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<SEC-DOCUMENT>0001299933-05-000280.txt : 20050120
<SEC-HEADER>0001299933-05-000280.hdr.sgml : 20050120
<ACCEPTANCE-DATETIME>20050120165319
ACCESSION NUMBER:		0001299933-05-000280
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20050116
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050120
DATE AS OF CHANGE:		20050120

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONSUMERS ENERGY CO
		CENTRAL INDEX KEY:			0000201533
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC & OTHER SERVICES COMBINED [4931]
		IRS NUMBER:				380442310
		STATE OF INCORPORATION:			MI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05611
		FILM NUMBER:		05539268

	BUSINESS ADDRESS:	
		STREET 1:		ONE ENERGY PLAZA
		CITY:			JACKSON
		STATE:			MI
		ZIP:			49201
		BUSINESS PHONE:		5177881031

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

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

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:		05539267

	BUSINESS ADDRESS:	
		STREET 1:		ONE ENERGY PLAZA
		CITY:			JACKSON
		STATE:			MI
		ZIP:			49201
		BUSINESS PHONE:		5177881031

	MAIL ADDRESS:	
		STREET 1:		ONE ENERGY PLAZA
		CITY:			JACKSON
		STATE:			MI
		ZIP:			49201
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>htm_2717.htm
<DESCRIPTION>LIVE FILING
<TEXT>
<!-- CoverPageHeader start -->
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 3.2//EN">
<HTML>
<HEAD>
<TITLE> CMS Energy Corporation (Form: 8-K) </TITLE>
</HEAD>
<BODY TEXT="#000000" BGCOLOR="#FFFFFF" ALINK="#0000FF" HLINK="#FF0000" VLINK="#800080">
<A NAME="DOCUMENT_TOP">&nbsp;</A>
<P>
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<A NAME="DOCUMENT_TOP">&nbsp;</A>
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<FONT SIZE="4">
		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
</FONT>
<BR>
<FONT SIZE="2">
	WASHINGTON, D.C. 20549
</FONT>
<P ALIGN="CENTER">
<FONT SIZE="5">
	FORM 8-K
</FONT>
<FONT SIZE="2">

</FONT>
</P>
<P ALIGN="CENTER">
<FONT SIZE="3">
	CURRENT REPORT
</FONT>
</P>
<P ALIGN="CENTER">
<FONT SIZE="2">
	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
</FONT>
</P>
<CENTER>
<TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="100%">
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	&nbsp;
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	&nbsp;
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	Date of Report (Date of Earliest Event Reported):
</FONT>
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<TD>
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	&nbsp;
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<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	January 16, 2005
</FONT>
</TD>
</TR>
</TABLE>
<BR>
</CENTER>
<!-- CoverPageTitle END --><!-- CoverPageRegistrant START -->
<P ALIGN="CENTER"><!-- -->
<FONT SIZE="6">
	CMS Energy Corporation
</FONT>
<FONT SIZE="2">
<BR>__________________________________________<BR>
	(Exact name of registrant as specified in its charter)
</FONT>
<CENTER>
<TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
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	&nbsp;
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	&nbsp;
</TD>
<TD WIDTH="33%">
	&nbsp;
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<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	Michigan
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	001-09513
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	38-2726431
</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
_____________________<BR>
	(State or other jurisdiction
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
_____________<BR>
	(Commission
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
______________<BR>
	(I.R.S. Employer
</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	of incorporation)
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	File Number)
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	Identification No.)
</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;&nbsp;
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	One Energy Plaza, Jackson, Michigan
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	49201
</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
_________________________________<BR>
	(Address of principal executive offices)
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
___________<BR>
	(Zip Code)
</FONT>
</TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="100%">

<TR VALIGN="BOTTOM">
<TD WIDTH="51%">
	&nbsp;
</TD>
<TD WIDTH="5%">
	&nbsp;
</TD>
<TD WIDTH="44%">
	&nbsp;
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	Registrant&#146;s telephone number, including area code:
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	517-788-0550
</FONT>
</TD>
</TR>
</TABLE>
</CENTER>
<P ALIGN="CENTER">
<FONT SIZE="2">
	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
</FONT>
<P ALIGN="CENTER">
<FONT SIZE="2">
	&nbsp;
</FONT>
<!-- CoverPageRegistrant END --><!-- CoverPageRegistrant START -->
<P ALIGN="CENTER"><!-- -->
<FONT SIZE="6">
	Consumers Energy Company
</FONT>
<FONT SIZE="2">
<BR>__________________________________________<BR>
	(Exact name of registrant as specified in its charter)
</FONT>
<CENTER>
<TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
<TD WIDTH="33%">
	&nbsp;
</TD>
<TD WIDTH="34%">
	&nbsp;
</TD>
<TD WIDTH="33%">
	&nbsp;
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	Michigan
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	001-05611
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	38-0442310
</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
_____________________<BR>
	(State or other jurisdiction
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
_____________<BR>
	(Commission
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
______________<BR>
	(I.R.S. Employer
</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	of incorporation)
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	File Number)
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	Identification No.)
</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;&nbsp;
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	One Energy Plaza, Jackson, Michigan
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	49201
</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
_________________________________<BR>
	(Address of principal executive offices)
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
___________<BR>
	(Zip Code)
</FONT>
</TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="100%">

<TR VALIGN="BOTTOM">
<TD WIDTH="51%">
	&nbsp;
</TD>
<TD WIDTH="5%">
	&nbsp;
</TD>
<TD WIDTH="44%">
	&nbsp;
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	Registrant&#146;s telephone number, including area code:
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	517-788-0550
</FONT>
</TD>
</TR>
</TABLE>
</CENTER>
<P ALIGN="CENTER">
<FONT SIZE="2">
	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
</FONT>
<P ALIGN="CENTER">
<FONT SIZE="2">
	&nbsp;
</FONT>
<!-- CoverPageRegistrant END --><P><FONT SIZE="2">
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:</FONT>
</P>
<P><FONT SIZE="2">
[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
</P></FONT><!-- PageBreak START -->
<P>
<HR NOSHADE>
<DIV ALIGN="LEFT" STYLE="PAGE-BREAK-BEFORE:ALWAYS">
<A HREF="#DOCUMENT_TOP">
<U>
<B>
<FONT SIZE="2">Top of the Form</FONT>
</B>
</U>
</A>
</DIV>
<!-- PageBreak END --><!-- Item START -->
<P ALIGN="LEFT">
<FONT SIZE="2">
<B>
	Item 8.01. Other Events.
</B>
</FONT>
</P>
<P ALIGN="LEFT">
<FONT SIZE="2">
Issuance and Sale of Senior Notes and First Mortgage Bonds<br><br>On January 19, 2005, CMS Energy Corporation ("CMS Energy") issued and sold $150 million principal amount of its 6.30 percent Senior Notes due 2012 (the "Notes"), pursuant to an effective shelf Registration Statement on Form S-3 (No 333-51932) (the "CMS Energy Registration Statement") and a Prospectus Supplement dated January 13, 2005 to a Prospectus dated September 21, 2004.  CMS Energy will use the proceeds to redeem its outstanding general term notes.  The outstanding general term notes being redeemed have various interest rates ranging from 6 percent to 7.25 percent and maturities ranging from February 2005 through April 2009.  The average interest rate for these outstanding general term notes is 6.88 percent and the average maturity is 2.2 years.<br><br>On January 20, 2005, Consumers Energy Company ("Consumers") issued and sold $250 million principal amount of its 5.15 percent First Mortgage Bonds due 2017 (the "Bonds"), pursuant to an eff
ective shelf Registration Statement on Form S-3 (No 333-120611) (the "Consumers Registration Statement") and a Prospectus Supplement dated January 13, 2005 to a Prospectus dated December 1, 2004.  Consumers will use the proceeds (i) to redeem the aggregate outstanding balance of $70 million of its 8.36 percent Trust Originated Preferred Securities due 2015, (ii) to redeem the aggregate outstanding balance of $120 million of its 8.20 percent Trust Originated Preferred Securities due 2027 and (iii) to pay off its $60 million term loan due November 2006 with a current floating interest rate of 3.79 percent.<br><br>This Current Report on Form 8-K is being filed to file certain documents in connection with those offerings as exhibits to the CMS Energy Registration Statement and the Consumers Registration Statement.<br><br>Consumers Plant Restarts<br><br>On Sunday, January 9, 2005, Nuclear Management Company, LLC ("NMC"), the operator of the Palisades nuclear plant owned by Consumers, manually took the plant offli
ne after recording a rapid reduction in the vacuum of the main condenser, the component that condenses steam from the turbine generators into water.  The cause of the reduction in the vacuum was the result of air in leakage into the main condenser.  NMC maintained the plant in hot shutdown condition and identified the specific source of the vacuum reduction.  The repairs were completed and the plant was returned to service on January 19, 2005.  <br><br>On Tuesday, January 11, 2005, Consumers took the J H Campbell Plant Unit 3 offline in order to repair a tube leak in the super heater portion of the Unit 3 boiler.  The source of the tube leak was identified. The repair was routine and the plant was returned to service on January 16, 2005.
</FONT>
</P>
<!-- Item END -->
<BR><BR><BR><BR><!-- Item START -->
<P ALIGN="LEFT">
<FONT SIZE="2">
<B>
	Item 9.01. Financial Statements and Exhibits.
</B>
</FONT>
</P>
<P ALIGN="LEFT">
<FONT SIZE="2">
(c) Exhibits.<br><br>4.1	Indenture dated as of September 15, 1992 between CMS Energy and NBD Bank, as Trustee (predecessor to ultimate successor, J.P. Morgan Trust Company, N.A.) (Incorporated by reference herein, previously filed as an exhibit to CMS Energy&#x2019;s Form S-3 filed May 1, 1992)<br><br>4.2	Eighteenth Supplemental Indenture dated as of January 19, 2005 between CMS Energy and J.P. Morgan Trust Company, N.A., a national banking association<br><br>4.3	Indenture dated as of September 1, 1945 between Consumers and City Bank Farmers Trust Company, as trustee (predecessor to ultimate successor, JPMorgan Chase Bank, N.A.) including therein indentures supplemental thereto through the Forty-third Supplemental Indenture dated as of May 1, 1979 (Incorporated by reference herein, previously filed as an exhibit to Consumers&#x2019; Registration Statement No. 2-65973)<br><br>4.4	Ninety-ninth Supplemental Indenture dated as of January 20, 2005 between Consumers and JPMorgan Chase Bank, N.A., a national bankin
g association<br> <br>5.1	Opinion of Robert C. Shrosbree, Esq., Assistant General Counsel of CMS Energy, regarding the legality of the Notes issued by CMS Energy<br><br>5.2	Opinion of Robert C. Shrosbree, Esq., Assistant General Counsel of CMS Energy, regarding the legality of the Bonds issued by Consumers
</FONT>
</P>
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<HR NOSHADE>
<DIV ALIGN="LEFT" STYLE="PAGE-BREAK-BEFORE:ALWAYS">
<A HREF="#DOCUMENT_TOP">
<U>
<B>
<FONT SIZE="2">Top of the Form</FONT>
</B>
</U>
</A>
</DIV>
<!-- PageBreak END --><!-- SignatureHeader START -->
<P ALIGN="CENTER">
<FONT SIZE="2">
<B>
	SIGNATURES
</B>
</FONT>
</P>
<P ALIGN="LEFT">
<FONT SIZE="2">
	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.
</FONT>
</P>
<!-- SignatureHeader END --><!-- Signature START -->
<CENTER>
<TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
<TD WIDTH="19%">
	&nbsp;
</TD>
<TD WIDTH="34%">
	&nbsp;
</TD>
<TD WIDTH="3%">
	&nbsp;
</TD>
<TD WIDTH="1%">
	&nbsp;
</TD>
<TD WIDTH="43%">
	&nbsp;
</TD>
</TR>
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<TD VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
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<FONT SIZE="2">
	&nbsp;
</FONT>
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<TD COLSPAN="3" VALIGN="TOP" ALIGN="LEFT">
<FONT SIZE="2">
	CMS Energy Corporation
</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;&nbsp;
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
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<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
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<FONT SIZE="2">
	&nbsp;
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<FONT SIZE="2">
	&nbsp;
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<I>
	January 20, 2005
</I>
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
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<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
<I>
	By:
</I>
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
<I>
	Thomas J. Webb
</I>
<BR>
</FONT>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<HR SIZE="1" NOSHADE>
</TD>
</TR>
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<TD VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
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</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
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<FONT SIZE="2">
	&nbsp;
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</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
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<FONT SIZE="2">
<I>
	Name: Thomas J. Webb
</I>
</FONT>
</TD>
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	&nbsp;
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	&nbsp;
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<FONT SIZE="2">
<I>
	Title: Executive Vice President and Chief Financial Officer
</I>
</FONT>
</TD>
</TR>
</TABLE>
</CENTER>
<!-- Signature END --><!-- Signature START -->
<CENTER>
<TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
<TD WIDTH="19%">
	&nbsp;
</TD>
<TD WIDTH="34%">
	&nbsp;
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<TD WIDTH="3%">
	&nbsp;
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<TD WIDTH="1%">
	&nbsp;
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<TD WIDTH="43%">
	&nbsp;
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<FONT SIZE="2">
	&nbsp;
</FONT>
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<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
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<TD COLSPAN="3" VALIGN="TOP" ALIGN="LEFT">
<FONT SIZE="2">
	Consumers Energy Company
</FONT>
</TD>
</TR>
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<TD VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;&nbsp;
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
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<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
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<FONT SIZE="2">
	&nbsp;
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<I>
	January 20, 2005
</I>
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
<I>
	By:
</I>
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
<I>
	Thomas J. Webb
</I>
<BR>
</FONT>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<HR SIZE="1" NOSHADE>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
<I>
	Name: Thomas J. Webb
</I>
</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
<I>
	Title: Executive Vice President and Chief Financial Officer
</I>
</FONT>
</TD>
</TR>
</TABLE>
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<FONT SIZE="2">Top of the Form</FONT>
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<FONT SIZE="2">
	Exhibit&nbsp;Index
</FONT>
<CENTER>
<TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="60%">
<TR VALIGN="BOTTOM">
<TD WIDTH="8%">
	&nbsp;
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<TD WIDTH="15%">
	&nbsp;
</TD>
<TD WIDTH="77%">
	&nbsp;
</TD>
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<BR>
<TR VALIGN="BOTTOM">
<TD NOWRAP ALIGN="LEFT">
<FONT SIZE="1">
<B>
	Exhibit No.
</B>
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</TD>
<TD>
<FONT SIZE="1">
	&nbsp;
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</TD>
<TD NOWRAP ALIGN="LEFT">
<FONT SIZE="1">
<B>
	Description
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</TD>
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<TD NOWRAP ALIGN="CENTER">
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<TD>
<FONT SIZE="1">
	&nbsp;
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<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" WIDTH="8%" nowrap>
<FONT SIZE="2">
<DIV ALIGN="LEFT">
	4.2
</DIV>
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</TD>
<TD WIDTH="15%">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
<FONT SIZE="2">
Eighteenth Supplemental Indenture dated as of January 19, 2005 between CMS Energy and J.P. Morgan Trust Company, N.A., a national banking association
</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" WIDTH="8%" nowrap>
<FONT SIZE="2">
<DIV ALIGN="LEFT">
	4.4
</DIV>
</FONT>
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<TD WIDTH="15%">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
<FONT SIZE="2">
Ninety-ninth Supplemental Indenture dated as of January 20, 2005 between Consumers and JPMorgan Chase Bank, N.A., a national banking association
</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" WIDTH="8%" nowrap>
<FONT SIZE="2">
<DIV ALIGN="LEFT">
	5.1
</DIV>
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</TD>
<TD WIDTH="15%">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
<FONT SIZE="2">
Opinion of Robert C. Shrosbree, Esq., Assistant General Counsel of CMS Energy, regarding the legality of the Notes issued by CMS Energy
</FONT>
</TD>
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<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" WIDTH="8%" nowrap>
<FONT SIZE="2">
<DIV ALIGN="LEFT">
	5.2
</DIV>
</FONT>
</TD>
<TD WIDTH="15%">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
<FONT SIZE="2">
Opinion of Robert C. Shrosbree, Esq., Assistant General Counsel of CMS Energy, regarding the legality of the Bonds issued by Consumers
</FONT>
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<FILENAME>exhibit1.htm
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<BODY style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>EIGHTEENTH SUPPLEMENTAL INDENTURE</B></FONT>



<P align="center" style="font-size: 12pt"><B>dated as of January&nbsp;19, 2005</B>



<P align="center" style="font-size: 12pt"><B>____________________</B>



<P align="left" style="font-size: 12pt; text-indent: 4%">This Eighteenth Supplemental Indenture, dated as of the 19th day of January, 2005 between CMS
Energy Corporation, a corporation duly organized and existing under the laws of the State of
Michigan (hereinafter called the &#147;<I>Issuer</I>&#148;) and having its principal office at One Energy Plaza,
Jackson, Michigan 49201, and J.P. Morgan Trust Company, N.A., a national banking association
(hereinafter called the &#147;<I>Trustee</I>&#148;) and having its Corporate Trust Office at 227 West Monroe St.,
26<sup>th</sup> Floor, Chicago, IL 60606.


<P align="center" style="font-size: 12pt"><B>WITNESSETH:</B>



<P align="left" style="font-size: 12pt; text-indent: 4%">WHEREAS, the Issuer and the Trustee (successor to NBD Bank, National Association) entered into
an Indenture, dated as of September&nbsp;15, 1992 (the &#147;<I>Original Indenture</I>&#148;), pursuant to which one or
more series of debt securities of the Issuer (the &#147;<I>Securities</I>&#148;) may be issued from time to time;
and


<P align="left" style="font-size: 12pt; text-indent: 4%">WHEREAS, Section&nbsp;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 align="left" style="font-size: 12pt; text-indent: 4%">WHEREAS, Section&nbsp;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 Holders (as defined in the
Original Indenture) of the Securities to establish the form and terms of the Securities of any
series; and


<P align="left" style="font-size: 12pt; text-indent: 4%">WHEREAS, the Issuer has requested the Trustee to join with it in the execution and delivery of
this Eighteenth 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&#146;s &#147;6.30% Senior Notes due 2012&#148; (the &#147;<I>2012 Notes</I>&#148;), providing for the issuance of the 2012
Notes and amending and adding certain provisions thereof for the benefit of the Holders of the 2012
Notes; and


<P align="left" style="font-size: 12pt; text-indent: 4%">WHEREAS, the Issuer and the Trustee desire to enter into this Eighteenth Supplemental
Indenture for the purposes set forth in Sections&nbsp;2.3 and 8.1(e) of the Original Indenture as
referred to above; and


<P align="left" style="font-size: 12pt; text-indent: 4%">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
Eighteenth Supplemental Indenture; and


<P align="left" style="font-size: 12pt; text-indent: 4%">WHEREAS, all things necessary to make this Eighteenth Supplemental Indenture a valid agreement
of the Issuer and the Trustee and a valid supplement to the Original Indenture have been done;


<P align="left" style="font-size: 12pt; text-indent: 4%">NOW, THEREFORE, for and in consideration of the premises and the purchase of the 2012 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 2012 Notes,
as follows:


<P align="center" style="font-size: 12pt"><B>ARTICLE I<BR>
STANDARD PROVISIONS; DEFINITIONS</B>



<P align="left" style="font-size: 12pt; text-indent: 4%">SECTION 1.01. <I>Standard Provisions</I>. The Original Indenture together with this Eighteenth
Supplemental Indenture and all previous indentures supplemental thereto entered into pursuant to
the applicable terms thereof are hereinafter sometimes collectively referred to as the &#147;<I>Indenture</I>.&#148;
All capitalized terms which are used herein and not otherwise defined herein are defined in the
Indenture and are used herein with the same meanings as in the Indenture.



