<SEC-DOCUMENT>0001104659-20-129293.txt : 20201125
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<ACCEPTANCE-DATETIME>20201125094437
ACCESSION NUMBER:		0001104659-20-129293
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		20
CONFORMED PERIOD OF REPORT:	20201125
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20201125
DATE AS OF CHANGE:		20201125

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CMS ENERGY CORP
		CENTRAL INDEX KEY:			0000811156
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC & OTHER SERVICES COMBINED [4931]
		IRS NUMBER:				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:		201347195

	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
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Washington, D.C. 20549</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 12pt"><b>CURRENT
REPORT</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 12pt"><b>PURSUANT
TO SECTION&#160;13 OR 15(d)&#160;OF</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 12pt"><b>THE SECURITIES
EXCHANGE ACT OF 1934</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form&#160;8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt"><span style="font-family: Wingdings"><span id="xdx_90E_edei--WrittenCommunications_c20201125__20201125_zFBjGCeVrFoc"><ix:nonNumeric contextRef="From2020-11-25to2020-11-25" format="ixt:booleanfalse" name="dei:WrittenCommunications">&#168;</ix:nonNumeric></span></span> Written communications pursuant
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt"><span style="font-family: Wingdings"><span id="xdx_909_edei--SolicitingMaterial_c20201125__20201125_zdCCJxs2jm42"><ix:nonNumeric contextRef="From2020-11-25to2020-11-25" format="ixt:booleanfalse" name="dei:SolicitingMaterial">&#168;</ix:nonNumeric></span></span> Soliciting material pursuant
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt"><span style="font-family: Wingdings"><span id="xdx_90C_edei--PreCommencementTenderOffer_c20201125__20201125_zaR3OWAXSz8d"><ix:nonNumeric contextRef="From2020-11-25to2020-11-25" format="ixt:booleanfalse" name="dei:PreCommencementTenderOffer">&#168;</ix:nonNumeric></span></span> Pre-commencement communications
pursuant to Rule&#160;14d-2(b)&#160;under the Exchange Act (17 CFR 240.14d-2(b))</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt"><span style="font-family: Wingdings"><span id="xdx_909_edei--PreCommencementIssuerTenderOffer_c20201125__20201125_zkuZIP64pv4g"><ix:nonNumeric contextRef="From2020-11-25to2020-11-25" format="ixt:booleanfalse" name="dei:PreCommencementIssuerTenderOffer">&#168;</ix:nonNumeric></span></span> Pre-commencement communications pursuant to Rule&#160;13e-4(c)&#160;under the Exchange
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section&#160;12(b)&#160;of
the Act:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table border="0" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.4in; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule&#160;405 of the Securities Act of 1933 (&#167;230.405
of this chapter) or Rule&#160;12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).&#160; Emerging growth
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<p style="font-size: 10pt; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.4in; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">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&#160;13(a)&#160;of the Exchange
Act.&#160;&#160;<span style="font-family: Wingdings">&#168;</span></span></p>

<p style="margin: 0pt 0; font-size: 10pt; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
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</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 8.01. Other Events.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">On
</span>November&#160;25, 2020, CMS Energy Corporation (&#34;CMS Energy&#34;) issued and sold $400,000,000 aggregate principal
amount of its 3.75% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2050 (the &#8220;Notes&#8221;), pursuant to a Registration
Statement on Form&#160;S-3 that CMS Energy filed with the Securities and Exchange Commission utilizing a &#8220;shelf&#8221; registration
process (No.&#160;333-236742) (the &#34;Registration Statement&#34;), a Preliminary Prospectus Supplement dated November&#160;19,
2020 to the Prospectus dated February&#160;28, 2020, an Issuer Free Writing Prospectus that included the final terms of the transaction,
a Final Prospectus Supplement dated November&#160;19, 2020 to the Prospectus dated February&#160;28, 2020 and an underwriting agreement
among CMS Energy and the underwriters named in that agreement with respect to the Notes. CMS Energy intends to use the net proceeds
for general corporate purposes, including working capital and repayment of indebtedness.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Current Report on Form&#160;8-K is being filed to file
certain documents in connection with the offering as exhibits to the Registration Statement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Item&#160;9.01.</b></span><b>
Financial Statements and Exhibits.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(d)&#160;Exhibits.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><a href="tm2034585d3_ex1-1.htm">1.1 Underwriting Agreement dated November&#160;19, 2020 among CMS Energy and Barclays Capital Inc., J.P. Morgan Securities LLC, Truist Securities,&#160;Inc. and Wells Fargo Securities, LLC, as representatives of the underwriters named therein.</a></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><a href="tm2034585d3_ex4-1.htm">4.1 Tenth Supplemental Indenture dated as of November&#160;25, 2020 between CMS Energy and The Bank of New York Mellon, as Trustee.</a></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><a href="tm2034585d3_ex4-1.htm">4.2 Form&#160;of 3.75% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2050 (included in Exhibit&#160;4.1).</a></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><a href="tm2034585d3_ex5-1.htm">5.1 Opinion of Melissa M. Gleespen,&#160;Esq., Vice President, Corporate Secretary and Chief Compliance Officer of CMS Energy, dated November&#160;25, 2020, regarding the legality of the Notes.</a></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><a href="tm2034585d3_ex8-1.htm">8.1 Opinion and Consent of Sidley Austin LLP regarding tax matters.</a></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><a href="tm2034585d3_ex5-1.htm">23.1 Consent of Melissa M. Gleespen,&#160;Esq. (included in Exhibit&#160;5.1).</a></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><a href="tm2034585d3_ex8-1.htm">23.2 Consent of Sidley Austin LLP (included in Exhibit&#160;8.1).</a></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><a href="tm2034585d3_ex99-1.htm">99.1 Information relating to Item 14 of the Registration Statement on Form&#160;S-3 (No.&#160;333-236742).</a></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">104
</span>Cover Page&#160;Interactive Data File (the cover page&#160;XBRL tags are embedded in the Inline XBRL document).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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    <td style="width: 3%">&#160;</td>
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<tr style="vertical-align: top">
    <td><span style="font: 10pt Times New Roman, Times, Serif">Dated:&#160;&#160;November&#160;25, 2020</span></td>
    <td><span style="font: 10pt Times New Roman, Times, Serif">By:</span></td>
    <td style="border-bottom: Black 1pt solid"><span style="font: 10pt Times New Roman, Times, Serif">/s/ Rejji P. Hayes</span></td></tr>
<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<P STYLE="margin: 0; text-align: right"><B>Exhibit 1.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$400,000,000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CMS ENERGY CORPORATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">3.75% Fixed-to-Fixed Reset Rate Junior Subordinated
Notes due 2050</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Underwriting Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">November&nbsp;19, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; margin: 0pt 0 0pt 0.125in">To the Representatives named in <U>Schedule I</U> hereto<BR>
of the Underwriters named in <U>Schedule II</U> hereto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">CMS Energy Corporation,
a Michigan corporation (the &ldquo;<U>Company</U>&rdquo;), proposes to issue and sell to the several Underwriters (as defined in
Section&nbsp;12 hereof) an aggregate of $400,000,000 in principal amount of its 3.75% Fixed-to-Fixed Reset Rate Junior Subordinated
Notes due 2050 (the &ldquo;<U>Securities</U>&rdquo;), subject to the terms and conditions set forth herein. The Underwriters have
designated the Representatives (as defined in Section&nbsp;12 hereof) to execute this Agreement on their behalf and to act for
them in the manner provided in this Agreement. The Securities are to be issued pursuant to the provisions of the Indenture dated
as of June&nbsp;1, 1997 between the Company and The Bank of New York Mellon (formerly known as The Bank of New York), as trustee
(the &ldquo;<U>Trustee</U>&rdquo;), as supplemented and amended by various supplemental indentures and as to be supplemented by
the Tenth Supplemental Indenture, to be dated as of November&nbsp;25, 2020 (the &ldquo;<U>Supplemental Indenture</U>&rdquo;), establishing
the terms of the Securities (as so supplemented, the &ldquo;<U>Indenture</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has prepared
and filed with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;), in accordance with the provisions
of the Securities Act of 1933, as amended (the &ldquo;<U>Act</U>&rdquo;), a registration statement on Form&nbsp;S-3 (Registration
No.&nbsp;333-236742), including a prospectus relating to the Securities, and such registration statement has become effective under
the Act. The registration statement, at the time it became effective or, if any post-effective amendment thereto has been filed
with the Commission, at the time the most recent post-effective amendment thereto became effective, and as it may have been thereafter
amended to the date of this Agreement (including the documents then incorporated by reference therein), is herein referred to as
the &ldquo;<U>Registration Statement</U>&rdquo;. The Registration Statement at the time it originally became effective is referred
to hereinafter as the &ldquo;<U>Original Registration Statement</U>&rdquo;. If the Company has filed, or will file, an abbreviated
registration statement to register additional Securities pursuant to Rule&nbsp;462(b)&nbsp;under the Act (the &ldquo;<U>Rule&nbsp;462(b)&nbsp;Registration
Statement</U>&rdquo;), then any reference herein to the term &ldquo;<U>Registration Statement</U>&rdquo; shall be deemed to include
such Rule&nbsp;462(b)&nbsp;Registration Statement. The prospectus forming a part of the Registration Statement at the time the
Registration Statement became effective (including the documents then incorporated by reference therein) is herein referred to
as the &ldquo;<U>Basic Prospectus</U>&rdquo;; <U>provided</U>, that, in the event that the Basic Prospectus shall have been amended
or revised prior to the execution of this Agreement, or if the Company shall have supplemented the Basic Prospectus by filing any
documents pursuant to Section&nbsp;13, 14 or 15 of the Securities Exchange Act of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;),
after the time the Registration Statement became effective and prior to the execution of this Agreement, which documents are deemed
to be incorporated in the Basic Prospectus, the term &ldquo;<U>Basic Prospectus</U>&rdquo; shall also mean such prospectus as so
amended, revised or supplemented. The Basic Prospectus, as amended and supplemented immediately prior to the time when sales of
the Securities were first made or such other time as agreed by the Company and the Representatives (the &ldquo;<U>Time of Sale</U>&rdquo;),
is hereinafter referred to, together with any issuer free writing prospectus (as defined in Rule&nbsp;433 under the Act) relating
to the Securities (each, an &ldquo;<U>Issuer Free Writing Prospectus</U>&rdquo;) and other documents listed in <U>Schedule III</U>
hereto under the heading &ldquo;Information Constituting Part&nbsp;of the Time of Sale Prospectus&rdquo;, as the &ldquo;<U>Time
of Sale Prospectus</U>&rdquo;. The Basic Prospectus, as amended and supplemented immediately prior to the Time of Sale, is hereinafter
referred to as the &ldquo;<U>Preliminary Prospectus</U>&rdquo;. The Basic Prospectus, as it shall be revised or supplemented to
reflect the final terms of the offering and sale of the Securities by a prospectus supplement relating to the Securities, and in
the form to be filed with the Commission pursuant to Rule&nbsp;424 under the Act, is hereinafter referred to as the &ldquo;<U>Prospectus</U>&rdquo;.
Any reference herein to the terms &ldquo;amend&rdquo;, &ldquo;amendment&rdquo; or &ldquo;supplement&rdquo; with respect to the
Registration Statement, the Preliminary Prospectus, the Time of Sale Prospectus or the Prospectus shall be deemed to include amendments
or supplements to the Registration Statement, the Preliminary Prospectus, the Time of Sale Prospectus or the Prospectus, as the
case may be, including any post-effective amendment to the Registration Statement and any prospectus supplement forming a part
of the Prospectus relating to the Securities filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;under the Act, and documents
incorporated by reference therein or deemed to be a part of and included therein, after the date of this Agreement and prior to
the termination of the offering of the Securities by the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">1.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Purchase
and Sale</U>. Upon the basis of the representations, warranties and covenants and subject to the terms and conditions herein set
forth, the Company agrees to issue and sell to the respective Underwriters, severally and not jointly, and the respective Underwriters,
severally and not jointly, agree to purchase from the Company, at the purchase price specified in <U>Schedule II</U> hereto (the
 &ldquo;<U>Purchase Price</U>&rdquo;), the respective principal amounts of Securities set opposite their names in <U>Schedule II</U>
hereto. The Underwriters will offer the Securities to purchasers initially at a price equal to 100% of the principal amount thereof.
Such price may be changed at any time without notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">2.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Payment
and Delivery</U>. The Company shall deliver, or cause to be delivered, to the Representatives for the accounts of the several Underwriters,
through the facilities of The Depository Trust Company (&ldquo;<U>DTC</U>&rdquo;), certificates for the Securities at the Time
of Purchase (as defined below), against the irrevocable release of a wire transfer of immediately available funds to the order
of the Company for the amount of the Purchase Price therefor, with any transfer taxes payable in connection with such delivery
of Securities duly paid by the Company. The certificates for the Securities shall be definitive global certificates in book-entry
form for clearance through DTC. Delivery of certificates for the Securities shall be made at the offices of Pillsbury Winthrop
Shaw Pittman LLP (&ldquo;<U>Pillsbury</U>&rdquo;), 31 West 52nd Street, New York, New York 10019-6131 (or such other place or places
of delivery as shall be agreed upon by the Company and the Representatives) at 10:00 a.m., New York City time, on November&nbsp;25,
2020 (or such other time and date as the Company and the Representatives shall agree), unless postponed in accordance with the
provisions of Section&nbsp;8 hereof. The day and time at which payment and delivery for the Securities are to be made is herein
called the &ldquo;<U>Time of Purchase</U>&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">3.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Conditions
of Underwriters&rsquo; Obligations</U>. The several obligations of the Underwriters hereunder are subject to the accuracy of the
representations and warranties and other statements of the Company made herein at the Time of Sale and at and as of the Time of
Purchase on the part of the Company, to the performance by the Company of all of its obligations hereunder theretofore to be performed
and to the following other conditions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">That
all legal proceedings to be taken in connection with the issue and sale of the Securities shall be reasonably satisfactory in form
and substance to Pillsbury, counsel to the Underwriters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">That,
at the Time of Purchase, the Underwriters shall be furnished with the following opinions and letter, as the case may be, dated
the day of the Time of Purchase:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.75in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">opinion
of Melissa M. Gleespen,&nbsp;Esq., Vice President, Corporate Secretary and Chief Compliance Officer of the Company, substantially
to the effect set forth in <U>Exhibit&nbsp;A</U> attached hereto;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.75in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">(A)&nbsp;letter
of Sidley Austin LLP, special counsel to the Company, substantially to the effect set forth in <U>Exhibit&nbsp;B-1</U> attached
hereto, and (B)&nbsp;opinion of Sidley Austin LLP, special counsel to the Company, substantially to the effect set forth in <U>Exhibit&nbsp;B-2</U>
attached hereto; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.75in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">opinion
of Pillsbury, counsel to the Underwriters, as to such matters relating to the Securities and the transactions contemplated hereby
as the Underwriters may reasonably request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">That,
on the date hereof and on the date of the Time of Purchase, the Representatives shall have received a letter from PricewaterhouseCoopers
LLP in form and substance satisfactory to the Underwriters, dated such date, (i)&nbsp;confirming that they are an independent registered
public accounting firm with respect to the Company within the meaning of the Act, the applicable published rules&nbsp;and regulations
of the Commission thereunder and the applicable published rules&nbsp;and regulations of the Public Company Accounting Oversight
Board, (ii)&nbsp;stating that in their opinion the financial statements examined by them and incorporated by reference in the Preliminary
Prospectus and the Prospectus complied as to form in all material respects with the applicable accounting requirements of the Commission,
including the applicable published rules&nbsp;and regulations of the Commission, and (iii)&nbsp;covering, as of a date not more
than five days prior to the date of each such letter, such other matters as the Underwriters reasonably request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">That,
subsequent to the Time of Sale or, if earlier, the dates as of which information is given in the Time of Sale Prospectus (exclusive
of any amendment or supplement thereto), there shall not have been (i)&nbsp;any change specified in the letter or letters referred
to in Section&nbsp;3(c)&nbsp;hereof or (ii)&nbsp;any change, or any development involving a prospective change, in or affecting
the condition (financial or otherwise), prospects, earnings, business or properties of the Company and its subsidiaries taken as
a whole, except as referred to in or contemplated in the Time of Sale Prospectus (exclusive of any such amendment or supplement
thereto), the effect of which, in any case referred to in clause (i)&nbsp;or (ii)&nbsp;above, is, in the judgment of the Representatives,
so material and adverse as to make it impractical or inadvisable to proceed with the offering or delivery of the Securities as
contemplated in the Time of Sale Prospectus (exclusive of any such amendment or supplement thereto).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">That
no stop order suspending the effectiveness of the Registration Statement or any part thereof shall have been issued and no proceeding
for that purpose shall have been initiated or threatened by the Commission, and the Company shall not have received from the Commission
any notice pursuant to Rule&nbsp;401(g)(2)&nbsp;under the Act objecting to the use of the automatic shelf registration statement
form.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">That,
at the Time of Purchase, the Company shall have delivered to the Representatives a certificate of an executive officer of the Company
to the effect that, to the best of his or her knowledge, information and belief, (i)&nbsp;there shall have been no material adverse
change in the condition (financial or otherwise), prospects, earnings, business or properties of the Company and its subsidiaries
taken as a whole from that set forth in the Time of Sale Prospectus (other than changes referred to in or contemplated by the Time
of Sale Prospectus), (ii)&nbsp;the representations and warranties of the Company in this Agreement are true and correct on and
as of the Time of Purchase with the same effect as if made at the Time of Purchase, and the Company has complied with all the agreements
and satisfied all the conditions on its part to be performed or satisfied hereunder at or prior to the Time of Purchase, and (iii)&nbsp;a
Tax Event (as defined in the Prospectus) shall not have occurred and be continuing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">That
the Company shall have furnished the Representatives signed counterparts of the Supplemental Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">That
the Company shall have performed such of its obligations under this Agreement as are to be performed at or before the Time of Purchase
by the terms hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">That
the Company shall have complied with the provisions of Section&nbsp;4(e)&nbsp;hereof with respect to the furnishing of the Time
of Sale Prospectus and the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">That,
at the Time of Purchase, the Company shall have delivered to the Representatives a letter, dated on or prior to the Time of Purchase,
from each of Standard&nbsp;&amp; Poor&rsquo;s Ratings Services (&ldquo;<U>S&amp;P</U>&rdquo;), Moody&rsquo;s Investors Service,&nbsp;Inc.
