# EDGAR Filing Document

**Accession Number:** 0000811156
**File Stem:** 0001104659-26-010603
**Filing Date:** 2026-2
**Character Count:** 21948
**Document Hash:** 5bbc9e18a5d1e8c8ac91625c81a3f67f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-010603.hdr.sgml**: 20260205

**ACCESSION NUMBER**: 0001104659-26-010603

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 49

**CONFORMED PERIOD OF REPORT**: 20260205

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260205

**DATE AS OF CHANGE**: 20260205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CMS ENERGY CORP
- **CENTRAL INDEX KEY:** 0000811156
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 382726431
- **STATE OF INCORPORATION:** MI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-09513
- **FILM NUMBER:** 26600356

**BUSINESS ADDRESS:**
- **STREET 1:** ONE ENERGY PLAZA
- **CITY:** JACKSON
- **STATE:** MI
- **ZIP:** 49201
- **BUSINESS PHONE:** 5177880550

**MAIL ADDRESS:**
- **STREET 1:** ONE ENERGY PLAZA
- **CITY:** JACKSON
- **STATE:** MI
- **ZIP:** 49201
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CONSUMERS ENERGY CO
- **CENTRAL INDEX KEY:** 0000201533
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 380442310
- **STATE OF INCORPORATION:** MI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-05611
- **FILM NUMBER:** 26600357

**BUSINESS ADDRESS:**
- **STREET 1:** ONE ENERGY PLAZA
- **CITY:** JACKSON
- **STATE:** MI
- **ZIP:** 49201
- **BUSINESS PHONE:** 5177880550

**MAIL ADDRESS:**
- **STREET 1:** ONE ENERGY PLAZA
- **CITY:** JACKSON
- **STATE:** MI
- **ZIP:** 49201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CONSUMERS POWER CO
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF**

**THE SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported) February 5, 2026** 

---

| | | |
|:---|:---|:---|
| **Commission** | **Registrant; State of Incorporation;** | **IRS Employer** |
| **<u>File Number</u>** | **<u>Address; and Telephone Number</u>** | **<u>Identification No.</u>** |
| **1-9513** | **CMS ENERGY CORPORATION**<br> **(A Michigan Corporation)<br> One Energy Plaza<br> Jackson, Michigan 49201<br> (517) 788-0550** | **38-2726431** |
| **1-5611** | **CONSUMERS ENERGY COMPANY**<br> **(A Michigan Corporation)**<br> **One Energy Plaza**<br> **Jackson, Michigan 49201**<br> **(517) 788-0550** | **38-0442310** |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange <br> on which registered** |
| CMS Energy Corporation Common Stock, $0.01 par value | CMS | New York Stock Exchange |
| CMS Energy Corporation 5.625% Junior Subordinated Notes due 2078 | CMSA | New York Stock Exchange |
| CMS Energy Corporation 5.875% Junior Subordinated Notes due 2078 | CMSC | New York Stock Exchange |
| CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 | CMSD | New York Stock Exchange |
| CMS Energy Corporation, Depositary Shares, each representing a 1/1,000th interest in a share of 4.200% Cumulative Redeemable Perpetual Preferred Stock, Series C | CMS PRC | New York Stock Exchange |
| Consumers Energy Company Cumulative Preferred Stock, $100 par value: $4.50 Series | CMS-PB | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company: CMS Energy Corporation ◻&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumers Energy Company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. CMS Energy Corporation ◻ Consumers Energy Company ◻

**Item 2.02. Results of Operations and Financial Condition.**

On February 5, 2026, CMS Energy Corporation ("CMS Energy") issued a News Release, in which it announced its 2025 results. Attached as Exhibit 99.1 to this report and incorporated herein by reference is a copy of the CMS Energy News Release, furnished as a part of this report.