<P align="left" style="margin-left:4%; font-size: 12pt">SECTION 1.02. <I>Definitions</I>.



<P align="left" style="margin-left:4%; font-size: 12pt">(a)&nbsp;The following terms have the meanings set forth in the Sections hereof set forth below:

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="69%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Term</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Section</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Applicable Premium</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.04</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Application Period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.06</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Asset Sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.06</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Change in Control Date</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.01</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Change in Control Purchase Notice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.01</TD>
    <TD nowrap>(b)</TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Change in Control Purchase Price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.01</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.03</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Depositary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Article VI<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">DTC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.03</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Events of Default</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.01</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Excess Proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.06</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Global Note</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Article VI<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Indenture</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.01; 2.04</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest Payment Date</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.03</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">issue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.04</TD>
    <TD nowrap>(a)</TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Issuer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="left">Preamble; 2.03<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lien</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.02</TD>
    <TD nowrap>(a)</TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Maturity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.03</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Original Indenture</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Recitals<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Original Issue Date</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.03</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Place of Payment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.03</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Purchase Date</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">3.01(a)(iii)</TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Record Date</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.03</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Required Repurchase</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.01</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Required Repurchase Notice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.01</TD>
    <TD nowrap>(a)</TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Restricted Payment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.05</TD>
    <TD nowrap>(a)</TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="left">Recitals<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Treasury Rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.04</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Preamble; 2.04<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">2012 Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Recitals; 2.04<BR></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 12pt; text-indent: 4%">(b)&nbsp;Section&nbsp;1.1 of the Original Indenture is amended to insert the new definitions applicable
to the 2012 Notes, in the appropriate alphabetical sequence, as follows:


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>Amortization Expense</I>&#148; means, for any period, amounts recognized during such period as
amortization of capital leases, depletion, nuclear fuel, goodwill and assets classified as
intangible assets in accordance with generally accepted accounting principles.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>Average Life</I>&#148; means, as of the date of determination, with respect to any Indebtedness, the
quotient obtained by dividing (i)&nbsp;the sum of the products of (x)&nbsp;the number of years from the date
of determination to the dates of each successive scheduled principal payment of such Indebtedness
and (y)&nbsp;the amount of such principal payment by (ii)&nbsp;the sum of all such principal payments.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>Capital Lease Obligation</I>&#148; 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 align="left" style="font-size: 12pt; text-indent: 4%">"<I>Capital Stock</I>&#148; 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; provided that Hybrid Preferred Securities shall not
be considered Capital Stock for purposes of this definition.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>Change in Control</I>&#148; means an event or series of events by which: (i)&nbsp;the Issuer ceases to own
beneficially, directly or indirectly, at least 80% of the total voting power of all classes of
Capital Stock then outstanding of Consumers (whether arising from issuance of securities of the
Issuer or Consumers, any direct or indirect transfer of securities by the Issuer or Consumers, any
merger, consolidation, liquidation or dissolution of the Issuer or Consumers or otherwise); (ii)
any &#147;person&#148; or &#147;group&#148; (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act)
becomes the &#147;beneficial owner&#148; (as such term is used in Rules&nbsp;13d-3 and 13d-5 under the Exchange
Act, except that a person or group shall be deemed to have &#147;beneficial ownership&#148; of all shares
that such person or group has the right to acquire, whether such right is exercisable immediately
or only after the passage of time), directly or indirectly, of more than 35% of the Voting Stock of
the Issuer; or (iii)&nbsp;the Issuer consolidates with or merges into another corporation or directly or
indirectly conveys, transfers or leases all or substantially all of its assets to any Person, or
any corporation consolidates with or merges into the Issuer, in either event pursuant to a
transaction in which the outstanding Voting Stock of the Issuer is changed into or exchanged for
cash, securities, or other property, other than any such transaction in which (A)&nbsp;the outstanding
Voting Stock of the Issuer is changed into or exchanged for Voting Stock of the surviving
corporation and (B)&nbsp;the holders of the Voting Stock of the Issuer immediately prior to such
transaction retain, directly or indirectly, substantially proportionate ownership of the Voting
Stock of the surviving corporation immediately after such transaction.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>CMS Electric and Gas</I>&#148; means CMS Electric and Gas Company, a Michigan corporation and
wholly-owned subsidiary of Enterprises.


<P align="left" style="font-size: 12pt; text-indent: 4%"><I>&#147;CMS ERM&#148; </I>means CMS Energy Resource Management Company, formerly CMS MST, a wholly-owned
subsidiary of Enterprises.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>CMS Gas Transmission</I>&#148; means CMS Gas Transmission Company (formerly known as CMS Gas
Transmission and Storage Company), a Michigan corporation and wholly-owned subsidiary of
Enterprises.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>CMS Generation</I>&#148; means CMS Generation Co., a Michigan corporation and wholly-owned subsidiary
of Enterprises.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>CMS MST</I>&#148; means CMS Marketing, Services and Trading Company, a wholly-owned subsidiary of
Enterprises, whose name was changed to CMS Energy Resource Management Company effective January
2004.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>Consolidated Assets</I>&#148; means, at any date of determination, the aggregate assets of the Issuer
and its Consolidated Subsidiaries determined on a consolidated basis in accordance with generally
accepted accounting principles.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>Consolidated Coverage Ratio</I>&#148; with respect to any period means the ratio of (i)&nbsp;the aggregate
amount of Operating Cash Flow for such period to (ii)&nbsp;the aggregate amount of Consolidated Interest
Expense for such period.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>Consolidated Current Liabilities</I>&#148; means, for any period, the aggregate amount of liabilities
of the Issuer and its Consolidated Subsidiaries which may properly be classified as current
liabilities (including taxes accrued as estimated), after (i)&nbsp;eliminating all inter-company items
between the Issuer and any Consolidated Subsidiary and (ii)&nbsp;deducting all current maturities of
long-term Indebtedness, all as determined in accordance with generally accepted accounting
principles.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>Consolidated Indebtedness</I>&#148; means, at any date of determination, the aggregate Indebtedness of
the Issuer and its Consolidated Subsidiaries determined on a consolidated basis in accordance with
generally accepted accounting principles; provided that Consolidated Indebtedness shall not include
any subordinated debt owned by any Hybrid Preferred Securities Subsidiary.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>Consolidated Interest Expense</I>&#148; means, for any period, the total interest expense in respect
of Consolidated Indebtedness of the Issuer and its Consolidated Subsidiaries, including, without
duplication, (i)&nbsp;interest expense attributable to capital leases, (ii)&nbsp;amortization of debt
discount, (iii)&nbsp;capitalized interest, (iv)&nbsp;cash and noncash interest payments, (v)&nbsp;commissions,
discounts and other fees and charges owed with respect to letters of credit and bankers&#146; acceptance
financing, (vi)&nbsp;net costs under Interest Rate Protection Agreements (including amortization of
discount) and (vii)&nbsp;interest expense in respect of obligations of other Persons deemed to be
Indebtedness of the Issuer or any Consolidated Subsidiaries under clause (v)&nbsp;or (vi)&nbsp;of the
definition of Indebtedness, <I>provided, however</I>, that Consolidated Interest Expense shall exclude (A)
any costs otherwise included in interest expense recognized on early retirement of debt and (B)&nbsp;any
interest expense in respect of any Indebtedness of any Subsidiary of Consumers, CMS Generation, CMS
Electric and Gas, CMS Gas Transmission, CMS ERM or any other Designated Enterprises Subsidiary,
<I>provided </I>that such Indebtedness is without recourse to any assets of the Issuer, Consumers,
Enterprises, CMS Generation, CMS Electric and Gas, CMS Gas Transmission, CMS ERM or any other
Designated Enterprises Subsidiary.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>Consolidated Net Income</I>&#148; means, for any period, the net income of the Issuer and its
Consolidated Subsidiaries determined on a consolidated basis in accordance with generally accepted
accounting principles; <I>provided, however</I>, that there shall not be included in such Consolidated Net
Income:


<P align="left" style="font-size: 12pt; text-indent: 4%">(i)&nbsp;any net income of any Person if such Person is not a Subsidiary, except that (A)&nbsp;the
Issuer&#146;s equity in the net income of any such Person for such period shall be included in such
Consolidated Net Income up to the aggregate amount of cash actually distributed by such Person
during such period to the Issuer or a Consolidated Subsidiary as a dividend or other distribution
and (B)&nbsp;the Issuer&#146;s equity in a net loss of any such Person for such period shall be included in
determining such Consolidated Net Income;


<P align="left" style="font-size: 12pt; text-indent: 4%">(ii)&nbsp;any net income of any Person acquired by the Issuer or a Subsidiary in a pooling of
interests transaction for any period prior to the date of such acquisition;


<P align="left" style="font-size: 12pt; text-indent: 4%">(iii)&nbsp;any gain or loss realized upon the sale or other disposition of any property, plant or
equipment of the Issuer or its Consolidated Subsidiaries which is not sold or otherwise disposed of
in the ordinary course of business and any gain or loss realized upon the sale or other disposition
of any Capital Stock of any Person; and


<P align="left" style="font-size: 12pt; text-indent: 4%">(iv)&nbsp;any net income of any Subsidiary of Consumers, CMS Generation, CMS Electric and Gas, CMS
Gas Transmission, CMS ERM or any other Designated Enterprises Subsidiary whose interest expense is
excluded from Consolidated Interest Expense, <I>provided, however, </I>that for purposes of this
subsection (iv), any cash, dividends or distributions of any such Subsidiary to the Issuer shall be
included in calculating Consolidated Net Income.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>Consolidated Net Tangible Assets</I>&#148; means, for any period, the total amount of assets (less
accumulated depreciation or amortization, allowances for doubtful receivables, other applicable
reserves and other properly deductible items) as set forth on the most recently available quarterly
or annual consolidated balance sheet of the Issuer and its Consolidated Subsidiaries, determined on
a consolidated basis in accordance with generally accepted accounting principles, and after giving
effect to purchase accounting and after deducting therefrom, to the extent otherwise included, the
amounts of: (i)&nbsp;Consolidated Current Liabilities; (ii)&nbsp;minority interests in Consolidated
Subsidiaries held by Persons other than the Issuer or a Restricted Subsidiary; (iii)&nbsp;excess of cost
over fair value of assets of businesses acquired, as determined in good faith by the Board of
Directors as evidenced by Board of Directors resolutions; (iv)&nbsp;any revaluation or other write-up in
value of assets subsequent to December&nbsp;31, 1996, as a result of a change in the method of valuation
in accordance with generally accepted accounting principles; (v)&nbsp;unamortized debt discount and
expenses and other unamortized deferred charges, goodwill, patents, trademarks, service marks,
trade names, copyrights, licenses, organization or developmental expenses and other intangible
items; (vi)&nbsp;treasury stock; and (vii)&nbsp;any cash set apart and held in a sinking or other analogous
fund established for the purpose of redemption or other retirement of Capital Stock to the extent
such obligation is not reflected in Consolidated Current Liabilities.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>Consolidated Net Worth</I>&#148; of any Person means the total of the amounts shown on the
consolidated balance sheet of such Person and its consolidated subsidiaries, determined on a
consolidated basis in accordance with generally accepted accounting principles, as of any date
selected by such Person not more than 90&nbsp;days prior to the taking of any action for the purpose of
which the determination is being made (and adjusted for any material events since such date), as
(i)&nbsp;the par or stated value of all outstanding Capital Stock plus (ii)&nbsp;paid-in capital or capital
surplus relating to such Capital Stock plus (iii)&nbsp;any retained earnings or earned surplus less (A)
any accumulated deficit, (B)&nbsp;any amounts attributable to Redeemable Stock and (C)&nbsp;any amounts
attributable to Exchangeable Stock.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>Consolidated Subsidiary</I>&#148; means any Subsidiary whose accounts are or are required to be
consolidated with the accounts of the Issuer in accordance with generally accepted accounting
principles.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>Consumers</I>&#148; means Consumers Energy Company, a Michigan corporation, all of whose common stock
is on the date hereof owned by the Issuer.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>Designated Enterprises Subsidiary</I>&#148; means any wholly-owned subsidiary of Enterprises formed
after the date of this Eighteenth Supplemental Indenture which is designated a Designated
Enterprises Subsidiary by the Board of Directors.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>Enterprises</I>&#148; means CMS Enterprises Company, a Michigan corporation and wholly-owned
subsidiary of the Issuer.



<P align="left" style="margin-left:4%; font-size: 12pt">"<I>Exchange Act</I>&#148; means the Securities Exchange Act of 1934, as amended.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>Exchangeable Stock</I>&#148; means any Capital Stock of a corporation that is exchangeable or
convertible into another security (other than Capital Stock of such corporation that is neither
Exchangeable Stock or Redeemable Stock).


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>Hybrid Preferred Securities</I>&#148; means any preferred securities issued by a Hybrid Preferred
Securities Subsidiary, where such preferred securities have the following characteristics:


<P align="left" style="font-size: 12pt; text-indent: 4%">(i)&nbsp;such Hybrid Preferred Securities Subsidiary lends substantially all of the proceeds from
the issuance of such preferred securities to the Issuer or Consumers in exchange for subordinated
debt issued by the Issuer or Consumers respectively;


<P align="left" style="font-size: 12pt; text-indent: 4%">(ii)&nbsp;such preferred securities contain terms providing for the deferral of distributions
corresponding to provisions providing for the deferral of interest payments on such subordinated
debt; and


<P align="left" style="font-size: 12pt; text-indent: 4%">(iii)&nbsp;the Issuer or Consumers (as the case may be) makes periodic interest payments on such
subordinated debt, which interest payments are in turn used by the Hybrid Preferred Securities
Subsidiary to make corresponding payments to the holders of the Hybrid Preferred Securities.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>Hybrid Preferred Securities Subsidiary</I>&#148; means any business trust (or similar entity) (i)&nbsp;all
of the common equity interest of which is owned (either directly or indirectly through one or more
wholly-owned Subsidiaries of the Issuer or Consumers) at all times by the Issuer or Consumers, (ii)
that has been formed for the purpose of issuing Hybrid Preferred Securities and (iii)&nbsp;substantially
all of the assets of which consist at all times solely of subordinated debt issued by the Issuer or
Consumers (as the case may be) and payments made from time to time on such subordinated debt.



<P align="left" style="margin-left:4%; font-size: 12pt">"<I>Indebtedness</I>&#148; of any Person means, without duplication:


<P align="left" style="font-size: 12pt; text-indent: 4%">(i)&nbsp;the principal of and premium (if any) in respect of (A)&nbsp;indebtedness of such Person for
money borrowed and (B)&nbsp;indebtedness evidenced by notes, debentures, bonds or other similar
instruments for the payment of which such Person is responsible or liable;



<P align="left" style="margin-left:4%; font-size: 12pt">(ii)&nbsp;all Capital Lease Obligations of such Person;


<P align="left" style="font-size: 12pt; text-indent: 4%">(iii)&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 align="left" style="font-size: 12pt; text-indent: 4%">(iv)&nbsp;all obligations of such Person for the reimbursement of any obligor on any letter of
credit, bankers&#146; acceptance or similar credit transaction (other than obligations with respect to
letters of credit securing obligations (other than obligations described in clauses (i)&nbsp;through
(iii)&nbsp;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 align="left" style="font-size: 12pt; text-indent: 4%">(v)&nbsp;all obligations of the type referred to in clauses (i)&nbsp;through (iv)&nbsp;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 align="left" style="font-size: 12pt; text-indent: 4%">(vi)&nbsp;all obligations of the type referred to in clauses (i)&nbsp;through (v)&nbsp;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 align="left" style="font-size: 12pt; text-indent: 4%">"<I>Interest Rate Protection Agreement</I>&#148; means any interest rate swap agreement, interest rate cap
agreement or other financial agreement or arrangement designed to protect the Issuer or any
Subsidiary against fluctuations in interest rates.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>Letter Stock</I>&#148;, 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 align="left" style="font-size: 12pt; text-indent: 4%">"<I>Net Cash Proceeds</I>&#148; means, (a)&nbsp;with respect to any Asset Sale, the aggregate proceeds of such
Asset Sale including the fair market value (as determined by the Board of Directors and net of any
associated debt and of any consideration other than Capital Stock received in return) of property
other than cash, received by the Issuer, net of (i)&nbsp;brokerage commissions and other fees and
expenses (including fees and expenses of counsel and investment bankers) related to such Asset
Sale, (ii)&nbsp;provisions for all taxes (whether or not such taxes will actually be paid or are
payable) as a result of such Asset Sale without regard to the consolidated results of operations of
the Issuer and its Restricted Subsidiaries, taken as a whole, (iii)&nbsp;payments made to repay
Indebtedness or any other obligation outstanding at the time of such Asset Sale that either (A)&nbsp;is
secured by a Lien on the property or assets sold or (B)&nbsp;is required to be paid as a result of such
sale and (iv)&nbsp;appropriate amounts to be provided by the Issuer or any Restricted Subsidiary of the
Issuer as a reserve against any liabilities associated with such Asset Sale including, without
limitation, pension and other post-employment benefit liabilities, liabilities related to
environmental matters and liabilities under any indemnification obligations associated with such
Asset Sale, all as determined in conformity with generally accepted accounting principles and (b)
with respect to any issuance or sale or contribution in respect of Capital Stock, the aggregate
proceeds of such issuance, sale or contribution, including the fair market value (as determined by
the Board of Directors and net of any associated debt and of any consideration other than Capital
Stock received in return) of property other than cash, received by the Issuer, net of attorneys&#146;
fees, accountants&#146; fees, underwriters&#146; or placement agents&#146; fees, discounts or commissions and
brokerage, consultant and other fees incurred in connection with such issuance or sale and net of
taxes paid or payable as a result thereof, <I>provided, however</I>, that if such fair market value as
determined by the Board of Directors of property other than cash is greater than $25&nbsp;million, the
value thereof shall be based upon an opinion from an independent nationally recognized firm
experienced in the appraisal or similar review of similar types of transactions.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>Non-Convertible Capital Stock</I>&#148; means, with respect to any corporation, any non-convertible
Capital Stock of such corporation and any Capital Stock of such corporation convertible solely into
non-convertible Capital Stock other than Preferred Stock of such corporation; <I>provided, however</I>,
that Non-Convertible Capital Stock shall not include any Redeemable Stock or Exchangeable Stock.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>Operating Cash Flow</I>&#148; means, for any period, with respect to the Issuer and its Consolidated
Subsidiaries, the aggregate amount of Consolidated Net Income after adding thereto Consolidated
Interest Expense (adjusted to include costs recognized on early retirement of debt), income taxes,
depreciation expense, Amortization Expense and any noncash amortization of debt issuance costs, any
nonrecurring, noncash charges to earnings and any negative accretion recognition.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>Other Rating Agency</I>&#148; means any one of Fitch, Inc. or Moody&#146;s Investors Service, Inc., and any
successor to any of these organizations which is a nationally recognized statistical rating
organization.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>Paying Agent</I>&#148; means any Person authorized by the Issuer to pay the principal of (and premium,
if any) or interest on any of the 2012 Notes on behalf of the Issuer. Initially, the Paying Agent
shall be the Trustee.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>Predecessor 2012 Note</I>&#148; of any particular 2012 Note means every previous 2012 Note evidencing
all or a portion of the same debt as that evidenced by such particular 2012 Note; and, for the
purposes of the definition, any 2012 Note authenticated and delivered under Section&nbsp;2.9 of the
Indenture in exchange for or in lieu of a mutilated, destroyed, lost or stolen 2012 Note shall be
deemed to evidence the same debt as the mutilated, destroyed, lost or stolen 2012 Note.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>Preferred Stock</I>&#148;, 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; provided that
Hybrid Preferred Securities shall not be considered Preferred Stock for purposes of this
definition.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>Redeemable Stock</I>&#148; means any Capital Stock that by its terms or otherwise is required to be
redeemed prior to the first anniversary of the Stated Maturity of the outstanding 2012 Notes or is
redeemable at the option of the holder thereof at any time prior to the first anniversary of the
Stated Maturity of the outstanding 2012 Notes.