(&ldquo;<U>Moody&rsquo;s</U>&rdquo;) and Fitch,&nbsp;Inc. (&ldquo;<U>Fitch</U>&rdquo;), or other evidence reasonably satisfactory
to the Representatives, confirming that the Securities have been assigned the ratings set forth in the Final Term Sheet (as defined
in Section&nbsp;4(v)&nbsp;hereof); and, between the date hereof and the Time of Purchase, there shall have been no downgrading
or withdrawal of any investment ratings of the Securities, securities of Consumers Energy Company or other securities of the Company
by any nationally recognized statistical rating organization (as such term is defined in Section&nbsp;3(a)(62) of the Exchange
Act), and no such rating organization shall have publicly announced that it has under surveillance or review, with possible negative
implications, any such rating.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(k)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">That
any filing of the Preliminary Prospectus and the Prospectus and any supplements thereto required pursuant to Rule&nbsp;424 under
the Act shall have been made in compliance with and in the time periods provided by Rule&nbsp;424 under the Act and that the Final
Term Sheet and any other material required to be filed by the Company pursuant to Rule&nbsp;433(d)&nbsp;under the Act shall have
been filed with the Commission within the applicable time period prescribed for such filing by Rule&nbsp;164 and Rule&nbsp;433
under the Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(l)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">That,
at the Time of Purchase, the Securities shall be eligible for clearance and settlement through DTC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(m)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">That
the Company shall have paid the applicable filing fees to the Commission relating to the Securities within the time required by
Rule&nbsp;456(b)(1)&nbsp;under the Act (without regard to the proviso thereof).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(n)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">That
any additional documents or agreements reasonably requested by the Underwriters or their counsel to permit the Underwriters to
perform their obligations or permit their counsel to deliver opinions hereunder shall have been provided to them.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">4.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Certain
Covenants of the Company</U>. In further consideration of the agreements of the Underwriters herein contained, the Company covenants
as follows.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">To
promptly transmit copies of the Preliminary Prospectus and the Prospectus, and any amendments or supplements thereto, to the Commission
for filing pursuant to Rule&nbsp;424 under the Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">During
the period when a prospectus relating to any of the Securities (or, in lieu thereof, the notice referred to in Rule&nbsp;173(a)&nbsp;under
the Act) is required to be delivered under the Act by any Underwriter or any dealer, to file promptly all documents required to
be filed with the Commission pursuant to Section&nbsp;13(a), 13(c), 14 or 15(d)&nbsp;of the Exchange Act; to promptly file all
material required to be filed by the Company with the Commission pursuant to Rule&nbsp;433(d)&nbsp;under the Act; and to promptly
notify the Underwriters of any written notice given to the Company by any of the rating organizations referred to in Section&nbsp;3(j)&nbsp;hereof
of any intended downgrade in or withdrawal of any rating of any securities of the Company or Consumers Energy Company or of any
other intended change in any such rating that does not indicate the direction of the possible change of such rating.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">To
deliver to each of the Representatives, upon request, a conformed copy of the Registration Statement and any amendments thereto
(including all exhibits thereto) and full and complete sets of all comments, if any, of the Commission or its staff and all responses
thereto with respect to the Registration Statement and any amendments thereto and to furnish to the Representatives, for each of
the Underwriters, conformed copies of the Registration Statement and any amendments thereto without exhibits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">As
soon as the Company is advised thereof, to advise the Representatives and confirm the advice in writing of: (i)&nbsp;the effectiveness
of any amendment to the Registration Statement (and the Company agrees to use its best efforts to cause any post-effective amendments
to the Registration Statement to become effective as promptly as possible); (ii)&nbsp;any request made by the Commission for amendments
to the Registration Statement, Time of Sale Prospectus or Prospectus or for additional information with respect thereto; (iii)&nbsp;the
suspension of qualification or suspension of exemption from qualification of the Securities for offering or sale under blue sky
or state securities laws or the initiation or threat or any proceedings for that purpose; and (iv)&nbsp;the entry of a stop order
suspending the effectiveness of the Registration Statement or the initiation or threat of any proceedings for that purpose (and
the Company agrees to use every reasonable effort to prevent the issuance of any such suspension or stop order and, if such a suspension
or stop order should be entered, to use every reasonable effort to obtain the lifting or removal thereof at the earliest possible
time).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">To
deliver to the Underwriters, without charge, as soon as practicable, and from time to time during such period of time after the
date of the Preliminary Prospectus or the Prospectus, as the case may be, as they are required by law to deliver a prospectus (or,
in lieu thereof, the notice referred to in Rule&nbsp;173(a)&nbsp;under the Act), as many copies of the Preliminary Prospectus,
the Prospectus or any other Issuer Free Writing Prospectus, as the case may be (as supplemented or amended if the Company shall
have made any supplements or amendments thereto), as the Representatives may reasonably request; and, in case any Underwriter is
required to deliver a prospectus (or, in lieu thereof, the notice referred to in Rule&nbsp;173(a)&nbsp;under the Act) after the
expiration of nine months after the date of the Preliminary Prospectus or the Prospectus, as the case may be, to furnish to the
Representatives, upon request, at the expense of such Underwriter, a reasonable quantity of a supplemental prospectus or of supplements
to the Preliminary Prospectus or the Prospectus, as the case may be, complying with Section&nbsp;10(a)(3)&nbsp;of the Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">For
such period of time as the Underwriters are required by law or customary practice to deliver a prospectus in respect of the Securities
(or, in lieu thereof, the notice referred to in Rule&nbsp;173(a)&nbsp;under the Act), if any event shall have occurred as a result
of which it is necessary to amend or supplement the Time of Sale Prospectus or the Prospectus in order to make the statements therein,
in the light of the circumstances when the Time of Sale Prospectus or the Prospectus (or, in lieu thereof, the notice referred
to in Rule&nbsp;173(a)&nbsp;under the Act), as the case may be, is delivered to a purchaser, not misleading, or if it becomes necessary
to amend or supplement the Registration Statement or amend the Time of Sale Prospectus or the Prospectus to comply with law, including
in connection with the use or delivery of the Prospectus, to forthwith prepare and file with the Commission (subject to Section&nbsp;4(m)&nbsp;hereof)
an appropriate amendment or supplement to the Registration Statement, the Time of Sale Prospectus or the Prospectus, as the case
may be, and deliver to the Underwriters, without charge, such number of copies thereof as may be reasonably requested, and use
its best efforts to have any necessary amendment to the Registration Statement declared effective as soon as practicable to avoid
any disruption in use of the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">During
the period when a prospectus relating to any of the Securities (or, in lieu thereof, the notice referred to in Rule&nbsp;173(a)&nbsp;under
the Act) is required to be delivered under the Act by any Underwriter or any dealer, to comply, at the Company&rsquo;s own expense,
with all requirements imposed on the Company by the Act, as now and hereafter amended, and by the rules&nbsp;and regulations of
the Commission thereunder, as from time to time in force, so far as necessary to permit the continuance of sales of or dealing
in the Securities during such period in accordance with the provisions hereof and as contemplated by the Time of Sale Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
required by Rule&nbsp;430B(h)&nbsp;under the Act, to prepare a form of prospectus in a form approved by the Representatives and
to file such form of prospectus pursuant to Rule&nbsp;424(b)&nbsp;under the Act not later than may be required by Rule&nbsp;424(b)&nbsp;under
the Act and to make no further amendment or supplement to such form of prospectus that shall be reasonably objected to by the Representatives
promptly after reasonable notice thereof, unless the Company is advised by counsel that such amendment or supplement is required
by law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">To
make generally available to the Company&rsquo;s security holders, as soon as practicable, an &ldquo;earning statement&rdquo; (which
need not be audited by independent public accountants) covering a 12-month period commencing after the effective date of the Registration
Statement and ending not later than 15 months thereafter, that shall comply in all material respects with and satisfy the provisions
of Section&nbsp;11(a)&nbsp;of the Act and Rule&nbsp;158 under the Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">To
use its best efforts to qualify the Securities for offer and sale under the securities or blue sky laws of such jurisdictions as
the Representatives may designate and to pay (or cause to be paid), or reimburse (or cause to be reimbursed) the Underwriters and
their counsel for, reasonable filing fees and expenses in connection therewith (including the reasonable fees and disbursements
of counsel to the Underwriters and filing fees and expenses paid and incurred prior to the date hereof); <U>provided</U>, <U>however</U>,
that the Company shall not be required to qualify to do business as a foreign corporation or as a securities dealer, file a general
consent to service of process, file annual reports or comply with any other requirements deemed by the Company to be unduly burdensome.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(k)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">To
pay all expenses, fees and taxes (other than transfer taxes on sales by the respective Underwriters) in connection with the issuance
and delivery of the Securities, including, without limitation, (i)&nbsp;the fees and expenses of the Company&rsquo;s counsel and
independent accountants, (ii)&nbsp;the cost of preparing any certificates representing the Securities, (iii)&nbsp;the costs and
charges of any transfer agent and any registrar, (iv)&nbsp;the cost of printing and delivery (electronic or otherwise) to the Underwriters
of copies of any Permitted Free Writing Prospectus (as defined in Section&nbsp;6(a)&nbsp;hereof), (v)&nbsp;all expenses incurred
by the Company in connection with any &ldquo;road show&rdquo; presentation to potential investors and (vi)&nbsp;any costs and expenses
associated with the reforming of any contracts for any sale of the Securities made by any Underwriter caused by a breach of the
representations and warranties contained in the third or fourth sentence of Section&nbsp;5(a)&nbsp;hereof, except that the Company
shall be required to pay the fees and disbursements (other than fees and disbursements referred to in Section&nbsp;4(j)&nbsp;hereof)
of Pillsbury, counsel to the Underwriters, only in the events provided in Section&nbsp;4(l)&nbsp;hereof, the Underwriters hereby
agreeing to pay such fees and disbursements in any other event, and that, except as provided in Section&nbsp;4(l)&nbsp;hereof,
the Company shall not be responsible for any out-of-pocket expenses of the Underwriters in connection with their services hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(l)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
the Underwriters shall not take up and pay for the Securities (i)&nbsp;due to the failure of the Company to comply with any of
the conditions specified in Section&nbsp;3 hereof, to pay the reasonable fees and disbursements of Pillsbury, counsel to the Underwriters,
and to reimburse the Underwriters for their other reasonable out-of-pocket expenses not to exceed a total of $10,000, incurred
in connection with the financing contemplated by this Agreement, such amounts including all amounts incurred in connection with
any roadshow, provided that such amounts are documented in writing to the Company, or (ii)&nbsp;due to termination in accordance
with the provisions of Section&nbsp;9 hereof prior to the Time of Purchase, to pay the reasonable fees and disbursements of Pillsbury,
counsel to the Underwriters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(m)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Prior
to the termination of the offering of the Securities, to not amend or supplement the Registration Statement, Time of Sale Prospectus
or Prospectus (including the Basic Prospectus) unless the Company has furnished the Representatives and counsel to the Underwriters
with a copy for their review and comment a reasonable time prior to filing and has reasonably considered any comments of the Representatives,
and, unless the Company is advised by counsel that such amendment or supplement is required by law, not to make any such amendment
or supplement to which such counsel shall reasonably object on legal grounds in writing after consultation with the Representatives.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(n)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">To
furnish the Representatives, upon request, with copies of all documents filed with the Commission pursuant to Section&nbsp;13,
14 or 15(d)&nbsp;of the Exchange Act subsequent to the time the Registration Statement becomes effective and prior to the termination
of the offering of the Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(o)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">So
long as may be required by law for distribution of the Securities by the Underwriters or by any dealers that participate in the
distribution thereof, to comply with all requirements under the Exchange Act relating to the timely filing with the Commission
of its reports pursuant to Section&nbsp;13 or 15(d)&nbsp;of the Exchange Act and of its proxy statements pursuant to Section&nbsp;14
of the Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(p)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Without
the prior written consent of the Representatives, not to offer, sell, contract to sell, grant any option for the sale of or otherwise
dispose of any Securities, any security convertible into, exchangeable into or exercisable for the Securities or any debt securities
substantially similar to the Securities (except for the Securities) for a period from the date hereof and continuing for and including
a period of 30 days; <U>provided</U>, <U>however</U>, that this covenant shall not apply to issuances of (i)&nbsp;commercial paper
or other debt securities with scheduled maturities of less than one year or (ii)&nbsp;any Senior Indebtedness (as defined in the
Time of Sale Prospectus).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(q)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">To
not take, directly or indirectly, any action designed to, or that has constituted or that might reasonably be expected to, cause
or result in, under the Exchange Act or otherwise, stabilization or manipulation of the price of any security of the Company to
facilitate the sale or resale of the Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(r)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">To
cause the proceeds of the issuance and sale of the Securities to be applied for the purposes described in the Time of Sale Prospectus
and the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(s)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">To
obtain the approval of DTC for &ldquo;book-entry&rdquo; transfer of the Securities, and to comply in all material respects with
all of its agreements set forth in the representation letter or letters of the Company to DTC relating to the approval of the Securities
by DTC for &ldquo;book-entry&rdquo; transfer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(t)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">To
not voluntarily claim, and actively resist any attempts to claim, the benefit of any usury laws against the holders of any Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(u)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">To
take all reasonable action necessary to enable S&amp;P, Moody&rsquo;s and Fitch to provide their respective credit ratings of the
Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(v)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">That
any Underwriter may distribute to investors a free writing prospectus (as defined in Rule&nbsp;405 under the Act) that contains
the final terms of the Securities in the form set forth in <U>Annex A</U> to <U>Schedule III</U> hereto (the &ldquo;<U>Final Term
Sheet</U>&rdquo;), and to file such free writing prospectus in accordance with Rule&nbsp;433(d)&nbsp;under the Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(w)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
the third anniversary of the initial effective date of the Registration Statement occurs before all of the Securities have been
sold by the Underwriters, prior to such third anniversary, to file a new shelf registration statement and to take any other action
necessary to permit the public offering of the Securities to continue without interruption; references in this Section&nbsp;4(w)&nbsp;to
the Registration Statement shall include such new registration statement declared effective by the Commission or otherwise deemed
to have become effective upon filing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(x)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If,
at any time when Securities remain unsold by the Underwriters, the Company receives from the Commission a notice pursuant to Rule&nbsp;401(g)(2)&nbsp;under
the Act or otherwise ceases to be eligible to use the automatic shelf registration statement form, to (i)&nbsp;promptly notify
the Representatives thereof, (ii)&nbsp;promptly file a new registration statement or post-effective amendment on the proper form
relating to the Securities, in a form reasonably satisfactory to the Representatives, (iii)&nbsp;use its reasonable best efforts
to cause such registration statement or post-effective amendment to be declared effective and (iv)&nbsp;promptly notify the Representatives
of such effectiveness.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">5.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Representations
and Warranties of the Company</U>. The Company represents and warrants to, and agrees with, each of the Underwriters as of the
Time of Sale and the Time of Purchase as follows.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company meets the requirements for the use of Form&nbsp;S-3 under the Act; the Registration Statement has been declared effective
by the Commission under the Act, meets the requirements set forth in paragraph (a)(1)(ix)&nbsp;or (a)(1)(x)&nbsp;of Rule&nbsp;415
under the Act and complies in all other respects with Rule&nbsp;415 under the Act; a true and correct copy of the Registration
Statement as amended to the date hereof has been made available to each of the Representatives and to the Representatives for each
of the other Underwriters; any filing of the Preliminary Prospectus pursuant to Rule&nbsp;424 under the Act has been made, and
any filing of the Prospectus and any supplements thereto required pursuant to Rule&nbsp;424 under the Act will be made in the manner
and within the time period required by Rule&nbsp;424 under the Act; no stop order suspending the effectiveness of the Registration
Statement or any part thereof has been issued under the Act and no proceedings for such purposes have been instituted or, to the
knowledge of the Company, threatened or are pending before the Commission, and any request on the part of the Commission for additional
information has been complied with by the Company; and no order preventing or suspending the use of any Issuer Free Writing Prospectus
has been issued by the Commission. (1)&nbsp;At the respective times that the Registration Statement and each amendment thereto
became effective and at the Time of Sale (which the Representatives have informed the Company is a time that is the earlier of
(x)&nbsp;the date on which the Prospectus was first used and (y)&nbsp;the date and time of the first contract of sale of the Securities)
(the &ldquo;<U>Applicable Effective Time</U>&rdquo;), the Registration Statement and the Basic Prospectus complied, (2)&nbsp;at
the Time of Sale the Time of Sale Prospectus complied, and (3)&nbsp;on its issue date the Prospectus will comply, in each case
in all material respects with the applicable provisions of the Act and the related rules&nbsp;and regulations of the Commission.
(A)&nbsp;At the respective times that the Registration Statement and each amendment thereto became effective and at the Applicable
Effective Time, the Registration Statement did not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein not misleading, (B)&nbsp;the Basic Prospectus, as
of its issue date, did not include any untrue statement of a material fact or omit to state a material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading, (C)&nbsp;the Time
of Sale Prospectus, as of the Time of Sale, does not include any untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading,
and (D)&nbsp;the Prospectus, on its issue date and, as amended or supplemented, if applicable, as of the Time of Purchase, will
not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading, except in each case that the Company makes
no representation or warranty to any Underwriter with respect to any statements or omissions made therein in reliance upon and
in conformity with information furnished in writing to the Company through the Representatives on behalf of any Underwriter expressly
for use therein (as set forth in Section&nbsp;7(b)&nbsp;hereof). Each document listed in <U>Schedule III</U> hereto, as of its
issue date and at all subsequent times through the completion of the public offer and sale of the Securities or until any earlier
date that the Company notified or notifies the Representatives, did not, does not and will not include any information that conflicted,
conflicts or will conflict with the information contained in the Registration Statement, the Time of Sale Prospectus or the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
documents incorporated by reference in the Registration Statement, the Basic Prospectus, the Time of Sale Prospectus and the Prospectus,
when they were filed with the Commission (or, if an amendment with respect to any such document was filed, when such amendment
was filed with the Commission), conformed in all material respects to the requirements of the Exchange Act and the rules&nbsp;and
regulations of the Commission promulgated thereunder, and any further documents so filed and incorporated by reference will, when
they are filed with the Commission, conform in all material respects to the requirements of the Exchange Act and the rules&nbsp;and
regulations of the Commission promulgated thereunder; and none of such documents, when it was filed (or, if an amendment with respect
to any such document was filed, when such amendment was filed), contained an untrue statement of a material fact or omitted to
state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; and no such further document, when it is filed, will contain an untrue statement of
a material fact or will omit to state a material fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances under which they are made, not misleading. No such documents were filed with the Commission since
the Commission&rsquo;s close of business on the business day immediately prior to the date hereof other than as expressly set forth
in the Prospectus. The Company has given the Representatives notice of any filings made within 48 hours prior to the Time of Sale
pursuant to the Exchange Act and the rules&nbsp;and regulations of the Commission promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company has been duly organized and is validly existing as a corporation in good standing under the laws of the State of Michigan
and has all requisite authority to own or lease its properties and conduct its business as described in the Time of Sale Prospectus
and the Prospectus and to consummate the transactions contemplated hereby, and is duly qualified to transact business and is in
good standing in each jurisdiction in which the conduct of its business as described in the Time of Sale Prospectus and the Prospectus
or its ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or
be in good standing would not have a material adverse effect on the Company and its subsidiaries taken as a whole (a &ldquo;<U>Material
Adverse Effect</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
significant subsidiary (as defined in Rule&nbsp;405 under the Act, and herein called a &ldquo;<U>Significant Subsidiary</U>&rdquo;)
of the Company has been duly organized and is validly existing and in good standing under the laws of the jurisdiction of its organization,
has all requisite authority to own or lease its properties and conduct its business as described in the Time of Sale Prospectus
and the Prospectus and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct
of its business as described in the Time of Sale Prospectus and the Prospectus or its ownership or leasing of property requires
such qualification, except to the extent that the failure to be so qualified or be in good standing would not have a Material Adverse
Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Securities are in the form contemplated by the Indenture and have been duly authorized by the Company. At the Time of Purchase,
the Securities will have been duly executed and delivered by the Company and, when authenticated by the Trustee in the manner provided
for in the Indenture and delivered against payment therefor as provided in this Agreement, will constitute valid and binding obligations
of the Company, enforceable against the Company in accordance with their terms, except to the extent that enforcement thereof may
be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors&rsquo; rights generally
or by general principles of equity (regardless of whether enforcement is considered in a proceeding at law or in equity) and will
be entitled to the benefits afforded by the Indenture equally and ratably with all securities outstanding thereunder. The Securities
will conform in all material respects to the descriptions thereof in the Time of Sale Prospectus and the Prospectus and such descriptions
conform in all material respects to the rights set forth in the instruments defining the same. The Company knows of no reason that
any holder of the Securities would be subject to personal liability solely by reason of being such a holder. The issuance of the
Securities is not subject to any preemptive or other similar rights of any securityholder of the Company or any of its subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Indenture has been duly authorized by the Company. At the Time of Purchase, the Indenture will have been duly executed and delivered
by the Company and will constitute a valid and binding obligation of the Company, enforceable against the Company in accordance
with its terms, except to the extent that enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium
or other similar laws affecting creditors&rsquo; rights generally or by general principles of equity (regardless of whether enforcement
is considered in a proceeding at law or in equity); the Indenture conforms in all material respects to the descriptions thereof
in the Time of Sale Prospectus and the Prospectus; the Indenture conforms to the requirements of the Trust Indenture Act of 1939,
as amended (the &ldquo;<U>Trust Indenture Act</U>&rdquo;); and the Indenture is qualified under the Trust Indenture Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">This