Exhibit 99.1 contains certain financial measures that are considered "non-GAAP financial measures" as defined in Securities and Exchange Commission rules. Other than forward-looking earnings guidance, Exhibit 99.1 contains a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, business optimization initiative, major enterprise resource planning software implementations, changes in accounting principles, voluntary separation program, changes in federal and state tax policy, regulatory items from prior years, unrealized gains or losses from mark-to-market adjustments, recognized in net income related to NorthStar Clean Energy's interest expense, or other items. Management views adjusted earnings as a key measure of CMS Energy's present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, CMS Energy uses adjusted earnings to measure and assess performance. Because CMS Energy is not able to estimate the impact of specific line items, which have the potential to significantly impact, favorably or unfavorably, reported earnings in future periods, Exhibit 99.1 does not contain reported earnings guidance nor a reconciliation for the comparable future period earnings. The adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for the reported earnings. All references to net income refer to net income available to common stockholders and references to earnings per share are on a diluted basis.

**Item 7.01. Regulation FD Disclosure.**

The information set forth in the CMS Energy News Release dated February 5, 2026, attached as Exhibit 99.1, is incorporated by reference in response to this Item 7.01.

CMS Energy will hold a webcast to discuss its 2025 results and provide a business and financial outlook on February 5 at 10:00 a.m. (ET). A copy of the CMS Energy presentation is furnished as Exhibit 99.2 to this report. A webcast of the presentation will be available on the CMS Energy website, www.cmsenergy.com.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.

Investors and others should note that CMS Energy routinely posts important information on its website and considers the Investor Relations section, www.cmsenergy.com/investor-relations, a channel of distribution.

**Item 9.01. Financial Statements and Exhibits.**

**(d) Exhibits.**

---

| | | |
|:---|:---|:---|
|  | **Exhibit Index** | **Exhibit Index** |
| [99.1](tm265106d1_ex99-1.htm) |  | [CMS Energy News Release dated February 5, 2026](tm265106d1_ex99-1.htm) |
| [99.2](tm265106d1_ex99-2.htm) |  | [CMS Energy presentation dated February 5, 2026](tm265106d1_ex99-2.htm) |
| 104 |  | Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document). |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  |  | **CMS ENERGY CORPORATION** |
| Dated: February 5, 2026 | By: | /s/ Rejji P. Hayes |
|  |  | Rejji P. Hayes |
|  |  | Executive Vice President and Chief Financial Officer |
|  |  | **CONSUMERS ENERGY COMPANY** |
| Dated: February 5, 2026 | By: | /s/ Rejji P. Hayes |
|  |  | Rejji P. Hayes |
|  |  | Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm265106d1_ex99-1.jpg)

**CMS Energy Exceeds Earnings Guidance in 2025, Raises 2026 Adjusted EPS Guidance**

JACKSON, Mich., Feb. 5, 2026 – CMS Energy announced today reported earnings per share of $3.53 for 2025, compared to $3.33 per share for 2024. The company's adjusted earnings per share for 2025 were $3.61, compared to $3.34 per share for 2024, exceeding the guidance range largely due to outperformance at NorthStar Clean Energy. CMS Energy also increased its annual dividend by 11 cents per share to $2.28 for 2026, the 20<sup>th</sup> increase in as many years.

CMS Energy raised its 2026 adjusted earnings guidance to $3.83 to $3.90 from $3.80 to $3.87 per share (\*See below for important information about non-GAAP measures) and reaffirmed long-term adjusted EPS growth of 6 to 8 percent, with continued confidence toward the high end.

"CMS Energy had a successful year delivering for all stakeholders in 2025. Our accomplishments include constructive regulatory outcomes, solid cost performance at the Utility and strong results at NorthStar," said Garrick Rochow, President and CEO of CMS Energy and Consumers Energy. "Our customers remain our top priority as the CMS Energy team works every day to improve reliability and affordability."

CMS Energy (NYSE: CMS) is a Michigan-based energy provider featuring Consumers Energy as its primary business. It also owns and operates independent power generation businesses.