<P align="left" style="margin-left:4%; font-size: 12pt">&#147;<I>Regulation&nbsp;S</I>&#148; means Regulation&nbsp;S under the Securities Act.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>Restricted Subsidiary</I>&#148; means any Subsidiary (other than Consumers and its Subsidiaries) of
the Issuer which, as of the date of the Issuer&#146;s most recent quarterly consolidated balance sheet,
constituted at least 10% of the total Consolidated Assets of the Issuer and its Consolidated
Subsidiaries and any other Subsidiary which from time to time is designated a Restricted Subsidiary
by the Board of Directors; <I>provided </I>that no Subsidiary may be designated a Restricted Subsidiary
if, immediately after giving effect thereto, an Event of Default or event that, with the lapse of
time or giving of notice or both, would constitute an Event of Default would exist or the Issuer
and its Restricted Subsidiaries could not incur at least one dollar of additional Indebtedness
under Section&nbsp;4.04 hereof, and (i)&nbsp;any such Subsidiary so designated as a Restricted Subsidiary
must be organized under the laws of the United States or any State thereof, (ii)&nbsp;more than 80% of
the Voting Stock of such Subsidiary must be owned of record and beneficially by the Issuer or a
Restricted Subsidiary and (iii)&nbsp;such Restricted Subsidiary must be a Consolidated Subsidiary.



<P align="left" style="margin-left:4%; font-size: 12pt">&#147;<I>Securities Act</I>&#148; means the Securities Act of 1933, as amended.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>Standard &#038; Poor&#146;s</I>&#148; means Standard &#038; Poor&#146;s Ratings Group, a division of The McGraw-Hill
Companies, Inc., and any successor thereto which is a nationally recognized statistical rating
organization, or if such entity shall cease to rate the 2012 Notes or shall cease to exist and
there shall be no such successor thereto, any other nationally recognized statistical rating
organization selected by the Issuer which is acceptable to the Trustee.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>Subordinated Indebtedness</I>&#148; means any Indebtedness of the Issuer (whether outstanding on the
date of this Eighteenth Supplemental Indenture or thereafter incurred) which is contractually
subordinated or junior in right of payment to the 2012 Notes.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>Support Obligations</I>&#148; means, for any Person, without duplication, any financial obligation,
contingent or otherwise, of such Person guaranteeing or otherwise supporting any debt or other
obligation of any other Person in any manner, whether directly or indirectly, and including,
without limitation, any obligation of such Person, direct or indirect, (i)&nbsp;to purchase or pay (or
advance or supply funds for the purchase or payment of) such debt or to purchase (or to advance or
supply funds for the purchase of) any security for the payment of such debt, (ii)&nbsp;to purchase
property, securities or services for the purpose of assuring the owner of such debt of the payment
of such debt, (iii)&nbsp;to maintain working capital, equity capital, available cash or other financial
statement condition of the primary obligor so as to enable the primary obligor to pay such debt,
(iv)&nbsp;to provide equity capital under or in respect of equity subscription arrangements (to the
extent that such obligation to provide equity capital does not otherwise constitute debt), or (v)
to perform, or arrange for the performance of, any non-monetary obligations or non-funded debt
payment obligations of the primary obligor.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>Tax Sharing Agreement</I>&#148; means the Amended and Restated Agreement for the Allocation of Income
Tax Liabilities and Benefits, dated January&nbsp;1, 1994, as amended or supplemented from time to time,
by and among Issuer, each of the members of the Consolidated Group (as defined therein), and each
of the corporations that become members of the Consolidated Group.


<P align="left" style="font-size: 12pt; text-indent: 4%">"<I>Voting Stock</I>&#148; means securities of any class or classes the holders of which are ordinarily,
in the absence of contingencies, entitled to vote for corporate directors (or persons performing
similar functions).


<P align="center" style="font-size: 12pt"><B>ARTICLE II</B>



<P align="center" style="font-size: 12pt"><B>DESIGNATION AND TERMS OF THE 2012 NOTES; FORMS</B>




<P align="left" style="margin-left:4%; font-size: 12pt">SECTION 2.01. <I>Establishment of Series</I>.


<P align="left" style="font-size: 12pt; text-indent: 4%">(a)&nbsp;There is hereby created a series of Securities to be known and designated as the &#147;6.30%
Senior Notes due 2012&#148; to be issued in aggregate principal amount of $150,000,000. Additional
Securities, without limitation as to amount, having substantially the same terms as the 2012 Notes
(except a different issue date, issue price and bearing interest from the last Interest Payment
Date to which interest has been paid or duly provided for on the 2012 Notes, and, if no interest
has been paid, from January&nbsp;19, 2005), may also be issued by the Issuer pursuant to the Indenture
without the consent of the existing Holders of the 2012 Notes. Such additional Securities shall be
part of the same series as the 2012 Notes. The Stated Maturity of the 2012 Notes is February&nbsp;1,
2012; the principal amount of the 2012 Notes shall be payable on such date unless the 2012 Notes
are earlier redeemed or purchased in accordance with the terms of the Indenture.


<P align="left" style="font-size: 12pt; text-indent: 4%">(b)&nbsp;The 2012 Notes will bear interest from the Original Issue Date, or from the most recent
date to which interest has been paid or duly provided for, at the rate of 6.30% per annum stated
therein until the principal thereof is paid or made available for payment. Interest will be
payable semiannually on each Interest Payment Date and at Maturity, as provided in the form of the
2012 Note in Section&nbsp;2.03 hereof.


<P align="left" style="font-size: 12pt; text-indent: 4%">(c)&nbsp;The Record Date referred to in Section&nbsp;2.3(f)(4) of the Indenture for the payment of the
interest on any 2012 Note payable on any Interest Payment Date (other than at Maturity) shall be
the 15th day prior to the relevant Interest Payment Date (whether or not a Business Day) except
that the Record Date for interest payable at Maturity shall be the date of Maturity.


<P align="left" style="font-size: 12pt; text-indent: 4%">(d)&nbsp;The payment of the principal of, premium (if any) and interest on the 2012 Notes shall not
be secured by a security interest in any property.


<P align="left" style="font-size: 12pt; text-indent: 4%">(e)&nbsp;The 2012 Notes shall be redeemable at the option of the Issuer, in whole or in part, at
any time and from time to time, or not less than 30&nbsp;days notice at a redemption price equal to 100%
of the principal amount of such 2012 Notes being redeemed plus the Applicable Premium, if any,
thereon at the time of redemption, together with accrued interest, if any, thereon to the
redemption date. In no event will the redemption price ever be less than 100% of the principal
amount of the 2012 Notes plus accrued interest to the redemption date. The 2012 Notes shall be
purchased by the Issuer at the option of the Holders thereof as provided in Article&nbsp;III hereof.



<P align="left" style="margin-left:4%; font-size: 12pt">(f)&nbsp;The 2012 Notes shall not be convertible.



<P align="left" style="margin-left:4%; font-size: 12pt">(g)&nbsp;The 2012 Notes will not be subordinated to the payment of Senior Debt.


<P align="left" style="font-size: 12pt; text-indent: 4%">(h)&nbsp;The Issuer will not pay any additional amounts on the 2012 Notes held by a Person who is
not a U.S. person (as defined in Regulation&nbsp;S) in respect of any tax, assessment or government
charge withheld or deducted.


<P align="left" style="font-size: 12pt; text-indent: 4%">(i)&nbsp;The events specified in Events of Default with respect to the 2012 Notes shall include the
events specified in Article&nbsp;V of this Eighteenth Supplemental Indenture. In addition to the
covenants set forth in Article&nbsp;Three of the Original Indenture, the Holders of the 2012 Notes shall
have the benefit of the covenants of the Issuer set forth in this Eighteenth Supplemental
Indenture.


<P align="left" style="font-size: 12pt; text-indent: 4%">SECTION 2.02. <I>Forms Generally</I>. The 2012 Notes and Trustee&#146;s certificates of authentication
shall be in substantially the form set forth in this Article&nbsp;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 2012 Notes, as evidenced by
their execution thereof.


<P align="left" style="font-size: 12pt; text-indent: 4%">The definitive 2012 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 2012
Notes, as evidenced by their execution thereof.



<P align="left" style="margin-left:4%; font-size: 12pt">SECTION 2.03. <I>Form of Face of 2012 Note</I>.


<P align="left" style="font-size: 12pt; text-indent: 4%">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 align="left" style="font-size: 12pt; text-indent: 4%">Unless this Global 2012 Note is presented by an authorized representative of The Depository
Trust Company, a New York corporation (&#147;<I>DTC</I>&#148;), 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 align="center" style="font-size: 10pt; display: none; text-indent: 4%">1
<!-- PAGEBREAK -->

<P align="center" style="font-size: 12pt">CMS ENERGY CORPORATION<BR>
6.30% SENIOR NOTES DUE 2012



<P align="left" style="font-size: 12pt">No. <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>$150,000,000


<P align="left" style="font-size: 12pt">CUSIP No.: 125896AX8


<P align="left" style="font-size: 12pt">ISIN No.: US125896AX86


<P align="left" style="font-size: 12pt; text-indent: 4%">CMS Energy Corporation, a corporation duly organized and existing under the laws of the State
of Michigan (herein called the &#147;Issuer&#148; or &#147;Company&#148;, which term includes any successor Person
under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE &#038;
Co., or registered assigns, the principal sum of One Hundred Fifty Million Dollars on February&nbsp;1,
2012 (&#147;Maturity&#148;) and to pay interest thereon from January&nbsp;19, 2005 (the &#147;Original Issue Date&#148;) or
from the most recent Interest Payment Date to which interest has been paid or duly provided for,
semi-annually in arrears on February 1 and August 1 in each year, commencing on August&nbsp;1, 2005
(each an &#147;Interest Payment Date&#148;) to the Persons in whose names the 2012 Notes are registered at
the close of business on January&nbsp;17 and July&nbsp;17 (each a &#147;Record Date&#148;), and at Maturity, at the
rate of 6.30% per annum, 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. The interest so payable, and punctually paid or duly provided for,
on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose
name this 2012 Note (or one or more Predecessor 2012 Notes) is registered at the close of business
on the Record Date for such interest, which shall be the 15th day prior to such Interest Payment
Date (whether or not a Business Day) except that the Record Date for interest payable at Maturity
shall be the date of Maturity. 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 2012 Note (or one or more Predecessor 2012 Notes) is registered at the
close of business 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 2012 Notes not less than 15
days preceding such subsequent Record Date.


<P align="left" style="font-size: 12pt; text-indent: 4%">This 2012 Note is subject to redemption at the option of the Issuer and to purchase by the
Issuer at the option of the Holder as specified on the reverse of this 2012 Note.


<P align="left" style="font-size: 12pt; text-indent: 4%">Payment of the principal of (and premium, if any) and interest, if any, on this 2012 Note will
be made at the office or agency of the Issuer maintained for that purpose in New York, New York
(the &#147;Place of Payment&#148;), 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; <U>provided</U>,
<U>however</U>, 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 ten days prior to the date of such payment.


<P align="left" style="font-size: 12pt; text-indent: 4%">Reference is hereby made to the further provisions of this 2012 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 align="left" style="font-size: 12pt; text-indent: 4%">Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this 2012 Note shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.


<P align="left" style="font-size: 12pt; text-indent: 4%">IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed under its
corporate seal.


<P align="left" style="font-size: 12pt">Dated:



<P align="left" style="margin-left:25%; font-size: 12pt">CMS ENERGY CORPORATION



<P align="left" style="margin-left:25%; font-size: 12pt">By<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
<BR>
Its:



<P align="left" style="margin-left:25%; font-size: 12pt">By<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
<BR>
Its:



<P align="left" style="margin-left:4%; font-size: 12pt">SECTION 2.04. <I>Form of Reverse of 2012 Note</I>.


<P align="left" style="font-size: 12pt; text-indent: 4%">This 6.30% Senior Note due 2012 is one of a duly authorized issue of securities of the Issuer
(herein called the &#147;2012 Notes&#148;), issued and to be issued under an Indenture, dated as of September
15, 1992, as supplemented by certain supplemental indentures, including the Eighteenth Supplemental
Indenture, dated as of January&nbsp;19, 2005 (herein collectively referred to as the &#147;Indenture&#148;),
between the Issuer and J.P. Morgan Trust Company, N.A., a national banking association (ultimate
successor to NBD Bank, National Association), as Trustee (herein called the &#147;Trustee&#148;, 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 2012
Notes and of the terms upon which the 2012 Notes are, and are to be, authenticated and delivered.
This 2012 Note is one of the series designated on the face hereof, issued in an initial aggregate
principal amount of $150,000,000. Additional Securities, without limitation as to amount, having
substantially the same terms as the 2012 Notes (except a different issue date, issue price and
bearing interest from the last Interest Payment Date to which interest has been paid or duly
provided for on the 2012 Notes, and, if no interest has been paid, from January&nbsp;19, 2005), may also
be issued by the Issuer pursuant to the Indenture without the consent of the existing Holders of
the 2012 Notes. Such additional Securities shall be part of the same series as the 2012 Notes.


<P align="left" style="font-size: 12pt; text-indent: 4%">The 2012 Notes are subject to redemption at the option of the Issuer, in whole or in part,
upon not more than 60 nor less than 30&nbsp;days&#146; notice as provided in the Indenture at any time and
from time to time, at a redemption price equal to 100% of the principal amount of such 2012 Notes
being redeemed plus the Applicable Premium, if any, thereon at the time of redemption, together
with accrued interest, if any, thereon to the redemption date, but interest installments whose
Stated Maturity is on or prior to such redemption date 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. In no event will the redemption price ever be less than 100% of the principal
amount of the 2012 Notes plus accrued interest to the redemption date.



<P align="left" style="margin-left:4%; font-size: 12pt">The following definitions are used to determine the Applicable Premium:


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;Applicable Premium&#148; means, with respect to a 2012 Note (or portion thereof) being redeemed at
any time, the excess of (A)&nbsp;the present value at such time of the principal amount of such 2012
Note (or portion thereof) being redeemed plus all interest payments due on such 2012 Note (or
portion thereof), which present value shall be computed using a discount rate equal to the Treasury
Rate plus 50 basis points, over (B)&nbsp;the principal amount of such 2012 Note (or portion thereof)
being redeemed at such time. For purposes of this definition, the present values of the interest
and principal payments will be determined in accordance with generally accepted principles of
financial analysis.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;Treasury Rate&#148; means the yield to maturity at the time of computation of United States
Treasury securities with a constant maturity (as compiled and published in the most recent Federal
Reserve Statistical Release H.15(519) which has become publicly available at least two business
days prior to the redemption date or, in the case of defeasance, prior to the date of deposit (or,
if such Statistical Release is no longer published, any publicly available source of similar market
data)) most nearly equal to the then remaining average life to stated maturity of the 2012 Notes;
provided, however, that if the average life to stated maturity of the 2012 Notes is not equal to
the constant maturity of a United States Treasury security for which a weekly average yield is
given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest
one-twelfth of a year) from the weekly average yields of United States Treasury securities for
which such yields are given.


<P align="left" style="font-size: 12pt; text-indent: 4%">In the event of redemption of this 2012 Note in part only, a new 2012 Note for the unredeemed
portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.


<P align="left" style="font-size: 12pt; text-indent: 4%">If a Change in Control occurs, the Issuer shall notify the Holder of this 2012 Note of such
occurrence and such Holder shall have the right to require the Issuer to make a Required Repurchase
of all or any part of this 2012 Note at a Change in Control Purchase Price equal to 101% of the
principal amount of this 2012 Note to be so purchased as more fully provided in the Indenture and
subject to the terms and conditions set forth therein. In the event of a Required Repurchase of
only a portion of this 2012 Note, a new 2012 Note or 2012 Notes for the unrepurchased portion
hereof will be issued in the name of the Holder hereof upon the cancellation hereof.


<P align="left" style="font-size: 12pt; text-indent: 4%">If an Event of Default with respect to this 2012 Note shall occur and be continuing, the
principal of this 2012 Note may be declared due and payable in the manner and with the effect
provided in the Indenture.


<P align="left" style="font-size: 12pt; text-indent: 4%">In any case where any Interest Payment Date, redemption date, repurchase date, Stated Maturity
or Maturity of any 2012 Note shall not be a Business Day at any Place of Payment, then
(notwithstanding any other provision of the Indenture or this 2012 Note) payment of interest or
principal (and premium, if any) need not be made at such Place of Payment on such date, but may be
made on the next succeeding Business Day at such Place of Payment with the same force and effect as
if made on the Interest Payment Date, repurchase date or at the Stated Maturity or 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, repurchase date, Stated Maturity or Maturity, as the case
may be, to such Business Day.


<P align="left" style="font-size: 12pt; text-indent: 4%">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 2012 Notes that remains
unclaimed for two 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 cause to be published once in
a newspaper of general circulation in The City of New York or 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&nbsp;days from the date of such publication or 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 align="left" style="font-size: 12pt; text-indent: 4%">The Indenture contains provisions for defeasance at any time of (i)&nbsp;the entire indebtedness of
this 2012 Note or (ii)&nbsp;certain restrictive covenants and Events of Default with respect to this
2012 Note, in each case upon compliance with certain conditions set forth therein.


<P align="left" style="font-size: 12pt; text-indent: 4%">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 2012 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
then outstanding and affected (voting as one class).


<P align="left" style="font-size: 12pt; text-indent: 4%">The Indenture permits the Holders of not less than 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 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 align="left" style="font-size: 12pt; text-indent: 4%">As set forth in, and subject to, the provisions of the Indenture, no Holder of any 2012 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, 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&nbsp;days; <U>provided</U>,
<U>however</U>, that such limitations do not apply to a suit instituted by the Holder hereof for
the enforcement of payment of the principal of (and premium, if any) or any interest on this 2012
Note on or after the respective due dates expressed herein.


<P align="left" style="font-size: 12pt; text-indent: 4%">No reference herein to the Indenture and no provision of this 2012 Note or of the Indenture
shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the
principal of and any premium and interest on this 2012 Note at the times, place and rate, and in
the coin or currency, herein prescribed.


<P align="left" style="font-size: 12pt; text-indent: 4%">As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this 2012 Note is registrable in the Security Register, upon surrender of this 2012
Note for registration of transfer at the office or agency of the Issuer in any place where the
principal of and any premium and interest on this 2012 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 his attorney duly authorized in writing, and
thereupon one or more new 2012 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 align="left" style="font-size: 12pt; text-indent: 4%">The 2012 Notes are issuable only in registered form without coupons in denominations of $1,000
and any integral multiple thereof. As provided in the Indenture and subject to certain limitations
therein set forth, 2012 Notes are exchangeable for a like aggregate principal amount of 2012 Notes
and of like tenor of a different authorized denomination, as requested by the Holder surrendering
the same.


<P align="left" style="font-size: 12pt; text-indent: 4%">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 align="left" style="font-size: 12pt; text-indent: 4%">The Issuer shall not be required to (i)&nbsp;issue, exchange or register the transfer of this 2012
Note for a period of 15&nbsp;days next preceding the mailing of the notice of redemption of 2012 Notes
or (ii)&nbsp;exchange or register the transfer of any 2012 Note or any portion thereof selected, called
or being called for redemption, except in the case of any 2012 Note to be redeemed in part, the
portion thereof not so to be redeemed.