Agreement has been duly authorized, executed and delivered by the Company, and the Company has full corporate power and authority
to enter into this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Except
for the outstanding shares of preferred stock of Consumers Energy Company, all of the outstanding capital stock of each of Consumers
Energy Company and CMS Enterprises Company is owned directly or indirectly by the Company, free and clear of any security interest,
claim, lien or other encumbrance (except as disclosed in the Time of Sale Prospectus) or preemptive rights, and there are no outstanding
rights (including, without limitation, preemptive rights), warrants or options to acquire, or instruments convertible into or exchangeable
for, any shares of capital stock or other equity interest in any of Consumers Energy Company and CMS Enterprises Company or any
contract, commitment, agreement, understanding or arrangement of any kind relating to the issuance of any such capital stock, any
such convertible or exchangeable securities or any such rights, warrants or options.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
of the Company and Consumers Energy Company has all necessary consents, authorizations, approvals, orders, certificates and permits
of and from, and has made all declarations and filings with, all federal, state, local and other governmental authorities, all
self-regulatory organizations and all courts and other tribunals, to own, lease, license and use its properties and assets and
to conduct its business in the manner described in the Time of Sale Prospectus and the Prospectus, except to the extent that the
failure to obtain, declare or file the foregoing would not have a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">No
order, license, consent, authorization or approval of, exemption by, giving of notice to, or registration with, any federal, state,
local or other governmental department, commission, board, bureau, agency or instrumentality, and no filing, recording, publication
or registration in any public office or any other place, was or is now required to be obtained by the Company to authorize its
execution or delivery of, or the performance of its obligations under, this Agreement, the Indenture or the Securities, except
such as have been obtained or may be required under state securities or blue sky laws or as referred to in the Time of Sale Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(k)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">None
of the issuance or sale of the Securities, or the execution or delivery by the Company of, or the performance by the Company of
its obligations under, this Agreement, the Indenture or the Securities, did or will conflict with, result in a breach of any of
the terms or provisions of, or constitute a default or require the consent of any party under, the Company&rsquo;s Restated Articles
of Incorporation or Amended and Restated Bylaws, any material agreement or instrument to which it is a party, any existing applicable
law, rule&nbsp;or regulation or any judgment, order or decree of any government, governmental instrumentality or court, domestic
or foreign, having jurisdiction over the Company or any of its properties or assets, or did or will result in the creation or imposition
of any lien on the Company&rsquo;s properties or assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(l)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company has an authorized capitalization as set forth in the Time of Sale Prospectus and all of the issued shares of capital stock
of the Company have been duly and validly authorized and issued and are fully paid and non-assessable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(m)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Except
as disclosed in the Time of Sale Prospectus, there is no action, suit, proceeding, inquiry or investigation (at law or in equity
or otherwise) pending or, to the knowledge of the Company, threatened against the Company or any Significant Subsidiary of the
Company before or brought by any court or governmental authority that (i)&nbsp;questions the validity, enforceability or performance
of this Agreement, the Indenture or the Securities or (ii)&nbsp;would reasonably be expected to have a Material Adverse Effect
or materially adversely affect the ability of the Company to perform its obligations hereunder or the consummation of the transactions
contemplated by this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(n)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">There
has not been any material and adverse change, or any development involving a prospective material and adverse change, in or affecting
the condition (financial or otherwise), prospects, earnings, business or properties of the Company and its Significant Subsidiaries,
taken as a whole, from that set forth or incorporated by reference in the Time of Sale Prospectus (other than changes referred
to in or contemplated by the Time of Sale Prospectus).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(o)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Except
as set forth in the Time of Sale Prospectus, no event or condition exists that constitutes, or with the giving of notice or lapse
of time or both would constitute, a default or any breach or failure to perform by the Company or any of its Significant Subsidiaries,
taken as a whole, in any material respect under any indenture, mortgage, loan agreement, lease or other material agreement or instrument
to which the Company or any of its Significant Subsidiaries is a party or by which it or any of its respective properties may be
bound.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(p)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company, after giving effect to the offering and sale of the Securities, will not be an &ldquo;investment company&rdquo; within
the meaning of the Investment Company Act of 1940, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(q)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company&rsquo;s chief executive officer and chief financial officer are responsible for establishing and maintaining the Company&rsquo;s
disclosure controls and procedures. The Company&rsquo;s management, under the direction of the Company&rsquo;s principal executive
and financial officers, has evaluated the effectiveness of the Company&rsquo;s disclosure controls and procedures as of a date
within 90 days of the filing of the Company&rsquo;s most recent annual report on Form&nbsp;10-K. Based on such evaluation, the
Company&rsquo;s chief executive officer and chief financial officer have concluded that the Company&rsquo;s disclosure controls
and procedures are effective to ensure that material information was presented to them and properly disclosed. There have been
no significant changes in the Company&rsquo;s internal controls or in other factors that could significantly affect internal controls
subsequent to such evaluation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(r)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i)&nbsp;transactions
are executed in accordance with management&rsquo;s general or specific authorizations, (ii)&nbsp;transactions are recorded as necessary
to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset
accountability, (iii)&nbsp;access to assets is permitted only in accordance with management&rsquo;s general or specific authorization,
(iv)&nbsp;the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action
is taken with respect to any differences and (v)&nbsp;interactive data in eXtensible Business Reporting Language included or incorporated
by reference in the Registration Statement, the Time of Sale Prospectus and the Prospectus is prepared in accordance with the Commission&rsquo;s
rules&nbsp;applicable thereto. The Company is not aware of any material weakness in its internal controls over financial reporting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(s)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Except
as described in the Time of Sale Prospectus and the Prospectus and except as would not, singly or in the aggregate, result in a
Material Adverse Effect, (A)&nbsp;neither the Company nor any of its subsidiaries is in violation of any federal, state, local
or foreign statute, law, rule, regulation, ordinance, code, policy or rule&nbsp;of common law or any judicial or administrative
interpretation thereof, including any judicial or administrative order, consent, decree or judgment, relating to pollution or protection
of human health, the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface
strata) or wildlife, including, without limitation, laws and regulations relating to the release or threatened release of chemicals,
pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum products, asbestos-containing
materials or mold (collectively, &ldquo;<U>Hazardous Materials</U>&rdquo;) or to the manufacture, processing, distribution, use,
treatment, storage, disposal, transport or handling of Hazardous Materials (collectively, &ldquo;<U>Environmental Laws</U>&rdquo;),
(B)&nbsp;the Company and its subsidiaries have all permits, authorizations and approvals required under any applicable Environmental
Laws and are each in compliance with their requirements, (C)&nbsp;there are no pending or, to the knowledge of the Company, threatened
administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation,
investigations or proceedings relating to any Environmental Law against the Company or any of its subsidiaries and (D)&nbsp;there
are no events or circumstances that would reasonably be expected to form the basis of an order for clean-up or remediation, or
an action, suit or proceeding by any private party or governmental body or agency, against or affecting the Company or any of its
subsidiaries relating to Hazardous Materials or any Environmental Laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(t)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
financial statements and the related notes thereto of the Company and its consolidated subsidiaries incorporated by reference in
the Registration Statement, the Time of Sale Prospectus and the Prospectus comply in all material respects with the applicable
requirements of the Act and the Exchange Act and the rules&nbsp;and regulations of the Commission thereunder, as applicable, and
present fairly, in all material respects, the financial position of the Company and its consolidated subsidiaries as of the dates
indicated and the results of their operations and the changes in their cash flows for the periods specified; such financial statements
have been prepared in conformity with generally accepted accounting principles applied on a basis substantially consistent throughout
the periods covered thereby, except where an exception thereto has been adequately described therein, and the supporting schedules
incorporated by reference in the Registration Statement present fairly, in all material respects, the information required to be
stated therein; the other financial information incorporated by reference in the Registration Statement, the Time of Sale Prospectus
and the Prospectus has been derived from the accounting records of the Company and its consolidated subsidiaries, or, in the case
of data not derivable from the accounting records of the Company and its consolidated subsidiaries, other data in the possession
of the Company and its consolidated subsidiaries, and presents fairly the information shown thereby; and any <U>pro forma</U> financial
information and the related notes thereto incorporated by reference in the Registration Statement, the Time of Sale Prospectus
and the Prospectus have been prepared in accordance with the applicable requirements of the Act and the Exchange Act, as applicable,
and the assumptions underlying any such <U>pro forma</U> financial information are reasonable and are set forth in the Registration
Statement, the Time of Sale Prospectus and the Prospectus. The interactive data in eXtensible Business Reporting Language included
or incorporated by reference in the Registration Statement, the Time of Sale Prospectus and the Prospectus conform in all material
respects to the requirements of the Commission&rsquo;s rules&nbsp;applicable thereto.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(u)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">At
the latest of the time (i)&nbsp;of filing the Original Registration Statement, (ii)&nbsp;of the most recent amendment thereto for
the purposes of complying with Section&nbsp;10(a)(3)&nbsp;of the Act (whether such amendment was by post-effective amendment, incorporated
report filed pursuant to Section&nbsp;13 or 15(d)&nbsp;of the Exchange Act or form of prospectus) and (iii)&nbsp;the Company or
any person acting on its behalf (within the meaning, for this clause only, of Rule&nbsp;163(c)&nbsp;under the Act) made any offer
relating to the Securities in reliance on the exemption provided by Rule&nbsp;163 under the Act, and at the date hereof, the Company
was and is a well-known seasoned issuer (as defined in Rule&nbsp;405 under the Act), including not having been and not being an
ineligible issuer (as defined in Rule&nbsp;405 under the Act). At the date hereof, the time of filing of the Original Registration
Statement and the earliest time thereafter that the Company or another offering participant made a bona fide offer (within the
meaning of Rule&nbsp;164(h)(2)&nbsp;under the Act) of the Securities, the Company was not and is not an ineligible issuer (as defined
in Rule&nbsp;405 under the Act), without taking into account any determination by the Commission pursuant to Rule&nbsp;405 under
the Act that it is not necessary that the Company be considered an ineligible issuer (as defined in Rule&nbsp;405 under the Act).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(v)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Registration Statement is an automatic shelf registration statement (as defined for purposes of this Section&nbsp;5(v)&nbsp;in
Rule&nbsp;405 under the Act) and initially became effective not earlier than the date that is three years prior to the Time of
Purchase. The Company has not received from the Commission any notice pursuant to Rule&nbsp;401(g)(2)&nbsp;under the Act objecting
to the use of the automatic shelf registration statement form, and the Securities have been and remain eligible for registration
by the Company on an automatic shelf registration statement form.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(w)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company has implemented and maintains in effect policies, procedures and/or practices designed to ensure, in its reasonable judgment,
compliance in all material respects by the Company, its subsidiaries and their respective directors, officers, employees and agents
with (i)&nbsp;all laws, rules&nbsp;and regulations of any jurisdiction applicable to the Company or any of its subsidiaries from
time to time concerning or relating to bribery or corruption (&ldquo;<U>Anti-Corruption Laws</U>&rdquo;) and (ii)&nbsp;all applicable
economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (A)&nbsp;the U.S. government,
including those administered by the Office of Foreign Assets Control of the U.S. Department of Treasury (&ldquo;<U>OFAC</U>&rdquo;)
or the U.S. Department of State, or (B)&nbsp;the United Nations Security Council, the European Union, any European Union member
state or Her Majesty&rsquo;s Treasury of the United Kingdom (collectively, &ldquo;<U>Sanctions</U>&rdquo;). The Company, its subsidiaries
and their respective officers and employees, and, to the knowledge of the Company, its directors and agents, are in compliance
with Anti-Corruption Laws and applicable Sanctions in all material respects. None of the Company, any of its subsidiaries or, to
the knowledge of the Company or any such subsidiary, any of their respective directors, officers or employees, is (1)&nbsp;a person
or entity listed in any Sanctions-related list of designated persons or entities maintained by OFAC, the U.S. Department of State,
the United Nations Security Council, the European Union or any European Union member state, (2)&nbsp;a person or entity operating,
organized or resident in a country, region or territory that is itself the subject or target of any Sanctions (at the time of this
Agreement, Crimea, Cuba,&nbsp;Iran, North Korea, Sudan and Syria) (each, a &ldquo;<U>Sanctioned Country</U>&rdquo;) or (3)&nbsp;a
person or entity owned or controlled by any such person or persons or entity or entities described in the foregoing clause (1)&nbsp;or
clause (2)&nbsp;(each, a &ldquo;<U>Sanctioned Person</U>&rdquo;). No transaction contemplated by this Agreement will violate any
Anti-Corruption Law or applicable Sanctions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(x)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company will maintain in effect and enforce policies, procedures and/or practices designed to ensure, in its reasonable judgment,
compliance in all material respects by the Company, its subsidiaries and their respective directors, officers, employees and agents
with Anti-Corruption Laws and applicable Sanctions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(y)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company shall not directly or knowingly indirectly use, and shall procure that its subsidiaries and its or their respective directors,
officers, employees and agents shall not directly or knowingly indirectly use, the proceeds of the issuance and sale of the Securities
(i)&nbsp;in furtherance of an offer, payment, promise to pay or authorization of the payment or giving of money, or anything else
of value, to any person or entity in violation of any Anti-Corruption Laws, (ii)&nbsp;for the purpose of funding, financing or
facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, to the extent
such activities, businesses or transaction would be prohibited by Sanctions, or (iii)&nbsp;in any manner that would result in the
violation of any Sanctions applicable to any party hereto. Notwithstanding the foregoing, the Company&rsquo;s and its subsidiaries&rsquo;
provision of utility services in the ordinary course of business in accordance with applicable law, including Anti-Corruption Laws
and applicable Sanctions, shall not constitute a violation of this Section&nbsp;5(y).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(z)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Except
as disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus, there has been no security breach or
other compromise of or relating to any of the Company&rsquo;s or its subsidiaries&rsquo; information technology and computer systems,
networks, hardware, software, data (including the data of their respective customers, employees, suppliers and vendors and any
third party data maintained by or on behalf of them), equipment or technology (collectively, &ldquo;<U>IT Systems and Data</U>&rdquo;),
except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and
its subsidiaries have not been notified of, and have no knowledge of any event or condition that would reasonably be expected to
result in, any security breach or other compromise to their IT Systems and Data, except as would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. The Company and its subsidiaries are presently in compliance with all
applicable laws and statutes, all judgments, orders, rules&nbsp;and regulations of any court or arbitrator or governmental or regulatory
authority, all internal policies and all contractual obligations relating to the privacy and security of IT Systems and Data and
to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification, except as would
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and its subsidiaries
have implemented backup and disaster recovery technology consistent with industry standards and practices. The Company and its
subsidiaries have policies and procedures in place designed to ensure the integrity and security of the IT Systems and Data and
comply with such policies and procedures in all material respects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">6.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Free
Writing Prospectuses</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company represents, warrants, covenants and agrees that, without the prior consent of the Representatives, it has not made and
will not make any offer relating to the Securities that would constitute a free writing prospectus (as defined in Rule&nbsp;405
under the Act), other than the Final Term Sheet. Each Underwriter represents, warrants, covenants and agrees, severally and not
jointly, that, without the prior consent of the Company and the Representatives, it has not made and will not make any offer relating
to the Securities that would constitute an Issuer Free Writing Prospectus or other free writing prospectus (as defined in Rule&nbsp;405
under the Act) that would be required to be filed by the Company with the Commission or retained by the Company under Rule&nbsp;433
under the Act, other than the Final Term Sheet; provided, that the prior consent of the parties hereto shall be deemed to have
been given in respect of any free writing prospectus (as defined in Rule&nbsp;405 under the Act) included in <U>Schedule III</U>
hereto. Each Underwriter further covenants and agrees, severally and not jointly, that it will not (and will not permit anyone
on its behalf to) use or refer to any free writing prospectus (as defined in Rule&nbsp;405 under the Act) used or referenced by
such Underwriter in a manner reasonably designed to lead to its broad unrestricted dissemination; provided, that such covenant
and agreement shall not apply to any such free writing prospectus identified in <U>Schedule III</U> hereto or any such free writing
prospectus prepared, authorized or approved by the Company for broad unrestricted dissemination. Any such free writing prospectus,
the use of which has been consented to by the Company and the Representatives (including those listed on <U>Schedule III</U> hereto),
is hereinafter referred to as a &ldquo;<U>Permitted Free Writing Prospectus</U>&rdquo;. For the purposes of clarity, nothing in
this Section&nbsp;6(a)&nbsp;shall restrict the Company from making any filings required in order to comply with its reporting obligations
under the Exchange Act or the rules&nbsp;and regulations of the Commission promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company represents and warrants that it has treated or covenants and agrees that it will treat each Permitted Free Writing Prospectus
as an issuer free writing prospectus (as defined in Rule&nbsp;433 under the Act) and has complied and will comply with the requirements
of Rule&nbsp;164 and Rule&nbsp;433 under the Act applicable to any Permitted Free Writing Prospectus, including, without limitation,
timely Commission filing where required, legending and record keeping.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company covenants and agrees that if at any time following issuance of an Issuer Free Writing Prospectus any event occurred or
occurs as a result of which such Issuer Free Writing Prospectus would (i)&nbsp;conflict with the information in the Registration
Statement, the Time of Sale Prospectus or the Prospectus or (ii)&nbsp;when read together with the other information that is part
of the Time of Sale Prospectus, include an untrue statement of a material fact or omit to state any material fact necessary in
order to make the statements therein, in the light of the circumstances then prevailing, not misleading, the Company will give
prompt notice thereof to the Representatives and, if requested by the Representatives, will prepare and furnish without charge
to each Underwriter an Issuer Free Writing Prospectus or other document that will correct such conflict, statement or omission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">7.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Indemnification</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company agrees, to the extent permitted by law, to indemnify and hold harmless each of the Underwriters, and each person, if any,
who controls any such Underwriter within the meaning of Section&nbsp;15 of the Act or Section&nbsp;20 of the Exchange Act, against
any and all losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the
Act or otherwise, and to reimburse the Underwriters and such controlling person or persons, if any, for any legal or other expenses
incurred by them in connection with defending any action, suit or proceeding (including governmental investigations) as provided
in Section&nbsp;7(c)&nbsp;hereof, insofar as such losses, claims, damages, liabilities or actions, suits or proceedings (including
governmental investigations) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact
contained in the Registration Statement, the Basic Prospectus (if used prior to the date of the Prospectus), the Time of Sale Prospectus
or the Prospectus, or, if the Prospectus shall be amended or supplemented, in the Prospectus as so amended or supplemented (if
such Prospectus or such Prospectus as amended or supplemented is used after the period of time referred to in Section&nbsp;4(e)&nbsp;hereof,
it shall contain or be used with such amendments or supplements as the Company deems necessary to comply with Section&nbsp;10(a)&nbsp;of
the Act), the information contained in the Final Term Sheet, any Issuer Free Writing Prospectus or any issuer information (within
the meaning of Rule&nbsp;433 under the Act) filed or required to be filed pursuant to Rule&nbsp;433(d)&nbsp;under the Act or arise
out of or are based upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary
to make the statements therein not misleading, except insofar as such losses, claims, damages, liabilities or actions, suits or
proceedings (including governmental investigations) arise out of or are based upon any such untrue statement or alleged untrue
statement or omission or alleged omission that was made in such Registration Statement, Basic Prospectus, Time of Sale Prospectus
or Prospectus, or in the Prospectus as so amended or supplemented, any Issuer Free Writing Prospectus or any issuer information
(within the meaning of Rule&nbsp;433 under the Act) filed or required to be filed pursuant to Rule&nbsp;433(d)&nbsp;under the Act
in reliance upon and in conformity with information furnished in writing to the Company through the Representatives on behalf of
any Underwriter expressly for use therein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Company&rsquo;s indemnity
agreement contained in this Section&nbsp;7(a), and the covenants, representations and warranties of the Company contained in this
Agreement, shall remain in full force and effect regardless of any investigation made by or on behalf of any person, and shall
survive the delivery of and payment for the Securities hereunder, and the indemnity agreement contained in this Section&nbsp;7
shall survive any termination of this Agreement. The liabilities of the Company in this Section&nbsp;7(a)&nbsp;are in addition
to any other liabilities of the Company under this Agreement or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
Underwriter agrees, severally and not jointly, to the extent permitted by law, to indemnify, hold harmless and reimburse the Company,
its directors and such of its officers as shall have signed the Registration Statement and each person, if any, who controls the
Company within the meaning of Section&nbsp;15 of the Act or Section&nbsp;20 of the Exchange Act, to the same extent and upon the
same terms as the indemnity agreement of the Company set forth in Section&nbsp;7(a)&nbsp;hereof, but only with respect to alleged
untrue statements or omissions made in the Registration Statement, the Basic Prospectus, the Time of Sale Prospectus, the Prospectus,
as amended or supplemented (if applicable), or any Issuer Free Writing Prospectus in reliance upon and in conformity with information
furnished in writing to the Company through the Representatives on behalf of such Underwriter expressly for use therein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The indemnity agreement
on the part of each Underwriter contained in this Section&nbsp;7(b)&nbsp;and the covenants, representations and warranties of such
Underwriter contained in this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf
of the Company or any other person, and shall survive the delivery of and payment for the Securities hereunder, and the indemnity
agreement contained in this Section&nbsp;7 shall survive any termination of this Agreement. The liabilities of each Underwriter
in this Section&nbsp;7(b)&nbsp;are in addition to any other liabilities of such Underwriter under this Agreement or otherwise.
