# DTE Energy®

Business and Financial Update
Tony Earley, Executive Chairman Nick Khouri, Vice President and Treasurer Mark Rolling, Director of Investor Relations June 28, 2011

## DTB

# •n•rar Safe Harbor Statement 

# , The information contained herein is as ofthe date ofthis presentation. Many factors may impact forward-looking statements including, but not limited to, 1he following: economic conditions and population changes in our geographic area resulting in changes in demand, customer conservation, increased 1hefts ofelectricity and gas and high levels of uncollectible accounts receivable; changes in the economic and financial viability ofsuppliers and trading counterparties, and the continued ability ofsuch parties to perform their obligations to the Company; access to capital markets and the results ofotherfinancing efforts which can be affected bycredit agency ratings; instability in capital markets which could impact availability ofshort and long-term financing; the timing and extent of changes in interest rates; the level of borrowings; the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; the potential for increased costs or delays in completion of significant construction projects; the effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers: environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; health, safety, financial, environmental and regulatory risks associated with ownership and operation ofnuclearfacilities ; impact ofelectric and gas utility restructuring in Michigan, including legislative amendments and Customer Choice programs; employee relations and the impact of collective bargaining agreements; unplanned outages; changes in the 

### costand availability ofcoal and other raw materials, purchased powerand natural gas: volatility in the short-term natural gas storage markets impacting third-party storage revenues: 

### cost reduction efforts and the maximization of plant and distribution system performance: the effects of competition: the uncertainties of successful exploration of unconventional gas resources and challenges in estimating gas and oil reserves with certainty; impact of regulation by the FERC, MPSC, NRC and other applicable govemmental proceedings and regulations, including any associated impact on rate structures: changes in and application offederal, state and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings and audits; the amount and timing of

### cost recovery allowed as a result ofregulatory proceedings, related appeals or new legislation: the 

### cost ofprotecting assets against, or damage due 

### to, terrorism or cyber attacks; the availability, 

### cost, coverage and terms of insurance and stability of insurance providers; changes in and application ofaccounting standards and financial reporting regulations: changes in federal orstate laws and their interpretation with respect to regulation, energy policy and other business issues; and binding arbitration, litigation and related appeals. Newfactors emergefrom time to time. We cannot predict what factors may arise or how such factors may cause our results to differ materially from those contained in any forwardlooking statement. Anyforward-looking statements referonly as ofthe 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 ofunanticipated events. This presentation should also be read in conjunction with the "Forward-Looking Statements" section in each of DTE Energy's and Detroit Edison's 2010 Forms 10-K and 2011 Form 10-Q (which sections are incorporated herein by reference), and in conjunction with otherSEC reports filed by DTE Energy and Detroit Edison. cautionary Note - The Securities and Exchange Commission permits oil and gas companies, in theirfilings with the SEC, to disdose only proved reserves that a company has demonstrated by actual production or conclusive fonnation tests to be ec:onomically and legally producible under existing economic and operating conditions. We use certain tenns in this presentation such as •probable reserves" that the SEC's guidelines strictly prohibit us from including in filings with the SE.C. You are urged to consider closely the disdosure in DTE. Energy's 2010 Form 10-K and 2011 Form 10-Q, File No. 1-11607, available from our offices orfrom ourwebsite atwww.dteenergy.com. You can also obtain these Forms from the SEC by calling 1-800-SEC-0330. 

## 2

## DT• 

## •nergr 

# 7

• Overview • Utility Growth • Non - Utility Growth 

# • 2011 Guidance

3

### DTB

# •n•rar DTE Energy is an Integrated Energy Company 

# , Strong, Stable and

Growing Utilities -80% 

### ofDTEEnergy's 2010 Earnings 

# Detroit Edison • Electric generation and distribution • 2.1 million customers • Fully 

### regulated by 

### Michigan Public Service Commission (MPSC) 

# MichCon • Natural gas distribution • 1.2 million customers • Fully 

### regulated by 

### MPSC 

# Complementary Non-Utility Businesses -20% 

### ofDTEEnergy's 2010 Earnings 

## Gas Storage 

# &Pipelines Power

# &Industrial Projects Unconventional Gas Production EnergyTrading
4

# Growth and Value Creation DTE Energy Operating Earnings Per Share*
CAGR=-9%

$2.82 

### "Bridge"

$3.60 

### Targeting 5% - 6% Annual Growth 

## DTB

# •n•rar 

# ,

2007A 2008A 2009A 2010A 2011E 2012E 2013E 2014E 2015E 5 • Reconciliation to GAAP reported eamings included in the appendix