<P align="left" style="font-size: 12pt; text-indent: 4%">Prior to due presentment of this 2012 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 2012
Note is registered as the owner hereof for all purposes, whether or not this 2012 Note be overdue,
and neither the Issuer, the Trustee nor any such agent shall be affected by notice to the contrary.


<P align="left" style="font-size: 12pt; text-indent: 4%">All terms used in this 2012 Note without definition which are defined in the Indenture shall
have the meanings assigned to them in the Indenture.


<P align="left" style="font-size: 12pt; text-indent: 4%">SECTION 2.05. <I>Form of Trustee&#146;s Certificate of Authentication. </I>The Trustee&#146;s certificates of
authentication shall be in substantially the following form:


<P align="left" style="font-size: 12pt; text-indent: 4%">This is one of the Securities of the series designated herein referred to in the
within-mentioned Indenture.



<P align="left" style="margin-left:25%; font-size: 12pt">J.P. MORGAN TRUST COMPANY, N.A.,



<P align="left" style="margin-left:29%; font-size: 12pt">as Trustee



<P align="left" style="margin-left:25%; font-size: 12pt">By<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>


<P align="left" style="font-size: 12pt; text-indent: 25%">Authorized Officer


<P align="center" style="font-size: 10pt; display: none; text-indent: 25%">2
<!-- PAGEBREAK -->

<P align="center" style="font-size: 12pt"><B>ARTICLE III</B>



<P align="center" style="font-size: 12pt"><B>CHANGE IN CONTROL</B>



<P align="left" style="font-size: 12pt; text-indent: 4%">SECTION 3.01. <I>Change in Control. </I>Upon the occurrence of a Change in Control (the effective
date of such Change in Control being the &#147;<I>Change in Control Date</I>&#148;), each Holder of a 2012 Note
shall have the right to require that the Issuer repurchase (a &#147;<I>Required Repurchase</I>&#148;) all or any
part of such Holder&#146;s 2012 Note at a repurchase price payable in cash equal to 101% of the
principal amount of such 2012 Note plus accrued interest to the Purchase Date (the &#147;<I>Change in
Control Purchase Price</I>&#148;).


<P align="left" style="font-size: 12pt; text-indent: 4%">(a)&nbsp;Within 30&nbsp;days following the Change in Control Date, the Issuer shall mail a notice (the
"<I>Required Repurchase Notice</I>&#148;) to each Holder with a copy to the Trustee stating:



<P align="left" style="margin-left:8%; font-size: 12pt">(i)&nbsp;that a Change in Control has occurred and that such Holder has the right to
require the Issuer to repurchase all or any part of such Holder&#146;s 2012 Notes at the
Change in Control Purchase Price;



<P align="left" style="margin-left:8%; font-size: 12pt">(ii)&nbsp;the Change in Control Purchase Price;



<P align="left" style="margin-left:8%; font-size: 12pt">(iii)&nbsp;the date on which any Required Repurchase shall be made (which shall be no
earlier than 60&nbsp;days nor later than 90&nbsp;days from the date such notice is mailed)
(the &#147;<I>Purchase Date</I>&#148;);



<P align="left" style="margin-left:8%; font-size: 12pt">(iv)&nbsp;the name and address of the Paying Agent; and



<P align="left" style="margin-left:8%; font-size: 12pt">(v)&nbsp;the procedures that Holders must follow to cause the 2012 Notes to be
repurchased, which shall be consistent with this Section&nbsp;3.01 and the Indenture.


<P align="left" style="font-size: 12pt; text-indent: 4%">(b)&nbsp;Holders electing to have a 2012 Note repurchased must deliver a written notice (the
"<I>Change in Control Purchase Notice</I>&#148;) to the Paying Agent (initially the Trustee) at its corporate
trust office in Chicago, Illinois, or any other office of the Paying Agent maintained for such
purposes, not later than 30&nbsp;days prior to the Purchase Date. The Change in Control Purchase Notice
shall state: (i)&nbsp;the portion of the principal amount of any 2012 Notes to be repurchased, which
portion must be $1,000 or an integral multiple thereof; (ii)&nbsp;that such 2012 Notes are to be
repurchased by the Issuer pursuant to the change in control provisions of the Indenture; and (iii)
unless the 2012 Notes are represented by one or more Global Notes, the certificate numbers of the
2012 Notes to be delivered by the Holder thereof for repurchase by the Issuer. Any Change in
Control Purchase Notice may be withdrawn by the Holder by a written notice of withdrawal delivered
to the Paying Agent not later than three Business Days prior to the Purchase Date. The notice of
withdrawal shall state the principal amount and, if applicable, the certificate numbers of the 2012
Notes as to which the withdrawal notice relates and the principal amount of such 2012 Notes, if
any, which remains subject to a Change in Control Purchase Notice.


<P align="left" style="font-size: 12pt; text-indent: 4%">If a 2012 Note is represented by a Global Note (as described in Article&nbsp;VI hereof), the
Depositary or its nominee will be the Holder of such 2012 Note and therefore will be the only
entity that can elect a Required Repurchase of such 2012 Note. To obtain repayment pursuant to
this Section&nbsp;3.01 with respect to such 2012 Note, the beneficial owner of such 2012 Note must
provide to the broker or other entity through which it holds the beneficial interest in such 2012
Note (i)&nbsp;the Change in Control Purchase Notice signed by such beneficial owner, and such signature
must be guaranteed by a member firm of a registered national securities exchange or of the National
Association of Securities Dealers, Inc. or a commercial bank or trust company having an office or
correspondent in the United States, and (ii)&nbsp;instructions to such broker or other entity to notify
the Depositary of such beneficial owner&#146;s desire to obtain repayment pursuant to this Section&nbsp;3.01.
Such broker or other entity will provide to the Paying Agent (i)&nbsp;the Change in Control Purchase
Notice received from such beneficial owner and (ii)&nbsp;a certificate satisfactory to the Paying Agent
from such broker or other entity stating that it represents such beneficial owner. Such broker or
other entity will be responsible for disbursing any payments it receives pursuant to this Section
3.01 to such beneficial owner.


<P align="left" style="font-size: 12pt; text-indent: 4%">(c)&nbsp;Payment of the Change in Control Purchase Price for a 2012 Note for which a Change in
Control Purchase Notice has been delivered and not withdrawn is conditioned (except in the case of
a 2012 Note represented by one or more Global Notes) upon delivery of such 2012 Note (together with
necessary endorsements) to the Paying Agent at its office in Chicago, Illinois, or any other office
of the Paying Agent maintained for such purpose, at any time (whether prior to, on or after the
Purchase Date) after the delivery of such Change in Control Purchase Notice. Payment of the Change
in Control Purchase Price for such 2012 Note will be made promptly following the later of the
Purchase Date or the time of delivery of such 2012 Note. If the Paying Agent holds, in accordance
with the terms of the Indenture, money sufficient to pay the Change in Control Purchase Price of
such 2012 Note on the Business Day following the Purchase Date, then, on and after such date,
interest will cease accruing, and all other rights of the Holder shall terminate (other than the
right to receive the Change in Control Purchase Price upon delivery of the 2012 Note).


<P align="left" style="font-size: 12pt; text-indent: 4%">(d)&nbsp;The Issuer shall comply with the provisions of Regulation&nbsp;14E and any other tender offer
rules under the Exchange Act, which may then be applicable in connection with any offer by the
Issuer to repurchase 2012 Notes at the option of Holders upon a Change in Control.


<P align="left" style="font-size: 12pt; text-indent: 4%">(e)&nbsp;No 2012 Note may be repurchased by the Issuer as a result of a Change in Control if there
has occurred and is continuing an Event of Default (other than a default in the payment of the
Change in Control Purchase Price with respect to the 2012 Notes).


<P align="center" style="font-size: 10pt; display: none; text-indent: 4%">3
<!-- PAGEBREAK -->

<P align="center" style="font-size: 12pt"><B>ARTICLE IV<BR>
ADDITIONAL COVENANTS OF THE ISSUER<BR>
WITH RESPECT TO THE 2012 NOTES</B>



<P align="left" style="font-size: 12pt; text-indent: 4%">SECTION 4.01. <I>Existence</I>. So long as any of the 2012 Notes are outstanding, subject to
Article&nbsp;Nine of the Original Indenture, the Issuer will do or cause to be done all things necessary
to preserve and keep in full force and effect its corporate existence.



<P align="left" style="margin-left:4%; font-size: 12pt">SECTION 4.02. <I>Limitation on Certain Liens</I>.


<P align="left" style="font-size: 12pt; text-indent: 4%">(a)&nbsp;So long as any of the 2012 Notes are outstanding, the Issuer shall not create, incur,
assume or suffer to exist 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 (hereinafter in this Section&nbsp;4.02 referred to as a &#147;<I>Lien</I>&#148;) upon or with
respect to any of its property of any character, including without limitation any shares of Capital
Stock of Consumers or Enterprises, without making effective provision whereby the 2012 Notes shall
(so long as any such other creditor shall be so secured) be equally and ratably secured (along with
any other creditor similarly entitled to be secured) by a direct Lien on all property subject to
such Lien, <I>provided, however</I>, that the foregoing restrictions shall not apply to:



<P align="left" style="margin-left:4%; font-size: 12pt">(i)&nbsp;Liens for taxes, assessments or governmental charges or levies to the extent not past
due;



<P align="left" style="margin-left:4%; font-size: 12pt">(ii)&nbsp;pledges or deposits to secure (A)&nbsp;obligations under workmen&#146;s compensation laws or
similar legislation, (B)&nbsp;statutory obligations of the Issuer or (C)&nbsp;Support Obligations;



<P align="left" style="margin-left:4%; font-size: 12pt">(iii)&nbsp;Liens imposed by law, such as materialmen&#146;s, mechanics&#146;, carriers&#146;, workmen&#146;s and
repairmen&#146;s Liens and other similar Liens arising in the ordinary course of business
securing obligations which are not overdue or which have been fully bonded and are being
contested in good faith;



<P align="left" style="margin-left:4%; font-size: 12pt">(iv)&nbsp;purchase money Liens upon or in property acquired and held by the Issuer in the
ordinary course of business to secure the purchase price of such property or to secure
Indebtedness incurred solely for the purpose of financing the acquisition of any such
property to be subject to such Liens, or Liens existing on any such property at the time of
acquisition, or extensions, renewals or replacements of any of the foregoing for the same
or a lesser amount, <U>provided</U> that no such Lien shall extend to or cover any
property other than the property being acquired and no such extension, renewal or
replacement shall extend to or cover property not theretofore subject to the Lien being
extended, renewed or replaced, and <U>provided</U>, <U>further</U>, that the aggregate
principal amount of the Indebtedness at any one time outstanding secured by Liens permitted
by this clause (iv)&nbsp;shall not exceed $10,000,000; and



<P align="left" style="margin-left:4%; font-size: 12pt">(v)&nbsp;Liens not otherwise permitted by clauses (i)&nbsp;through (iv)&nbsp;of this Section&nbsp;4.02 securing
Indebtedness of the Issuer; <U>provided</U> that on the date such Liens are created, and
after giving effect to such Indebtedness, the aggregate principal amount at maturity of all
of the secured Indebtedness of the Issuer at such date shall not exceed 5% of Consolidated
Net Tangible Assets at such date.


<P align="left" style="font-size: 12pt; text-indent: 4%">SECTION 4.03. <I>Limitation on Consolidation, Merger, Sale or Conveyance</I>. So long as any of the
2012 Notes are outstanding and until the 2012 Notes are rated BBB- or above (or an equivalent
rating) by Standard &#038; Poor&#146;s and one Other Rating Agency (or, if Standard &#038; Poor&#146;s shall change its
rating system, an equivalent of such rating then employed by such organization), at which time the
Issuer will be permanently released from the provisions of this Section&nbsp;4.03, and subject also to
Article&nbsp;Nine of the Original Indenture, the Issuer shall not consolidate with or merge into any
other Person or sell, lease or convey the property of the Issuer in the entirety or substantially
as an entirety, unless (a)&nbsp;immediately after giving effect to such transaction the Consolidated Net
Worth of the surviving entity is at least equal to the Consolidated Net Worth of the Issuer
immediately prior to the transaction and (b)&nbsp;after giving effect to such transaction, the surviving
entity would be entitled to incur at least one dollar of additional Indebtedness (other than
revolving Indebtedness to banks) without violation of the limitations in Section&nbsp;4.04 hereof.



<P align="left" style="margin-left:4%; font-size: 12pt">SECTION 4.04. <I>Limitation on Consolidated Indebtedness</I>.


<P align="left" style="font-size: 12pt; text-indent: 4%">(a)&nbsp;So long as any of the 2012 Notes are outstanding and until the 2012 Notes are rated BBB-
or above (or an equivalent rating) by Standard &#038; Poor&#146;s and one Other Rating Agency (or, if
Standard &#038; Poor&#146;s shall change its rating system, an equivalent of such rating then employed by
such organization), at which time the Issuer will be permanently released from the provisions of
this Section&nbsp;4.04, the Issuer shall not, and shall not permit any Consolidated Subsidiary of the
Issuer to, issue, create, assume, guarantee, incur or otherwise become liable for (collectively,
"<I>issue</I>&#148;), directly or indirectly, any Indebtedness unless the Consolidated Coverage Ratio of the
Issuer and its Consolidated Subsidiaries for the four consecutive fiscal quarters immediately
preceding the issuance of such Indebtedness (as shown by a pro forma consolidated income statement
of the Issuer and its Consolidated Subsidiaries for the four most recent fiscal quarters ending at
least 30&nbsp;days prior to the issuance of such Indebtedness after giving effect to (i)&nbsp;the issuance of
such Indebtedness and (if applicable) the application of the net proceeds thereof to refinance
other Indebtedness as if such Indebtedness was issued at the beginning of the period, (ii)&nbsp;the
issuance and retirement of any other Indebtedness since the first day of the period as if such
Indebtedness was issued or retired at the beginning of the period and (iii)&nbsp;the acquisition of any
company or business acquired by the Issuer or any Subsidiary since the first day of the period
(including giving effect to the pro forma historical earnings of such company or business),
including any acquisition which will be consummated contemporaneously with the issuance of such
Indebtedness, as if in each case such acquisition occurred at the beginning of the period) exceeds
a ratio of 1.6 to 1.0.


<P align="left" style="font-size: 12pt; text-indent: 4%">(b)&nbsp;Notwithstanding the foregoing paragraph, the Issuer or any Restricted Subsidiary may
issue, directly or indirectly, the following Indebtedness:



<P align="left" style="margin-left:4%; font-size: 12pt">(1)&nbsp;Indebtedness of the Issuer to banks not to exceed $1,000,000,000 in aggregate
outstanding principal amount at any time;



<P align="left" style="margin-left:4%; font-size: 12pt">(2)&nbsp;Indebtedness (other than Indebtedness described in Section&nbsp;4.04(b)(1) hereof)
outstanding on the date of this Eighteenth Supplemental Indenture, as set forth on
<U>Schedule&nbsp;4.04(b)(2)</U> attached hereto and made a part hereof, and Indebtedness issued
in exchange for, or the proceeds of which are used to refund or refinance, any Indebtedness
permitted by this clause (2); <I>provided, however</I>, that (i)&nbsp;the principal amount (or accreted
value in the case of Indebtedness issued at a discount) of the Indebtedness so issued shall
not exceed the principal amount (or accreted value in the case of Indebtedness issued at a
discount) of, premium, if any, and accrued but unpaid interest on, the Indebtedness so
exchanged, refunded or refinanced and (ii)&nbsp;the Indebtedness so issued (A)&nbsp;shall not mature
prior to the stated maturity of the Indebtedness so exchanged, refunded or refinanced, (B)
shall have an Average Life equal to or greater than the remaining Average Life of the
Indebtedness so exchanged, refunded or refinanced and (C)&nbsp;if the Indebtedness to be
exchanged, refunded or refinanced is subordinated to the 2012 Notes, the Indebtedness is
subordinated to the 2012 Notes in right of payment;



<P align="left" style="margin-left:4%; font-size: 12pt">(3)&nbsp;Indebtedness of the Issuer owed to and held by a Subsidiary and Indebtedness of a
Subsidiary owed to and held by the Issuer; <I>provided, however</I>, that, in the case of
Indebtedness of the Issuer owed to and held by a Subsidiary, (i)&nbsp;any subsequent issuance or
transfer of any Capital Stock that results in any such Subsidiary ceasing to be a
Subsidiary or (ii)&nbsp;any transfer of such Indebtedness (except to the Issuer or a Subsidiary)
shall be deemed for the purposes of this Section&nbsp;4.04(b) to constitute the issuance of such
Indebtedness by the Issuer;



<P align="left" style="margin-left:4%; font-size: 12pt">(4)&nbsp;Indebtedness of the Issuer issued in exchange for, or the proceeds of which are used to
refund or refinance, Indebtedness of the Issuer issued in accordance with Section&nbsp;4.04(a)
hereof, provided that (i)&nbsp;the principal amount (or accreted value in the case of
Indebtedness issued at a discount) of the Indebtedness so issued shall not exceed the
principal amount (or accreted value in the case of Indebtedness issued at a discount) of,
premium, if any, and accrued but unpaid interest on, the Indebtedness so exchanged,
refunded or refinanced and (ii)&nbsp;the Indebtedness so issued (A)&nbsp;shall not mature prior to
the stated maturity of the Indebtedness so exchanged, refunded or refinanced, (B)&nbsp;shall
have an Average Life equal to or greater than the remaining Average Life of the
Indebtedness so exchanged, refunded or refinanced and (C)&nbsp;if the Indebtedness to be
exchanged, refunded or refinanced is subordinated to the 2012 Notes, the Indebtedness so
issued is subordinated to the 2012 Notes in right of payment;



<P align="left" style="margin-left:4%; font-size: 12pt">(5)&nbsp;Indebtedness of a Restricted Subsidiary issued in exchange for, or the proceeds of
which are used to refund or refinance, Indebtedness of a Restricted Subsidiary issued in
accordance with Section&nbsp;4.04(a) hereof, provided that (i)&nbsp;the principal amount (or accreted
value in the case of Indebtedness issued at a discount) of the Indebtedness so issued shall
not exceed the principal amount (or accreted value in the case of Indebtedness issued at a
discount) of, premium, if any, and accrued but unpaid interest on, the Indebtedness so
exchanged, refunded or refinanced and (ii)&nbsp;the Indebtedness so issued (A)&nbsp;shall not mature
prior to the stated maturity of the Indebtedness so exchanged, refunded or refinanced and
(B)&nbsp;shall have an Average Life equal to or greater than the remaining Average Life of the
Indebtedness so exchanged, refunded or refinanced.



<P align="left" style="margin-left:4%; font-size: 12pt">(6)&nbsp;Indebtedness of a Consolidated Subsidiary issued to acquire, develop, improve,
construct or to provide working capital for a gas, oil or electric generation, exploration,
production, distribution, storage or transmission facility and related assets, <I>provided</I>
that such Indebtedness is without recourse to any assets of the Issuer, Consumers,
Enterprises, CMS Generation, CMS Electric and Gas, CMS Gas Transmission, CMS ERM or any
other Designated Enterprises Subsidiary;



<P align="left" style="margin-left:4%; font-size: 12pt">(7)&nbsp;Indebtedness of a Person existing at the time at which such Person became a Subsidiary
and not incurred in connection with, or in contemplation of, such Person becoming a
Subsidiary. Such Indebtedness shall be deemed to be incurred on the date the acquired
Person becomes a Consolidated Subsidiary;



<P align="left" style="margin-left:4%; font-size: 12pt">(8)&nbsp;Indebtedness issued by the Issuer not to exceed $150,000,000 in aggregate principal
amount at any time; and



<P align="left" style="margin-left:4%; font-size: 12pt">(9)&nbsp;Indebtedness of a Consolidated Subsidiary in respect of rate reduction bonds issued to
recover electric restructuring transition costs of Consumers, <I>provided </I>that such
Indebtedness is without recourse to the assets of Consumers.