The Company acknowledges that the third paragraph, the sixth paragraph, the seventh paragraph, the first sentence of the tenth
paragraph, the eleventh paragraph and the twelfth paragraph under the heading &ldquo;Underwriting&rdquo; in the Prospectus constitute
the only information furnished in writing by or on behalf of the several Underwriters for inclusion in the Registration Statement,
the Basic Prospectus, the Time of Sale Prospectus, the Prospectus and any Issuer Free Writing Prospectus, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
a claim is made or an action, suit or proceeding (including governmental investigation) is commenced or threatened against any
person as to which indemnity may be sought under Section&nbsp;7(a)&nbsp;hereof or Section&nbsp;7(b)&nbsp;hereof, such person (the
 &ldquo;<U>Indemnified Person</U>&rdquo;) shall notify the person against whom such indemnity may be sought (the &ldquo;<U>Indemnifying
Person</U>&rdquo;) promptly after any assertion of such claim, promptly after any threat is made to institute an action, suit or
proceeding or, if such an action, suit or proceeding is commenced against such Indemnified Person, promptly after such Indemnified
Person shall have been served with a summons or other first legal process, giving information as to the nature and basis of the
claim. Failure to so notify the Indemnifying Person shall not, however, relieve the Indemnifying Person from any liability that
it may have on account of the indemnity under Section&nbsp;7(a)&nbsp;hereof or Section&nbsp;7(b)&nbsp;hereof if the Indemnifying
Person has not been prejudiced in any material respect by such failure. Subject to the immediately succeeding sentence, the Indemnifying
Person shall assume the defense of any such litigation or proceeding, including the employment of counsel and the payment of all
expenses, with such counsel being designated, subject to the immediately succeeding sentence, in writing by the Representatives
in the case of parties indemnified pursuant to Section&nbsp;7(b)&nbsp;hereof and by the Company in the case of parties indemnified
pursuant to Section&nbsp;7(a)&nbsp;hereof. Any Indemnified Person shall have the right to participate in such litigation or proceeding
and to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless
(i)&nbsp;the Indemnifying Person and the Indemnified Person shall have mutually agreed to the retention of such counsel or (ii)&nbsp;the
named parties to any such proceeding (including any impleaded parties) include (x)&nbsp;the Indemnifying Person and (y)&nbsp;the
Indemnified Person and, in the written opinion of counsel to such Indemnified Person, representation of both parties by the same
counsel would be inappropriate due to actual or likely conflicts of interest between them, in either of which cases the reasonable
fees and expenses of counsel (including disbursements) for such Indemnified Person shall be reimbursed by the Indemnifying Person
to the Indemnified Person. If there is a conflict as described in clause (ii)&nbsp;above, and the Indemnified Person(s)&nbsp;have
participated in the litigation or proceeding utilizing separate counsel whose fees and expenses have been reimbursed by the Indemnifying
Person and the Indemnified Person(s), or any of them, are found in a final judicial determination to be liable, such Indemnified
Person(s)&nbsp;shall repay to the Indemnifying Person such fees and expenses of such separate counsel as the Indemnifying Person
shall have reimbursed. It is understood that the Indemnifying Person shall not, in connection with any litigation or proceeding
or related litigation or proceedings in the same jurisdiction as to which the Indemnified Person(s)&nbsp;are entitled to such separate
representation, be liable under this Agreement for the reasonable fees and out-of-pocket expenses of more than one separate firm
(together with not more than one appropriate local counsel) for all such Indemnified Persons. Subject to the next paragraph, all
such fees and expenses shall be reimbursed by payment to the Indemnified Person(s)&nbsp;of such reasonable fees and expenses of
counsel promptly after payment thereof by the Indemnified Person(s).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In furtherance of the
requirement above that fees and expenses of any separate counsel for the Indemnified Person(s)&nbsp;shall be reasonable, the Underwriters
and the Company agree that the Indemnifying Person&rsquo;s obligations to pay such fees and expenses shall be conditioned upon
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">in
case separate counsel is proposed to be retained by the Indemnified Person(s)&nbsp;pursuant to clause (ii)&nbsp;of the preceding
paragraph, the Indemnified Person(s)&nbsp;shall in good faith fully consult with the Indemnifying Person in advance as to the selection
of such counsel;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">reimbursable
fees and expenses of such separate counsel shall be detailed and supported in a manner reasonably acceptable to the Indemnifying
Person (but nothing herein shall be deemed to require the furnishing to the Indemnifying Person of any information, including,
without limitation, computer print-outs of lawyers&rsquo; daily time entries, to the extent that, in the judgment of such counsel,
furnishing such information might reasonably be expected to result in a waiver of any attorney-client privilege); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(3)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Company and the Representatives shall cooperate in monitoring and controlling the fees and expenses of separate counsel for Indemnified
Person(s)&nbsp;for which the Indemnifying Person is liable hereunder, and the Indemnified Person(s)&nbsp;shall use every reasonable
effort to cause such separate counsel to minimize the duplication of activities as between themselves and counsel to the Indemnifying
Person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Indemnifying Person
shall not be liable for any settlement of any litigation or proceeding effected without the written consent of the Indemnifying
Person, but, if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees, subject
to the provisions of this Section&nbsp;7, to indemnify the Indemnified Person from and against any loss, damage, liability or expense
by reason of such settlement or judgment. The Indemnifying Person shall not, without the prior written consent of the Indemnified
Person(s), effect any settlement of any pending or threatened litigation, proceeding or claim in respect of which indemnity has
been properly sought by the Indemnified Person(s)&nbsp;hereunder, unless such settlement includes an unconditional release by the
claimant of all Indemnified Persons from all liability with respect to claims that are the subject matter of such litigation, proceeding
or claim and does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any
Indemnified Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
the indemnification provided for above in this Section&nbsp;7 is unavailable to or insufficient to hold harmless an Indemnified
Person under such Section&nbsp;7 in respect of any losses, claims, damages or liabilities (or actions, suits or proceedings (including
governmental investigations) in respect thereof) referred to therein, then each Indemnifying Person under this Section&nbsp;7 shall
contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities
(or actions in respect thereof) in such proportion as is appropriate to reflect the relative benefits received by the Indemnifying
Person on the one hand and the Indemnified Person on the other from the offering of the Securities. If, however, the allocation
provided by the immediately preceding sentence is not permitted by applicable law, then each Indemnifying Person shall contribute
to such amount paid or payable by such Indemnified Person in such proportion as is appropriate to reflect not only such relative
benefits but also the relative fault of each Indemnifying Person, if any, on the one hand and the Indemnified Person on the other
in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities (or actions, suits
or proceedings (including governmental investigations) in respect thereof), as well as any other relevant equitable considerations.
The relative benefits received by the Company on the one hand and the Underwriters on the other shall be deemed to be in the same
proportion as the total net proceeds from the offering (before deducting expenses) received by the Company and the total discounts
or commissions received by the Underwriters, in each case as set forth in the table on the cover page&nbsp;of the Prospectus, bear
to the aggregate public offering price of the Securities. The relative fault shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Company on the one hand or the Underwriters on the other and the parties&rsquo; relative
intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the
Underwriters agree that it would not be just and equitable if contribution pursuant to this Section&nbsp;7 were determined by pro
rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation that
does not take account of the equitable considerations referred to above in this Section&nbsp;7. The amount paid or payable by an
Indemnified Person as a result of the losses, claims, damages or liabilities (or actions, suits or proceedings (including governmental
proceedings) in respect thereof) referred to above in this Section&nbsp;7 shall be deemed to include any legal or other expenses
reasonably incurred by such Indemnified Person in connection with investigating or defending any such actions, suits or proceedings
(including governmental proceedings) or claims, provided that the provisions of this Section&nbsp;7 have been complied with (in
all material respects) in respect of any separate counsel for such Indemnified Person. Notwithstanding the provisions of this Section&nbsp;7,
no Underwriter shall be required to contribute any amount in excess of the purchase discount or commission applicable to the Securities
purchased by such Underwriter hereunder. No person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f)&nbsp;of
the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters&rsquo;
obligations in this Section&nbsp;7 to contribute are several in proportion to their respective underwriting obligations and not
joint.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The agreement with respect
to contribution contained in this Section&nbsp;7(d)&nbsp;shall remain in full force and effect regardless of any investigation
made by or on behalf of the Company or any Underwriter, and shall survive delivery of and payment for the Securities hereunder
and any termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">8.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Substitution
of Underwriters</U>. If any Underwriter under this Agreement shall fail or refuse (otherwise than for some reason sufficient to
justify, in accordance with the terms hereof, the termination of its obligations hereunder) to purchase the Securities that it
had agreed to purchase at the Time of Purchase, the Representatives shall immediately notify the Company and the Representatives
and the other Underwriters may, within 36 hours of the giving of such notice, determine to purchase, or to procure one or more
other members of the Financial Industry Regulatory Authority,&nbsp;Inc. (&ldquo;<U>FINRA</U>&rdquo;) (or, if not members of the
FINRA, who are foreign banks, dealers or institutions not registered under the Exchange Act and who agree in making sales to comply
with the FINRA&rsquo;s Conduct Rules), satisfactory to the Company, to purchase, upon the terms herein set forth, the principal
amount of Securities that the defaulting Underwriter had agreed to purchase. If any non-defaulting Underwriter or Underwriters
shall determine to exercise such right, the Representatives shall give written notice to the Company of such determination within
36 hours after the Company shall have received notice of any such default, and thereupon the Time of Purchase shall be postponed
for such period, not exceeding three business days, as the Company shall determine. If, in the event of such a default, the Representatives
shall fail to give such notice, or shall within such 36-hour period give written notice to the Company that no other Underwriter
or Underwriters, or others, will exercise such right, then this Agreement may be terminated by the Company, upon like notice given
to the Representatives within a further period of 36 hours. If in such case the Company shall not elect to terminate this Agreement,
it shall have the right, irrespective of such default:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">to
require such non-defaulting Underwriters to purchase and pay for the respective principal amounts of Securities that they had severally
agreed to purchase hereunder, as herein above provided, and, in addition, the principal amount of Securities that the defaulting
Underwriter shall have so failed to purchase up to a principal amount thereof equal to one-ninth (1/9) of the respective principal
amounts of Securities that such non-defaulting Underwriters have otherwise agreed to purchase hereunder; and/or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">to
procure one or more other members of the FINRA (or, if not members of the FINRA, who are foreign banks, dealers or institutions
not registered under the Exchange Act and who agree in making sales to comply with the FINRA&rsquo;s Conduct Rules) to purchase,
upon the terms herein set forth, the principal amount of Securities that such defaulting Underwriter had agreed to purchase, or
that portion thereof that the remaining Underwriters shall not be obligated to purchase pursuant to Section&nbsp;8(a)&nbsp;hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In the event the Company
shall exercise its rights under Section&nbsp;8(a)&nbsp;hereof and/or Section&nbsp;8(b)&nbsp;hereof, the Company shall give written
notice thereof to the Representatives within such further period of 36 hours, and thereupon the Time of Purchase shall be postponed
for such period, not exceeding five business days, as the Company shall determine. In the event the Company shall be entitled to
but shall not elect to exercise its rights under Section&nbsp;8(a)&nbsp;hereof and/or Section&nbsp;8(b)&nbsp;hereof, the Company
shall be deemed to have elected to terminate this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Any action taken by the
Company under this Section&nbsp;8 shall not relieve any defaulting Underwriter from liability in respect of any default of such
Underwriter under this Agreement. Termination by the Company under this Section&nbsp;8 shall be without any liability on the part
of the Company or any non-defaulting Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In the computation of
any period of 36 hours referred to in this Section&nbsp;8, there shall be excluded a period of 24 hours in respect of each Saturday,
Sunday or legal holiday that would otherwise be included in such period of time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">9.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Effectiveness
and Termination of Agreement</U>. This Agreement shall become effective upon the execution and delivery of this Agreement by the
parties hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Agreement may be
terminated at any time prior to the Time of Purchase by the Representatives if, prior to such time, any of the following events
shall have occurred: (i)&nbsp;trading in the Company&rsquo;s common stock, par value $0.01 per share, shall have been suspended
by the Commission or the New York Stock Exchange (&ldquo;<U>NYSE</U>&rdquo;) or trading in securities generally on the NYSE shall
have been suspended or limited or minimum prices shall have been established on such exchange; (ii)&nbsp;a banking moratorium shall
have been declared either by U.S. federal or New York State authorities; (iii)&nbsp;any material disruption of securities settlement
or clearance services; or (iv)&nbsp;any outbreak or escalation of hostilities, declaration by the United States of a national emergency
or war or other calamity, crisis or disruption in financial markets, the effect of which on the financial markets of the United
States is such as to impair, in the judgment of the Representatives, the marketability of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If the Representatives
elect to terminate this Agreement, as provided in this Section&nbsp;9, the Representatives will promptly notify the Company and
each other Underwriter by telephone or facsimile, confirmed by letter. If this Agreement shall not be carried out by any Underwriter
for any reason permitted hereunder, or if the sale of the Securities to the Underwriters as herein contemplated shall not be carried
out because the Company is not able to comply with the terms hereof, the Company shall not be under any obligation under this Agreement
except as provided in Section&nbsp;4(l)&nbsp;hereof and shall not be liable to any Underwriter or to any member of any selling
group for the loss of anticipated profits from the transactions contemplated by this Agreement and the Underwriters shall be under
no liability to the Company nor be under any liability under this Agreement to one another.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Notwithstanding the foregoing,
the provisions of Section&nbsp;4(j)&nbsp;hereof, Section&nbsp;4(k)&nbsp;hereof, Section&nbsp;4(l)&nbsp;hereof, Section&nbsp;7 hereof
and Section&nbsp;8 hereof shall survive termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">10.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Notices</U>.
All notices hereunder shall, unless otherwise expressly provided, be in writing and be delivered at or mailed to the following
addresses or be sent by facsimile or other electronic means as follows: (i)&nbsp;if to the Underwriters or the Representatives,
to the Representatives at the address or number, as appropriate, designated in <U>Schedule I</U> hereto; and (ii)&nbsp;if to the
Company, to CMS Energy Corporation, One Energy Plaza, Jackson, Michigan 49201, Attention: Executive Vice President and Chief Financial
Officer (Facsimile 517-788-2186), or in any case to such other address as the person to be notified may have requested in writing.
In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October&nbsp;26, 2001)),
the Underwriters are required to obtain, verify and record information that identifies their respective clients, including the
Company, which information may include the name and address of their respective clients, as well as other information that will
allow the Underwriters to properly identify their respective clients.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Parties
in Interest</U>. The agreement herein set forth has been and is made solely for the benefit of the Underwriters, the Company, the
directors and the officers of the Company as shall have signed the Registration Statement and the controlling persons, if any,
referred to in Section&nbsp;7 hereof, and their respective successors, assigns, executors and administrators, and, except as expressly
otherwise provided in Section&nbsp;8 hereof, no other person shall acquire or have any right under or by virtue of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">12.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Definition
of Certain Terms</U>. The term &ldquo;<U>Underwriters</U>&rdquo;, as used herein, shall be deemed to mean the several persons,
firms or corporations named in <U>Schedule II</U> hereto (including the Representatives herein mentioned, if so named), and the
term &ldquo;<U>Representatives</U>&rdquo;, as used herein, shall be deemed to mean the representative or representatives designated
by, or in the manner authorized by, the Underwriters in <U>Schedule I</U> hereto, which Representatives are hereby designated.
If the firm or firms listed in <U>Schedule I</U> hereto are the same as the firm or firms listed in <U>Schedule II</U> hereto,
then the terms &ldquo;<U>Underwriters</U>&rdquo; and &ldquo;<U>Representatives</U>&rdquo;, as used herein, shall each be deemed
to refer to such firm or firms. The term &ldquo;successors&rdquo; as used in this Agreement shall not include any purchaser, as
such purchaser, of any of the Securities from any of the respective Underwriters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">13.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Governing
Law</U>. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">14.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Counterparts</U>.
This Agreement may be executed by any one or more of the parties hereto in any number of counterparts, each of which shall be deemed
to be an original, but all such respective counterparts shall together constitute one and the same instrument.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">15.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>No
Conflicts</U>. The Company acknowledges and agrees that the Underwriters are acting solely in the capacity of an arm&rsquo;s length
contractual counterparty to the Company with respect to the offering of the Securities contemplated hereby (including in connection
with determining the terms of the offering of the Securities) and not as a financial advisor or a fiduciary to, or an agent of,
the Company or any other person or entity. Additionally, the Underwriters are not advising the Company or any other person or entity
as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction in connection with the offering of the Securities
contemplated hereby. The Company shall consult with its own advisors concerning such matters and shall be responsible for making
its own independent investigation and appraisal of the transactions contemplated hereby, and the Underwriters shall have no responsibility
or liability to the Company with respect thereto. Any review by the Underwriters of the Company, the transactions contemplated
hereby or other matters relating to such transactions will be performed solely for the benefit of the Underwriters and shall not
be on behalf of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">16.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Recognition
of the U.S. Special Resolution Regimes</U>. In the event that any Underwriter that is a Covered Entity (as defined below) becomes
subject to a proceeding under a U.S. Special Resolution Regime (as defined below), the transfer from such Underwriter of this Agreement,
and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective
under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of
the United States or a state of the United States. In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate
(as defined below) of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights (as
defined below) under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater
extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by
the laws of the United States or a state of the United States. &ldquo;<U>BHC Act Affiliate</U>&rdquo; has the meaning assigned
to the term &ldquo;affiliate&rdquo; in, and shall be interpreted in accordance with, 12 U.S.C. &sect; 1841(k). &ldquo;<U>Covered
Entity</U>&rdquo; means any of the following: (i)&nbsp;a &ldquo;covered entity&rdquo; as that term is defined in, and interpreted
in accordance with, 12 C.F.R. &sect; 252.82(b); (ii)&nbsp;a &ldquo;covered bank&rdquo; as that term is defined in, and interpreted
in accordance with, 12 C.F.R. &sect; 47.3(b); or (iii)&nbsp;a &ldquo;covered FSI&rdquo; as that term is defined in, and interpreted
in accordance with, 12 C.F.R. &sect; 382.2(b). &ldquo;<U>Default Right</U>&rdquo; has the meaning assigned to that term in, and
shall be interpreted in accordance with, 12 C.F.R. &sect;&sect; 252.81, 47.2 or 382.1, as applicable. &ldquo;<U>U.S. Special Resolution
Regime</U>&rdquo; means each of (x)&nbsp;the Federal Deposit Insurance Act and the regulations promulgated thereunder and (y)&nbsp;Title
II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">17.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Execution
by the Parties</U>. This Agreement may be executed in counterparts, each of which when so executed shall be deemed to be an original
and all of which when taken together shall constitute one and the same instrument. The words &ldquo;execution&rdquo;, &ldquo;signed&rdquo;
and &ldquo;signature&rdquo; and words of like import in this Agreement or in any other certificate, agreement or document related
to this Agreement (to the extent not prohibited under governing documents) shall include images of manually executed signatures
transmitted by facsimile or other electronic format (including, without limitation, &ldquo;pdf&rdquo;, &ldquo;tif&rdquo; or &ldquo;jpg&rdquo;)
and other electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic
records (including, without limitation, any contract or other record created, generated, sent, communicated, received or stored
by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of
a paper-based record-keeping system to the fullest extent permitted by applicable law, including, without limitation, the Electronic
Signatures in Global and National Commerce Act, the Michigan Uniform Electronic Transactions Act, the New York State Electronic
Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic
Transactions Act or the Uniform Commercial Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If the foregoing is in
accordance with your understanding, please sign and return to us counterparts hereof, and, upon the acceptance hereof by you, this
letter and such acceptance hereof shall constitute a binding agreement between each of the Underwriters and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">CMS ENERGY CORPORATION</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Srikanth Maddipati</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name: Srikanth Maddipati</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title: Vice President and Treasurer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Confirmed and accepted as of the date first written above:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">BARCLAYS CAPITAL INC.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">J.P. MORGAN SECURITIES LLC</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">TRUIST SECURITIES,&nbsp;INC.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">WELLS FARGO SECURITIES, LLC</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">PNC CAPITAL MARKETS LLC</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">LOOP CAPITAL MARKETS LLC</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">BARCLAYS CAPITAL INC.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Robert Stowe</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name: Robert Stowe</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title: Managing Director</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">J.P. MORGAN SECURITIES LLC</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Robert Bottamedi</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name: Robert Bottamedi</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title: Executive Director</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">TRUIST SECURITIES,&nbsp;INC.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Robert Nordlinger</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name: Robert Nordlinger</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title: Director</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">WELLS FARGO SECURITIES, LLC</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Carolyn Hurley</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name: Carolyn Hurley</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title: Director</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SCHEDULE I</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Barclays Capital Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">745 Seventh Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Syndicate Registration</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile: (646) 834-8133</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">383 Madison Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10179</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Investment Grade Syndicate Desk</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile: (212) 834-6081</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Truist Securities,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3333 Peachtree Road NE, 11th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Atlanta, Georgia 30326</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Investment Grade Capital Markets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile: (404) 926-5027</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Securities, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">550 South Tryon Street, 5th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Charlotte, North Carolina 28202</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Transaction Management</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile: (704) 410-0326</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SCHEDULE II</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">Underwriters</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Principal<BR> Amount of<BR> Securities</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Purchase<BR> Price of<BR> Securities</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 73%; font-size: 10pt; text-align: left">Barclays Capital Inc.&#9;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">81,000,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">80,190,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">J.P. Morgan Securities LLC&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">81,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">80,190,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Truist Securities,&nbsp;Inc.&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">81,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">80,190,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Wells Fargo Securities, LLC&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">81,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">80,190,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">PNC Capital Markets LLC&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">60,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">59,400,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">Loop Capital Markets LLC&#9;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">16,000,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">15,840,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">Total&#9;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">400,000,000</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">396,000,000</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SCHEDULE III</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Information Constituting Part&nbsp;of
the Time of Sale Prospectus:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Final Term Sheet attached as <U>Annex A</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Information Not Constituting Part&nbsp;of
the Time of Sale Prospectus:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>ANNEX A</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed under Rule&nbsp;433<BR>
File No.&nbsp;333-236742</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Final Term Sheet</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">November&nbsp;19, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt; width: 35%"><FONT STYLE="font-size: 10pt">Issuer:</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; width: 65%"><FONT STYLE="font-size: 10pt">CMS Energy Corporation</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Security:</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 10pt">3.75% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2050 (the &ldquo;Notes&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Aggregate Principal Amount Offered:</FONT></TD>
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">$400,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Maturity Date:</FONT></TD>
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">December&nbsp;1, 2050</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Coupon:</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 10pt">(i)&nbsp;3.75% per annum, accruing from and including November&nbsp;25, 2020 to, but not including, the First Reset Date; and (ii)&nbsp;at a rate per annum equal to the Five-Year Treasury Rate as of the most recent Reset Interest Determination Date, plus 2.90%, to be reset on each Reset Date, from and including the First Reset Date to, but not including, the Maturity Date</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">June&nbsp;1 and December&nbsp;1, subject to deferral</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">First Interest Payment Date:</FONT></TD>
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">June&nbsp;1, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Public Offering Price:</FONT></TD>
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">First Reset Date:</FONT></TD>
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">December&nbsp;1, 2030</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Reset Date:</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 10pt">The First Reset Date and each date falling on the five-year anniversary of the preceding Reset Date</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Par Call Period:</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 10pt">The three-month period prior to and including a Reset Date</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Make-Whole Call:</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 10pt">At any time on or after December&nbsp;1, 2025, other than during any Par Call Period, in whole or in part, at the adjusted treasury rate plus 45 basis points, plus accrued and unpaid interest to, but not including, the redemption date</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Par Call:</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 10pt">During any Par Call Period, in whole or in part, at 100% plus accrued and unpaid interest to, but not including, the redemption date</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Tax Event Call:</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 10pt">At any time, in whole but not in part, at 100% plus accrued and unpaid interest to, but not including, the redemption date</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Rating Agency Call:</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 10pt">At any time, in whole but not in part, at 102% plus accrued and unpaid interest to, but not including, the redemption date</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Trade Date:</FONT></TD>
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">November&nbsp;19, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Settlement Date:</FONT></TD>
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">November&nbsp;25, 2020 (T+4)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Expected Ratings</FONT></TD>
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">(Moody&rsquo;s / S&amp;P / Fitch):</FONT></TD>
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">____ (____) / ____ (____) / ____ (____)</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-bottom: 2pt; width: 65%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Note:
    </B>A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal
    at any time</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Joint Book-Running Managers:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Barclays Capital Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">J.P. Morgan Securities LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Truist Securities,&nbsp;Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Wells Fargo Securities, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">PNC Capital Markets LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Co-Manager:</FONT></TD>
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Loop Capital Markets LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">CUSIP / ISIN:</FONT></TD>
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">125896 BV1 / US125896BV12</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CMS Energy Corporation has filed a registration statement
(including a prospectus, as supplemented) with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) for the offering to which
this communication relates. Before you invest, you should read the prospectus (as supplemented) in that registration statement
and other documents CMS Energy Corporation has filed with the SEC for more complete information about CMS Energy Corporation and
this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, CMS Energy
Corporation, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request
it by calling Barclays Capital Inc. toll-free at (888) 603-5847, J.P. Morgan Securities LLC collect at (212) 834-4533, Truist Securities,&nbsp;Inc.