# Constructive Regulatory Environment Detroit Edison Rate Case Schedule

*Revenue requirement of$443 less proposed reductions to: delay recognition ofChoice Incentive Mechanism base reset

($123); defer increased pension/OPEB expense ($47); reduce Nuclear Decommissioning surcharge ($20). 

### DD llne •• -. 

# ,

6

# Dividend Increase is Well Supported

DividendYield (as ofMay2011) 6% 5% 

## . 4.5% 4% 3% 2% 1% 0% 

# . 

# . . . 

# . . DTB

# •n•rar 

# ,

•Recently increased dividend

rate 5% to $2.35 pershare •Dividend yield in-line with

peers •Payout ratio in-line with 60%-

70% target •Future increases supported by

targeted 5% - 6% EPS growth

7

## DT• 

## •nergr 

# 7

• Overview 

# • Utility Growth • Non - 

# Utility Growth • 2011 Guidance

8

## Dn•ergr 

# Detroit Edison Investment Profile, 2011 - 2013 

# ,

• Investmentsto ensure reliability ofgeneration fleet and distribution systems • Investments in scrubbers, SCRs to meet Clean AirAct requirements •Newgeneration to meet Michigan RPS •Upto 50% owned by Detroit

Edison 

## 9

# Emissions Reductions [ Monroe Power Plant •Current environmental capital focused on Monroe Power Plant {3,100 MW, 45% ofcoal-fired production) •Near/Mid-Term Plans:

- Complete scrubbers and SCR at Monroe Power Plant

- Conventional and/oremerging technologies at newer/larger units

- Likely retire older/smaller coal units •Mid/Longer-Term Investments: -Additional wind generation

- Potential for combined cycle gas turbine generation 

## $800 - $900 million 2011-2013 Investment 10

# Renewable Energy

• 10% of retail sales required 

## by 2015 •New capacity requirement of300 MWs by 2013,

600 MWs by 2015; upto 50% owned by utility •Renewable spend pre-approved by MPSC; not

subject to regulatory lag •Legislated returns based on authorized ROE at

time of investment •Investments funded through existing surcharge Projected Earnings (millions, after-tax)



### 2011E 2012E


## $500 - $600 million 2011-2013 Investment -$40

2013E



## 11

# Detroit Edison Wind Development

Gratiot CountyWind Park $250 million 2011 Investment* • 212MWwind farm with partner

- Own 64 turbines ("'102MW)

- Purchase output of69 turbines {"'110MW) • Construction began December 2010 • Investmentwill be substantially completed in 2011 • Earnings contribution begins in 2011
*Includesacquisition costs ($238 million) and internal developmentcosts 

# Dn•n-.r 

# ,
Thumb Wind Projects

• In advanced stage ofdevelopment on three projects

- Combined 110 MW

- 2012/2013 commercial operation dates • Plan to contractforturbines by end of2011, ahead of predicted turbine supply markettightening



### 12

## DT• 

## •nergr 

# MichCon Investment Profile, 2011 - 2013 

# 7

Strengthen and expand distribution system • Main renewal • Investment in new markets Transmission pipeline integrity Customerfocused investments • Meter relocation program • Appliance repair • NGV stations • Propane conversions 13