<P align="left" style="margin-left:4%; font-size: 12pt">SECTION 4.05. <I>Limitation on Restricted Payments</I>.


<P align="left" style="font-size: 12pt; text-indent: 4%">(a)&nbsp;So long as the 2012 Notes are outstanding and until the 2012 Notes are rated BBB- or above
(or an equivalent rating) by Standard &#038; Poor&#146;s and one Other Rating Agency (or, if Standard &#038;
Poor&#146;s shall change its rating system, an equivalent of such rating then employed by such
organization), at which time the Issuer will be permanently released from the provisions of this
Section&nbsp;4.05, the Issuer shall not, and shall not permit any Restricted Subsidiary of the Issuer,
directly or indirectly, to (i)&nbsp;declare or pay any dividend or make any distribution on the Capital
Stock of the Issuer to the direct or indirect holders of its Capital Stock (except dividends or
distributions payable solely in its Non-Convertible Capital Stock or in options, warrants or other
rights to purchase such Non-Convertible Capital Stock and except dividends or distributions payable
to the Issuer or a Subsidiary), (ii)&nbsp;purchase, redeem or otherwise acquire or retire for value any
Capital Stock of the Issuer or (iii)&nbsp;purchase, repurchase, redeem, defease or otherwise acquire or
retire for value, prior to scheduled maturity or scheduled repayment thereof, any Subordinated
Indebtedness (any such dividend, distribution, purchase, redemption, repurchase, defeasing, other
acquisition or retirement being herein referred to as a &#147;<I>Restricted Payment</I>&#148;) if at the time the
Issuer or such Subsidiary makes such Restricted Payment:



<P align="left" style="margin-left:4%; font-size: 12pt">(1)&nbsp;an Event of Default, or an event that with the lapse of time or the giving of notice or
both would constitute an Event of Default, shall have occurred and be continuing (or would
result therefrom); or



<P align="left" style="margin-left:4%; font-size: 12pt">(2)&nbsp;the aggregate amount of such Restricted Payment and all other Restricted Payments made
since May&nbsp;6, 1997 would exceed the sum of:



<P align="left" style="margin-left:8%; font-size: 12pt">(A) $100,000,000;



<P align="left" style="margin-left:8%; font-size: 12pt">(B)&nbsp;100% of Consolidated Net Income, accrued during the period (treated as one
accounting period) from May&nbsp;6, 1997 to the end of the most recent fiscal quarter
ending at least 45&nbsp;days prior to the date of such Restricted Payment (or, in case
such sum shall be a deficit, minus 100% of the deficit); and



<P align="left" style="margin-left:8%; font-size: 12pt">(C)&nbsp;the aggregate Net Cash Proceeds received by the Issuer from the issue or sale
of or contribution with respect to its Capital Stock subsequent to May&nbsp;6, 1997.


<P align="left" style="font-size: 12pt; text-indent: 4%">For the purpose of determining the amount of any Restricted Payment not in the form of cash,
the amount shall be the fair value of such Restricted Payment as determined in good faith by the
Board of Directors, provided that if the value of the non-cash portion of such Restricted Payment
as determined by the Board of Directors is in excess of $25&nbsp;million, such value shall be based on
the opinion from a nationally recognized firm experienced in the appraisal of similar types of
transactions.



<P align="left" style="margin-left:4%; font-size: 12pt">(b)&nbsp;The provisions of Section&nbsp;4.05(a) hereof shall not prohibit:



<P align="left" style="margin-left:8%; font-size: 12pt">(i)&nbsp;any purchase or redemption of Capital Stock of the Issuer made by exchange for,
or out of the proceeds of the substantially concurrent sale of, Capital Stock of
the Issuer (other than Redeemable Stock or Exchangeable Stock); <I>provided, however</I>,
that such purchase or redemption shall be excluded from the calculation of the
amount of Restricted Payments;



<P align="left" style="margin-left:8%; font-size: 12pt">(ii)&nbsp;dividends or other distributions paid in respect of any class of the Issuer&#146;s
Capital Stock issued in respect of the acquisition of any business or assets by the
Issuer or a Restricted Subsidiary if the dividends or other distributions with
respect to such Capital Stock are payable solely from the net earnings of such
business or assets;



<P align="left" style="margin-left:8%; font-size: 12pt">(iii)&nbsp;dividends paid within 60&nbsp;days after the date of declaration thereof if at
such date of declaration such dividend would have complied with this Section&nbsp;4.05;
<I>provided, however</I>, that at the time of payment of such dividend, no Event of
Default shall have occurred and be continuing (or result therefrom), and <I>provided
further, however</I>, that such dividends shall be included (without duplication) in
the calculation of the amount of Restricted Payments; or



<P align="left" style="margin-left:8%; font-size: 12pt">(iv)&nbsp;payments pursuant to the Tax Sharing Agreement.


<P align="left" style="font-size: 12pt; text-indent: 4%">SECTION 4.06. <I>Limitation on Asset Sales</I>. So long as any of the 2012 Notes are outstanding,
the Issuer may not sell, transfer or otherwise dispose of any property or assets of the Issuer,
including Capital Stock of any Consolidated Subsidiary, in one transaction or a series of
transactions in an amount which exceeds $50,000,000 (an &#147;<I>Asset Sale</I>&#148;) unless the Issuer shall (i)
apply an amount equal to such excess Net Cash Proceeds to permanently repay Indebtedness of a
Consolidated Subsidiary or Indebtedness of the Issuer which is pari passu with the 2012 Notes, (ii)
invest an equal amount not so used in clause (i)&nbsp;in property or assets of a related business within
24&nbsp;months after the date of the Asset Sale (the &#147;<I>Application Period</I>&#148;) or (iii)&nbsp;apply such excess
Net Cash Proceeds not so used in clause (i)&nbsp;or (ii) (the &#147;<I>Excess Proceeds</I>&#148;) to make an offer,
within 30&nbsp;days after the end of the Application Period, to purchase from the Holders on a pro rata
basis an aggregate principal amount of 2012 Notes on the relevant purchase date equal to the Excess
Proceeds on such date, at a purchase price equal to 100% of the principal amount of the 2012 Notes
on the relevant purchase date and unpaid interest, if any, to the purchase date. The Issuer shall
only be required to make an offer to purchase 2012 Notes from Holders pursuant to clause (iii)&nbsp;if
the Excess Proceeds equal or exceed $25,000,000 at any given time.


<P align="left" style="font-size: 12pt; text-indent: 4%">The procedures to be followed by the Issuer in making an offer to purchase 2012 Notes from the
Holders with Excess Proceeds, and for the acceptance of such offer by the Holders, shall be the
same as those set forth in Section&nbsp;3.01 herein with respect to a Change in Control.


<P align="center" style="font-size: 12pt"><B>ARTICLE V<BR>
ADDITIONAL EVENTS OF DEFAULT<BR>
WITH RESPECT TO THE 2012 NOTES</B>



<P align="left" style="font-size: 12pt; text-indent: 4%">SECTION 5.01. <I>Definition</I>. All of the events specified in clauses (a)&nbsp;through (h)&nbsp;of Section
5.1 of the Original Indenture shall be Events of Default with respect to the 2012 Notes.


<P align="left" style="font-size: 12pt; text-indent: 4%">SECTION 5.02. <I>Amendments to Section&nbsp;5.1 of the Original Indenture</I>. Solely for the purpose of
determining Events of Default with respect to the 2012 Notes, paragraphs Section&nbsp;5.1(e), Section
5.1(f) and Section&nbsp;5.1(h) of the Original Indenture shall be amended such that each and every
reference therein to the Issuer shall be deemed to mean either the Issuer or Consumers.


<P align="left" style="font-size: 12pt; text-indent: 4%">SECTION 5.03. <I>Additional Events of Default. </I>Solely for the purpose of determining Events of
Default with respect to the 2012 Notes, an Event of Default shall also include the following:



<P align="left" style="margin-left:4%; font-size: 12pt">(i)&nbsp;default in the payment of any interest upon any 2012 Note when it becomes due and
payable, and continuance of such default for 30&nbsp;days;



<P align="left" style="margin-left:4%; font-size: 12pt">(ii)&nbsp;default in the Issuer&#146;s obligation to redeem the 2012 Notes after exercising its
redemption option pursuant to this Eighteenth Supplemental Indenture; and



<P align="left" style="margin-left:4%; font-size: 12pt">(iii)&nbsp;default in the Issuer&#146;s obligation to purchase 2012 Notes upon the occurrence of a
Change in Control in accordance with the terms of Article&nbsp;III hereof.


<P align="center" style="font-size: 12pt"><B>ARTICLE VI</B>



<P align="center" style="font-size: 12pt"><B>GLOBAL NOTES</B>



<P align="left" style="font-size: 12pt; text-indent: 4%">The 2012 Notes will be issued initially in the form of Global Notes. &#147;<I>Global Note</I>&#148; means a
registered 2012 Note evidencing one or more 2012 Notes issued to a depositary (the &#147;<I>Depositary</I>&#148;) or
its nominee, in accordance with this Article&nbsp;VI and bearing the legend prescribed in this Article
VI. One or more Global Notes will represent all 2012 Notes. The Issuer shall execute and the
Trustee shall, in accordance with this Article&nbsp;VI and the Issuer Order with respect to the 2012
Notes, authenticate and deliver 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 2012 Notes to be represented by such Global Note or Global Notes, (ii)&nbsp;shall be
registered in the name of the Depositary for such Global Note or Global Notes or the nominee of
such Depositary, (iii)&nbsp;shall be delivered by the Trustee to such Depositary or pursuant to such
Depositary&#146;s instructions and (iv)&nbsp;shall bear a legend substantially to the following effect:
&#147;Unless the Global 2012 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.&#148;


<P align="left" style="font-size: 12pt; text-indent: 4%">Notwithstanding Section&nbsp;2.8 of the Original Indenture, unless and until it is exchanged in
whole or in part for 2012 Notes in definitive form, a Global Note representing one or more 2012
Notes may not be transferred except as a whole by the Depositary, to a nominee of such Depositary
or by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by
such Depositary or any such nominee to a successor Depositary for 2012 Notes or a nominee of such
successor Depositary.


<P align="left" style="font-size: 12pt; text-indent: 4%">If at any time the Depositary for the 2012 Notes is unwilling or unable to continue as
Depositary for the 2012 Notes, the Issuer shall appoint a successor Depositary with respect to the
2012 Notes. If a successor Depositary for the 2012 Notes is not appointed by the Issuer by the
earlier of (i)&nbsp;90&nbsp;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
(ii)&nbsp;the effectiveness of the Depositary&#146;s resignation or failure to fulfill its duties as
Depositary, the Issuer will execute, and the Trustee, upon receipt of a Issuer Order for the
authentication and delivery of definitive 2012 Notes, will authenticate and deliver 2012 Notes in
definitive form in an aggregate principal amount equal to the principal amount of the Global Note
or Global Notes representing such 2012 Notes in exchange for such Global Note or Global Notes.


<P align="left" style="font-size: 12pt; text-indent: 4%">The Issuer may at any time and in its sole discretion determine that the 2012 Notes issued in
the form of one or more Global Notes shall no longer be represented by such Global Note or Global
Notes. In such event the Issuer will execute, and the Trustee, upon receipt of an Issuer Order for
the authentication and delivery of definitive 2012 Notes, will authenticate and deliver 2012 Notes
in definitive form in an aggregate principal amount equal to the principal amount of the Global
Note or Global Notes representing such 2012 Notes in exchange for such Global Note or Global Notes.


<P align="left" style="font-size: 12pt; text-indent: 4%">The Depositary for such 2012 Notes may surrender a Global Note or Global Notes for such 2012
Notes in exchange in whole or in part for 2012 Notes in definitive form on such terms as are
acceptable to the Issuer and such Depositary. Thereupon, the Issuer shall execute, and the Trustee
shall authenticate and deliver, without service charge:



<P align="left" style="margin-left:4%; font-size: 12pt">(i)&nbsp;to each Person specified by such Depositary a new 2012 Note or 2012 Notes, of any
authorized denomination as requested by such Person in aggregate principal amount equal to
and in exchange for such Person&#146;s beneficial interest in the Global Note; and



<P align="left" style="margin-left:4%; font-size: 12pt">(ii)&nbsp;to such Depositary a new Global Note in a denomination equal to the difference, if
any, between the principal amount of the surrendered Global Note and the aggregate
principal amount of 2012 Notes in definitive form delivered to Holders thereof.


<P align="left" style="font-size: 12pt; text-indent: 4%">In any exchange provided for in this Article&nbsp;VI, the Issuer will execute and the Trustee will
authenticate and deliver 2012 Notes in definitive registered form in authorized denominations.


<P align="left" style="font-size: 12pt; text-indent: 4%">Upon the exchange of a Global Note for 2012 Notes in definitive form, such Global Note shall
be cancelled by the Trustee. 2012 Notes in definitive form issued in exchange for a Global Note
pursuant to this Article&nbsp;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
deliver such 2012 Notes to the Persons in whose names such 2012 Notes are so registered.


<P align="center" style="font-size: 12pt"><B>ARTICLE VII<BR>
DEFEASANCE</B>



<P align="left" style="font-size: 12pt; text-indent: 4%">All of the provisions of Article&nbsp;Ten of the Original Indenture shall be applicable to the 2012
Notes. Upon satisfaction by the Issuer of the requirements of Section&nbsp;10.1(C) of the Indenture, in
connection with any covenant defeasance (as provided in Section&nbsp;10.1(C) of the Indenture), the
Issuer shall be released from its obligations under Article&nbsp;Nine of the Original Indenture and
under Article&nbsp;IV of this Eighteenth Supplemental Indenture with respect to the 2012 Notes.


<P align="center" style="font-size: 12pt"><B>ARTICLE VIII<BR>
SUPPLEMENTAL INDENTURES</B>



<P align="left" style="font-size: 12pt; text-indent: 4%">This Eighteenth Supplemental Indenture is a supplement to the Original Indenture. As
supplemented by this Eighteenth Supplemental Indenture, the Original Indenture is in all respects
ratified, approved and confirmed, and the Original Indenture and this Eighteenth Supplemental
Indenture shall together constitute one and the same instrument.


<P align="center" style="font-size: 12pt"><B>ARTICLE IX<BR>
MODIFICATION AND WAIVER</B>



<P align="left" style="font-size: 12pt; text-indent: 4%">In addition to those matters set forth in Section&nbsp;8.2 of the Original Indenture (including the
terms and conditions of the 2012 Notes set forth herein), with respect to the 2012 Notes, no
amendment or supplemental indenture to the Indenture shall, without the consent of the Holder of
each 2012 Note affected thereby:



<P align="left" style="margin-left:4%; font-size: 12pt">(a)&nbsp;reduce the redemption price or Change in Control Purchase Price of the 2012 Notes; or


<P align="left" style="font-size: 12pt; text-indent: 4%">(b)&nbsp;change the terms applicable to redemption or purchase of the 2012 Notes in a manner
adverse to the Holder.


<P align="left" style="font-size: 12pt; text-indent: 4%">In addition, with respect to the 2012 Notes, notwithstanding Section&nbsp;5.10 of the Original
Indenture, approval of the Holders of each outstanding 2012 Note shall be required to waive any
default by the Issuer in any payment of the redemption price or Change in Control Purchase Price
with respect to any 2012 Notes.


<P align="center" style="font-size: 12pt"><B>TESTIMONIUM</B>



<P align="left" style="font-size: 12pt; text-indent: 4%">This Eighteenth 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 align="center" style="font-size: 10pt; display: none; text-indent: 4%">4
<!-- PAGEBREAK -->

<P align="left" style="font-size: 12pt; text-indent: 4%">IN WITNESS WHEREOF, the parties hereto have caused this Eighteenth Supplemental Indenture to
be duly executed and their respective corporate seals to be hereunto affixed and attested, all as
of the day and year first written above.



<P align="left" style="margin-left:25%; font-size: 12pt">CMS ENERGY CORPORATION



<P align="left" style="margin-left:25%; font-size: 12pt">_<U>/s/ Thomas J. Webb</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="25%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Thomas J. Webb<BR>
Executive Vice President and<BR>
Chief Financial Officer</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 12pt">Attest: _<U>/s/ Robert C. Shrosbree</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Robert C. Shrosbree</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:25%; font-size: 12pt">J.P. MORGAN TRUST COMPANY, N.A.,



<P align="left" style="margin-left:26%; font-size: 12pt">as Trustee



<P align="left" style="margin-left:25%; font-size: 12pt">_<U>/s/ Mietka Collins</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>