toll-free at (800) 685-4786 or Wells Fargo Securities, LLC toll-free at (800) 645-3751.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any disclaimers or other notices that may appear below are not
applicable to this communication and should be disregarded. Such disclaimers were automatically generated as a result of this communication
being sent via email or another communication system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>EXHIBIT&nbsp;A</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">{FORM&nbsp;OF OPINION OF MELISSA M. GLEESPEN,&nbsp;ESQ.}</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">The Company is a duly organized, validly existing corporation in good standing under the laws of
the State of Michigan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">All legally required corporate proceedings in connection with the authorization, issuance and validity
of the Securities and the sale of the Securities by the Company in accordance with the Underwriting Agreement have been taken;
and no approval, authorization, consent or order of any governmental regulatory body is required with respect to the Company&rsquo;s
execution and delivery of, and performance of its obligations under, the Underwriting Agreement and the Indenture or is required
with respect to the issuance and sale of, and the performance by the Company of its obligations under, the Securities (other than
in connection with or in compliance with the provisions of the securities or blue sky laws of any state, as to which I express
no opinion).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">The statements made in the Time of Sale Prospectus and the Prospectus under the caption &ldquo;Material
United States Federal Income Tax Considerations&rdquo; and &ldquo;ERISA Considerations&rdquo;, to the extent that such statements
purport to describe matters of United States law and regulations, accurately describe such matters in all material respects.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">The statements made in the Time of Sale Prospectus and the Prospectus under the captions &ldquo;Description
of Securities&rdquo;, &ldquo;Description of the Notes&rdquo; and &ldquo;Underwriting&rdquo;, to the extent that such statements
purport to describe certain provisions of the Indenture, the Securities or the Underwriting Agreement or legal matters, accurately
describe such provisions or legal matters in all material respects; and the Indenture and the Securities conform in all material
respects to the descriptions thereof and to the statements in regard thereto contained in such sections of the Time of Sale Prospectus
and the Prospectus.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">The Registration Statement was automatically effective upon filing on February&nbsp;28, 2020; any
required filing of each prospectus relating to the Securities (including the Prospectus) pursuant to Rule&nbsp;424 under the Act
has been made in compliance with and in the time periods provided by Rule&nbsp;424 under the Act and all material required to be
filed by the Company pursuant to Rule&nbsp;433(d)&nbsp;under the Act has been filed with the Commission within the applicable time
period prescribed for such filing by Rule&nbsp;164 and Rule&nbsp;433 under the Act; the Registration Statement, at the time it
became effective and at the Applicable Effective Time, each of the Preliminary Prospectus and the Prospectus, at the time it was
filed with the Commission pursuant to Rule&nbsp;424 under the Act, and each document incorporated in each of the Preliminary Prospectus
and the Prospectus as such document was originally filed pursuant to the Exchange Act (except for (i)&nbsp;the financial statements
and schedules contained or incorporated by reference therein (including the notes thereto and the auditors&rsquo; reports thereon)
or omitted therefrom and (ii)&nbsp;the other financial information contained or incorporated by reference therein or omitted therefrom,
as to which I express no opinion), complied as to form as of their respective effective or issue dates (including, without limitation,
the Applicable Effective Time) in all material respects with the Act and the Exchange Act and the applicable rules&nbsp;and regulations
of the Commission thereunder; and at the Time of Purchase the Registration Statement is effective under the Act and, to the best
of my knowledge after due inquiry, no proceedings for a stop order with respect to the Registration Statement are threatened or
pending under the Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify">The Underwriting Agreement has been duly authorized, executed and delivered by the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify">The Indenture has been duly authorized, executed and delivered by the Company and, assuming due
authorization, execution and delivery of the Indenture by the Trustee, will be a valid and binding obligation of the Company, enforceable
against the Company in accordance with its terms, except to the extent that enforcement thereof may be limited by bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting creditors&rsquo; rights generally or by general principles of equity
(regardless of whether enforcement is considered in a proceeding at law or in equity).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify">The Indenture complies as to form in all material respects with the requirements of the Trust Indenture
Act and the rules&nbsp;and regulations of the Commission applicable to an indenture that is qualified thereunder. The Indenture
is qualified under the Trust Indenture Act, and no proceedings to suspend such qualification have been instituted or, to my knowledge,
threatened by the Commission.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.</TD><TD STYLE="text-align: justify">The Securities are in the form contemplated by the Indenture, have been duly authorized, executed
and delivered by the Company and, assuming the due authentication thereof by the Trustee and upon payment and delivery in accordance
with the Underwriting Agreement, will constitute valid and binding obligations of the Company enforceable against the Company in
accordance with their terms, except to the extent that enforcement thereof may be limited by bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors&rsquo; rights generally or by general principles of equity (regardless of
whether enforcement is considered in a proceeding at law or in equity); and the Securities are entitled to the benefits afforded
by the Indenture equally and ratably with all securities presently outstanding thereunder, and no stamp taxes in respect of the
original issue thereof are payable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.</TD><TD STYLE="text-align: justify">The Company&rsquo;s execution and delivery of, and performance of its obligations under, the Underwriting
Agreement and the Indenture and the issuance and sale of, and the performance by the Company of its obligations under, the Securities
in accordance with the terms of the Indenture and the Underwriting Agreement do not violate the provisions of the Restated Articles
of Incorporation or the Amended and Restated Bylaws of the Company and will not result in a violation of any of the terms or provisions
of any Applicable Laws (as defined below) or, to my knowledge, any court order to which the Company is subject or a breach of any
of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other material
agreement or instrument to which the Company is a party. For purposes hereof, the term &ldquo;<U>Applicable Laws</U>&rdquo; means
those state laws of the State of Michigan and those federal laws of the United States of America that, in my experience and without
independent investigation, are normally applicable to transactions of the type contemplated by the Underwriting Agreement; provided,
that the term &ldquo;<U>Applicable Laws</U>&rdquo; shall not include federal or state securities or blue sky laws (including, without
limitation, the Act, the Exchange Act, the Trust Indenture Act or the Investment Company Act of 1940, as amended), antifraud laws
or in each case any rules&nbsp;or regulations thereunder or similar matters.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.</TD><TD STYLE="text-align: justify">The Company is not an &ldquo;investment company&rdquo; or a company &ldquo;controlled&rdquo; by
an &ldquo;investment company&rdquo; within the meaning of the Investment Company Act of 1940, as amended.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.</TD><TD STYLE="text-align: justify">Except for the outstanding shares of preferred stock of Consumers Energy Company, all of the outstanding
capital stock of each of Consumers Energy Company and CMS Enterprises Company is owned directly or indirectly by the Company, free
and clear of any security interest, claim, lien or other encumbrance (except as disclosed in the Time of Sale Prospectus) or preemptive
rights, and there are no outstanding rights (including, without limitation, preemptive rights), warrants or options to acquire,
or instruments convertible into or exchangeable for, any shares of capital stock or other equity interest in any of Consumers Energy
Company and CMS Enterprises Company or any contract, commitment, agreement, understanding or arrangement of any kind relating to
the issuance of any such capital stock, any such convertible or exchangeable securities or any such rights, warrants or options.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.</TD><TD STYLE="text-align: justify">The Company has an authorized capitalization as set forth in the Time of Sale Prospectus and all
of the issued shares of capital stock of the Company have been duly and validly authorized and issued and are fully paid and non-assessable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">14.</TD><TD STYLE="text-align: justify">To my knowledge, there is no pending or threatened action, suit, proceeding, inquiry or investigation
against the Company or any Significant Subsidiary of the Company before or brought by any person or entity that (i)&nbsp;is required
to be disclosed in the Registration Statement, the Preliminary Prospectus, the Time of Sale Prospectus or the Prospectus that is
not disclosed or (ii)&nbsp;would reasonably be expected to materially and adversely affect the consummation of the transactions
contemplated in the Underwriting Agreement or the performance by the Company of its obligations thereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.</TD><TD STYLE="text-align: justify">Nothing has come to my attention that would lead me to believe that the Registration Statement
(other than (i)&nbsp;the operating statistics, financial statements and schedules contained or incorporated by reference therein
(including the notes thereto and the auditors&rsquo; reports thereon) or omitted therefrom and (ii)&nbsp;the other financial or
statistical information contained or incorporated by reference therein or omitted therefrom, as to which I express no opinion or
belief), at the time the Registration Statement became effective and at the Applicable Effective Time, contained an untrue statement
of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein
not misleading.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.</TD><TD STYLE="text-align: justify">Nothing has come to my attention that would lead me to believe that the Time of Sale Prospectus
(other than (i)&nbsp;the operating statistics, financial statements and schedules contained or incorporated by reference therein
(including the notes thereto and the auditors&rsquo; reports thereon) or omitted therefrom and (ii)&nbsp;the other financial or
statistical information contained or incorporated by reference therein or omitted therefrom, as to which I express no opinion or
belief), as of the Time of Sale, included an untrue statement of a material fact or omitted to state a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">17.</TD><TD STYLE="text-align: justify">Nothing has come to my attention that would lead me to believe that the Prospectus (other than
(i)&nbsp;the operating statistics, financial statements and schedules contained or incorporated by reference therein (including
the notes thereto and the auditors&rsquo; reports thereon) or omitted therefrom and (ii)&nbsp;the other financial or statistical
information contained or incorporated by reference therein or omitted therefrom, as to which I express no opinion or belief), as
of its date or at the date hereof, included or includes an untrue statement of a material fact or omitted or omits to state a material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>EXHIBIT&nbsp;B-1</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">{FORM&nbsp;OF LETTER OF SIDLEY AUSTIN LLP}</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In acting as special counsel to the Company
in connection with the transactions described in such letter, we have participated in conferences with officers and other representatives
of the Company, including certain of the Company&rsquo;s internal counsel, representatives of the independent public accountants
for the Company and representatives of and counsel to the Underwriters, at which conferences certain contents of the Time of Sale
Prospectus and the Prospectus and related matters were discussed. Although we are not passing upon or assuming responsibility for
the accuracy, completeness or fairness of the statements included or incorporated by reference in or omitted from the Registration
Statement, the Time of Sale Prospectus or the Prospectus and have made no independent check or verification thereof, in the course
of our review and our discussions in the conferences described above, no facts have come to our attention that have caused us to
believe that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">the Registration Statement, at the time it first became effective or at the Applicable Effective
Time, contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary
to make the statements therein not misleading;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">the Time of Sale Prospectus, as of the Time of Sale, included an untrue statement of a material
fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">the Prospectus, as of the date of the Prospectus or as of the date hereof, included or includes
an untrue statement of a material fact or omitted or omits to state a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">except in each case that we express no belief and make no statement
with respect to (A)&nbsp;the financial statements and schedules and other financial or statistical data included or incorporated
by reference in or omitted from the Registration Statement, the Time of Sale Prospectus or the Prospectus, (B)&nbsp;any trustee&rsquo;s
statement of eligibility on Form&nbsp;T-1 or (C)&nbsp;assessments of, and reports on, the effectiveness of internal control over
financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>EXHIBIT&nbsp;B-2</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">{FORM&nbsp;OF OPINION OF SIDLEY AUSTIN LLP}</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The statements in each of the Time of Sale
Prospectus and the Prospectus under the caption &ldquo;Material United States Federal Income Tax Considerations,&rdquo; to the
extent that such statements purport to describe matters of United States federal income tax law or legal conclusions with respect
thereto, are a fair and accurate description of such matters in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>tm2034585d3_ex4-1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 4.1</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>TENTH SUPPLEMENTAL
INDENTURE<BR>
dated as of November 25, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Tenth Supplemental
Indenture, dated as of the 25<SUP>th</SUP> day of November, 2020 (this &ldquo;<I>Tenth Supplemental Indenture</I>&rdquo;), between
CMS Energy Corporation, a corporation duly organized and existing under the laws of the State of Michigan (hereinafter called the
 &ldquo;<I>Issuer</I>&rdquo;) and having its principal office at One Energy Plaza, Jackson, Michigan 49201, and The Bank of New
York Mellon, a New York banking corporation (hereinafter called the &ldquo;<I>Trustee</I>&rdquo;) and having its Corporate Trust
Office at 240 Greenwich Street, New York, New York 10286.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WITNESSETH:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Issuer
and the Trustee entered into an Indenture, dated as of June 1, 1997, as amended and supplemented by, among other things, the Fifth
Supplemental Indenture dated as of February 13, 2018 between the Issuer and the Trustee (as so amended and supplemented, the &ldquo;<I>Original
Indenture</I>&rdquo;), pursuant to which one or more series of debt securities of the Issuer (the &ldquo;<I>Securities</I>&rdquo;)
may be issued from time to time; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, Section 2.3
of the Original Indenture permits the terms of any series of Securities to be established in an indenture supplemental to the Original
Indenture; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Issuer
now desires to provide for the issuance of a series of its unsecured, subordinated debt securities pursuant to the Original Indenture;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, Section 8.1(e)
of the Original Indenture provides that a supplemental indenture may be entered into by the Issuer and the Trustee without the
consent of any Holder (as defined in the Original Indenture) of the Securities to establish the form and terms of the Securities
of any series; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Issuer
has requested the Trustee to join with it in the execution and delivery of this Tenth Supplemental Indenture in order to supplement
and amend the Original Indenture by, among other things, establishing the form and terms of a series of Securities to be known
as the Issuer&rsquo;s &ldquo;3.75% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2050&rdquo; (the &ldquo;<I>New Notes</I>&rdquo;),
providing for the issuance of the New Notes and amending and adding certain provisions thereof for the benefit of the Holders of
the New Notes; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Issuer
and the Trustee desire to enter into this Tenth Supplemental Indenture for the purposes set forth in Section 2.3 and Section 8.1(e)
of the Original Indenture as referred to above; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Issuer
has furnished the Trustee with a copy of the resolutions of its Board of Directors certified by its Secretary or Assistant Secretary
authorizing the execution of this Tenth Supplemental Indenture; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, all things
necessary to make this Tenth Supplemental Indenture a valid agreement of the Issuer and the Trustee and a valid supplement to the
Original Indenture have been done;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, for
and in consideration of the premises and the purchase of the New Notes to be issued hereunder by Holders thereof, the Issuer and
the Trustee mutually covenant and agree, for the equal and proportionate benefit of the respective Holders from time to time of
the New Notes, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE I<BR>
STANDARD PROVISIONS; DEFINITIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 1.01. <I>Standard
Provisions</I>. The Original Indenture together with this Tenth Supplemental Indenture and all previous indentures supplemental
thereto entered into pursuant to the applicable terms thereof are hereinafter sometimes collectively referred to as the &ldquo;<I>Indenture</I>.&rdquo;
All capitalized terms which are used herein and not otherwise defined herein are defined in the Original Indenture and are used
herein with the same meanings as in the Original Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 1.02. <I>Definitions</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following terms have the meanings set forth in the Sections hereof set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Term</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Section</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 68%; font: 10pt Times New Roman, Times, Serif; text-align: left">Adjusted Treasury Rate</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%; text-align: left">2.04</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Comparable Treasury Issue</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2.04</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Comparable Treasury Price</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2.04</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Compound Interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2.03</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Current Criteria</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2.04</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Deferred Interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2.03</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Depositary</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Article VI</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">DTC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2.03</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Events of Default</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">4.01</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Extension Period</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2.03</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">First Reset Date</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2.03</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Five-Year Treasury Rate</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2.04</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Global Note</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Article VI</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">H.15</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2.04</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Indenture</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">1.01;2.04</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Interest Payment Date</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2.03</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Issuer</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">Preamble; 2.03</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Ministerial Action</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2.01(e);2.04</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Most Recent H.15</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2.04</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">New Notes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">Recitals; 2.04</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Original Indenture</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">Recitals</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Original Issue Date</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2.03</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Par Call Period</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2.04</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Place of Payment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2.03</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Primary Treasury Dealer</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2.04</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Rating Agency</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2.04</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Rating Agency Event</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2.04</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; width: 68%">Term</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; width: 30%">Section</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 68%">Record Date</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 30%">2.03</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Reference Treasury Dealer</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2.04</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Reference Treasury Dealer Quotations</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2.04</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Reset Date</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2.04</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Reset Interest Determination Date</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2.04</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Reset Period</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2.04</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Securities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">Recitals</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Stated Maturity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2.03</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Tax Event</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2.04</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Tenth Supplemental Indenture</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">Preamble</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Trustee</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">Preamble; 2.04</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
1.1 of the Original Indenture is amended to insert the new definitions solely applicable to the New Notes and to replace, solely
with respect to the New Notes (but not with respect to any other series of Securities), any existing definitions (as applicable)
in the Original Indenture, in the appropriate alphabetical sequence, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Calculation
Agent</I>&rdquo; means any Person, which may be the Issuer or any of the Issuer&rsquo;s Affiliates, appointed by the Issuer from
time to time to act as calculation agent with respect to the New Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Capital Lease
Obligation</I>&rdquo; of a Person means any obligation that is required to be classified and accounted for as a capital lease on
the face of a balance sheet of such Person prepared in accordance with generally accepted accounting principles; the amount of
such obligation shall be the capitalized amount thereof, determined in accordance with generally accepted accounting principles;
the stated maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the
first date upon which such lease may be terminated by the lessee without payment of a penalty; and such obligation shall be deemed
secured by a Lien on any property or assets to which such lease relates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Capital Stock</I>&rdquo;
means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests
in (however designated) corporate stock, including any Preferred Stock or Letter Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Exchange
Act</I>&rdquo; means the Securities Exchange Act of 1934, as amended from time to time, and any successor legislation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Indebtedness</I>&rdquo;
of any Person means, without duplication:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
principal (including any premium) in respect of (A) indebtedness of such Person for money borrowed and (B) indebtedness evidenced
by notes, debentures, bonds or other similar instruments for the payment of which such Person is responsible or liable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
Capital Lease Obligations of such Person;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
obligations of such Person issued or assumed as the deferred purchase price of property, all conditional sale obligations and all
obligations under any title retention agreement (but excluding trade accounts payable arising in the ordinary course of business);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
obligations of such Person for the reimbursement of any obligor on any letter of credit, bankers&rsquo; acceptance or similar credit
transaction (other than obligations with respect to letters of credit securing obligations (other than obligations described in
clauses (i) through (iii) above) entered into in the ordinary course of business of such Person to the extent such letters of credit
are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the third Business Day following
receipt by such Person of a demand for reimbursement following payment on the letter of credit);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
obligations of the type referred to in clauses (i) through (iv) above of other Persons and all dividends of other Persons for the
payment of which, in either case, such Person is responsible or liable as obligor, guarantor or otherwise; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
obligations of the type referred to in clauses (i) through (v) above of other Persons secured by any Lien on any property or asset
of such Person (whether or not such obligation is assumed by such Person), the amount of such obligation being deemed to be the
lesser of the value of such property or assets or the amount of the obligation so secured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Indebtedness
Ranking Equally with the New Notes</I>&rdquo; means Indebtedness, to the extent the Indebtedness specifically by its terms ranks
equally with and not prior to or junior to the New Notes in the right of payment upon the happening of the dissolution, winding-up,
liquidation or reorganization of the Issuer. The securing of any Indebtedness otherwise constituting Indebtedness Ranking Equally
with the New Notes will not prevent the Indebtedness from constituting Indebtedness Ranking Equally with the New Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Indebtedness
Ranking Junior to the New Notes</I>&rdquo; means any Indebtedness, to the extent the Indebtedness specifically by its terms ranks
junior to and not equally with or prior to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify">the New Notes, and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: left">any other Indebtedness Ranking Equally with the New Notes,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">in the right of payment upon the happening
of the dissolution, winding-up, liquidation or reorganization of the Issuer. The securing of any Indebtedness otherwise constituting
Indebtedness Ranking Junior to the New Notes will not prevent the Indebtedness from constituting Indebtedness Ranking Junior to
the New Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Letter Stock</I>&rdquo;,
as applied to the Capital Stock of any corporation, means Capital Stock of any class or classes (however designated) which is intended
to reflect the separate performance of certain of the businesses or operations conducted by such corporation or any of its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Lien</I>&rdquo;
means any lien, mortgage, pledge, security interest, conditional sale, title retention agreement or other charge or encumbrance
of any kind, or any other type of arrangement intended or having the effect of conferring upon a creditor of the Issuer or any
Subsidiary a preferential interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Paying Agent</I>&rdquo;
means any Person authorized by the Issuer to pay the principal of (including premium, if any) or interest on any of the New Notes
on behalf of the Issuer. Initially, the Paying Agent shall be the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Predecessor
New Note</I>&rdquo; of any particular New Note means every previous New Note evidencing all or a portion of the same debt as that
evidenced by such particular New Note; and, for the purposes of the definition, any New Note authenticated and made available for
delivery under Section 2.9 of the Original Indenture in exchange for or in lieu of a mutilated, destroyed, lost or stolen New Note
shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen New Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Preferred
Stock</I>&rdquo;, as applied to the Capital Stock of any corporation, means Capital Stock of any class or classes (however designated)
that is preferred as to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation
or dissolution of such corporation, over shares of Capital Stock of any other class of such corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Rights Plan</I>&rdquo;
means a plan of the Issuer providing for the issuance by the Issuer to all holders of the Issuer&rsquo;s Capital Stock of rights
entitling them to subscribe for or purchase such Capital Stock, which rights (i) are deemed to be transferred with such Capital
Stock, (ii) are not exercisable and (iii) are also issued in respect of future issuances of Capital Stock, in each case until the
occurrence of a specified event or events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Securities
Act</I>&rdquo; means the Securities Act of 1933, as amended from time to time, and any successor legislation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Senior Indebtedness</I>&rdquo;
means the principal of (including premium, if any) and interest on the following, whether outstanding on the date hereof or thereafter
incurred, created or assumed: (i) indebtedness of the Issuer for money borrowed by the Issuer or evidenced by debentures, notes,
bankers&rsquo; acceptances or other corporate debt securities, or similar instruments issued by the Issuer (in each case, other
than the New Notes or any other Subordinated Securities); (ii) all capital lease obligations of the Issuer; (iii) all obligations
of the Issuer issued or assumed as the deferred purchase price of property, all conditional sale obligations of the Issuer and
all obligations of the Issuer under any title retention agreement (but excluding trade accounts payable arising in the ordinary
course of business); (iv) obligations with respect to letters of credit; (v) all indebtedness of others of the type referred to
in clauses (i) though (iv) assumed by or guaranteed in any manner by the Issuer or in effect guaranteed by the Issuer; (vi) all
obligations of the type referred to in clauses (i) through (v) of other Persons secured by any lien on any property or asset of
the Issuer (whether or not such obligation is assumed by the Issuer), except for (1) any such indebtedness that is by its terms
subordinated to or <I>pari passu</I> with the New Notes, as the case may be, and (2) any indebtedness between or among the Issuer