### DTB

# •n•rar 

# ,

• Overview • Utility Growth • Non - Utility Growth 

# • 2011 Guidance

14

# Gas Storage 

# & Pipeline: Earnings Potential of$75 Million 

# by 2015 DT• 

## •nergr 

# 7 Growth Driven by 

# Bluestone Lateral and Millennium Mainline Expansions**Millennium** 

# .. N 

### Solid Operating Earnings* Growth (millions)



### • Storage a Pipeline $49 $51 $53 -$75 

# .------.. I.

2006 2007 2008 2009 2010 2011E 2012E 2013E 2014E 2015E

• Reconciliation to GAAP reported earnings included in the appendix 

## 15

# Gas Storage 

# & Pipeline Growth: DTB

# •n•rar Bluestone Pipeline 

# & Gathering Project 

# , MARCELLUS SHALE 

# NY

Bluestone

--...**~NESsee** 

# PA Bluestone Project •Signed Letter of Intentwith

Southwestern Energy •Gathering pipeline lateral •In-field gathering system •Estimated capital investment of

$150 - $200 million •Assets begin going in-service Q2

2012 •Several other active producers nearby 16

# Strong Well Performance in Area of Bluestone Project DTB

# •n•rar 

# ,

Well Performance 

### byCounty 

## Bluestone Location

Average 30 day IP rate CMMcf/dl • Tier 1: >5.7 Tier2: 3.7 - 4.7 Tier3: 3.0 - 3.3 Tier4: 2.0- 2.5

Source: Pennsylvania Department ofEnvironmental Protection (DEP) reporting through June 30, 2010 

## • Well performance in Susquehanna County among strongest in Marcellus
• Over 80% ofthe wells exceed Tier 1 production
• Recoverable reserves of6 - 10 Bcf per well

17

# Gas Storage 

# & Pipeline Growth: DTB

# •n•rar Additional Opportunities around Millennium 

# ,

TENNESSEE

# PA , , 

# NJ**~p~**

### cot\_'t\~ - ,.. - "'\_

## .

# - · , 

# , ,



# , Millennium Mainline Expansions • Bluestone and other projects will bring additional supplyto Millennium • Received interest forfirst 2 expansions 

## - 2 new compressor stations

- Expands capacity by 

## "'50% to 

## 0.8 Bcf /d

- First expansion on-line late 2012; second expansion on-line 2013 • Can be economically expanded to 

## 1.5 Bcf/d Millenniumto Iroquois (M-1) Connector • Provide new source ofsupplyfor Iroquois



## - 55 miles pipe

- Capacity

## 0.5-1.0Bd/d -Target in-service 2016+ 

## 18

# Gas Storage Provides Stable Earnings Supported 

# by Long-Term Contracts DTB

# •n•rar 

# , Storage Expiration Profile Tiered expiration dates with manageable renewal volumes 90Bcf 

### • Fully contracted - 6 year average term • 95% of revenues based on fixed-price, multi-yearterm contracts

- No exposure to gas price • Diversifies earnings outside of Michigan

- Not linked to Michigan economy • Customer mix - LDCs, interstate '------_,.___,,, pipelines, and producer/marketers 

## 2011/12 2012/13 2013/14 2014/15 2015/16


# • Sold Unsold 19

# Power 

# & Industrial Projects: Earnings Potential ofOver $100 Million by 2015 Operating Earnings Contribution by ProjectType Illustrative

2009A 201OA 2011 E 2012E 2013E 2014E 201SE Operating Earnings* 

### $85 $30 • $40

(mllllons) •Reconciliationto GMP F8p0rted earnings included in the appendix Over 

### $100 

## Reduced Emissions Fuel 

### $40-$50**

••contribution eamings, excludes corporate allocations, interest and overheads of($60)-($70) in aggregate in 2015 

# Dn•n-.r 

# ,

20

# Power 

# & Industrial Projects Growth: Reduced Emissions Fuel •Five facilities placed in service in late 2009

- Likely to construct 1-2 additional facilities this year • One facility currently in operation at power-plant site •Agreement reached to place a facility at a large power-plant site

- Likely in operation this Fall •In advanced discussions with large utility about additional sites •In substantive discussions with several other utilities
SorbantStorageTank 

