports CMS Energy and Consumers Energy file with the Securities and Exchange Commission. 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 (GAAP) and adjusted (non-GAAP) basis and provides forward-looking modeling on an adjusted basis. During an oral presentation, references to "earnings" are on an adjusted basis. All references to net income refer to net income available to common stockholders and references to earnings per share are on a diluted basis. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, regulatory items from prior years, or other items. Management views adjusted earnings as a key measure of the company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the company uses adjusted earnings to measure and assess performance. Because the company is not able to estimate the impact of specific line items, which have the potential to significantly impact, favorably or unfavorably, the company's reported earnings in future periods, the company is not providing reported earnings guidance nor is it providing a reconciliation for the comparable future period earnings. The adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for the reported earnings.

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.

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Investment Thesis

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Investment Thesis . . .

Investment Thesis

	Aging
Clean Energy	Infrastructure	Constructive
Leader		Regulation

Strong Cash Flow				Affordable Prices
& Balance Sheet
		Diversified Service
		Territory

Nearly two decades of industry-leading, financial performance

Takeaways

Prudent Liquidity Management

• 2020 financings largely completed
• No pension contributions required in 2020

Operational Excellence and Track Record

• Increased productivity driven by the CE Way
• Sustainable savings and agile mindset

Top-Tier Regulatory Construct

• Forward-lookingtest years
• 10-monthrate cases

Visible and Executable 10-yr Capital Plan ($25 Bn)

• ~85% of projects are less than $200 MM
• Renewable projects on track

Strong ESG Leadership

• Robust DE&I strategy with diverse Board and leadership team
• Net zero carbon (2040) and net zero methane (2030)a

aMethane emissions from our natural gas delivery system and carbon emissions company-wide

. . . remains strong.

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