and its Affiliates; and/or (vii) renewals, extensions or refundings of any of the indebtedness referred to in the preceding clauses
unless, in the case of any particular indebtedness, renewal, extension or refunding, under the express provisions of the instrument
creating or evidencing the same or the assumption or guarantee of the same, or pursuant to which the same is outstanding, such
indebtedness or such renewal, extension or refunding thereof is not superior in right of payment to the New Notes (or any other
Subordinated Securities).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Subordinated
Securities</I>&rdquo; has the meaning set forth in Section 12.1(a) of the Original Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE II<BR>
DESIGNATION AND TERMS OF THE NEW NOTES; FORMS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.01. <I>Establishment
of Series</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
is hereby created a series of Securities to be known and designated as the &ldquo;3.75% Fixed-to-Fixed Reset Rate Junior Subordinated
Notes due 2050&rdquo; to be issued in aggregate principal amount of $400,000,000. Additional Securities, without limitation as
to amount, having substantially the same terms as the New Notes (except a different issue date, a different issue price and bearing
interest from the last Interest Payment Date to which interest has been paid or duly provided for on the New Notes, and, if no
interest has been paid, from the Original Issue Date), may also be issued by the Issuer pursuant to the Indenture without the consent
of the existing Holders of the New Notes; <I>provided</I>, that such additional Securities must be part of the same issue as the
New Notes for U.S. federal income tax purposes or, if they are not part of the same issue for such purposes, such additional Securities
must be issued with a separate CUSIP number. Such additional Securities shall be part of the same series as the New Notes. The
Stated Maturity of the New Notes is December 1, 2050; the principal amount of the New Notes shall be payable on such date unless
the New Notes are earlier redeemed in accordance with the terms of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
New Notes, until the principal thereof is paid or made available for payment, will bear interest (i) from the Original Issue Date
to, but not including, the First Reset Date at the rate of 3.75% <I>per annum</I> and (ii) from and including the First Reset Date,
during each Reset Period, at a rate <I>per annum</I> equal to the Five-Year Treasury Rate as of the most recent Reset Interest
Determination Date, plus 2.90%, to be reset on each Reset Date. Interest will be payable semi-annually on each Interest Payment
Date and at Maturity, as provided and subject to the terms contained in the form of the New Note in Section 2.03 and Section 2.04
hereof (including the right of the Issuer to defer interest payable on the New Notes as set forth in Section 2.03 hereof).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Record Date referred to in Section 2.3(f)(4) of the Original Indenture for the payment of the interest on any New Note payable
on any Interest Payment Date (other than on the Stated Maturity) shall be the date 15 calendar days immediately preceding the applicable
Interest Payment Date (whether or not a Business Day) except that interest payable on the Stated Maturity shall be paid to the
Person to whom the principal amount is paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
payment of the principal of (including premium, if any) and interest on the New Notes shall not be secured by a security interest
in any property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
New Notes shall be redeemable at the option of the Issuer as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
whole or in part, at any time and from time to time on or after December 1, 2025, other than for this purpose during any Par Call
Period, at a redemption price equal to the greater of the following amounts:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100%
of the principal amount of such New Notes being redeemed on such date of redemption; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
sum of the present values of the remaining scheduled payments of principal of and interest on such New Notes being redeemed on
such date of redemption that would be due if such New Notes matured on the first day of the next Par Call Period (not including
any portion of any payments of interest accrued to such redemption date) discounted to such redemption date on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 45 basis points, as determined
by a Reference Treasury Dealer appointed by the Issuer for such purpose;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">plus, in each case of items (1)
and (2), accrued and unpaid interest, if any, thereon to, but not including, such redemption date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
whole or in part, during any Par Call Period, at a redemption price equal to 100% of the principal amount of such New Notes being
redeemed, plus accrued and unpaid interest, if any, thereon to, but not including, the date of redemption;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
whole but not in part, at any time within 90 days following the occurrence and continuation of a Tax Event, at a redemption price
equal to 100% of the principal amount of the New Notes, plus accrued and unpaid interest, if any, thereon to, but not including,
the date of redemption; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
whole but not in part, at any time within 90 days following the conclusion of any review or appeal process instituted by the Issuer
at any time following the occurrence and continuation of a Rating Agency Event, at a redemption price equal to 102% of the principal
amount of the New Notes, plus accrued and unpaid interest, if any, thereon to, but not including, the date of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Issuer&rsquo;s
right to redeem the New Notes under clause (iii) above shall be subject to the condition that if at the time there is available
to the Issuer the opportunity to eliminate a Tax Event, within 90 days following the occurrence and continuation of such Tax Event,
by taking some ministerial action (&ldquo;<I>Ministerial Action</I>&rdquo;), such as filing a form or making an election, or pursuing
some other similar reasonable measure that will have no adverse effect on the Issuer or the Holders of the New Notes and will involve
no material cost, the Issuer shall pursue such measures in lieu of redemption; <I>provided further</I>, that the Issuer shall have
no right to redeem the New Notes while the Issuer is pursuing any such Ministerial Action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee may rely
on an Officers&rsquo; Certificate stating that a Tax Event or Rating Agency Event, as the case may be, has occurred and shall have
no responsibility to monitor or determine whether or not such an event has occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with
any redemption of any New Notes, other than during any Par Call Period, the Issuer shall give the Trustee notice of the redemption
price promptly after the calculation thereof and the Trustee shall not be responsible for such calculation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
New Notes shall not be convertible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
New Notes shall be subordinated to the payment of Senior Indebtedness as provided in Article III of this Tenth Supplemental Indenture,
and the provisions of Article Twelve of the Original Indenture shall apply to the New Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Issuer will not pay any additional amounts on the New Notes held by a Person who is not a U.S. person (as defined in Regulation
S under the Securities Act) in respect of any tax, assessment or government charge withheld or deducted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
events specified as Events of Default with respect to the New Notes shall only include the events specified in Article IV hereof,
which shall supersede the &ldquo;Events of Default&rdquo; set forth in Section 5.1 of the Original Indenture. In addition to the
covenants set forth in Article Three of the Original Indenture, the Holders of the New Notes shall have the benefit of the covenants
of the Issuer set forth in Article IV hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
New Notes are issuable only in registered form without coupons in minimum denominations of $2,000 and any integral multiple of
$1,000 in excess thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
provisions of Article V and Article VI hereof shall apply to the New Notes as specified therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Place of Payment for the New Notes shall be determined in accordance with Section 3.2 of the Original Indenture and shall initially
be the Corporate Trust Office of the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
New Notes shall have such additional terms and provisions as set forth in Sections 2.03 and 2.04 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.02. <I>Forms
Generally</I>. The New Notes and Trustee&rsquo;s certificate of authentication shall be in substantially the form set forth in
this Article II, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by
the Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon
as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the officers
executing such New Notes, as evidenced by their execution thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The definitive New
Notes shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined
by the officers executing such New Notes, as evidenced by their execution thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.03. <I>Form
of Face of New Note</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE OF A DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY
OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">BY ITS PURCHASE, ACCEPTANCE
AND HOLDING OF THIS SECURITY, EACH PURCHASER AND SUBSEQUENT TRANSFEREE WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER
(I) NO PORTION OF THE ASSETS USED BY SUCH PURCHASER OR TRANSFEREE TO ACQUIRE AND HOLD THIS SECURITY CONSTITUTES ASSETS OF ANY EMPLOYEE
BENEFIT PLAN (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (&ldquo;ERISA&rdquo;)),
THAT IS SUBJECT TO TITLE I OF ERISA, ANY PLAN (AS DEFINED IN SECTION 4975(E)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
(THE &ldquo;CODE&rdquo;)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, OR ANY ENTITY DEEMED TO HOLD ANY PLAN ASSETS OF THE FOREGOING
BY VIRTUE OF SUCH EMPLOYEE BENEFIT PLAN&rsquo;S OR PLAN&rsquo;S INVESTMENT IN THE ENTITY (EACH, A &ldquo;PLAN&rdquo;) OR A PLAN
THAT IS SUBJECT TO ANY FEDERAL, STATE, LOCAL OR OTHER LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND
THE CODE (&ldquo;SIMILAR LAW&rdquo;) OR (II) THE PURCHASE, ACCEPTANCE AND HOLDING OF THIS SECURITY BY SUCH PURCHASER OR TRANSFEREE
WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR,
IN THE CASE OF A PLAN THAT IS SUBJECT TO SIMILAR LAW, A VIOLATION UNDER ANY SUCH SIMILAR LAW. &ldquo;PLAN ASSETS&rdquo; HAS THE
MEANING GIVEN TO IT BY SECTION 3(42) OF ERISA AND REGULATIONS OF THE U.S. DEPARTMENT OF LABOR, BUT ALSO INCLUDES ASSETS OF AN EMPLOYEE
BENEFIT PLAN (WITHIN THE MEANING OF SECTION 3(3) OF ERISA) SUBJECT TO LAWS OR REGULATIONS THAT ARE SUBSTANTIALLY SIMILAR TO SECTION
406 OF ERISA OR SECTION 4975 OF THE CODE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless this Global
Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (&ldquo;<I>DTC</I>&rdquo;),
to CMS Energy Corporation or its agent for registration of transfer, exchange or payment, and any certificate issued is registered
in the name of a nominee of DTC or in such other name as is requested by an authorized representative of DTC (and any payment is
made to such nominee of DTC or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof has an interest
herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CMS ENERGY CORPORATION<BR>
3.75% FIXED-TO-FIXED RESET RATE JUNIOR SUBORDINATED NOTE DUE 2050</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%; text-align: left">No. _</TD><TD STYLE="text-align: right; width: 50%">$___________</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CUSIP No.: 125896 BV1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ISIN No.: US125896BV12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">CMS Energy Corporation,
a corporation duly organized and existing under the laws of the State of Michigan (herein called the &ldquo;<I>Issuer</I>&rdquo;,
which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay
to CEDE &amp; CO., or registered assigns, the principal sum of _______ Dollars on December 1, 2050 (&ldquo;<I>Stated Maturity</I>&rdquo;)
and to pay interest thereon from November 25, 2020 (the &ldquo;<I>Original Issue Date</I>&rdquo;) or from the most recent Interest
Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on June 1 and December 1 in each year,
commencing on June 1, 2021 (each an &ldquo;<I>Interest Payment Date</I>&rdquo;), to the Persons in whose names the New Notes are
registered at 5:00 p.m., New York City time, on the date 15 calendar days immediately preceding the applicable Interest Payment
Date (whether or not a Business Day) (each a &ldquo;<I>Record Date</I>&rdquo;), and on the Stated Maturity, to the Person to whom
the principal amount is paid, (i) from the Original Issue Date to, but not including, December 1, 2030 (the &ldquo;<I>First Reset
Date</I>&rdquo;) at the rate of 3.75% <I>per annum</I> and (ii) from and including the First Reset Date, during each Reset Period,
at a rate <I>per annum</I> equal to the Five-Year Treasury Rate as of the most recent Reset Interest Determination Date, plus 2.90%,
to be reset on each Reset Date, until the principal hereof is paid or made available for payment. The amount of interest payable
on any Interest Payment Date shall be computed on the basis of a 360-day year of twelve 30-day months and, for any period shorter
than six months, on the basis of the actual number of days elapsed per 30-day month. Any such interest not so punctually paid or
duly provided for will forthwith cease to be payable to the Holder on such Record Date and may either be paid to the Person in
whose name this New Note (or one or more Predecessor New Notes) is registered at 5:00 p.m., New York City time, on a subsequent
record date (which shall be not less than five Business Days prior to the date of payment of such defaulted interest) for the payment
of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to Holders of New Notes not less than 15 calendar
days preceding such subsequent Record Date. All references in this New Note to interest shall include Compound Interest, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless the Issuer has
validly redeemed all outstanding New Notes as of the First Reset Date, the Issuer shall appoint a Calculation Agent with respect
to the New Notes prior to the Reset Interest Determination Date preceding the First Reset Date. The applicable interest rate for
each Reset Period will be determined by the Calculation Agent as of the applicable Reset Interest Determination Date. Promptly
upon such determination, the Calculation Agent shall notify the Issuer of the interest rate for the relevant Reset Period and the
Issuer shall then promptly notify the Trustee and Paying Agent in writing of such interest rate. The Calculation Agent&rsquo;s
determination of any interest rate and its calculation of the amount of interest for any Reset Period beginning on or after the
First Reset Date will be conclusive and binding absent manifest error, may be made in the Calculation Agent&rsquo;s sole discretion
and, notwithstanding anything to the contrary in the Indenture or this New Note, will become effective without consent from any
other person or entity. Such determination of any interest rate and calculation of the amount of interest will be on file at the
Issuer&rsquo;s principal offices and will be made available to any Holder of the New Notes upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">So long as no Event
of Default with respect to this New Note has occurred and is continuing, the Issuer shall have the right, at any time and from
time to time, to defer payments of interest on this New Note by extending the interest payment period of such New Note for a period
not exceeding 20 consecutive semi-annual periods (an &ldquo;<I>Extension Period</I>&rdquo;), during which Extension Period no interest
shall be due and payable; except that no Extension Period may extend beyond the Stated Maturity. To the extent permitted by applicable
law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this
paragraph, will bear interest thereon at a rate equal to the then-applicable interest rate on this New Note, including as reset
on any Reset Date during the Extension Period, compounded semi-annually for each semi-annual period of the Extension Period (&ldquo;<I>Compound
Interest</I>&rdquo;). At the end of the Extension Period, the Issuer shall pay all interest accrued and unpaid on this New Note,
including any Compound Interest (together, &ldquo;<I>Deferred Interest</I>&rdquo;), that shall be payable to the Holder in whose
name the New Note is registered in the Security Register on the Record Date for the first Interest Payment Date after the end of
the Extension Period. Before the termination of any Extension Period, the Issuer may shorten or further extend such period, provided
that such Extension Period as extended shall not exceed 20 consecutive semi-annual periods, or extend beyond the Stated Maturity
or redemption date, if earlier, of this New Note. Upon the termination of any Extension Period and upon the payment of all Deferred
Interest then due, the Issuer may commence a new Extension Period, subject to the foregoing requirements. No interest shall be
due and payable during an Extension Period, except at the end thereof, but the Issuer may prepay at any time all or any portion
of the interest accrued during an Extension Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Issuer shall give
the Holder of this New Note and the Trustee written notice of its selection of such Extension Period or any shortening or extension
thereof at least ten Business Days before the next succeeding Interest Payment Date. The semi-annual period in which any notice
is given pursuant to this paragraph shall be counted as one of the 20 semi-annual periods permitted in the maximum Extension Period
permitted under the preceding paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Payment of the principal
of (including premium, if any) and interest on this New Note will be made at the office or agency of the Issuer maintained for
that purpose (the &ldquo;<I>Place of Payment</I>&rdquo;), in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts; <I>provided</I>, <I>however</I>, that at the option of the
Issuer payment of interest (other than interest payable at Maturity) may be made by check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register or by wire transfer to an account designated by such Person not later
than five Business Days prior to the related Record Date. The initial Place of Payment shall be the Trustee&rsquo;s Corporate Trust
Office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Reference is hereby
made to the further provisions of this New Note set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless the certificate
of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual, facsimile or electronic
signature; provided, however, that any electronic signature is a true representation of such signatory&rsquo;s actual signature,
this New Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the Issuer has caused this instrument to be duly executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CMS ENERGY CORPORATION</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 46%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Its:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Its:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.04. <I>Form
of Reverse of New Note</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This 3.75% Fixed-to-Fixed
Reset Rate Junior Subordinated Note due 2050 is one of a duly authorized issue of securities of the Issuer (herein called the &ldquo;<I>New
Notes</I>&rdquo;), issued and to be issued under an Indenture, dated as of June 1, 1997 (as supplemented by the Fifth Supplemental
Indenture, dated as of February 13, 2018 and the Tenth Supplemental Indenture, dated as of November 25, 2020 and as further amended
or supplemented from time to time, the &ldquo;<I>Indenture</I>&rdquo;), between the Issuer and The Bank of New York Mellon, a New
York banking corporation, as Trustee (herein called the &ldquo;<I>Trustee</I>&rdquo;, which term includes any successor trustee
under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Trustee, and the Holders of the New
Notes and of the terms upon which the New Notes are, and are to be, authenticated and made available for delivery. This New Note
is one of the series designated on the face hereof, issued in an initial aggregate principal amount of $______. Additional Securities,
without limitation as to amount, having substantially the same terms as the New Notes (except a different issue date, a different
issue price and bearing interest from the last Interest Payment Date to which interest has been paid or duly provided for on the
New Notes, and, if no interest has been paid, from the Original Issue Date), may also be issued by the Issuer pursuant to the Indenture
without the consent of the existing Holders of the New Notes; <I>provided</I>, that such additional Securities must be part of
the same issue as the New Notes for U.S. federal income tax purposes or, if they are not part of the same issue for such purposes,
such additional Securities must be issued with a separate CUSIP number. Such additional Securities shall be part of the same series
as the New Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Payment of the principal
of and interest on this New Note is, to the extent provided in the Indenture, subordinated and subject in right of payment to the
prior payment in full of all existing and future Senior Indebtedness of the Issuer and this New Note is issued subject to the provisions
of the Indenture with respect thereto. Each registered Holder of this New Note, by accepting the same, (a) agrees to and shall
be bound by such provisions, (b) authorizes and directs the Trustee on such Holder&rsquo;s behalf to take such action as may be
necessary or appropriate to acknowledge or effectuate the subordination so provided and (c) appoints the Trustee as such Holder&rsquo;s
attorney-in-fact for any and all such purposes. Each registered Holder hereof, by such Holder&rsquo;s acceptance hereof, hereby
waives all notice of the acceptance of the subordination provisions contained herein and in the Indenture by each holder of Senior
Indebtedness, whether now outstanding or hereafter incurred, and waives reliance by each such holder upon said provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Issuer and, by
its acceptance of this New Note or a beneficial interest herein, the registered Holder of, and any Person that acquires a beneficial
interest in, this New Note agree that for United States federal, state and local tax purposes it is intended that this New Note
constitute indebtedness, and each of the Issuer and the Holder of, and any Person that acquires a beneficial interest in, this
New Note agrees to treat this New Note as indebtedness for United States federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No sinking fund is
provided for the New Notes, and the New Notes shall not be subject to redemption or repurchase at the option of the Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The New Notes are subject
to redemption at the option of the Issuer, in whole or in part, at any time and from time to time, on or after December 1, 2025,
other than for this purpose during any Par Call Period, at a redemption price equal to the greater of the following amounts:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100%
of the principal amount of such New Notes being redeemed on such date of redemption; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
sum of the present values of the remaining scheduled payments of principal of and interest on such New Notes being redeemed on
such date of redemption that would be due if such New Notes matured on the first day of the next Par Call Period (not including
any portion of any payments of interest accrued to such redemption date) discounted to such redemption date on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 45 basis points, as determined
by a Reference Treasury Dealer appointed by the Issuer for such purpose;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">plus, in each case of items (i) and (ii),
accrued and unpaid interest, if any, thereon to, but not including, such redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The New Notes are subject
to redemption at the option of the Issuer, in whole or in part, during any Par Call Period, at a redemption price equal to 100%
of the principal amount of such New Notes being redeemed, plus accrued and unpaid interest, if any, thereon to, but not including,
the date of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The New Notes are subject
to redemption at the option of the Issuer, in whole but not in part, at any time within 90 days following the occurrence and continuation
of a Tax Event, at a redemption price equal to 100% of the principal amount of the New Notes, plus accrued and unpaid interest,
if any, thereon to, but not including, the date of redemption. The Issuer&rsquo;s right to redeem the New Notes due to a Tax Event
under this paragraph shall be subject to the condition that if at the time there is available to the Issuer the opportunity to
eliminate a Tax Event, within 90 days following the occurrence and continuation of such Tax Event, by taking some ministerial action
(&ldquo;<I>Ministerial Action</I>&rdquo;), such as filing a form or making an election, or pursuing some other similar reasonable
measure that will have no adverse effect on the Issuer or the Holders of the New Notes and will involve no material cost, the Issuer
shall pursue such measures in lieu of redemption; provided further, that the Issuer shall have no right to redeem the New Notes
while the Issuer is pursuing any such Ministerial Action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The New Notes are subject
to redemption at the option of the Issuer, in whole but not in part, at any time within 90 days following the conclusion of any
review or appeal process instituted by the Issuer at any time following the occurrence and continuation of a Rating Agency Event,
at a redemption price equal to 102% of the principal amount of the New Notes, plus accrued and unpaid interest, if any, thereon
to, but not including, the date of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event that the
Issuer elects to redeem any New Notes in accordance with the foregoing, any installment of interest for which the Interest Payment
Date is on or prior to the relevant date of redemption will be payable to the Holder of record at the close of business on the
relevant Record Date referred to on the face hereof, all as provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with
any redemption of any New Notes, other than during any Par Call Period, the Issuer shall give the Trustee notice of the redemption
price promptly after the calculation thereof and the Trustee shall not be responsible for such calculation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If less than all of
the New Notes are to be redeemed and (i) the New Notes are in global form, interests in the New Notes to be redeemed shall be selected
for redemption by DTC in accordance with DTC&rsquo;s standard procedures therefor or (ii) the New Notes are in definitive form,
the New Notes to be redeemed shall be selected by lot. Notice of redemption shall be given not less than 10 nor more than 60 days
prior to the date fixed for redemption to the Holders of the New Notes to be redeemed (which, as long as the New Notes are held
in the book-entry only system, will be DTC (or its nominee) or a successor depositary (or the successor&rsquo;s nominee)); <I>provided</I>,
<I>however</I>, that the failure to duly give such notice, or any defect therein, shall not affect the validity of any proceedings
for the redemption of the New Notes as to which there shall have been no such failure or defect. On and after the date fixed for
redemption (unless the Issuer shall default in the payment of the New Notes or portions thereof to be redeemed at the applicable
redemption price, together with accrued and unpaid interest, if any, thereon to, but not including, such redemption date), interest
on the New Notes or the portions thereof so called for redemption shall cease to accrue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If an Event of Default
with respect to this New Note shall occur and be continuing, the principal of this New Note may be declared due and payable in
the manner and with the effect provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In any case where any
Interest Payment Date, redemption date, Stated Maturity or Maturity of any New Note shall not be a Business Day, then (notwithstanding
any other provision of the Indenture or this New Note) payment of interest or principal (including premium, if any) need not be
made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the Interest
Payment Date, redemption date or Stated Maturity or at Maturity; <I>provided</I> that no interest shall accrue on the amount so
payable for the period from and after such Interest Payment Date, redemption date, Stated Maturity or Maturity, as the case may
be, to such Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee and the
Paying Agent shall return to the Issuer upon written request any money or property held by them for the payment of any amount with
respect to the New Notes that remains unclaimed for three years, <I>provided, however</I>, that the Trustee or such Paying Agent,
before being required to make any such return, shall at the expense of the Issuer mail to each such Holder notice that such money
or property remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such
mailing, any unclaimed money or property then remaining shall be returned to the Issuer. After return to the Issuer, Holders entitled
to the money or property must look to the Issuer for payment as general creditors unless an applicable abandoned property law designates
another Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The provisions relating
to defeasance and covenant defeasance in Article Ten of the Indenture shall not apply to the New Notes (but otherwise Article Ten
of the Original Indenture shall apply to the New Notes, including Section 10.1(A) of the Original Indenture).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer
and the rights of the Holders of all outstanding New Notes under the Indenture at any time by the Issuer and the Trustee with the
consent of the Holders of not less than a majority in principal amount of Securities of all series (including the New Notes) then
outstanding and affected (voting as one class).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Indenture permits
the Holders of a majority in principal amount of Securities of all series at the time outstanding with respect to which a default
shall have occurred and be continuing (voting as one class) to waive on behalf of the Holders of all outstanding Securities of
such series any past default by the Issuer, <I>provided</I> that no such waiver may be made with respect to a default in the payment
of the principal of or the interest on any Security of such series, the default in the payment of the redemption price with respect
to the New Notes, or the default by the Issuer in respect of certain covenants or provisions of the Indenture, the modification
or amendment of which must be consented to by the Holder of each outstanding Security of each series affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As set forth in, and
subject to, the provisions of the Indenture, no Holder of any New Note will have any right to institute any proceeding with respect
to the Indenture or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice of
a continuing Event of Default, the Holders of not less than 25% in principal amount of the outstanding Securities of each affected
series (voting as one class) shall have made written request, and offered reasonable indemnity against costs, expenses and liabilities,
to the Trustee to institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority
in principal amount of the outstanding Securities of each affected series (voting as one class) a direction inconsistent with such
request and shall have failed to institute such proceeding within 60 days; <I>provided</I>, <I>however</I>, that such limitations
do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal of (including premium, if
any) or any interest on this New Note on or after the respective due dates expressed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No reference herein
to the Indenture and no provision of this New Note or of the Indenture shall alter or impair the obligation of the Issuer, which
is absolute and unconditional, to pay the principal of (including premium, if any) and interest on this New Note at the times,
place and rate, and in the coin or currency, herein prescribed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of this New Note is registrable in the Security Register,
upon surrender of this New Note for registration of transfer at the office or agency of the Issuer in any place where the principal
of (including premium, if any) and interest on this New Note are payable, duly endorsed by, or accompanied by a written instrument
of transfer in form satisfactory to the Issuer and the Security Registrar duly executed by, the Holder hereof or such Holder&rsquo;s
attorney duly authorized in writing, and thereupon one or more new New Notes of this series and of like tenor, of authorized denominations
and for the same aggregate principal amount, will be issued to the designated transferee or transferees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The New Notes are issuable
only in registered form without coupons in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof.