# ,,/_ Feedstock Conveyor

MotorControl Center 

## DTB

# •n•rar 

# ,

21

## DTB

# •n•rar Reduced Emissions Fuel: Potential for Significant Value and Strong Earnings for 10 Years 

# , Illustrative 

### Project Returns (millions)

$400 High

## case $300 $200 $100 

### $0 • Return (NPV) 

### Potential Earnings Contribution* (millions) $75 $50 $25 -$75 High Case 

## :-----: I I I I I 

### ...-i-.:-mi-t--t-.. :BaseCase
Low

## case 2011 2012 2013 2014 2015 • Excludes corporate allocations and overheads 

### Factorsthat Drive Earnings, NPV Level 

## • Number of units ultimately sited

- Five constructed; considering building more • Size of host power plants (higher tonnage= higher earnings/value) -Can range from 

## 1-10 million tons/year • Pace/scale ofadoption by host sites -Quicker deal closure= greatervalue

- Operational issues at host sites

22

### DT• 

## •nergr 

# Unconventional Gas: Barnett Shale Assets 

# 7

UNG



# MANCtIB ) 

# -y H'AMILTON Y"'\ • Barnett (Cc1& Area) GasWells • Barnett Gas & 011 Combo Wells DTE Acreage (Gas & Oil Combo) 

## • Focused on a new "Marble Falls" oil play, directly above Barnettformation • Continuingto develop and prove up acreage

- DTE has 60,000 net acres in the area

- Wells producing hydrocarbonsthroughoutJack County confirming play

- Vertical wells producing 

## 1st month average of 

## 100 bbls 

## oil per day plus liquids rich gas

- Third party horizontal wells reporting 

## 300 bbl oil per day • Divestitures to be timed with oil play maturation

- Potential small monetization in 

## 2011

- Targeting full monetization in 2012/2013
23

## Dn•ergr 

# ,

• Overview • Utility 

# Growth • Non - Utility 

# Growth 

# • 2011 Guidance

24

# 2011 Guidance Operating Earnings* (millions) 

### 2010 Actual Detroit Edison $438 MichCon 

### 107 Gas Storage & 

### 51 Plpellnes Unconventional Gas 

### (11) Produdion Power

### & Industrial 

### 85 Projects EnergyTrading 

### 6 Corporate 

### &Other (69) DTE Energy $607 Operating EPS 

### $3.60 Avg. Outstanding Shares 169 

### 2011 Guidance $435-$445

110-115 53 0 

### 30-40 10·40
===

(62) 

### $576-$631 $3.40 • $3.70 170 • Reconciliation to GAAP reported eamings included in the appendix 

## DTB

# •n•rar 

# ,
2011 Drivers Productive outcome in Q4 2010 rate case filing; ongoing cost reductions; earn authorized ROE (11%) Earn authorized ROE (11%); lower midstream revenues; cost reductions offset inflation; normal weather Stable earnings supported by long-term contracts Higheroil production in 2011 ; non-strategic lease impairments in 2010 Growth from new projects partially offsetting nonrepeating 2010 earnings, including Steel Industry Fuels Improvement over201

### O; not expected to fully return to historical levels in 2011 Lower interest expense in 2011



## 25

# 2011 Capital Expenditures 

# &Cash Flow Guidance Cash Flow Summary* (billions) Original Re\1sed Guidance Guidance Cash From Operations 

## $1.9 $1.9 capital Spending 

## (1.4) (1.7) Free Cash 

### Flow 

### $0.5 $0.2 Asset Sales 

## $0.1 $0.1 Di\1dends 

## (0.4) (0.4) Net Cash 

### $0.2 ($0.1) Debt 

## ($0.2) $0.1

* Includessecurltlzatlon 

# [ Capital Expenditures (millions) Original Revised Guidance Guidance Detroit Edison Operational 

## $720 $720 Environmental 

## 230 230 Renewables 

### I EE 

## 50 350 $1,000 $1,300 Mich Con Operational 

## $155 $155 Expansion 

## 25 25 $180 $180 Non-utility

### I Corporate 

### & 

## $250 $250 Other Total 

### $1,430 $1,730 26

# Targeted Financial Metrics

53%


### 2009 

## Leverage*

____ - - - - - - - - - - - Target



### --------------- 50%-52% 51% 51% 

### 2010 2011E 

## Funds from Operations I 

## Debt*

_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Target 

# ------r --- 2

.;,-------

# -1
-

22% - 24% 

### 22%

### 23**~** 2009 2010 2011E 

### DTB

# •n•rar 

# ,

• A strong balance sheet continues to be a key priority
• Leverage and cash flow metrics within targeted ranges, without additional equity in 2011
• -$2 billion ofavailable liquidity atend of 1Q 2011