\# \# \#

*CMS Energy will hold a webcast to discuss its 2025 year-end results and provide a business and financial outlook on Thursday, February 5, 2026 at 10:00 a.m. (EST). To participate in the webcast, go to CMS Energy's homepage (<u>cmsenergy.com</u>) and select "Events and Presentations."*

**Important information for investors about non-GAAP measures and other disclosures.**

This news release contains non-Generally Accepted Accounting Principles (non-GAAP) measures, such as adjusted earnings. All references to net income refer to net income available to common stockholders and references to earnings per share are on a diluted basis. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, business optimization initiative, changes in accounting principles, voluntary separation program, changes in federal tax policy, regulatory items from prior years, unrealized gains or losses from mark-to-market adjustments, or other items. Management views adjusted earnings as a key measure of the company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the company uses adjusted earnings to measure and assess performance. Because the company is not able to estimate the impact of specific line items, which have the potential to significantly impact, favorably or unfavorably, the company's reported earnings in future periods, the company is not providing reported earnings guidance nor is it providing a reconciliation for the comparable future period earnings. The company's adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for the reported earnings.

**This news release contains "forward-looking statements." The forward-looking statements are subject to risks and uncertainties that could cause CMS Energy's and Consumers Energy's results to differ materially. All forward-looking statements should be considered in the context of the risk and other factors detailed from time to time in CMS Energy's and Consumers Energy's Securities and Exchange Commission filings.**

Investors and others should note that CMS Energy routinely posts important information on its website and considers the Investor Relations section, <u>www.cmsenergy.com/investor-relations</u>, a channel of distribution.

***Media Contacts: Katie Carey, 517/740-1739***

***Investment Analyst Contact: Travis Uphaus,*** ***517/817-9241***

***Page 1 of 3***

***CMS ENERGY CORPORATION***

***Consolidated Statements of Income***

***(Unaudited)***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***In Millions, Except Per Share Amounts*** | ***In Millions, Except Per Share Amounts*** | ***In Millions, Except Per Share Amounts*** | ***In Millions, Except Per Share Amounts*** |
|  | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
| Operating revenue | $2233 | $1989 | $8539 | $7515 |
| Operating expenses | 1798 | 1564 | 6812 | 6028 |
| **Operating Income** | 435 | 425 | 1727 | 1487 |
| Other income | 61 | 61 | 310 | 344 |
| Interest charges | 201 | 180 | 789 | 708 |
| **Income Before Income Taxes** | 295 | 306 | 1248 | 1123 |
| Income tax expense | 53 | 51 | 246 | 176 |
| **Net Income** | 242 | 255 | 1002 | 947 |
| Loss attributable to noncontrolling interests | (47) | (10) | (69) | (56) |
| **Net Income Attributable to CMS Energy** | 289 | 265 | 1071 | 1003 |
| Preferred stock dividends | 3 | 3 | 10 | 10 |
| **Net Income Available to Common Stockholders** | $286 | $262 | $1061 | $993 |
| **Diluted Earnings Per Average Common Share** | $0.94 | $0.87 | $3.53 | $3.33 |

---

***Page 2 of 3***

***CMS ENERGY CORPORATION***

***Summarized Consolidated Balance Sheets***

***(Unaudited)***

---

| | | |
|:---|:---|:---|
|  | ***In Millions*** | ***In Millions*** |
|  | **As of** | **As of** |
|  | **12/31/25** | <br> **12/31/24** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $509 | $103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents | 106 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 2857 | 2612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 3472 | 2790 |
| &nbsp;&nbsp;&nbsp;Non-current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plant, property, and equipment | 30680 | 27461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | 5789 | 5669 |
| **Total Assets** | $39941 | $35920 |
| **Liabilities and Equity** |  |  |
| &nbsp;&nbsp;&nbsp;Current liabilities <sup>(1)</sup> | $2592 | $2261 |
| &nbsp;&nbsp;&nbsp;Non-current liabilities <sup>(1)</sup> | 8740 | 8345 |
| &nbsp;&nbsp;&nbsp;Capitalization |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt and finance leases (excluding securitization debt) <sup>(2)</sup> | 18313 | 15866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock and securities | 224 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | 567 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stockholders' equity | 8920 | 8006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capitalization (excluding securitization debt) | 28024 | 24614 |
| &nbsp;&nbsp;&nbsp;Securitization debt <sup>(2)</sup> | 585 | 700 |
| **Total Liabilities and Equity** | $39941 | $35920 |

---

<sup>(1)</sup> Excludes debt and finance leases.

