CMS ENERGY CORPORATION
 Digest of Consolidated Earnings
 (Millions, Except Per Share Amounts)
 
 
 Three Months Ended June 30 (unaudited) 2002 2001
 
 Operating Revenue  $2,368 $2,165
 
 Consolidated Net Income (Loss) $(75) $53
 
 Reconciling Items:
 Asset Sales Gains (Losses) 21 (1)
 Discontinued Operations Income (Loss) (141) 19
 Restructuring Costs (7) -
 Extraordinary Item/Early Debt
 Retirement Expense (7) -
 Operating Net Income After Reconciling Items $59 $35
 
 Average Number of Common Shares Outstanding
 Basic 135 132
 Diluted 139 137
 
 Basic Earnings Per Average Common Share of CMS Energy:
 
 Earnings Per Share As Reported $(.56) $.40
 
 Reconciling Items:
 Asset Sales Gains (Losses) .16 (.01)
 Discontinued Operations Income (Loss) (1.05) .14
  Restructuring Costs (.06) -
 Extraordinary Item/Early Debt
 Retirement Expense (.05) -
 Earnings Per Share After Reconciling Items $0.44 $.27
 
 
  Diluted Earnings Per Average Common Share of CMS Energy:
 
 
 Earnings Per Share As Reported $(.56) $.40
 
 Reconciling Items:
 Asset Sales Gains (Losses) .16 (.01)
 Discontinued Operations Income (Loss) (1.05) .14
 Restructuring Costs (.06) -
 Extraordinary Item/Early Debt
 Retirement Expense (.05) -
 Earnings Per Share After Reconciling Items $.44 $.27
 
 Dividends Declared Per Common Share $.365 $.365

In the opinion of Management, the above unaudited amounts reflect all adjustments necessary to assure the fair presentation of the results of operations for the periods presented.

 CMS ENERGY CORPORATION
 Digest of Consolidated Earnings
 (Millions, Except Per Share Amounts)
 
 
 Six Months Ended June 30 (unaudited)  2002 2001
 
 Operating Revenue $4,834 $4,973
 
 Consolidated Net Income (Loss) $314 $162
 
 Reconciling Items:
 Asset Sales Gains (Losses) 35  (1)
 Discontinued Operations Income (Loss) 169 20
 Restructuring Costs (7) -
 Extraordinary Item/Early Debt
 Retirement Expense (8) -
 Goodwill Accounting Change (Note 1) (9) -
 Operating Net Income After Reconciling Items $134 $143
 
 Average Number of Common Shares Outstanding
 Basic  134 129
 Diluted 138 133
 
 Basic Earnings Per Average Common Share of CMS Energy:
 
 Earnings Per Share As Reported $2.34 $1.27
 
 Reconciling Items:
  Asset Sales Gains (Losses) .26 (.01)
 Discontinued Operations Income (Loss) 1.26 .15
 Restructuring Costs (.06) -
 Extraordinary Item/Early Debt
  Retirement Expense (.06) -
 Goodwill Accounting Change (Note 1) (.07) -
 Earnings Per Share After Reconciling Items $1.01 $1.13
 
 
 Diluted Earnings Per Average Common Share of CMS Energy:
 
 
 Earnings Per Share As Reported $2.30 $1.25
 
 Reconciling Items:
 Asset Sales Gains (Losses) .26 (.01)
 Discontinued Operations Income (Loss) 1.22  .14
 Restructuring Costs (.05) -
 Extraordinary Item/Early Debt
 Retirement Expense (.05) -
 Goodwill Accounting Change (Note 1) (.07)  -
 Earnings Per Share After Reconciling Items $.99 $1.12
 
 Dividends Declared Per Common Share $.73 $.73

In the opinion of Management, the above unaudited amounts reflect all adjustments necessary to assure the fair presentation of the results of operations for the periods presented.

Note 1: Reflects the adoption of SFAS No 142 "Accounting for Goodwill and Other Intangible Assets" which required the writedown of goodwill at CMS MST related to its CMS Viron business, retroactive to January 1, 2002.

 CMS ENERGY CORPORATION
 Summarized Comparative Balance Sheet
 (Millions of Dollars)
 
 
 June 30 December 31 June 30
 2002 2001 2001
 (Unaudited) (Unaudited) (Unaudited)
 
 
 Assets
 Net plant and property $7,110 $7,798 $7,205
 Construction work in progress 515 564 934
 Investments 1,701 1,907 2,095
 Current assets 2,407 2,911 3,448
 Non-current assets 3,740 3,800 3,964
 $15,473 $16,980 $17,646
 
 Stockholders' Investment
 And Liabilities
 Capitalization
 Debt
  Long-term debt (excluding
 Securitization) $5,864 $6,470 $7,193
 Capital leases 96 60 55
 Short term 280 416  328
 Current maturities 618 965 341
 Total debt 6,858 7,911 7,917
 Preferred stock and securities 1,228 1,258 1,258
 Minority interest 77 86 89
 Common stockholders' equity 1,757 1,890 2,684
 Total capitalization 9,920 11,145 11,948
 Securitization debt  469 469 -
 Current liabilities 2,130 2,291 3,184
 Non-current liabilities 2,954 3,075 2,514
 $15,473 $16,980 $17,646