## 27 *Debt excludes securilization, a portion of MichCon's short-tenn debt, and considers 50% ofthe trust prefeneds as equity

# InvestmentThesis

DTE Energy has a plan it believeswill provide 5% - 6% long-term operating EPS growth, an attractive dividendyield and a strong balance sheet

- Utilitygrowth plan driven by mandated investments

- Constructive regulatory structure and continued costsavings enable utilitiesto earn theirauthorized returns

- Plans in place to achieve operational excellence and customersatisfaction thatare distinctive in our industry, with a focus on customeraffordability

- Meaningful, low-risk growth opportunities in nonutility businesses continue to provide diversity in earningsand geography 

## Dn•ergr 

# ,

5%-6% AverageAnnual EPS Growth 

# + Attractive Dividend

28

### DTB

# •n•rar Contact Us 

# , DTE Energy Investor Relations



# www.dteenergy.com/investors 313-235-8030

29

# DTE Energy®

Appendix

# Gas Storage 

# & Pipeline: Overview Dn•n-.r 

# , Vector Pipeline - 40% _\ • Fully contracted (6 year avg. term) N 

### • 348 miles ofpipe; 120,000 H.P. of compression atfive stations



### Millennium Pipeline-26.25% • Nearly 100% contracted(> 10yearavg. term) • 222 miles ofpipe; 15,000 H.P. of compression 

### DTE Gas Storage • Fully contracted (6 yearavg. term) • 90 Bcfofstorage capacity in Michigan • 26,200 H.P. ofreciprocal compression 

### Michigan GatheringAssets • Comprised of MichCon Lateral and MichCon Gathering Companies • Two systems: One designed to handle liquid rich gas and the otherfor dry production gas 

### 31

### DTB

# •n•rar Unconventional Gas Valuation 

# ,
Reserves Value** LowValue High Value (Bcfe) 

### ($ permcfe) ($millions) ($millions) Proved 201* $1.50 • $2.00 $300 $400 Probable 354 $0.25 • $1.00 $100 $350 Total 555 $400 $750 *SEC proved reserves as ofyearend 2010 * * 

### Value based on comparative shale transactions adjusted forgas/natural gas liquid/oil mix



## 32

## Dn•ergr 

# Barnett Shale Operating Metrics 

# ,
Reserves (Bcfe) 

### 555 

## 489 234 354 

### 255 YE2009 YE2010 

### Proven Probable (Unaudited)


### Gross Producing Wells 

## 194 

## 200

YE2010 1Q2011 

### Acreage Position (OOO's Acres) 

### 70 75 16 Net 

### Developed Acres Net I 

## 20111Q Results • 6 newwells on-line, 8 in progress • Production of 1.1 Bcfe • 73% increase in oil sales year-overyear 54 

### 59 Undeveloped • Capital expenditures $8 million Acres YE2010 1Q2011



### Net Production (Bcfe) 

## 5.8 4.8



# - YE2010 YE2011 Est. 

### • Acquired 5k acres, net 

# l 2011 Goals • Continue to prudently manage and develop Barnett assets • Invest$25 million • Drill 

### -20wells • Produce 5.8 Bcfe net, increase oil production • Develop oil reserves 

### 33

## DTB

# •n•rar Detroit Edison Generation Portfolio 

# , Generating plants owned and in service as of December 31, 2010 Summer Net Rated Location by 

### Capability County (MW) % Year in Service Fo•ll..fualad Steam-Elactrtc Monroe Monroe 3,027 27.6 1971, 1973 and 1974 

### St Clalr St. Clair 1,368 12.5 1953, 1954, 1959, 1961, 1969 Bella River St. Clair 1,044 9.5 1984 and 1985 Trenton Channel Wayne 698 6.4 1949 and 1968 River Rouge Wayne 523 4.8 1957 and 1958 Harbor Beach Huron 94 0.9 1968 Marysvllle St. Clair 

