Majority of the consolidated cash flow comes from more predictable regulated lower-risk electric and gas regulated businesses Higher risk energy trading is under 5% of consolidated company Longer-term uncertainty regarding electric customer choice in Michigan Debt leverage as measured by debt to EBITDA expected to exceed 3.5x Cash flow to debt measures toward middle of "significant" financial risk profile Annual capital spending over $2 billion Ongoing high dividend payments Negative discretionary cash flow resulting in external funding needs Effective management of regulatory risk and continued cost management, enabling the regulated operations to earn their allowed return on equity Base EBITDA is forecast to grow from customer growth, volume-related growth, and expansion projects going into service Dividend increases based on historical