<P align="center" style="font-size: 12pt">Mietka Collins




<P align="center" style="font-size: 10pt; display: none">5
<!-- PAGEBREAK -->




<P align="center" style="font-size: 12pt"><U>Schedule&nbsp;4.04(b)(2)</U>



<P align="center" style="font-size: 12pt">See following page


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</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD nowrap align="left" colspan="5" style="border-bottom: 1px solid #000000"><B><I>PRIMARY SECONDARY</I></B></TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B><I>FACILITY</I></B></TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B><I>MAXIMUM</I></B></TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B><I>AMOUNT</I></B></TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B><I>ISSUE</I></B></TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B><I>EXPIRATION</I></B></TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B><I>ADDITIONAL</I></B></TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B><I>DIRECT</I></B></TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B><I>CONTINGENT</I></B></TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B><I>ENTITY</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B><I>ENTITY</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B><I>DESCRIPTION</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B><I>LENDER (BANK)</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B><I>AMOUNT</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B><I>OUTSTANDING</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B><I>DATE</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B><I>DATE</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B><I>DESCRIPTION</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B><I>BENEFICIARY</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B><I>OBLIGATION</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B><I>OBLIGATION</I></B></TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>CMS Energy</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">$300MM Credit Agmt</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Used to Support</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">CMS Energy</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">8/03/04</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Bank One, NA</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">300,000,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">0</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">8/3/2004</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">8/3/2007</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Letters of Credit</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">0</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">-</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">CMS Enterprises</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">(Enporion)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Letter of Credit</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">1,522,185</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">5/27/2003</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">5/14/2005</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">SLT751227</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">TCF Leasing Inc.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">1,522,185</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">CMS Genco</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">(Shuweihat)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Letter of Credit</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2,500,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">5/27/2003</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">5/14/2005</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">SLT751237</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Barclays Bank PLC</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2,500,000</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">CMS Genco</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">(Shuweihat)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Letter of Credit</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">13,000,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">12/28/2004</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">12/31/2005</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">SLT410473</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Barclays Bank PLC</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">13,000,000</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">CMS Energy Resource</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Constellation Power</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Mgt. Co.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Letter of Credit</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">5,000,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">10/17/2001</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">5/14/2005</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">SLT751224</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Source Inc</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">5,000,000</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">CMS Energy Resource</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Midwest Independent</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Mgt. Co.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Letter of Credit</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">1,000,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">5/27/2003</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">5/14/2005</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">SLT75</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD nowrap align="left" colspan="5" style="border-bottom: 1px solid #000000">1231 Sys.Operator</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">1,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Midwest Independent</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">CMS ERM Michigan LLC</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Letter of Credit</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">1,200,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">5/27/2003</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">5/14/2005</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">SLT751232</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Sys.Operator</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">1,200,000</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Deutsche Bank Trust</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Jorf Lasfar</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Letter of Credit</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">3,000,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">6/3/2003</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">5/14/2005</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">SLT751230</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Fuel L/C</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Co. Americas</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">3,000,000</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">SLT751225 Super</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Deutsche Bank Trust</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Jorf Lasfar</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Letter of Credit</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">39,086,700</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">6/3/2003</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">5/14/2005</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Resrve L/C</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Co. Americas</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">39,086,700</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">SLT751234 US$</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Deutsche Bank Trust</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Jorf Lasfar</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Letter of Credit</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">10,700,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">6/3/2003</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">5/14/2005</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Denominated DSR</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Co. Americas</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">10,700,000</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">SLT751233 EURO</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Deutsche Bank Trust</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Jorf Lasfar</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Letter of Credit</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">19,616,111</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">6/3/2003</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">5/14/2005</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Denomt'd DSR</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Co. Americas</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">19,616,111</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Federal Insurance</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">CMS Panhandle</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Letter of Credit</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">350,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">3/16/2003</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">6/11/2005</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">SLT751229</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Co.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">350,000</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Jorf Lasfar Energy</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">SLT751271</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Fixed</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Co.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Letter of Credit</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">4,800,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">6/3/2003</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">5/14/2005</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Ops &#038; Maint Resrv</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Deutsche Bank Trust</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">4,800,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Jorf Lasfar Energy</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">SLT751270</TD>
    <TD nowrap align="center" colspan="3">Major</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Co.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Letter of Credit</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2,500,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">6/3/2003</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">5/14/2005</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Maint. Resrv</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Deutsche Bank Trust</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2,500,000</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">SLT331042</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Performance</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Grayling</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Letter of Credit</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2,052,397</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">3/11/2003</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">6/9/2005</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Security</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Consumers Energy</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2,052,397</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">CMS Energy</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Term Loan</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">CMS Methanol Co.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">14,782,639</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">14,782,639</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">1/28/2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">14,782,639</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">CMS Energy</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">General Term Notes</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Series D,E &#038; F</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">900,000,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">219,840,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">219,840,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Convert. Sub.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">CMS Energy</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Debentures</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">177,835,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">177,835,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">6/20/1997</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">7/15/2027</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Issued for QUIPS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">177,835,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Sr. Unsecured Notes</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">CMS Energy</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">@ 7.5%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">480,000,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">408,845,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">1/25/1999</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">1/15/2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">408,845,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">CMS Energy</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Sr. Notes @ 8.9%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">269,000,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">260,475,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">7/2/2001</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">7/15/2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">260,475,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">CMS Energy</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Sr. Notes @ 3</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">3/8%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">150,000,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">150,000,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">7/16/2003</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">7/15/2023</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Put Date 7/15/08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">150,000,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">CMS Energy</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Sr. Notes @ 9.875%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">500,000,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">467,558,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">10/12/2000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">10/15/2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">467,558,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">CMS Energy</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Sr. Notes @ 8.5%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">350,000,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">300,375,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">3/29/2001</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">4/15/2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">300,375,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">CMS Energy</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">Sr. Notes @ 7.75%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">300,000,000</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">300,000,000</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">7/13/2003</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">8/1/2010</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">300,000,000</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Sr. Unsecured Notes</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Deutsche, JPMorgan,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Senior Unsecured</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">CMS Energy</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">@ 2.875%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Wachovia</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">287,500,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">287,500,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">12/13/2004</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">12/1/2024</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Convertible Notes</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">287,500,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">St. Clair Undergrnd</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Surety Bond to US</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">CMS Energy</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Storage</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Indemnity</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">54,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">54,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">EPA</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Insurance Company</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">54,000</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Leonard Storage</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">CMS Energy</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">CMS GT &#038; Enterprises</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Performance Bond</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">250,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">250,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">11/14/2001</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">continuous</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Project</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Addison Township</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">250,000</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">7/1/99 Natural Gas</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">CMS Energy</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">CMS ERM</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Guaranty</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">1,000,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">1,000,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">11/1/2000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Agreement</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">MCV</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">1,000,000</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">ABN Amro, Deutsche</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Jorf Lasfar Fuel</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">JLEC,ABN</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">CMS Energy</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">CMS Generation</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Guaranty</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Bk Trust Amer.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">5,504,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">5,504,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">9/4/1997</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">1/1/2013</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Termination</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Amro,Deutsche</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">5,504,000</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">ABN Amro, Deutsche</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Jorf Lasfar Change</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">JLEC,ABN</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">CMS Energy</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">CMS Generation</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Guaranty</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Bk Trust Amer.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">19,228,500</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">19,228,500</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">9/4/1997</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2/15/2013</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">in Law Contribt'n</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Amro,Deutsche</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">19,228,500</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Genesee Power</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Svc Fee Support</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">CMS Energy</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Station</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Guaranty</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">US Bank</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">3,000,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">3,000,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">3/1/1994</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD nowrap align="left" colspan="5">2021 Agrmt- 1994 Bonds</TD>
    <TD nowrap align="center" colspan="7">US Bank (Trustee)</TD>
    <TD nowrap align="center" colspan="7">3,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Performance<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">CMS Energy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">CECo                            <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Guaranty                        <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3/1/2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Guaranty                        <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Noble Energy Mktg               <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,000,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Abu Dhabi Water &#038;<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Emirate CMS Power               <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">HSBC Bank Middle                <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Backs up 40% of                 <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Electricity<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">CMS Energy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Co.                             <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Guaranty                        <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">East Ltd.                       <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12/14/2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">DSRA LC                         <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Authority                       <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,000,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><B>CMS ENTERPRISES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">CMS Enterprises</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">CMS ERM                         <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Guaranty                        <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Sempra Energy                   <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Gas Transactions                <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Perf. based Surety<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">bond to Tennergy                <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">St. Paul Insurance<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">CMS Enterprises</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">CMS ERM                         <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Indemnity                       <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138,757,902</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138,757,902</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4/28/1999</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/1/2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Corp.                           <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Co.                             <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138,757,902</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Perf. based Surety<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">bond to OH Schools              <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">St. Paul Insurance<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">CMS Enterprises</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">CMS ERM                         <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Indemnity                       <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,623,956</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,623,956</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12/14/1999</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11/25/2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Council                         <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Co.                             <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,623,956</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Perf. base surety               <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">St. Paul Insurance<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">CMS Enterprises</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">CMS ERM                         <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Indemnity                       <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,177,215</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,177,215</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11/15/2000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2/25/2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">bond to CCAC                    <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Co.                             <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,177,215</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">CMS Enterprises</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">CMS ERM MI LLC                  <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Guaranty                        <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8/22/2000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Detroit Edison                  <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Surety Bonds to<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">CMS Enterprises</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">CMS Viron                       <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Indemnity                       <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,847,849</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,847,849</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">outside parties                 <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Insurance Companies             <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,847,849</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Surety Bonds to<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">CMS Enterprises</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">CMS Oil and Gas Co.             <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Indemnity                       <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">outside parties                 <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Insurance Companies             <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Appeal bonds to<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">CMS Enterprises</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Terra Energy Ltd.               <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Indemnity                       <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,649,954</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,649,954</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Michigan Court                  <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Insurance companies             <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,649,954</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Opus Corporation<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">CMS Enterprises</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">CMS Viron                       <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Guaranty                        <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">455,259</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">455,259</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4/1/2001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">(Lease)                         <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">455,259</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">CTM's Maintenance<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">CMS Enterprises</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">CTM                             <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Guaranty                        <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,780,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,780,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/25/1996</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12/31/2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Agmt.                           <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Siemens                         <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,780,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">La Plata gas                    <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Transportadora de<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">CMS Enterprises</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">CMS Ensenada S.A.               <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Guaranty                        <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5/5/1997</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">transportation                  <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Gas Del Sur S.A.                <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Project Support &#038;<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">CMS Enterprises</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">CMS Ensenada S.A.               <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Guaranty                        <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,547,519</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,547,519</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5/7/1997</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5/7/2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Guaranty Agmt.                  <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">OPIC                            <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,547,519</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">CMS Enterprises</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Jegrupadu O&#038;M                   <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Guaranty                        <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">750,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">750,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12/23/1996</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">O&#038;M Agreement</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">GVK Industries Ltd              <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">750,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Jorf Lasfar<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Operations &#038;<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">CMS Enterprises</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">CMS Morocco Op Co               <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Guaranty                        <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9/4/1997</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9/12/2027</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Maintenance                     <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">JLEC                            <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,000,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Settlement Agmt:<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">CMS Enterprises</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">DIG                             <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Guaranty                        <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">650,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">650,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4/1/2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Interconnection                 <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Detroit Edison                  <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">650,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Perf. of Nopel/Gas<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">CMS Enterprises</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Atacama                         <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Guaranty                        <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3/13/2000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">supply Agmt                     <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">YPF                             <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,000,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">CMS Enterprises</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">CMS ERM                         <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Guaranty                        <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10/2/2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Gas Transactions                <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Refco, LLC                      <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">CMS Enterprises</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">CMS ERM                         <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Guaranty                        <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2/1/2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Gas Transactions                <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">WPS Energy Services             <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,000,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">PSEG Energy<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">CMS Enterprises</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Exeter Energy                   <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Guaranty                        <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">750,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">750,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/15/2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12/30/2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Gas Transactions                <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Resources &#038; Trade               <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">750,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 7.5pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">CMS Enterprises</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">EnerBank, USA                   <BR></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">CD Issuances                    <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,114,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,114,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">CD Issuance                     <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,114,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

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<TYPE>EX-4.4
<SEQUENCE>3
<FILENAME>exhibit2.htm
<DESCRIPTION>EX-4.4
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<P align="center" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>NINETY-NINTH SUPPLEMENTAL INDENTURE</B></FONT>



<P align="center" style="font-size: 12pt"><B>Providing among other things for</B>



<P align="center" style="font-size: 12pt"><B>FIRST MORTGAGE BONDS,</B>



<P align="center" style="font-size: 12pt"><B>$250,000,000 5.15% Series due 2017</B>



<P>
<HR noshade width="26%" align="center" size="1" color="#000000">
<P>




<P align="center" style="font-size: 12pt"><B>Dated as of January&nbsp;20, 2005</B>



<P>
<HR noshade width="26%" align="center" size="1" color="#000000">
<P>




<P align="center" style="font-size: 12pt"><B>CONSUMERS ENERGY COMPANY</B>



<P align="center" style="font-size: 12pt"><B>TO</B>



<P align="center" style="font-size: 12pt"><B>JPMORGAN CHASE BANK, N.A.</B>



<P align="center" style="font-size: 12pt"><B>TRUSTEE</B>



<P align="right" style="font-size: 12pt">Counterpart _____ of 80



<P align="center" style="font-size: 10pt; display: none; text-indent: 8%">1
<!-- PAGEBREAK -->


<P align="left" style="font-size: 12pt">THIS NINETY-NINTH SUPPLEMENTAL INDENTURE, dated as of January&nbsp;20, 2005 (herein
sometimes referred to as &#147;this Supplemental Indenture&#148;), made and entered into by and between
CONSUMERS ENERGY COMPANY, a corporation organized and existing under the laws of the State of
Michigan, with its principal executive office and place of business at One Energy Plaza, in
Jackson, Jackson County, Michigan 49201, formerly known as Consumers Power Company (hereinafter
sometimes referred to as the &#147;Company&#148;), and JPMORGAN CHASE BANK, N.A., a national banking
association organized under the laws of the United States of America, with its corporate trust
offices at 4 New York Plaza, New York, New York 10004 (hereinafter sometimes referred to as the
&#147;Trustee&#148;), as Trustee under the Indenture dated as of September&nbsp;1, 1945 between Consumers Power
Company, a Maine corporation (hereinafter sometimes referred to as the &#147;Maine corporation&#148;), and
City Bank Farmers Trust Company (Citibank, N.A., successor, hereinafter sometimes referred to as
the &#147;Predecessor Trustee&#148;), securing bonds issued and to be issued as provided therein (hereinafter
sometimes referred to as the &#147;Indenture&#148;),


<P align="left" style="font-size: 12pt; text-indent: 8%">WHEREAS at the close of business on January&nbsp;30, 1959, City Bank Farmers Trust Company was
converted into a national banking association under the title &#147;First National City Trust Company&#148;;
and


<P align="left" style="font-size: 12pt; text-indent: 8%">WHEREAS at the close of business on January&nbsp;15, 1963, First National City Trust Company was
merged into First National City Bank; and


<P align="left" style="font-size: 12pt; text-indent: 8%">WHEREAS at the close of business on October&nbsp;31, 1968, First National City Bank was merged into
The City Bank of New York, National Association, the name of which was thereupon changed to First
National City Bank; and


<P align="left" style="font-size: 12pt; text-indent: 8%">WHEREAS effective March&nbsp;1, 1976, the name of First National City Bank was changed to Citibank,
N.A.; and


<P align="left" style="font-size: 12pt; text-indent: 8%">WHEREAS effective July&nbsp;16, 1984, Manufacturers Hanover Trust Company succeeded Citibank, N.A.
as Trustee under the Indenture; and


<P align="left" style="font-size: 12pt; text-indent: 8%">WHEREAS effective June&nbsp;19, 1992, Chemical Bank succeeded by merger to Manufacturers Hanover
Trust Company as Trustee under the Indenture; and


<P align="left" style="font-size: 12pt; text-indent: 8%">WHEREAS effective July&nbsp;15, 1996, The Chase Manhattan Bank (National Association) merged with
and into Chemical Bank which thereafter was renamed The Chase Manhattan Bank; and


<P align="left" style="font-size: 12pt; text-indent: 8%">WHEREAS effective November&nbsp;11, 2001, The Chase Manhattan Bank merged with Morgan Guaranty
Trust Company of New York and the surviving corporation was renamed JPMorgan Chase Bank; and


<P align="left" style="font-size: 12pt; text-indent: 8%">WHEREAS effective November&nbsp;13, 2004, the name of JPMorgan Chase Bank was changed to JPMorgan
Chase Bank, N.A.; and


<P align="left" style="font-size: 12pt; text-indent: 8%">WHEREAS the Indenture was executed and delivered for the purpose of securing such bonds as may
from time to time be issued under and in accordance with the terms of the Indenture, the aggregate
principal amount of bonds to be secured thereby being limited to $5,000,000,000 at any one time
outstanding (except as provided in Section&nbsp;2.01 of the Indenture), and the Indenture describes and
sets forth the property conveyed thereby and is filed in the Office of the Secretary of State of
the State of Michigan and is of record in the Office of the Register of Deeds of each county in the
State of Michigan in which this Supplemental Indenture is to be recorded; and


<P align="left" style="font-size: 12pt; text-indent: 8%">WHEREAS the Indenture has been supplemented and amended by various indentures supplemental
thereto, each of which is filed in the Office of the Secretary of State of the State of Michigan
and is of record in the Office of the Register of Deeds of each county in the State of Michigan in
which this Supplemental Indenture is to be recorded; and


<P align="left" style="font-size: 12pt; text-indent: 8%">WHEREAS the Company and the Maine corporation entered into an Agreement of Merger and
Consolidation, dated as of February&nbsp;14, 1968, which provided for the Maine corporation to merge
into the Company; and


<P align="left" style="font-size: 12pt; text-indent: 8%">WHEREAS the effective date of such Agreement of Merger and Consolidation was June&nbsp;6, 1968,
upon which date the Maine corporation was merged into the Company and the name of the Company was
changed from &#147;Consumers Power Company of Michigan&#148; to &#147;Consumers Power Company&#148;; and


<P align="left" style="font-size: 12pt; text-indent: 8%">WHEREAS the Company and the Predecessor Trustee entered into a Sixteenth Supplemental
Indenture, dated as of June&nbsp;4, 1968, which provided, among other things, for the assumption of the
Indenture by the Company; and


<P align="left" style="font-size: 12pt; text-indent: 8%">WHEREAS said Sixteenth Supplemental Indenture became effective on the effective date of such
Agreement of Merger and Consolidation; and


<P align="left" style="font-size: 12pt; text-indent: 8%">WHEREAS the Company has succeeded to and has been substituted for the Maine corporation under
the Indenture with the same effect as if it had been named therein as the mortgagor corporation;
and


<P align="left" style="font-size: 12pt; text-indent: 8%">WHEREAS effective March&nbsp;11, 1997, the name of Consumers Power Company was changed to Consumers
Energy Company; and


<P align="left" style="font-size: 12pt; text-indent: 8%">WHEREAS, the Indenture provides for the issuance of bonds thereunder in one or more series,
and the Company, by appropriate corporate action in conformity with the terms of the Indenture, has
duly determined to create, and does hereby create, a new series of bonds under the Indenture
designated 5.15% Series due 2017, each of which bonds shall also bear the descriptive title &#147;First
Mortgage Bonds&#148; (hereinafter provided for and hereinafter sometimes referred to as the &#147;2017
Bonds&#148;), the bonds of which series are to be issued as registered bonds without coupons and are to
bear interest at the rate per annum specified in the title thereof and are to mature February&nbsp;15,
2017; and


<P align="left" style="font-size: 12pt; text-indent: 8%">WHEREAS the Company and Barclays Capital Inc., J.P. Morgan Securities Inc., Merrill Lynch,
Pierce, Fenner &#038; Smith Incorporated, ABN AMRO Incorporated, Comerica Securities, Inc., Fifth Third
Securities, Inc. and Huntington Capital Corp. (the &#147;Underwriters&#148;) have entered into an
Underwriting Agreement dated January&nbsp;13, 2005 (the Underwriting Agreement&#148;), pursuant to which the
Company agreed to sell and the Underwriters agreed to buy $250,000,000 in aggregate principal
amount of 2017 Bonds (such 2017 Bonds, the &#147;Bonds&#148;); and


<P align="left" style="font-size: 12pt; text-indent: 8%">WHEREAS, each of the registered bonds without coupons of 2017 Bonds and the Trustee&#146;s
Authentication Certificate thereon are to be substantially in the following form, respectively, to
wit:


<P align="center" style="font-size: 12pt">&#091;FORM OF REGISTERED BOND OF THE 2017 BONDS&#093;



<P align="center" style="font-size: 12pt">&#091;FACE&#093;



<P align="left" style="font-size: 12pt; text-indent: 8%">THIS BOND IS A GLOBAL BOND REGISTERED IN THE NAME OF THE DEPOSITARY (REFERRED TO HEREIN) OR A
NOMINEE THEREOF AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL BONDS
REPRESENTED HEREBY, THIS GLOBAL BOND 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 OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE
OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS GLOBAL BOND IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK), A NEW YORK CORPORATION (THE
&#147;DEPOSITARY&#148;), TO THE TRUSTEE FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &#038; CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS MADE TO CEDE &#038; CO.,
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE &#038; CO., HAS AN INTEREST HEREIN.


<P align="center" style="font-size: 12pt">CONSUMERS ENERGY COMPANY



<P align="center" style="font-size: 12pt">FIRST MORTGAGE BOND



<P align="center" style="font-size: 12pt">5.15% SERIES DUE 2017



<P align="left" style="font-size: 12pt">CUSIP: 210518 CG 9 $250,000,000


<P align="left" style="font-size: 12pt">ISIN: US 210518CG91


<P align="left" style="font-size: 12pt">No.:


<P align="left" style="font-size: 12pt; text-indent: 8%">CONSUMERS ENERGY COMPANY, a Michigan corporation (hereinafter called the &#147;Company&#148;), for value
received, hereby promises to pay to Cede &#038; Co., or registered assigns, the principal sum of Two
Hundred Fifty Million Dollars ($250,000,000) on February&nbsp;15, 2017, and to pay to the registered
holder hereof interest on said sum from the latest semi-annual interest payment date to which
interest has been paid on the bonds of this series preceding the date hereof, unless the date
hereof be an interest payment date to which interest is being paid, in which case from the date
hereof, or unless the date hereof is prior to August&nbsp;15, 2005 in which case from January&nbsp;20, 2005
(or if this bond is dated between the record date for any interest payment date and such interest
payment date, then from such interest payment date, provided, however, that if the Company shall
default in payment of the interest due on such interest payment date, then from the next preceding
semi-annual interest payment date to which interest has been paid on the bonds of this series, or
if such interest payment date is August&nbsp;15, 2005, from January&nbsp;20, 2005), at the rate per annum,
until the principal hereof shall have become due and payable, specified in the title of this bond,
payable on February&nbsp;15 and August&nbsp;15 in each year. The provisions of this bond are continued on
the reverse hereof and such continued provisions shall for all purposes have the same effect as
though fully set forth at this place.