### 84 0.8 1943 and 1947 Gntenwood (gasloll) St. Clair 785 7.1 1979 ConnersCntek (galloil) Wayne 239 2.1 1951 Subtotal 7,862 71.7 Oil or Gas-fueled Peaking Units Various 1,101 10.0 1966-1971, 1981and1999 Nudear- Fenni 2 Monroe 1,087 9.9 1988 Hydroelectric Pumped Storage Mason 917 8.4 1973 10,967 100 

### 34

# DTE Energy Trading Reconciliation of Operating Earnings* to Economic Net Income DTB

# •n•rar 

# , ($ millions)
$2

1Q2011 Operating Eamings* 

### $38

1Q2010 Operating Eamings* $22 $24

Accounting 1Q2011 Adjustments** Economic Net Income 

### $5 $43

Accounting 1Q2010 Adjustments** Economic Net Income * Reconciliation to GAAP reported earnings included in the appendix • Economic net income equals economic gross margin*** minus O&M expenses and taxes. • DTE Energy management

uses economic net income as one ofthe performance measures forexternal communications with analysts and investors. • Internally, DTE Energy

uses economic net income as one ofthe measures to review performance againstfinancial targets and budget.

** Consists ofthe income statementeffectofnot recognizing changes in thefair marketvalue ofcertain nonderivative contracts including physical inventory and capacity contractsfortransportation, transmission and storage. These contracts are not MTM, instead are recognized foraccounting purposes on an accrual basis.

- Economicgross margin is the change in netfairvalue ofrealized and unrealized purchase and sale contracts including certain non-derivative contract costs EnergyTrading Operating Earnings* ($millions, after-tax) 

### 1Q2011 1Q2010 Realized 

### $16 

### $25 Unrealized 

### 28 O&M/Other 

## !W il§l $2 

### $38



## 35

# Power 

# & Industrial Growth Opportunities: Waste-Wood Renewable Overview
Woodland Stoneman (In Start-Up)

• 25 MWwaste-wood • 40 MWcoal-to-waste-wood • 1 0 year contract • On-line Q4 2010 

### • 1Oyear contract 

### 2004 

### 2005 2006 2007 2008 2009 2010 2011 2012
Moblle Energy Services Mt. Paso (In Conversion)

• 60 MW coal/wood co-firing 

### • 44 MW coal-to-waste-wood 

### • 15year contract • On-line Q4 2011 • 50% ownership 

### • 15year contract • 50% Ownership (post conversion) Stockton (In Conversion)

• 45 MW coal-to-waste-wood • On-line Q1 2013 

### • 25yearcontract 

### 2013 2014 2015
New ProJect Development

• Multiple projects in early

stage development 

## 36

### DT• 

## •nergr 

# Michigan Public Service Commission (MPSC) 

# 7

• The Michigan Public Service Commission is composed ofthree members

appointed bythe Governorwith the advice and consent ofthe Senate. • Commissioners are appointed to serve staggered six-yearterms. • No morethan two Commissioners may represent the same political party. • One commissioner is designated as chairman bythe Governor.

Orjiakor lsiogu 

### Chairman Appointed: 9/9/07 Term Ends: 7/2113 (Democrat) Monica Martinez 

### Commissioner Appointed: 7/3/05 Term Ends: 7/2/11 (Democrat) Source: MPSCwebsite- www.michigan.gov/mpsc- Jen. 2010 

### Greg White 

### Commissioner Appointed: 12/4/09 Term Ends: 7/2/15 (Independent) 

## 37

## DTB

# •n•rar Reconciliation of2010 Reported to Operating Earnings 

# ,
Use ofOperating E.amings lnfonnation - DTE Energy management believes that operating earnings provide a more meaningful representation ofthe company's earnings from ongoing operations and uses operating earnings as the primary perfonnance measurementforexternal communications with analysts and investors. Internally. DTE Energy uses operating eamings to measure perfonnance against budget and to reporttothe Board ofDirectors. 2010
Repor1ed**Eaml~s** Performance Exaellence Process - Costto Achiew Deferral'" Settlementwith DetroitThennal**Operatl~ Eaml~s**  2010
Reported**Eami~s** Perfonnance Excellence Process - Costto Achiew Deferral'" Settlementwith DetroitThennal**Operati~ Eami~s**  DTE Enerav