As provided in the Indenture and subject to certain limitations therein set forth, New Notes are exchangeable for a like aggregate
principal amount of New Notes and of like tenor of a different authorized denomination, as requested by the Holder surrendering
the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No service charge shall
be made for any such registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Issuer shall not
be required to (i) issue, exchange or register the transfer of this New Note for a period of 15 days next preceding the first mailing
or publication of the notice of redemption of New Notes or (ii) exchange or register the transfer of any New Note or any portion
thereof selected, called or being called for redemption, except in the case of any New Note to be redeemed in part, the portion
thereof not so to be redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to due presentment
of this New Note for registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the
Person in whose name this New Note is registered as the owner hereof for all purposes, whether or not this New Note be overdue,
and neither the Issuer, the Trustee nor any such agent shall be affected by notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All terms used in this
New Note without definition which are defined in the Indenture shall have the meanings assigned to them in the Indenture. In case
of any conflict between this New Note and the Indenture, the provisions of the Indenture shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<I>Adjusted Treasury Rate</I>&rdquo;
means, with respect to any applicable redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity
of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal
amount) equal to the Comparable Treasury Price for such redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<I>Comparable Treasury
Issue</I>&rdquo; means the U.S. Treasury security selected by a Reference Treasury Dealer appointed by the Issuer for such purpose
as having a maturity comparable to the remaining term of such New Notes being redeemed (assuming for this purpose that such New
Notes matured on the first day of the next Par Call Period) that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term
of such New Notes (assuming for this purpose that such New Notes matured on the first day of the next Par Call Period).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<I>Comparable Treasury
Price</I>&rdquo; means, with respect to any applicable redemption date, (i) if the Issuer obtains three or more Reference Treasury
Dealer Quotations, the average of such Reference Treasury Dealer Quotations for such redemption date, after excluding the highest
and lowest of such Reference Treasury Dealer Quotations, (ii) if the Issuer obtains two such Reference Treasury Dealer Quotations,
the average of such quotations, or (iii) if only one Reference Treasury Dealer Quotation is received by the Issuer, such quotation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<I>Five-Year Treasury
Rate</I>&rdquo; means, as of any Reset Interest Determination Date, the average of the yields on actively traded U.S. Treasury
securities adjusted to constant maturity, for five-year maturities, for the most recent five Business Days appearing under the
caption &ldquo;Treasury Constant Maturities&rdquo; in the Most Recent H.15. If the Five-Year Treasury Rate cannot be determined
pursuant to the preceding sentence, the Calculation Agent, after consulting such sources as it deems comparable to any of the foregoing
calculations, or any such source as it deems reasonable from which to estimate the Five-Year Treasury Rate, will determine the
Five-Year Treasury Rate in its sole discretion, provided that if the Calculation Agent determines there is an industry-accepted
successor Five-Year Treasury Rate, then the Calculation Agent will use such successor rate. If the Calculation Agent has determined
a substitute or successor base rate in accordance with the foregoing, the Calculation Agent in its sole discretion may determine
the Business Day convention, the definition of Business Day and the Reset Interest Determination Date to be used and any other
relevant methodology for calculating such substitute or successor base rate, including any adjustment factor needed to make such
substitute or successor base rate comparable to the Five-Year Treasury Rate, in a manner that is consistent with industry-accepted
practices for such substitute or successor base rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<I>H.15</I>&rdquo; means
the daily statistical release designated as such, or any successor publication as determined by the Calculation Agent in its sole
discretion, published by the Board of Governors of the United States Federal Reserve System, and &ldquo;<I>Most Recent H.15</I>&rdquo;
means the H.15 published closest in time but prior to the close of business on the applicable Reset Interest Determination Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<I>Par Call Period</I>&rdquo;
means the three-month period prior to and including a Reset Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<I>Primary Treasury Dealer</I>&rdquo;
means a primary U.S. Government securities dealer in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<I>Rating Agency Event</I>&rdquo;
means a change in the methodology published by any nationally recognized statistical rating organization within the meaning of
Section 3(a)(62) of the Exchange Act (a &ldquo;<I>Rating Agency</I>&rdquo;) that currently publishes a rating for the Issuer in
assigning equity credit to securities such as this New Note, as such methodology was in effect on November 19, 2020 (the &ldquo;<I>Current
Criteria</I>&rdquo;), which change results in (i) any shortening of the length of time for which equity credit pertaining to the
New Notes would have been in effect had the current methodology not been changed or (ii) a lower equity credit being assigned by
such Rating Agency to the New Notes as of the date of such change than the equity credit that would have been assigned to the New
Notes as of the date of such change by such Rating Agency pursuant to its Current Criteria.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<I>Reference Treasury
Dealer</I>&rdquo; means (i) Barclays Capital Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, and a Primary Treasury
Dealer selected by Truist Securities, Inc.; provided, however, that if any of the foregoing shall cease to be a Primary Treasury
Dealer, the Issuer shall substitute therefor another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealer(s) selected
by the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<I>Reference Treasury
Dealer Quotations</I>&rdquo; means, with respect to each Reference Treasury Dealer and any applicable redemption date, the average
of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Issuer by such Reference Treasury Dealer at 5:00 p.m. (New York City time) on the third Business Day preceding
such redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<I>Reset Date</I>&rdquo;
means the First Reset Date and each date falling on the five-year anniversary of the preceding Reset Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<I>Reset Interest Determination
Date</I>&rdquo; means, in respect of any Reset Period, the day falling two Business Days prior to the beginning of such Reset Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<I>Reset Period</I>&rdquo;
means the period from and including the First Reset Date to, but not including, the next following Reset Date and thereafter each
period from and including each Reset Date to, but not including, the next following Reset Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<I>Tax Event</I>&rdquo;
means receipt by the Issuer of an opinion of nationally recognized independent tax counsel experienced in such matters at any time
after the occurrence of any of the events set forth below to the effect that, as a result of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify">any amendment to or change or announced proposed change in the laws or regulations of the United
States or any of its political subdivisions or taxing authorities affecting taxation;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify">any amendment to or change in an interpretation or application of such laws or regulations by any
legislative body, court, governmental agency or regulatory authority; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD STYLE="text-align: justify">any official administration interpretation or official administrative pronouncement that provides
for a position with respect to those laws or regulations that differs from the generally accepted position on the date of this
Tenth Supplemental Indenture;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">which amendment or change becomes
effective or proposed change, pronouncement, interpretation, action or decision is announced on or after November 19, 2020, there
is more than an insubstantial risk that interest payable on this New Note is not or within 90 days of the date of the opinion would
not be currently deductible as such interest accrues, in whole or in part, by the Issuer for United States federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.05. <I>Form
of Trustee&rsquo;s Certificate of Authentication.</I> The Trustee&rsquo;s certificate of authentication shall be in substantially
the following form:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This is one of the
Securities of the series designated herein referred to in the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE BANK OF NEW YORK MELLON,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.125in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 38%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Its:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.06. <I>Rights
of Trustee.</I> The Trustee shall not be deemed to have notice, or be charged with knowledge, of any event requiring notice under
the Indenture unless the Trustee shall have received from the Issuer or other requisite party such notice in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE III<BR>
SUBORDINATION OF NEW NOTES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The New Notes shall
constitute Subordinated Securities under the Original Indenture, and the provisions of Article Twelve of the Original Indenture
shall apply to the New Notes. The Issuer covenants and agrees, and each Holder of New Notes by his or her acceptance thereof likewise
covenants and agrees, that the indebtedness represented by the New Notes and the payment of the principal and interest, if any,
on the New Notes is subordinated and subject in right of payment, to the extent and in the manner provided in Article Twelve of
the Original Indenture, to the prior payment in full of all Senior Indebtedness. Subject to the extent provided in Article Twelve
of the Original Indenture, the New Notes will rank equally in right of payment to Indebtedness Ranking Equally with the New Notes
that the Issuer may issue from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE IV<BR>
EVENTS OF DEFAULT<BR>
WITH RESPECT TO THE NEW NOTES; CERTAIN COVENANTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 4.01. <I>Definition</I>.
The only &ldquo;<I>Events of Default</I>&rdquo; with respect to the New Notes shall be the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">default in the payment of any installment of interest upon any of the New Notes as and when the
same shall become due and payable, (whether or not payment is prohibited by the provisions of Article Twelve of the Original Indenture),
and continuance of such default for a period of 30 days; <I>provided</I>, <I>however</I>, that if the Issuer is permitted by the
terms of the New Notes to defer the payment in question (including any Extension Period), the date on which such payment is due
and payable shall be the date on which the Issuer is required to make payment following such deferral, if such deferral has been
elected pursuant to the terms of the New Notes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">default in the payment of all or any part of the principal of the New Notes as and when the same
shall become due and payable (whether or not payment is prohibited by the provisions of Article Twelve of the Original Indenture),
whether at Maturity, upon purchase by the Issuer at the option of the Holder, upon any redemption, by declaration or otherwise;
<I>provided</I>, <I>however</I>, that if the Issuer is permitted by the terms of the New Notes to defer the payment in question
(including any Extension Period), the date on which such payment is due and payable shall be the date on which the Issuer is required
to make payment following such deferral, if such deferral has been elected pursuant to the terms of the New Notes;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">a court having jurisdiction in the premises shall enter a decree or order for relief in respect
of the Issuer in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect,
adjudging the Issuer a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment
or composition of or in respect of the Issuer under any applicable law, or appointing a receiver, liquidator, assignee, custodian,
trustee or sequestrator (or similar official) of the Issuer or for any substantial part of the property of the Issuer, or ordering
the winding up or liquidation of the affairs of the Issuer, and such decree or order shall remain unstayed and in effect for a
period of 60 consecutive days; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">the Issuer shall commence a voluntary case or proceeding under any applicable bankruptcy, insolvency
or other similar law now or hereafter in effect or any other case or proceeding to be adjudicated a bankrupt or insolvent, or consent
to the entry of a decree or order for relief in an involuntary case under any such law, or to the commencement of any bankruptcy
or insolvency case or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief
under any applicable law, or consent to the filing of such petition or to the appointment or taking possession by a receiver, liquidator,
assignee, custodian, trustee or sequestrator (or similar official) of the Issuer or for any substantial part of the property of
the Issuer, or make any general assignment for the benefit of creditors, or the notice by it in writing of its inability to pay
its debts generally as they become due, or the taking of any corporate action by the Issuer in furtherance of any such action.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 4.02. <I>Additional
Waivers of Past Defaults.</I> In addition to those matters set forth in Section 5.10 of the Original Indenture, solely with respect
to the New Notes (but not with respect to any other series of Securities), approval of the Holders of each outstanding New Note
shall be required to waive any default in any payment of the redemption price with respect to any New Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 4.03. <I>Additional
Covenants with Respect to the New Notes.</I> The Issuer covenants and agrees with each Holder of New Notes that neither it nor
its Subsidiaries shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">(a)</TD><TD STYLE="text-align: justify">declare or pay any dividends or distributions on the Issuer&rsquo;s Capital Stock;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">(b)</TD><TD STYLE="text-align: justify">redeem, purchase, acquire or make a liquidation payment with respect to any of the Issuer&rsquo;s
Capital Stock;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">(c)</TD><TD STYLE="text-align: justify">make any payment of principal of (including premium, if any) or interest, if any, on or repay,
repurchase or redeem any of the Issuer&rsquo;s Indebtedness Ranking Equally with the New Notes or Indebtedness Ranking Junior to
the New Notes; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">(d)</TD><TD STYLE="text-align: justify">make any guarantee payments with respect to any guarantee by the Issuer of the Indebtedness of
any Subsidiary or any other party if such guarantee ranks equally in right of payment with or junior in right of payment to the
New Notes;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(in each case other than (i) dividends
or distributions payable solely in shares of the Capital Stock of the Issuer or rights to acquire, repurchase or redeem Capital
Stock of the Issuer, (ii) any declaration of a dividend in connection with the implementation of a Rights Plan, (iii) the issuance
of any Capital Stock of the Issuer under any Rights Plan, or the redemption or repurchase of any rights distributed pursuant to
a Rights Plan, (iv) reclassification of the Issuer&rsquo;s Capital Stock or the exchange or the conversion of one class or series
of the Issuer&rsquo;s Capital Stock for another class or series of the Issuer&rsquo;s Capital Stock, (v) the purchase of fractional
interests in shares of the Issuer&rsquo;s Capital Stock pursuant to the conversion or exchange provisions of such Capital Stock
or the security being converted or exchanged, (vi)&nbsp;purchases or acquisitions of Capital Stock related to the issuance of Capital
Stock or rights under any of the Issuer&rsquo;s dividend reinvestment plans or any of the Issuer&rsquo;s benefit plans for its
directors, officers, employees, consultants or advisors, and (vii) entering into, making payments, deliveries and elections in
respect of, and effecting any settlement or unwind of, any forward sale agreement for any Capital Stock of the Issuer), if at such
time (x) there shall have occurred and be continuing an Event of Default applicable to the New Notes or any event of which the
Issuer has actual knowledge that is, or with the giving of notice or the lapse of time, or both, would be an Event of Default applicable
to the New Notes or (y) the Issuer shall have given notice of its election to begin an Extension Period as provided in Section
2.03 or such Extension Period, or any extension thereof, shall have commenced and be continuing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE V<BR>
DISCHARGE OF INDENTURE AND DEFEASANCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The provisions relating
to defeasance and covenant defeasance in Article Ten of the Original Indenture shall not apply to the New Notes (but otherwise
Article Ten of the Original Indenture shall apply to the New Notes, including Section 10.1(A) of the Original Indenture).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE VI<BR>
GLOBAL NOTES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The New Notes will
be issued initially in the form of one or more Global Notes. &ldquo;<I>Global Note</I>&rdquo; means a registered New Note evidencing
one or more New Notes issued to a depositary (the &ldquo;<I>Depositary</I>&rdquo;) or its nominee, in accordance with this Article
VI and bearing the legend prescribed in this Article VI. The Issuer hereby designates The Depository Trust Company as the Depositary.