<P align="left" style="font-size: 12pt; text-indent: 8%">This bond shall not be valid or become obligatory for any purpose unless and until it shall
have been authenticated by the execution by the Trustee or its successor in trust under the
Indenture of the certificate hereon.


<P align="left" style="font-size: 12pt; text-indent: 8%">IN WITNESS WHEREOF, Consumers Energy Company has caused this bond to be executed in its name
by its Chairman of the Board, its President or one of its Vice Presidents by his or her signature
or a facsimile thereof, and its corporate seal or a facsimile thereof to be affixed hereto or
imprinted hereon and attested by its Secretary or one of its Assistant Secretaries by his or her
signature or a facsimile thereof.



<P align="left" style="margin-left:25%; font-size: 12pt">CONSUMERS ENERGY COMPANY


<P align="left" style="font-size: 12pt">Dated:



<P align="left" style="margin-left:25%; font-size: 12pt">By:
<BR>
Printed:
<BR>
Title:


<P align="left" style="font-size: 12pt">Attest: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>


<P align="center" style="font-size: 12pt">TRUSTEE&#146;S AUTHENTICATION CERTIFICATE



<P align="left" style="font-size: 12pt; text-indent: 8%">This is one of the bonds, of the series designated therein, described in the within-mentioned
Indenture.



<P align="left" style="margin-left:25%; font-size: 12pt">JPMORGAN CHASE BANK, N.A., Trustee



<P align="left" style="margin-left:25%; font-size: 12pt">By:



<P align="left" style="margin-left:33%; font-size: 12pt">Authorized Officer


<P align="center" style="font-size: 12pt">&#091;REVERSE&#093;



<P align="center" style="font-size: 12pt">CONSUMERS ENERGY COMPANY



<P align="center" style="font-size: 12pt">FIRST MORTGAGE BOND



<P align="center" style="font-size: 12pt">5.15% SERIES DUE 2017



<P align="left" style="font-size: 12pt; text-indent: 8%">The interest payable on any February&nbsp;15 or August&nbsp;15 will, subject to certain exceptions
provided in the Indenture hereinafter mentioned, be paid to the person in whose name this bond is
registered at the close of business on the record date, which shall be the first calendar day of
the month in which such interest payment date occurs, or, if such February&nbsp;15 or August&nbsp;15 shall be
a legal holiday or a day on which banking institutions in the Borough of Manhattan, The City of New
York, are authorized to close, the next preceding day which shall not be a legal holiday or a day
on which such institutions are so authorized to close. The principal of and the premium, if any,
and interest on this bond shall be payable at the office or agency of the Company in the Borough of
Manhattan, The City of New York, designated for that purpose, in any coin or currency of the United
States of America which at the time of payment is legal tender for public and private debts.


<P align="left" style="font-size: 12pt; text-indent: 8%">This bond is one of the bonds of a series designated as First Mortgage Bonds, 5.15% Series due
2017 (sometimes herein referred to as the &#147;2017 Bonds&#148; or the &#147;Bonds&#148;) issued and to be issued from
time to time under and in accordance with and secured by an indenture dated as of September&nbsp;1,
1945, given by the Company (or its predecessor, Consumers Power Company, a Maine corporation) to
City Bank Farmers Trust Company (JPMorgan Chase Bank, N.A., successor) (hereinafter sometimes
referred to as the &#147;Trustee&#148;), together with indentures supplemental thereto, heretofore or
hereafter executed, to which indenture and indentures supplemental thereto (hereinafter referred to
collectively as the &#147;Indenture&#148;) reference is hereby made for a description of the property
mortgaged and pledged, the nature and extent of the security and the rights, duties and immunities
thereunder of the Trustee and the rights of the holders of said bonds and of the Trustee and of the
Company in respect of such security, and the limitations on such rights. By the terms of the
Indenture, the bonds to be secured thereby are issuable in series which may vary as to date,
amount, date of maturity, rate of interest and in other respects as provided in the Indenture.


<P align="left" style="font-size: 12pt; text-indent: 8%">The 2017 Bonds are redeemable upon notice given by mailing the same, postage prepaid, not less
than thirty days nor more than sixty days prior to the date fixed for redemption to each registered
holder of a bond to be redeemed (in whole or in part) at the last address of such holder appearing
on the registry books. Any or all of the bonds of this series may be redeemed by the Company, at
any time and from time to time prior to maturity, at a redemption price equal to the greater of (1)
100% of the principal amount of the Bonds and (2)&nbsp;the sum of the present values of the Remaining
Scheduled Payments (as defined below) of principal and interest on the Bonds discounted to the
redemption date semiannually (assuming a 360-day year consisting of twelve 30-day months) at the
Treasury Rate (as defined below), plus 20 basis points, plus in either case accrued interest on the
Bonds to the date of redemption.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;Treasury Rate&#148; means, with respect to any redemption date, the rate per annum equal to the
semiannual equivalent yield to maturity of the Comparable Treasury Issue (as defined below),
assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal
amount) equal to the Comparable Treasury Price (as defined below) for such redemption date.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;Comparable Treasury Issue&#148; means the United States Treasury security selected by an
Independent Investment Banker (as defined below) as having a maturity comparable to the remaining
term of the Bonds to be redeemed that would be used, 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 the Bonds.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;Independent Investment Banker&#148; means either Barclays Capital Inc., J.P. Morgan Securities
Inc. or Merrill Lynch, Pierce, Fenner &#038; Smith Incorporated or, if such firms are unwilling or
unable to select the Comparable Treasury Issues, an independent banking institution of national
standing selected by the Company.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;Comparable Treasury Price&#148; means, with respect to any redemption date, (1)&nbsp;the average of the
bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) on the third business day preceding such redemption date, as set forth in the
daily statistical release (or any successor release) published by the Federal Reserve Bank of New
York and designated &#147;H.15(519)&#148; or (2)&nbsp;if such release (or any successor release) is not published
or does not contain such prices on such business day, (a)&nbsp;the average of the Reference Treasury
Dealer Quotations (as defined below) for such redemption date, after excluding the highest and
lowest of such Reference Treasury Dealer Quotations, or (b)&nbsp;if the Company obtains fewer than four
such Reference Treasury Dealer Quotations, the average of all such quotations.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;Reference Treasury Dealer Quotations&#148; means, with respect to each Reference Treasury Dealer
(as defined below) and any redemption date, the average, as determined by the Company, 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 Company by such Reference Treasury Dealer at 5:00 p.m.
on the third business day preceding such redemption date.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;Reference Treasury Dealer&#148; means (1)&nbsp;each of Barclays Capital Inc., J.P. Morgan Securities
Inc. and Merrill Lynch, Pierce, Fenner &#038; Smith Incorporated and their respective successors;
provided, however, that if any of the foregoing shall cease to be a primary U.S. government
securities dealer in New York City (a &#147;Primary Treasury Dealer&#148;), the Company shall replace that
former dealer with another Primary Treasury Dealer and (2)&nbsp;up to four other Primary Treasury
Dealers selected by the Company.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;Remaining Scheduled Payments&#148; means, with respect to each Bond to be redeemed, the remaining
scheduled payments of the principal thereof and interest thereon that would be due after the
related redemption date but for such redemption; provided, however, that, if that redemption date
is prior to an interest payment date with respect to such Bond, the amount of the next succeeding
scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to
that redemption date.


<P align="left" style="font-size: 12pt; text-indent: 8%">In case of certain defaults as specified in the Indenture, the principal of this bond may be
declared or may become due and payable on the conditions, at the time, in the manner and with the
effect provided in the Indenture. The holders of certain specified percentages of the bonds at the
time outstanding, including in certain cases specified percentages of bonds of particular series,
may in certain cases, to the extent and as provided in the Indenture, waive certain defaults
thereunder and the consequences of such defaults.


<P align="left" style="font-size: 12pt; text-indent: 8%">The Indenture contains provisions permitting the Company and the Trustee, with the consent of
the holders of not less than seventy-five per centum in principal amount of the bonds (exclusive of
bonds disqualified by reason of the Company&#146;s interest therein) at the time outstanding, including,
if more than one series of bonds shall be at the time outstanding, not less than sixty per centum
in principal amount of each series affected, to effect, by an indenture supplemental to the
Indenture, modifications or alterations of the Indenture and of the rights and obligations of the
Company and the rights of the holders of the bonds and coupons; provided, however, that no such
modification or alteration shall be made without the written approval or consent of the holder
hereof which will (a)&nbsp;extend the maturity of this bond or reduce the rate or extend the time of
payment of interest hereon or reduce the amount of the principal hereof or reduce any premium
payable on the redemption hereof, (b)&nbsp;permit the creation of any lien, not otherwise permitted,
prior to or on a parity with the lien of the Indenture, or (c)&nbsp;reduce the percentage of the
principal amount of the bonds upon the approval or consent of the holders of which modifications or
alterations may be made as aforesaid.


<P align="left" style="font-size: 12pt; text-indent: 8%">The Company reserves the right, without any consent, vote or other action by holders of the
2017 Bonds or any other series created after the Sixty-eighth Supplemental Indenture to amend the
Indenture to reduce the percentage of the principal amount of bonds the holders of which are
required to approve any supplemental indenture (other than any supplemental indenture which is
subject to the proviso contained in the immediately preceding sentence) (a)&nbsp;from not less than
seventy-five per centum (including sixty per centum of each series affected) to not less than a
majority in principal amount of the bonds at the time outstanding or (b)&nbsp;in case fewer than all
series are affected, not less than a majority in principal amount of the bonds of all affected
series, voting together.


<P align="left" style="font-size: 12pt; text-indent: 8%">No recourse shall be had for the payment of the principal of or premium, if any, or interest
on this bond, or for any claim based hereon, or otherwise in respect hereof or of the Indenture, to
or against any incorporator, stockholder, director or officer, past, present or future, as such, of
the Company, or of any predecessor or successor company, either directly or through the Company, or
such predecessor or successor company, or otherwise, under any constitution or statute or rule of
law, or by the enforcement of any assessment or penalty, or otherwise, all such liability of
incorporators, stockholders, directors and officers, as such, being waived and released by the
holder and owner hereof by the acceptance of this bond and being likewise waived and released by
the terms of the Indenture.


<P align="center" style="font-size: 12pt">&#091;END OF FORM OF REGISTERED BOND OF THE 2017 BONDS&#093;



<P align="center" style="font-size: 12pt">- &#151; - &#151; - &#151; - &#151; - &#151; - &#151; - &#151; -



<P align="left" style="font-size: 12pt; text-indent: 8%">AND WHEREAS all acts and things necessary to make the 2017 Bonds ( referred to herein as the
&#147;Bonds&#148;), when duly executed by the Company and authenticated by the Trustee or its agent and
issued as prescribed in the Indenture, as heretofore supplemented and amended, this Supplemental
Indenture, the valid, binding and legal obligations of the Company, and to constitute the
Indenture, as supplemented and amended as aforesaid, as well as by this Supplemental Indenture, a
valid, binding and legal instrument for the security thereof, have been done and performed, and the
creation, execution and delivery of this Supplemental Indenture and the creation, execution and
issuance of bonds subject to the terms hereof and of the Indenture, as so supplemented and amended,
have in all respects been duly authorized;


<P align="left" style="font-size: 12pt; text-indent: 8%">NOW, THEREFORE, in consideration of the premises, of the acceptance and purchase by the
holders thereof of the bonds issued and to be issued under the Indenture, as supplemented and
amended as above set forth, duly paid by the Trustee to the Company, and of other good and valuable
considerations, the receipt whereof is hereby acknowledged, and for the purpose of securing the due
and punctual payment of the principal of and premium, if any, and interest on all bonds now
outstanding under the Indenture and the $250,000,000 principal amount of the 2017 Bonds, and all
other bonds which shall be issued under the Indenture, as supplemented and amended from time to
time, and for the purpose of securing the faithful performance and observance of all covenants and
conditions therein, and in any indenture supplemental thereto, set forth, the Company has given,
granted, bargained, sold, released, transferred, assigned, hypothecated, pledged, mortgaged,
confirmed, set over, warranted, alienated and conveyed and by these presents does give, grant,
bargain, sell, release, transfer, assign, hypothecate, pledge, mortgage, confirm, set over,
warrant, alienate and convey unto JPMorgan Chase Bank, N.A., as Trustee, as provided in the
Indenture, and its successor or successors in the trust thereby and hereby created and to its or
their assigns forever, all the right, title and interest of the Company in and to all the property,
described in Section&nbsp;11 hereof, together (subject to the provisions of Article&nbsp;X of the Indenture)
with the tolls, rents, revenues, issues, earnings, income, products and profits thereof, excepting,
however, the property, interests and rights specifically excepted from the lien of the Indenture as
set forth in the Indenture;


<P align="left" style="font-size: 12pt; text-indent: 8%">TOGETHER WITH all and singular the tenements, hereditaments and appurtenances belonging or in
any wise appertaining to the premises, property, franchises and rights, or any thereof, referred to
in the foregoing granting clause, with the reversion and reversions, remainder and remainders and
(subject to the provisions of Article&nbsp;X of the Indenture) the tolls, rents, revenues, issues,
earnings, income, products and profits thereof, and all the estate, right, title and interest and
claim whatsoever, at law as well as in equity, which the Company now has or may hereafter acquire
in and to the aforesaid premises, property, franchises and rights and every part and parcel
thereof;


<P align="left" style="font-size: 12pt; text-indent: 8%">SUBJECT, HOWEVER, with respect to such premises, property, franchises and rights, to excepted
encumbrances as said term is defined in Section&nbsp;1.02 of the Indenture, and subject also to all
defects and limitations of title and to all encumbrances existing at the time of acquisition.


<P align="left" style="font-size: 12pt; text-indent: 8%">TO HAVE AND TO HOLD all said premises, property, franchises and rights hereby conveyed,
assigned, pledged or mortgaged, or intended so to be, unto the Trustee, its successor or successors
in trust and their assigns forever;


<P align="left" style="font-size: 12pt; text-indent: 8%">BUT IN TRUST, NEVERTHELESS, with power of sale for the equal and proportionate benefit and
security of the holders of all bonds now or hereafter authenticated and delivered under and secured
by the Indenture and interest coupons appurtenant thereto, pursuant to the provisions of the
Indenture and of any supplemental indenture, and for the enforcement of the payment of said bonds
and coupons when payable and the performance of and compliance with the covenants and conditions of
the Indenture and of any supplemental indenture, without any preference, distinction or priority as
to lien or otherwise of any bond or bonds over others by reason of the difference in time of the
actual authentication, delivery, issue, sale or negotiation thereof or for any other reason
whatsoever, except as otherwise expressly provided in the Indenture; and so that each and every
bond now or hereafter authenticated and delivered thereunder shall have the same lien, and so that
the principal of and premium, if any, and interest on every such bond shall, subject to the terms
thereof, be equally and proportionately secured, as if it had been made, executed, authenticated,
delivered, sold and negotiated simultaneously with the execution and delivery thereof;


<P align="left" style="font-size: 12pt; text-indent: 8%">AND IT IS EXPRESSLY DECLARED by the Company that all bonds authenticated and delivered under
and secured by the Indenture, as supplemented and amended as above set forth, are to be issued,
authenticated and delivered, and all said premises, property, franchises and rights hereby and by
the Indenture and indentures supplemental thereto conveyed, assigned, pledged or mortgaged, or
intended so to be, are to be dealt with and disposed of under, upon and subject to the terms,
conditions, stipulations, covenants, agreements, trusts, uses and purposes expressed in the
Indenture, as supplemented and amended as above set forth, and the parties hereto mutually agree as
follows:


<P align="left" style="font-size: 12pt; text-indent: 8%">SECTION 1. There is hereby created one series of bonds (the &#147;2017 Bonds&#148;) designated as
hereinabove provided, which shall also bear the descriptive title &#147;First Mortgage Bond&#148;, and the
form thereof shall be substantially as hereinbefore set forth. The 2017 Bonds shall be issued in
the aggregate principal amount of $250,000,000, shall mature on February&nbsp;15, 2017 and shall be
issued only as registered bonds without coupons in denominations of $1,000 and any multiple
thereof. The serial numbers of the 2017 Bonds shall be such as may be approved by any officer of
the Company, the execution thereof by any such officer either manually or by facsimile signature to
be conclusive evidence of such approval. The 2017 Bonds shall bear interest at the rate per annum,
until the principal thereof shall have become due and payable, specified in the title thereto,
payable semi-annually on February&nbsp;15 and August&nbsp;15 in each year. The principal of and the premium,
if any, and the interest on said bonds shall be payable in any coin or currency of the United
States of America which at the time of payment is legal tender for public and private debts, at the
office or agency of the Company in the City of New York, designated for that purpose.

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
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<TR valign="bottom">
    <TD width="43%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>
</TR>

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<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SECTION 2.<BR>
2.01
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
Form of Bonds.</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
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</TABLE>
</DIV>



<P align="left" style="font-size: 12pt; text-indent: 8%">The 2017 Bonds shall be issued initially in the form of one or more permanent Global Bonds in
definitive, fully registered form without interest coupons with the global securities legend (each,
a &#147;Global Bond&#148;), which shall be deposited on behalf of the purchasers of the Bonds represented
thereby with the Trustee, at its corporate trust office, as securities custodian (or with such
other securities custodian as the Depository (as defined below) may direct), and registered in the
name of the Depository or a nominee of the Depository, duly executed by the Company and
authenticated by the Trustee as hereinafter provided. The aggregate principal amount of the Global
Bonds may from time to time be increased or decreased by adjustments made on the records of the
Trustee and the Depository or its nominee as hereinafter provided. The Depositary for the Global
Bonds shall be The Depository Trust Company, a New York corporation, or its duly appointed
successor (the &#147;Depository&#148;). This Section&nbsp;2.01 shall apply only to a Global Bond deposited with
or on behalf of the Depository.


<P align="left" style="font-size: 12pt; text-indent: 8%">The Company shall execute and the Trustee shall, in the case of each of the 2017 Bonds in
accordance with this Section&nbsp;2.01, authenticate and deliver initially one or more Global Bonds that
(a)&nbsp;shall be registered in the name of the Depository or the nominee of the Depository and (b)
shall be delivered by the Trustee to the Depository or pursuant to the Depository&#146;s instructions or
held by the Trustee as securities custodian.


<P align="left" style="font-size: 12pt; text-indent: 8%">Members of, or participants in, the Depository (&#147;Agent Members&#148;) shall have no rights under
this Supplemental Indenture with respect to any Global Bond held on their behalf by the Depository
or by the Trustee as the securities custodian or under such Global Bond, and the Company, the
Trustee and any agent of the Company or the Trustee shall be entitled to treat the Depository as
the absolute owner of such Global Bond for all purposes whatsoever. Notwithstanding the foregoing,
nothing herein shall prevent the Company, the Trustee or any agent of the Company from giving
effect to any written certification, proxy or other authorization furnished by the Depository or
impair, as between the Depository and its Agent Members, the operation of customary practices of
such Depository governing the exercise of the rights of a holder of a beneficial interest in any
Global Bond.