$630

(20)

(3) $607

DTE Enerav

$3.74 (0.12) (0.02) $3.60 Electric Gas Util!!x**Utili~** $441 $127 (20) (3) $438 $107

Electric Gas

Util!!x Util!!x $2.62 $0.75 (0.12) (0.02) $2.60 $0.63 NetIncome ($millions) Gas Power& Storage& Unc. Gas lndusl Energy PiE!!lines Prod.**Pro~ts Tradi~**  $51 ($11) $85 $6

$51 ($11) $85 $6 $EPS Gas Power& Storage& Unc. Gas lndusl Energy PiE!!lines Prod. Projects**Tradi~** $0.30 ($0.06) $0.50 $0.04

$0.30 !$0.06l $0.50 $0.04 *Deferral ofpreviouslyexpensed 

### costto achieve as allowed for in June 3, 2010 MPSC order (case - U-15985) Corporate &Other ($69)

($69)

Corporate

&Other

($0.41)

($0.41) 

## 38

## DTB

# •n•rar Reconciliation of2009 Reported to Operating Earnings 

# ,
Use ofOperating Eamings Information - DTE Energy management believes that operating earnings provide a more meaningful representation ofthe company's earnings from ongoing operations and uses operating earnings as the primary perfonnanoe measurementforexternal communications with analysts and investors. Internally, DTE Energy uses operating eamings to measure performance against budget and to reportto the Board ofDirectors. FY2009 Nat Income ($ millions) Reported Earnings Gainon Sale - gathering and treating assets (before goodwill allocation) Goodwillallocation - ga1hering and treating assets Cl'lyslerBad Debt General Motors Bad Debt ArDimHedge Operating Earnings FY2009 Reported Earrings GainonSale- gathering and treating assets (before goodwillallocation) Goodwlll allocatlon-gatherlng and treating assets Chrysler Bad Debt General Motors Bad Debt Antrim Hedge Operating Earrings DTE Enerav

$532

(13) 13

5 3 3 $543

DTE Energy $3.24 (0.08) 0.08 0.03 0.02 0.01 $3.30 Electric Gas**Util~ Utili~**  $376 $80 (13)

13 4 $380 $80

Electric Gas**Utili~** Utility

$2.28 $0.49 (0.08) 0.08 0.02 $2.30 $0.49 Gas POINer& Storage and Unc. Gas lndust.

Pie!ines Prod. Projects $49 ($9) $31

1 3 $49 ($9) $35 $EPS Gas Power& Storage and Unc. Gas lndust**Pi~lines** Prod. Projects $0.30 ($0.05) $0.19

0.01 0.02 $0.30 iS0.05l $0.22 Energy Corporate Tradi!:!S &Other $75 ($70)

3 $75 ($67)
Energy Corporate**Tradi~** &Other

$0A6 ($0A3)

0.01 $0A6 i$0A2l 

### 39

## DTB

# •n•rar Reconciliation of2008 Reported to Operating Earnings 

# ,
Use ofOperating E.amings lnfonnation - DTE Energy management believes that operating earnings provide a more meaningful representation ofthe company's earnings from ongoing operations and uses operating earnings as the primary perfonnance measurementforexternal communications with analysts and investors. Internally. DTE Energy uses operating eamings to measure perfonnance against budget and to reporttothe Board ofDirectors. FY2008 Reported Earnings Perfonnance Excellence Process Core BarnettSale Antrim hedge Barnett Lease impainnent Crete Sale - TaxTrue up S)'l'lNel Discontirued Operations Operating Earnings

FY2008 Reported Earnings Perfonnance Excellence Process Core BarnettSale Anbimhedge Barnett Lease impainnent Crete Sale - TaxTrue up Synfuel Discontinued Operations Operating Earrings DTE Electric Ene utility

$546 $331 6 (81)

