CMS Energy Corporation
 SUMMARY OF CONSOLIDATED EARNINGS
 Condensed Consolidated Income Statements
 (Millions, Except Per Share Amounts)
 
  Second Quarter First Half
 (Unaudited) (Unaudited)
 2003 2002 2003 2002
 
 Operating Revenue  $1,154 $2,135 $3,143 $4,394
 
 Operating Expenses 971 1,983 2,722 3,968
 
 Operating Income $183 $152 $421 $426
 
 Other Income (Deductions) (1)  18 (3) 32
 
 Fixed Charges 153 127 272 254
 
 Income Taxes 34 6 74 74
 
 Minority Interests -- 1 1  1
 
 Income (Loss) from Continuing
 Operations $(5) $36 $71 $129
 
 Income (Loss) from Discontinued
 Operations (40) (127) (13) (178)
 
 Cumulative Effect of Accounting Changes -- 17 (24) 17
 
 Net Income (Loss) $(45) $(74) $34 $(32)
 
 Earnings (Loss) Per Share
 Basic $(0.31) $(0.55) $0.24 $(0.24)
 
 Diluted (0.31) (0.55) 0.24 (0.24)
 
 
 CMS Energy Corporation
 SUMMARIZED COMPARATIVE BALANCE SHEETS
 (Millions of Dollars)
 
  As of June 30
 (Unaudited) December 31
 2003 2002 2002
 Assets
 Cash and cash equivalents  $931 $222 $377
 Other current assets 2,104 1,975 2,371
 Total current assets $3,035 $2,197 $2,748
 Net plant and property 5,740 5,506 5,230
 Investments 1,456 1,596 1,393
 Non-current assets 2,797 5,288 4,544
 Total Assets $13,028 $14,587 $13,915
 
  Stockholders' Investment
 and Liabilities
 Capitalization
 Debt
 Long-term debt (excluding
 Securitization) $5,643 $4,924 $4,930
 Capital leases 120 97  116
 Short-term 1 269 458
 Current portion of long-term
 debt and capital leases 514 613 613
 Total debt $6,278  $5,903 $6,117
 Preferred stock and securities 927 1,228 927
 Minority interest 23 13 21
 Common stockholders' equity 1,199 1,552 1,133
 Total capitalization $8,427 $8,696 $8,198
 Securitization debt 439 469 453
 Current liabilities 1,171 1,974 1,800
 Non-current liabilities 2,991 3,448 3,464
 Total Stockholders' Investment and
 Liabilities $13,028 $14,587 $13,915
 
 
 CMS Energy Corporation
 SUMMARY OF CONSOLIDATED EARNINGS
 Reconciliations of GAAP Net Income (Loss) to Non-GAAP Ongoing Net Income
 (Loss)
 (Millions, Except Per Share Amounts)
 
 Second Quarter First Half
 (Unaudited) (Unaudited)
 2003 2002 2003 2002
 
 Net Income (Loss) $(45) $(74) $34 $(32)
 
 Reconciling Items:
 Discontinued Operations
 (Income) Loss 40 127 13 178
 Cumulative Effect of Accounting
 Changes:
 EITF #02-03 MTM Accounting -- -- 23 --
 SFAS No. 143 Asset Retirement
 Obligation -- -- 1 --
 SFAS No. 133 Derivative Accounting -- (17) -- (17)
 Net Asset (Gain)/Loss and Other  6 (19) 8 (33)
 Ongoing Net Income (Loss) - Non-GAAP Basis $1 $17 $79 $96
 
 Average Number of Common Shares
 Outstanding
 Basic 144 135 144 134
 Diluted 165 139 165 138
 
 Basic Earnings (Loss) Per Average Common
 Share
 
 Earnings (Loss) Per Share As Reported $(0.31) (0.55) $0.24 $(0.24)
 
 Reconciling Items:
 Discontinued Operations (Income) Loss 0.28 0.94 0.09 1.32
 Cumulative Effect of Accounting
 Changes:
 EITF #02-03 MTM Accounting -- -- 0.15 --
 SFAS No. 143 Asset Retirement
 Obligations -- -- 0.01 --
 SFAS No. 133 Derivative Accounting -- (0.12) -- (0.12)
 Net Asset (Gain)/Loss and Other 0.04 (0.14) 0.06 (0.24)
 Ongoing Net Income (Loss) -
  Non-GAAP Basis $0.01 $0.13 $0.55 $0.72
 
 Diluted Earnings (Loss) Per Average
 Common Share
 
 Earnings (Loss) Per Share As Reported (0.31) (0.55) $0.24 $(0.24)
 Reconciling Items:
 Discontinued Operations (Income) Loss 0.28 0.94 0.09 1.32
 Cumulative Effect of Accounting
 Changes:
 EITF #02-03 MTM Accounting -- -- 0.15 --
 SFAS No. 143 Asset Retirement
 Obligations  -- -- 0.01 --
 SFAS No. 133 Derivative Accounting -- (0.12) -- (0.12)
 Net Asset (Gain)/Loss and Other 0.04 (0.14) 0.06 (0.24)
 Ongoing Net Income (Loss)- Non-GAAP
 Basis $0.01 $0.13 $0.55 $0.72