<sup>(2)</sup> Includes current and non-current portions.

**CMS ENERGY CORPORATION**

**Summarized Consolidated Statements of Cash Flows**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | ***In Millions*** | ***In Millions*** |
|  | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **12/31/25** | **12/31/24** |
| **Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts** | $178 | $248 |
| &nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 2235 | 2370 |
| &nbsp;&nbsp;&nbsp;Net cash used in investing activities | (4038) | (3054) |
| &nbsp;&nbsp;&nbsp;Cash flows from operating and investing activities | (1803) | (684) |
| &nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 2240 | 614 |
| **Total Cash Flows** | $437 | $(70) |
| **End of Period Cash and Cash Equivalents, Including Restricted Amounts** | $615 | $178 |

---

***Page 3 of 3***

***CMS ENERGY CORPORATION***

***Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income***

***(Unaudited)***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***In Millions, Except Per Share Amounts*** | ***In Millions, Except Per Share Amounts*** | ***In Millions, Except Per Share Amounts*** | ***In Millions, Except Per Share Amounts*** |
|  | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
| **Net Income Available to Common Stockholders** | $286 | $262 | $1061 | $993 |
| Reconciling items: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Disposal of discontinued operations (gain) loss |  | \* |  | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax impact |  | (\*) |  | (\*) |
| &nbsp;&nbsp;&nbsp;Other exclusions from adjusted earnings\*\* | 5 | \* | 19 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax impact | (1) | (\*) | (5) | (1) |
| &nbsp;&nbsp;&nbsp;State tax policy change | (\*) |  | 12 |  |
| &nbsp;&nbsp;&nbsp;Voluntary separation program |  |  |  | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax impact | - | - | - | (\*) |
| Adjusted net income – non-GAAP | $290 | $262 | $1087 | $998 |
| **Average Common Shares Outstanding - Diluted** | 305.8 | 298.7 | 301.0 | 298.3 |
| **Diluted Earnings Per Average Common Share** |  |  |  |  |
| Reported net income per share | $0.94 | $0.87 | $3.53 | $3.33 |
| Reconciling items: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Disposal of discontinued operations (gain) loss |  | \* |  | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax impact |  | (\*) |  | (\*) |
| &nbsp;&nbsp;&nbsp;Other exclusions from adjusted earnings\*\* | 0.01 | \* | 0.05 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax impact | (\*) | (\*) | (0.01) | (\*) |
| &nbsp;&nbsp;&nbsp;State tax policy change | (\*) |  | 0.04 |  |
| &nbsp;&nbsp;&nbsp;Voluntary separation program |  |  |  | \* |
| Tax impact | - | - | - | (\*) |
| Adjusted net income per share – non-GAAP | $0.95 | $0.87 | $3.61 | $3.34 |

---

\* Less than $0.5 million or $0.01 per share.

\*\* Includes business optimization initiative, major enterprise resource planning software implementations, and unrealized gains or losses from mark-to-market adjustments, recognized in net income related to NorthStar Clean Energy's interest expense.

Management views adjusted (non-Generally Accepted Accounting Principles) earnings as a key measure of the Company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the Company uses adjusted earnings to measure and assess performance. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, business optimization initiative, major enterprise resource planning software implementations, changes in accounting principles, voluntary separation program, changes in federal and state tax policy, regulatory items from prior years, unrealized gains or losses from mark-to-market adjustments, recognized in net income related to NorthStar Clean Energy's interest expense, or other items. The adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for reported earnings.

## Exhibit 99.2

**Exhibit 99.2**

![](tm265106d1_ex99-2img001.jpg)

![](tm265106d1_ex99-2img002.jpg)

![](tm265106d1_ex99-2img003.jpg)

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