13

5 2 20 $471 $331



### DTE Ene

$3.34 0.05 (0.50) 0.08 0.03 0.01 0.12 Elecbic Utility $2.03 

### Gas Utility

$85 4

$89

Gas utility $0.52 0.03

$2.89 $2.03 $0.55 Net Income($ mllllons) Gas Storage and

Pipelines $38 Unc. Gas Prod. $84 (81)

5 Power& lndust. Projects $40 1 Energy Trading $42 1 Corporate & Other Synfuel ($94) $20

13

2 (20)**~~...,$3** .....**8~ ~~~$-8~** **~""""""""$4~1~ ~~...,$4**  ....**3~~~..,]!<..,.$7** ....**9~)** $0
Gas Storage and

Pipelines $023

$023 $EPS 

### Unc.Gas

Prod.

$0.52 (0.50) 0.03 $0.05 Power& hdusl Projects $0.25 0.01

$0.26 Energy Trading $0.26 0.01

$0.27 Corporate &Other

($0.59)

0.08 0.01 ($0.50) Synfuel $0.12

(0.12) $0.00 

## 40

## DTB

# •n•rar Reconciliation of2007 Reported to Operating Earnings 

# ,
Use ofOperating E.amings lnfonnation - DTE Energy management believes that operating earnings provide a more meaningful representation ofthe company's earnings from ongoing operations and uses operating earnings as the primary perfonnance measurementforexternal communications with analysts and investors. Internally. DTE Energy uses operating eamings to measure perfonnance against budget and to reporttothe Board ofDirectors. FY2007 NetIncome ($ millions) Reported Earnings Perfonnance Excellence Process (CTA) GCRDlsallowance DetroitThermal RegulatoryAssetSurcharge Antrim Sale Lease lmpalnnent Synfuel Discontinued Operations Crete Sale Operating Eamings FY2007 Reported Earnings Perfonnance Excellence Process (CTA) GCRDisallowance DetroitThennal RegulatoryAssetSurcharge Antrtm Sale Lease Impairment Synfuel Discontinued OperaUona Crete Sale Operating Earnings DTE Enerav

$971 7 6 17

8 (334)

17 (205) (51 $480
DTE Enerav

$5.70

0.04 0.03 0.10 0.04 (1.96) 0.10 (1.20) (0.031 $2.82 Electrlc Gas Utll!!k'.**Ullll~** $317 $70 6 6 17

8
$340 $82

Electric Gas

Util!!x**Util~** $1.86 $0A1 0.04 0.03 0.10 0.04
$2.00 $0.48 Gas Power& lklcov. Storage& lndust. Gas Pl(!!llnee Prolecta Prod. $34 $49 ($217) 1
211 17 {5} $34 $45 $11 $EPS Gas Power& Uncov. Storage& lnduat. Gas PiE!!linn Projeots Prod. $0.20 $0.29 ($1.27)

1.23 0.10 {0.03) $0.20 $0.26 $0.06 Energy Corporate Tradl!:!S &Other Svnfuel $32 $481 $205

21 (566) (205) $53 ($85) $0
Energy Corporate Tradi!!S &Other SYrlfuel

$0.19 $2.82 $1.20

0.12 (3.31) (1.20) $0.31 '$0.49l $0.00 

### 41

## DTB

# •n•rar Reconciliation of Other Reported to Operating Earnings 

# ,
Use ofOperating E.amings lnfonnation - DTE Energy management believes that operating earnings provide a more meaningful representation ofthe company's earnings from ongoing operations and uses operating earnings as the primary perfonnance measurementforexternal communications with analysts and investors. Internally. DTE Energy uses operating eamings to measure perfonnance against budget and to reporttothe Board ofDirectors. 

### In this presentation, DTE Energy provides guidance forfuture period operating earnings. It is likelythat certain items that impactthe company's future period reported results will be excluded from operating results. A reconciliation to the comparable future period reported earnings is not provided because it is not possible to provide a reliable forecast ofspecific line items. These items mayfluctuate significantlyfrom period to period and may have a significant impact on reported earnings.

Gas Storage 

## & Pipelines 

### There were no adjustments to reported earnings for Gas Storage & 

### Pipelines in 2006.



### 42