The Issuer shall execute and the Trustee shall, in accordance with this Article VI and the Issuer Order with respect to the New
Notes, authenticate and make available for delivery one or more Global Notes in temporary or permanent form that (i) shall represent
and shall be denominated in an aggregate amount equal to the aggregate principal amount of the New Notes to be represented by such
Global Note or Global Notes, (ii) shall be registered in the name of the Depositary for such Global Note or Global Notes or the
nominee of such Depositary, (iii) shall be made available for delivery by the Trustee to such Depositary or pursuant to such Depositary&rsquo;s
instructions and (iv) shall bear a legend substantially to the following effect: &ldquo;Unless this Global Note is presented by
an authorized representative of the Depositary to the Issuer or its agent for registration of transfer, exchange or payment, and
any certificate issued is registered in the name of a nominee of the Depositary or in such other name as is requested by an authorized
representative of the Depositary (and any payment is made to such nominee of the Depositary or to such other entity as is requested
by an authorized representative of the Depositary), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL inasmuch as the registered owner hereof has an interest herein.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If at any time the
Depositary for the New Notes is unwilling or unable to continue as Depositary for the New Notes, defaults in the performance of
its duties as Depositary or ceases to be a clearing agency registered under the Exchange Act or other applicable statute or regulation,
the Issuer shall appoint a successor Depositary with respect to the New Notes. If a successor Depositary for the New Notes is not
appointed by the Issuer by the earlier of (x) 90 days from the date the Issuer receives notice to the effect that the Depositary
is unwilling or unable to act, or the Issuer determines that the Depositary is unable to act, or (y) the effectiveness of the Depositary&rsquo;s
resignation or failure to fulfill its duties as Depositary, the Issuer will execute, and the Trustee, upon receipt of an Issuer
Order for the authentication and delivery of definitive New Notes, will authenticate and make available for delivery New Notes
in definitive form in an aggregate principal amount equal to the principal amount of the Global Note or Global Notes representing
such New Notes in exchange for such Global Note or Global Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Issuer so specifies
with respect to any New Notes, an owner of a beneficial interest in a Global Note representing the New Notes may, on terms acceptable
to the Issuer and the Depositary for the Global Note, receive individual New Notes in exchange for the beneficial interest. In
any such instance, an owner of a beneficial interest in a Global Note will be entitled to physical delivery in definitive form
of New Notes represented by the Global Note equal in principal amount to the beneficial interest, and to have the New Notes registered
in its name. New Notes so issued in definitive form will be issued as registered New Notes in minimum denominations of $2,000 and
any integral multiple of $1,000 in excess thereof, unless otherwise specified by the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the exchange of
a Global Note for New Notes in definitive form, such Global Note shall be cancelled by the Trustee. New Notes in definitive form
issued in exchange for a Global Note pursuant to this Article VI shall be registered in such names and in such authorized denominations
as the Depositary for such Global Note, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct
the Trustee or Security Registrar. The Trustee shall make available for delivery such New Notes to the Persons in whose names such
New Notes are so registered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE VII<BR>
SUPPLEMENTAL INDENTURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Tenth Supplemental
Indenture is a supplement to the Original Indenture. As supplemented by this Tenth Supplemental Indenture, the Original Indenture
is in all respects ratified, approved and confirmed, and the Original Indenture and this Tenth Supplemental Indenture shall together
constitute one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee shall not
be responsible in any manner whatsoever for the validity, sufficiency or adequacy of this Tenth Supplemental Indenture nor for
the statements or recitals contained herein, all of which recitals are made solely by the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TESTIMONIUM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Tenth Supplemental
Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The words &ldquo;execution,&rdquo;
 &ldquo;signature,&rdquo; and words of like import in this Tenth Supplemental Indenture shall include images of manually executed
signatures transmitted by facsimile, email or other electronic format (including, without limitation, &ldquo;pdf,&rdquo; &ldquo;tif&rdquo;
or &ldquo;jpg&rdquo;) and other electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of electronic
signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated,
received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed
signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal
Electronic Signatures in Global and National Commerce Act, the Michigan Uniform Electronic Transactions Act and any other applicable
law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.
Without limitation to the foregoing, and anything in the Indenture to the contrary notwithstanding, (a) any Officers&rsquo; Certificate,
Issuer Order, Opinion of Counsel, Security, certificate of authentication appearing on or attached to any Security, supplemental
indenture or other certificate, opinion of counsel, instrument, agreement or other document delivered pursuant to this Tenth Supplemental
Indenture may be executed, attested and transmitted by any of the foregoing electronic means or formats and (b) all references
in Section 2.4, Section 2.5 or Section 2.6 of, or elsewhere in, the Indenture to the execution, attestation or authentication of
any Security or any certificate of authentication appearing on or attached to any Security by means of a manual or facsimile signature
shall be deemed to include signatures that are made or transmitted by any of the foregoing electronic means or formats.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[The remainder of this page has been intentionally
left blank.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the parties hereto have caused this Tenth Supplemental Indenture to be duly executed as of the day and year first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CMS ENERGY CORPORATION</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Srikanth Maddipati</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Srikanth Maddipati</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President and Treasurer</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">THE BANK OF NEW YORK MELLON,</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 0.15in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">as Trustee</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Laurence J. O&rsquo;Brien</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Laurence J. O&rsquo;Brien</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>tm2034585d3_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>EXHIBIT 5.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="tm2034585d3_ex5-1img001.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="border-bottom: rgb(0,102,153) 1pt solid; margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 70%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 30%"><B>Melissa M. Gleespen</B></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 70%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 30%">Vice President, Corporate</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 70%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 30%">Secretary and Chief Compliance Officer</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 25, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CMS Energy Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">One Energy Plaza</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jackson, MI 49201</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">RE:</TD><TD STYLE="text-align: justify">CMS Energy Corporation $400,000,000 3.75% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due
2050 (the &ldquo;Securities&rdquo;)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">I am the Vice President,
Corporate Secretary and Chief Compliance Officer of CMS Energy Corporation, a Michigan corporation (the &ldquo;Company&rdquo;).
I address this opinion to you with respect to the issuance and sale of $400,000,000 aggregate principal amount of the Company&rsquo;s
Securities, issued under the Indenture dated as of June 1, 1997 between the Company and The Bank of New York Mellon, as Trustee
(the &ldquo;Trustee&rdquo;), as amended and supplemented by certain supplemental indentures thereto including the Tenth Supplemental
Indenture dated as of November 25, 2020 relating to the Securities. The Company issued and sold the Securities pursuant to an effective
shelf Registration Statement on Form S-3 (No 333-236742) (the &ldquo;Registration Statement&rdquo;), a Preliminary Prospectus Supplement
dated November 19, 2020 to a Prospectus dated February 28, 2020, an Issuer Free Writing Prospectus that included the final terms
of the transaction and a Final Prospectus Supplement dated November 19, 2020 to a Prospectus dated February 28, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In rendering the opinions
expressed below, I, or attorneys acting under my supervision, have examined originals, or copies of originals certified to my satisfaction,
of such agreements, documents, certificates and other statements of governmental officials and corporate officers and such other
papers and evidence, as I have deemed relevant and necessary as a basis for such opinions. I have assumed the authenticity of all
documents submitted to me as originals, the genuineness of all signatures, and the legal capacity of all natural persons and the
conformity with the original documents of any copies thereof submitted to me for examination. I have further assumed without investigation
that each document submitted to me for review and relied upon for this opinion is accurate and complete as of the date given to
the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">One Energy
Plaza <FONT STYLE="font-family: Symbol">&middot;</FONT> Jackson, MI 49201-2357 <FONT STYLE="font-family: Symbol">&middot;</FONT>
Tel 517 788 2158 <FONT STYLE="font-family: Symbol">&middot;</FONT> Fax 517 788 2543</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>CMS Energy Corporation</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>November 25, 2020</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Page 2</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the basis of such
review, I am of the opinion that the Securities have been legally issued by the Company and constitute the valid and binding obligations
of the Company, subject to bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer, fraudulent conveyance and other
laws of general applicability affecting creditors&rsquo; rights generally or by general principles of equity (regardless of whether
considered in a proceeding at law or in equity).</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">I hereby consent to
the filing of this opinion as an exhibit to the Company&rsquo;s Current Report on Form 8-K filed on November 25, 2020 which is
incorporated by reference in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Melissa M. Gleespen</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Melissa M. Gleespen</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TYPE>EX-8.1
<SEQUENCE>5
<FILENAME>tm2034585d3_ex8-1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 8.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><IMG SRC="tm2034585d3_ex8-1img001.jpg" ALT=""></TD>
    <TD STYLE="width: 34%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">Sidley Austin LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">787 Seventh Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">New York, NY 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">+1 212 839 5300</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+1
212 839 5599</FONT> Fax</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">AMERICA </FONT><FONT STYLE="font-family: Symbol">&middot;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">ASIA PACIFIC </FONT><FONT STYLE="font-family: Symbol">&middot;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">EUROPE</FONT></P></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">November 25, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">CMS Energy Corporation<BR>
One Energy Plaza<BR>
Jackson, MI 49201</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD><U>CMS Energy Corporation 3.75% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2050</U></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have acted as special counsel to CMS
Energy Corporation, a Michigan corporation (the &ldquo;<U>Company</U>&rdquo;), in connection with the offering and sale of $400
million aggregate principal amount of 3.75% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2050 (the &ldquo;<U>Notes</U>&rdquo;)
of the Company pursuant to the Company&rsquo;s preliminary prospectus supplement, dated November 19, 2020, specifically relating
to the Notes (the &ldquo;<U>Preliminary Prospectus Supplement</U>&rdquo;) and the Company&rsquo;s prospectus supplement, dated
November 19, 2020, specifically relating to the Notes (the &ldquo;<U>Prospectus Supplement</U>&rdquo;). The Notes are being issued
under the Indenture, dated as of June 1, 1997, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee,
as supplemented and amended by various supplemental indentures and as supplemented by the Tenth Supplemental Indenture, dated as
of November 25, 2020, establishing the Notes as a series of securities thereunder (as supplemented, the &ldquo;<U>Indenture</U>&rdquo;).
You have requested our opinion as to certain United States federal income tax matters relating to the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In rendering the opinion expressed below,
we have made such legal and factual examinations and inquiries as we have deemed necessary or advisable for the purpose of rendering
this opinion letter, including but not limited to the examination of the following: (i) the Preliminary Prospectus Supplement and
the Prospectus Supplement, (ii) the Indenture and (iii) such other documents as we have deemed necessary or appropriate as a basis
for the opinion set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Sidley
    Austin (NY) LLP is a Delaware limited liability partnership doing business as Sidley Austin LLP and practicing in affiliation
    with other Sidley Austin partnerships.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As to any facts material to the opinion
expressed herein, we have relied upon certificates and statements and representations and warranties of the officers and other
representatives and agents of the parties to the documents and of public officials. In rendering this opinion letter, except for
the matters that are specifically addressed in the opinion expressed below, with your permission, we have assumed, and are relying
on without independent investigation, (i) the authenticity of all documents submitted to us as originals, (ii) the conformity to
the originals of all documents submitted to us as certified or photostatic copies and the authenticity of the originals of such
copies, (iii) the genuineness of signatures, (iv) the legal capacity of natural persons signing the documents, (v) the necessary
entity formation and continuing existence in the jurisdiction of formation, and the necessary licensing and qualification in all
jurisdictions, of all parties to the documents, (vi) the necessary entity authorization, execution, delivery and enforceability
(as limited by bankruptcy and other insolvency laws) of all documents by all parties thereto, and the necessary entity power and
authority with respect thereto, (vii) the validity, binding effect, and enforceability of all documents, (viii) that each of the
parties to the documents will comply (without waiver) with all of the terms of such documents, and (ix) that there is not any other
agreement that modifies or supplements the agreements expressed in any document to which this opinion letter relates and that renders
the opinion expressed below inconsistent with such document as so modified or supplemented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In rendering this opinion letter, except
for matters that are specifically addressed in the opinion expressed below, we have made no inquiry, have conducted no investigation
and assume no responsibility with respect to (i) the accuracy of and compliance by the parties thereto with the representations,
warranties, covenants, certifications and assumptions as to factual matters contained in any document or (ii) the conformity of
the documents to the requirements of any agreement to which this opinion letter relates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based on the foregoing and subject to the
qualifications, representations, warranties, covenants, certifications and assumptions stated herein, we are of the opinion that
under current United States federal income tax law as of the date of this opinion letter, although there are no regulations, rulings
or judicial precedents addressing the characterization of securities having terms substantially similar to the Notes for United
States federal income tax purposes, the Notes will be classified for United States federal income tax purposes as indebtedness
of the Company to the extent that they are not beneficially owned by any person related to the Company including (i) any member
of the Company&rsquo;s &ldquo;expanded group&rdquo; within the meaning of the final and temporary regulations under section 385
(the &ldquo;Section 385 Regulations&rdquo;) of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), (ii) with
respect to the Company&rsquo;s expanded group, a &ldquo;controlled partnership&rdquo; within the meaning of the Section 385 Regulations,
or (iii) a disregarded entity owned by any entity described in (i) or (ii) for United States federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Other than in the context of certain related
party debt instruments addressed under the Section 385 Regulations, there are no Treasury regulations defining instruments held
by persons unrelated to the issuer as equity or indebtedness for United States federal income tax purposes. Furthermore, there
are no controlling Treasury regulations, published rulings, or judicial decisions involving securities with terms substantially
the same as the Notes that discuss whether, for United States federal income tax purposes, the securities constitute equity or
indebtedness. Therefore, our opinion regarding the characterization of the Notes as evidences of indebtedness is based upon rulings
and judicial decisions under the Code involving situations that we consider to be analogous and an analysis of all of the facts
and circumstances surrounding the issuance and sale of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing opinion is based only on the
federal income tax laws of the United States of America, Treasury regulations promulgated thereunder, and administrative and judicial
interpretations thereof, all of which are subject to change. The foregoing opinion is limited to the matters addressed herein,
and no other opinion is rendered with respect to other United States federal tax matters or to any issues arising under the tax
laws of any other country, or any state or locality or governmental agency (other than the Internal Revenue Service) including
without limitation (i) any statute, regulation, or provision of law of any state, county, municipality, or other political subdivision
or any agency or instrumentality thereof or (ii) the securities or tax laws of any jurisdiction (other than the federal income
tax laws of the United States of America). Additional issues may exist that could affect the United States federal tax treatment
of the transaction or matter that is the subject of this opinion, and this opinion letter does not consider or provide a conclusion
with respect to such additional issues. You should be aware that this opinion letter represents conclusions as to the application
of existing law, regulations, administrative rules and practices, and legislative history to the transactions described above.
There can be no assurance, however, that existing law will not change or that contrary positions will not be taken by the Internal
Revenue Service. Any such change might be retroactive and might affect the opinion set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We express no opinion on any other laws
and intimate no view on any other matter that may be relevant to your interests. We also caution you that our opinion depends upon
the facts, representations, warranties, covenants, certifications, assumptions and documents to which this letter refers, which
are subject to change, reinterpretation and misunderstanding. Our conclusion could differ if these items on which we have relied
are, become or are found to be different.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This opinion letter is rendered as of the
date hereof and we undertake no obligation to update the opinion expressed herein after the date of this letter or advise you of
changes in the event there is any change in legal authorities, facts, representations, warranties, covenants, certifications and
assumptions or documents on which this opinion letter is based (including the taking of any action by any party to the documents
pursuant to any opinion of counsel or a waiver), or any inaccuracy in any of these items upon which we have relied in rendering
this opinion letter, unless we are specifically engaged to do so. Except as described in the next paragraph, this opinion letter
may not be distributed, quoted in whole or in part or otherwise reproduced in any document, or filed with any governmental agency
without our express written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><IMG SRC="tm2034585d3_ex8-1img001.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hereby consent to the filing of this
opinion as an exhibit to the Company&rsquo;s Current Report on Form 8-K dated the date hereof and being filed by the Company with
the Securities and Exchange Commission, which will be incorporated by reference in the registration statement of which the Preliminary
Prospectus Supplement and the Prospectus Supplement each form a part. We also consent to the references to Sidley Austin LLP under
the captions &ldquo;Material United States Federal Income Tax Considerations&rdquo; and &ldquo;Legal Matters&rdquo; in the Preliminary
Prospectus Supplement and the Prospectus Supplement. In giving this consent, we do not admit that we are in the category of persons
whose consent is required by Section 7 of the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">Sincerely,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Sidley Austin LLP</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Sidley Austin LLP</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>6
<FILENAME>tm2034585d3_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The expenses to be incurred by CMS Energy
Corporation relating to the offering of $400,000,000 principal amount of its 3.75% Fixed-to-Fixed Reset Rate Junior Subordinated
Notes due 2050, under CMS Energy Corporation&rsquo;s Registration Statement on Form&nbsp;S-3 (Registration No.&nbsp;333-236742)
and a related prospectus supplement filed with the Securities and Exchange Commission and dated November 19, 2020 are estimated
to be as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Estimated Fees</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 82%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">SEC Registration Fee</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">45,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Services of Independent Registered Public Accounting Firms</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">45,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Trustee Fees and Expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">15,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Legal Fees and Expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">75,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Rating Agency Fees</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">654,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Printing and Delivery Expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Miscellaneous Expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">15,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 20pt">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">857,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>7
<FILENAME>cms-20201125.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" ?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.5b -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: http://www.novaworks.co -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
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	  <link:usedOn>link:definitionLink</link:usedOn>
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    </annotation>
    <import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />
    <import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" />
    <import namespace="http://xbrl.sec.gov/dei/2020-01-31" schemaLocation="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd" />
    <import namespace="http://fasb.org/us-gaap/2020-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd" />
    <import namespace="http://fasb.org/us-types/2020-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2020/elts/us-types-2020-01-31.xsd" />
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    <import namespace="http://xbrl.sec.gov/country/2020-01-31" schemaLocation="https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd" />
    <import namespace="http://fasb.org/srt/2020-01-31" schemaLocation="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd" />
    <import namespace="http://fasb.org/srt-types/2020-01-31" schemaLocation="http://xbrl.fasb.org/srt/2020/elts/srt-types-2020-01-31.xsd" />
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    <element id="cms_A5.875JuniorSubordinatedNotesDue2078Member" name="A5.875JuniorSubordinatedNotesDue2078Member" abstract="true" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="cms_A5.875JuniorSubordinatedNotesDue2079Member" name="A5.875JuniorSubordinatedNotesDue2079Member" abstract="true" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="cms_ConsumersEnergyCompanyMember" name="ConsumersEnergyCompanyMember" abstract="true" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
</schema>
</XBRL>
</TEXT>
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<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>8
<FILENAME>cms-20201125_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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    <!-- Field: Doc-Info; Name: VendorURI; Value: http://www.novaworks.co -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
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    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#domain-member" arcroleURI="http://xbrl.org/int/dim/arcrole/domain-member" />
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    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-default" arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-default" />
    <link:definitionLink xlink:type="extended" xlink:role="http://consumersenergy.com/role/Cover" xlink:title="00000001 - Document - Cover">
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
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</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>10
<FILENAME>cms-20201125_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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    <!-- Field: Doc-Info; Name: VendorURI; Value: http://www.novaworks.co -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
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                <measure>iso4217:USD</measure>
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                <measure>shares</measure>
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    <dei:EntityRegistrantName contextRef="From2020-11-25to2020-11-25">CMS ENERGY CORPORATION</dei:EntityRegistrantName>
    <dei:EntityIncorporationStateCountryCode contextRef="From2020-11-25to2020-11-25">MI</dei:EntityIncorporationStateCountryCode>
    <dei:EntityAddressAddressLine1 contextRef="From2020-11-25to2020-11-25">One Energy Plaza</dei:EntityAddressAddressLine1>
    <dei:EntityAddressCityOrTown contextRef="From2020-11-25to2020-11-25">Jackson</dei:EntityAddressCityOrTown>
    <dei:EntityAddressStateOrProvince contextRef="From2020-11-25to2020-11-25">MI</dei:EntityAddressStateOrProvince>
    <dei:EntityAddressPostalZipCode contextRef="From2020-11-25to2020-11-25">49201</dei:EntityAddressPostalZipCode>
    <dei:CityAreaCode contextRef="From2020-11-25to2020-11-25">517</dei:CityAreaCode>
    <dei:LocalPhoneNumber contextRef="From2020-11-25to2020-11-25">788-0550</dei:LocalPhoneNumber>
    <dei:EntityTaxIdentificationNumber contextRef="From2020-11-25to2020-11-25">38-2726431</dei:EntityTaxIdentificationNumber>
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    <dei:PreCommencementIssuerTenderOffer contextRef="From2020-11-25to2020-11-25">false</dei:PreCommencementIssuerTenderOffer>
    <dei:Security12bTitle contextRef="From2020-11-252020-11-25_us-gaap_CommonStockMember">CMS Energy Corporation Common Stock, $0.01 par value</dei:Security12bTitle>
    <dei:TradingSymbol contextRef="From2020-11-252020-11-25_us-gaap_CommonStockMember">CMS</dei:TradingSymbol>
    <dei:SecurityExchangeName contextRef="From2020-11-252020-11-25_us-gaap_CommonStockMember">NYSE</dei:SecurityExchangeName>
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    <dei:SecurityExchangeName contextRef="From2020-11-252020-11-25_custom_A5.875JuniorSubordinatedNotesDue2078Member">NYSE</dei:SecurityExchangeName>
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    <dei:TradingSymbol contextRef="From2020-11-252020-11-25_custom_A5.875JuniorSubordinatedNotesDue2079Member">CMSD</dei:TradingSymbol>
    <dei:SecurityExchangeName contextRef="From2020-11-252020-11-25_custom_A5.875JuniorSubordinatedNotesDue2079Member">NYSE</dei:SecurityExchangeName>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>14
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.20.2</span><table class="report" border="0" cellspacing="2" id="idm140307262992936">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Nov. 25, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Nov. 25,  2020<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">1-9513<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">CMS ENERGY CORPORATION<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000811156<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">38-2726431<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MI<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">One Energy Plaza<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Jackson<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">MI<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">49201<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">517<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">788-0550<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember', window );">Common Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">CMS Energy Corporation Common Stock, $0.01 par value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">CMS<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=cms_A5.625JuniorSubordinatedNotesDue2078Member', window );">A 5.625 Junior Subordinated Notes Due 2078 Member</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">CMS Energy Corporation 5.625% Junior Subordinated Notes due 2078<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">CMSA<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=cms_A5.875JuniorSubordinatedNotesDue2078Member', window );">A 5.875 Junior Subordinated Notes Due 2078 Member</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">CMS Energy Corporation 5.875% Junior Subordinated Notes due 2078<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">CMSC<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=cms_A5.875JuniorSubordinatedNotesDue2079Member', window );">A 5.875 Junior Subordinated Notes Due 2079 Member</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">CMSD<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
