DTE Energy : Business Update September 18, 2020

D T E B U S I N E S S U P D A T E

S E P T E M B E R 1 8 , 2 0 2 0

Safe harbor statement

Certain information presented herein includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, and businesses of DTE Energy. Words such as "anticipate," "believe," "expect," "projected," "aspiration," and "goals" signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors impact forward-looking statements including, but not limited to, the following: the duration and impact of the COVID-19 pandemic on DTE Energy and customers, impact of regulation by the EPA, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC and CARB, 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 and the volatility in the short-term natural gas storage markets impacting third-party storage revenues related to DTE Energy; 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 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, store 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. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. This document should also be read in conjunction with the Forward-Looking Statements section of the joint DTE Energy and DTE Electric 2019 Form 10-K and 2020 Forms 10-Q (which sections are incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy and DTE Electric.

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Focusing on our employees, customers and communities; positioned to deliver on our financial targets

Employees

• Ensuring the health and safety of our employees
• • Successfully implemented work from home for over half of our employees
  • Engagement and safety performance is extraordinary

Customers

• Delivering safe and reliable energy
• Ranked 1st in Midwest for residential gas customer satisfaction by J.D. Power

Community

• Addressing our communities' most vital needs through philanthropy and volunteerism
• • Providing resources to serve families' basic needs, such as food, shelter and access to core medical services

Investors

• Reaffirming 2020 operating EPS1 guidance
• Confirming 5% - 7% operating EPS growth target through 2024
• Ensuring strong balance sheet and liquidity position; delivering on cash and capital targets
• 7% dividend increase in 2020; targeting 7% dividend increase in 20212

1.	Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix	3
2.	Subject to Board approval

Supporting employees, customers and communities and delivering on financial targets

• Executing plan to achieve 2020 operating earnings1 guidance
• Confirming 5% - 7% operating EPS growth target
• Driving utility growth by investing 80% of total 5- year capital in utility infrastructure and cleaner energy
• Continuing strategic and sustainable growth in non-utilitybusinesses
• Ensuring strong balance sheet and liquidity position; delivering on cash and capital targets
• 7% dividend increase in 2020; targeting 7% dividend increase in 20212

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