<P align="left" style="font-size: 12pt; text-indent: 8%">Except as provided in this Section&nbsp;2.01, Section&nbsp;2.02 or Section&nbsp;2.03, owners of beneficial
interests in Global Bonds shall not be entitled to receive physical delivery of certificated Bonds.



<P align="left" style="margin-left:8%; font-size: 12pt">2.02 <U>Transfer and Exchange</U>.



<P align="left" style="margin-left:8%; font-size: 12pt">(a) <U>Transfer and Exchange of Global Bonds</U>.



<P align="left" style="margin-left:5%; font-size: 12pt; text-indent: 8%">(i)&nbsp;The transfer and exchange of Global Bonds or beneficial interests therein shall
be effected through the Depository, in accordance with this Supplemental Indenture
(including applicable restrictions on transfer set forth herein, if any) and the
procedures of the Depository therefor.



<P align="left" style="margin-left:5%; font-size: 12pt; text-indent: 8%">(ii)&nbsp;Notwithstanding any other provision of this Supplemental Indenture (other than
the provisions set forth in Section&nbsp;2.03), a Global Bond may not be transferred as a whole
except by the Depository to a nominee of the Depository or by a nominee of the Depository
to the Depository or another nominee of the Depository or by the Depository or any such
nominee to a successor Depository or a nominee of such successor Depository.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;<U>Cancellation or Adjustment of Global Bond</U>. At such time as all beneficial
interests in a Global Bond have either been exchanged for certificated Bonds, redeemed, purchased
or canceled, such Global Bond shall be canceled by the Trustee. At any time prior to such
cancellation, if any beneficial interest in a Global Bond is exchanged for certificated Bonds,
redeemed, purchased or canceled, the principal amount of Bonds represented by such Global Bond
shall be reduced and an adjustment shall be made on the books and records of the securities
custodian with respect to such Global Bond.



<P align="left" style="margin-left:8%; font-size: 12pt">(c) <U>Obligations with Respect to Transfers and Exchanges of Bonds</U>.



<P align="left" style="margin-left:5%; font-size: 12pt; text-indent: 8%">(i)&nbsp;To permit registrations of transfers and exchanges, the Company shall execute and
the Trustee shall authenticate certificated Bonds and Global Bonds at the security
registrar&#146;s request.



<P align="left" style="margin-left:5%; font-size: 12pt; text-indent: 8%">(ii)&nbsp;No service charge shall be made for registration of transfer or exchange, but
the Company may require payment of a sum sufficient to cover any transfer tax, assessments
or similar governmental charge payable in connection therewith.



<P align="left" style="margin-left:5%; font-size: 12pt; text-indent: 8%">(iii)&nbsp;Prior to the due presentation for registration of transfer of any Bond, the
Company, the Trustee, the paying agent or the security registrar may deem and treat the
person in whose name a Bond is registered as the absolute owner of such Bond for the
purpose of receiving payment of principal of and interest on such Bond and for all other
purposes whatsoever, whether or not such Bond is overdue, and none of the Company, the
Trustee, the paying agent or the security registrar shall be affected by notice to the
contrary.



<P align="left" style="margin-left:5%; font-size: 12pt; text-indent: 8%">(iv)&nbsp;All Bonds issued upon any transfer or exchange pursuant to the terms of the
Indenture shall evidence the same debt and shall be entitled to the same benefits under
the Indenture as the Bonds surrendered upon such transfer or exchange.



<P align="left" style="margin-left:8%; font-size: 12pt">(d) <U>No Obligation of Trustee</U>.



<P align="left" style="margin-left:5%; font-size: 12pt; text-indent: 8%">(i)&nbsp;The Trustee (whether in its capacity as Trustee or otherwise) shall have no
responsibility or obligation to any beneficial owner of a Global Bond, Agent Member or
other person with respect to the accuracy of the records of the Depository or its nominee
or of any Agent Member, with respect to any ownership interest in the Bonds or with
respect to the delivery to any Agent Member, beneficial owner or other person (other than
the Depository) of any notice (including any notice of redemption) or the payment of any
amount, under or with respect to such Bonds. All notices and communications to be given
to the holders and all payments to be made to holders under the Bonds shall be given or
made only to or upon the order of the registered holders (which shall be the Depository or
its nominee in the case of a Global Bond). The rights of beneficial owners in any Global
Bond shall be exercised only through the Depository subject to the applicable rules and
procedures of the Depository. The Trustee may rely and shall be fully protected in
relying upon information furnished by the Depository with respect to its Agent Members and
any beneficial owners.



<P align="left" style="margin-left:5%; font-size: 12pt; text-indent: 8%">(ii)&nbsp;The Trustee shall have no obligation or duty to monitor, determine or inquire as
to compliance with any restrictions on transfer imposed under this Supplemental Indenture
or under applicable law with respect to any transfer of any interest in any Bond
(including any transfers between or among Agent Members or beneficial owners in any Global
Bond) other than to require delivery of such certificates and other documentation or
evidence as are expressly required by, and to do so if and when expressly required by, the
terms of the Indenture.



<P align="left" style="margin-left:8%; font-size: 12pt">2.03 <U>Certificated Bonds</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;A Global Bond deposited with the Depository or with the Trustee as securities custodian
pursuant to Section&nbsp;2.01 shall be transferred to the beneficial owners thereof in the form of
certificated Bonds in an aggregate principal amount equal to the principal amount of such Global
Bond, in exchange for such Global Bond, only if such transfer complies with this Section&nbsp;2.03 and
the conditions set forth in Article&nbsp;II of the Indenture.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;Any Global Bond that is transferable to the beneficial owners thereof pursuant to this
Section&nbsp;2.03 shall be surrendered by the Depository to the Trustee at its corporate trust office to
be so transferred, in whole or from time to time in part, without charge, and the Trustee shall
authenticate and deliver, upon such transfer of each portion of such Global Bond, an equal
aggregate principal amount of certificated Bonds of authorized denominations. Any portion of a
Global Bond transferred pursuant to this Section&nbsp;2.03 shall be executed, authenticated and
delivered only in denominations of $1,000 principal amount and any integral multiple thereof and
registered in such names as the Depository shall direct.


<P align="left" style="font-size: 12pt; text-indent: 8%">(c)&nbsp;Subject to the provisions of Section&nbsp;2.03(b), the registered holder of a Global Bond shall
be entitled to grant proxies and otherwise authorize any person, including Agent Members and
persons that may hold interests through Agent Members, to take any action which a holder is
entitled to take under the Indenture or the Bonds.


<P align="left" style="font-size: 12pt; text-indent: 8%">SECTION 3. The 2017 Bonds are redeemable upon notice given by mailing the same, postage
prepaid, not less than thirty days nor more than sixty days prior to the date fixed for redemption
to each registered holder of a bond to be redeemed (in whole or in part) at the last address of
such holder appearing on the registry books. Any or all of the bonds of this series may be
redeemed by the Company, at any time and from time to time prior to maturity, at a redemption price
equal to the greater of (1)&nbsp;100% of the principal amount of the Bonds and (2)&nbsp;the sum of the
present values of the Remaining Scheduled Payments (as defined below) of principal and interest on
the Bonds discounted to the redemption date semiannually (assuming a 360-day year consisting of
twelve 30-day months) at the Treasury Rate (as defined below), plus 20 basis points, plus accrued
interest on the Bonds to the date of redemption.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;Treasury Rate&#148; means, with respect to any redemption date, the rate per annum equal to the
semiannual equivalent yield to maturity of the Comparable Treasury Issue (as defined below),
assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal
amount) equal to the Comparable Treasury Price (as defined below) for such redemption date.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;Comparable Treasury Issue&#148; means the United States Treasury security selected by an
Independent Investment Banker (as defined below) as having a maturity comparable to the remaining
term of the Bonds to be redeemed that would be used, 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 the Bonds.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;Independent Investment Banker&#148; means either Barclays Capital Inc., J.P. Morgan Securities
Inc. or Merrill Lynch, Pierce, Fenner &#038; Smith Incorporated or, if such firms are unwilling or
unable to select the Comparable Treasury Issues, an independent banking institution of national
standing selected by the Company.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;Comparable Treasury Price&#148; means, with respect to any redemption date, (1)&nbsp;the average of the
bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) on the third business day preceding such redemption date, as set forth in the
daily statistical release (or any successor release) published by the Federal Reserve Bank of New
York and designated &#147;H.15(519)&#148; or (2)&nbsp;if such release (or any successor release) is not published
or does not contain such prices on such business day, (a)&nbsp;the average of the Reference Treasury
Dealer Quotations (as defined below) for such redemption date, after excluding the highest and
lowest of such Reference Treasury Dealer Quotations, or (b)&nbsp;if the Company obtains fewer than four
such Reference Treasury Dealer Quotations, the average of all such quotations.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;Reference Treasury Dealer Quotations&#148; means, with respect to each Reference Treasury Dealer
(as defined below) and any redemption date, the average, as determined by the Company, 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 Company by such Reference Treasury Dealer at 5:00 p.m.
on the third business day preceding such redemption date.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;Reference Treasury Dealer&#148; means (1)&nbsp;each of Barclays Capital Inc., J.P. Morgan Securities
Inc. and Merrill Lynch, Pierce, Fenner &#038; Smith Incorporated and their respective successors;
provided, however, that if any of the foregoing shall cease to be a primary U.S. government
securities dealer in New York City (a &#147;Primary Treasury Dealer&#148;), the Company shall replace that
former dealer with another Primary Treasury Dealer and (2)&nbsp;up to four other Primary Treasury
Dealers selected by the Company.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;Remaining Scheduled Payments&#148; means, with respect to each Bond to be redeemed, the remaining
scheduled payments of the principal thereof and interest thereon that would be due after the
related redemption date but for such redemption; provided, however, that, if that redemption date
is prior to an interest payment date with respect to such Bond, the amount of the next succeeding
scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to
that redemption date.


<P align="left" style="font-size: 12pt; text-indent: 8%">SECTION 4. The 2017 Bonds are not redeemable by the operation of the maintenance and
replacement provisions of the Indenture or with the proceeds of released property or in any other
manner except as set forth in Section&nbsp;3 hereof.


<P align="left" style="font-size: 12pt; text-indent: 8%">SECTION 5. The Company reserves the right, without any consent, vote or other action by the
holders of the 2017 Bonds or of any subsequent series of bonds issued under the Indenture, to make
such amendments to the Indenture, as supplemented, as shall be necessary in order to amend Section
17.02 to read as follows:


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt">SECTION 17.02. With the consent of the holders of not less than a majority
in principal amount of the bonds at the time outstanding or their
attorneys-in-fact duly authorized, or, if fewer than all series are
affected, not less than a majority in principal amount of the bonds at the
time outstanding of each series the rights of the holders of which are
affected, voting together, the Company, when authorized by a resolution, and
the Trustee may from time to time and at any time enter into an indenture or
indentures supplemental hereto for the purpose of adding any provisions to
or changing in any manner or eliminating any of the provisions of this
Indenture or of any supplemental indenture or modifying the rights and
obligations of the Company and the rights of the holders of any of the bonds
and coupons; provided, however, that no such supplemental indenture shall
(1)&nbsp;extend the maturity of any of the bonds or reduce the rate or extend the
time of payment of interest thereon, or reduce the amount of the principal
thereof, or reduce any premium payable on the redemption thereof, without
the consent of the holder of each bond so affected, or (2)&nbsp;permit the
creation of any lien, not otherwise permitted, prior to or on a parity with
the lien of this Indenture, without the consent of the holders of all the
bonds then outstanding, or (3)&nbsp;reduce the aforesaid percentage of the
principal amount of bonds the holders of which are required to approve any
such supplemental indenture, without the consent of the holders of all the
bonds then outstanding. For the purposes of this Section, bonds shall be
deemed to be affected by a supplemental indenture if such supplemental
indenture adversely affects or diminishes the rights of holders thereof
against the Company or against its property. The Trustee may in its
discretion determine whether or not, in accordance with the foregoing, bonds
of any particular series would be affected by any supplemental indenture and
any such determination shall be conclusive upon the holders of bonds of such
series and all other series. Subject to the provisions of Sections&nbsp;16.02
and 16.03 hereof, the Trustee shall not be liable for any determination made
in good faith in connection herewith.


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt; text-indent: 4%">Upon the written request of the Company, accompanied by a resolution
authorizing the execution of any such supplemental indenture, and upon the
filing with the Trustee of evidence of the consent of bondholders as
aforesaid (the instrument or instruments evidencing such consent to be dated
within one year of such request), the Trustee shall join with the Company in
the execution of such supplemental indenture unless such supplemental
indenture affects the Trustee&#146;s own rights, duties or immunities under this
Indenture or otherwise, in which case the Trustee may in its discretion but
shall not be obligated to enter into such supplemental indenture.


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt; text-indent: 4%">It shall not be necessary for the consent of the bondholders under this
Section to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such consent shall approve the
substance thereof.


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt; text-indent: 4%">The Company and the Trustee, if they so elect, and either before or
after such consent has been obtained, may require the holder of any bond
consenting to the execution of any such supplemental indenture to submit his
bond to the Trustee or to ask such bank, banker or trust company as may be
designated by the Trustee for the purpose, for the notation thereon of the
fact that the holder of such bond has consented to the execution of such
supplemental indenture, and in such case such notation, in form satisfactory
to the Trustee, shall be made upon all bonds so submitted, and such bonds
bearing such notation shall forthwith be returned to the persons entitled
thereto.


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt; text-indent: 4%">Prior to the execution by the Company and the Trustee of any
supplemental indenture pursuant to the provisions of this Section, the
Company shall publish a notice, setting forth in general terms the substance
of such supplemental indenture, at least once in one daily newspaper of
general circulation in each city in which the principal of any of the bonds
shall be payable, or, if all bonds outstanding shall be registered bonds
without coupons or coupon bonds registered as to principal, such notice
shall be sufficiently given if mailed, first class, postage prepaid, and
registered if the Company so elects, to each registered holder of bonds at
the last address of such holder appearing on the registry books, such
publication or mailing, as the case may be, to be made not less than thirty
days prior to such execution. Any failure of the Company to give such
notice, or any defect therein, shall not, however, in any way impair or
affect the validity of any such supplemental indenture.


<P align="left" style="font-size: 12pt; text-indent: 8%">SECTION 6. As supplemented and amended as above set forth, the Indenture is in all respects
ratified and confirmed, and the Indenture and all indentures supplemental thereto shall be read,
taken and construed as one and the same instrument.


<P align="left" style="font-size: 12pt; text-indent: 8%">SECTION 7. The Trustee assumes no responsibility for or in respect of the validity or
sufficiency of this Supplemental Indenture or of the Indenture as hereby supplemented or the due
execution hereof by the Company or for or in respect of the recitals and statements contained
herein (other than those contained in the sixth, seventh, eighth and ninth recitals hereof), all of
which recitals and statements are made solely by the Company.


<P align="left" style="font-size: 12pt; text-indent: 8%">SECTION 8. This Supplemental Indenture may be simultaneously executed in several counterparts
and all such counterparts executed and delivered, each as an original, shall constitute but one and
the same instrument.


<P align="left" style="font-size: 12pt; text-indent: 8%">SECTION 9. In the event the date of any notice required or permitted hereunder shall not be a
Business Day (as defined below), then (notwithstanding any other provision of the Indenture or of
any supplemental indenture thereto) such notice 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 date fixed for
such notice. &#147;Business Day&#148; means, with respect to this Section&nbsp;9, any day, other than a Saturday
or Sunday, on which banks generally are open in New York, New York for the conduct of substantially
all of their commercial lending activities and on which interbank wire transfers can be made on the
Fedwire system.


<P align="left" style="font-size: 12pt; text-indent: 8%">SECTION 10. This Supplemental Indenture and the 2017 Bonds shall be governed by and deemed to
be a contract under, and construed in accordance with, the laws of the State of Michigan, and for
all purposes shall be construed in accordance with the laws of such state, except as may otherwise
be required by mandatory provisions of law.



<P align="left" style="margin-left:8%; font-size: 12pt">SECTION 11. Detailed Description of Property Mortgaged:


<P align="center" style="font-size: 12pt">I.



<P align="center" style="font-size: 12pt">ELECTRIC GENERATING PLANTS AND DAMS



<P align="left" style="font-size: 12pt; text-indent: 8%">All the electric generating plants and stations of the Company, constructed or otherwise
acquired by it and not heretofore described in the Indenture or any supplement thereto and not
heretofore released from the lien of the Indenture, including all powerhouses, buildings,
reservoirs, dams, pipelines, flumes, structures and works and the land on which the same are
situated and all water rights and all other lands and easements, rights of way, permits,
privileges, towers, poles, wires, machinery, equipment, appliances, appurtenances and supplies and
all other property, real or personal, forming a part of or appertaining to or used, occupied or
enjoyed in connection with such plants and stations or any of them, or adjacent thereto.


<P align="center" style="font-size: 12pt">II.



<P align="center" style="font-size: 12pt">ELECTRIC TRANSMISSION LINES



<P align="left" style="font-size: 12pt; text-indent: 8%">All the electric transmission lines of the Company, constructed or otherwise acquired by it
and not heretofore described in the Indenture or any supplement thereto and not heretofore released
from the lien of the Indenture, including towers, poles, pole lines, wires, switches, switch racks,
switchboards, insulators and other appliances and equipment, and all other property, real or
personal, forming a part of or appertaining to or used, occupied or enjoyed in connection with such
transmission lines or any of them or adjacent thereto; together with all real property, rights of
way, easements, permits, privileges, franchises and rights for or relating to the construction,
maintenance or operation thereof, through, over, under or upon any private property or any public
streets or highways, within as well as without the corporate limits of any municipal corporation.
Also all the real property, rights of way, easements, permits, privileges and rights for or
relating to the construction, maintenance or operation of certain transmission lines, the land and
rights for which are owned by the Company, which are either not built or now being constructed.


<P align="center" style="font-size: 12pt">III.



<P align="center" style="font-size: 12pt">ELECTRIC DISTRIBUTION SYSTEMS



<P align="left" style="font-size: 12pt; text-indent: 8%">All the electric distribution systems of the Company, constructed or otherwise acquired by it
and not heretofore described in the Indenture or any supplement thereto and not heretofore released
from the lien of the Indenture, including substations, transformers, switchboards, towers, poles,
wires, insulators, subways, trenches, conduits, manholes, cables, meters and other appliances and
equipment, and all other property, real or personal, forming a part of or appertaining to or used,
occupied or enjoyed in connection with such distribution systems or any of them or adjacent
thereto; together with all real property, rights of way, easements, permits, privileges,
franchises, grants and rights, for or relating to the construction, maintenance or operation
thereof, through, over, under or upon any private property or any public streets or highways within
as well as without the corporate limits of any municipal corporation.


<P align="center" style="font-size: 12pt">IV.



<P align="center" style="font-size: 12pt">ELECTRIC SUBSTATIONS, SWITCHING STATIONS AND SITES



<P align="left" style="font-size: 12pt; text-indent: 8%">All the substations, switching stations and sites of the Company, constructed or otherwise
acquired by it and not heretofore described in the Indenture or any supplement thereto and not
heretofore released from the lien of the Indenture, for transforming, regulating, converting or
distributing or otherwise controlling electric current at any of its plants and elsewhere, together
with all buildings, transformers, wires, insulators and other appliances and equipment, and all
other property, real or personal, forming a part of or appertaining to or used, occupied or enjoyed
in connection with any of such substations and switching stations, or adjacent thereto, with sites
to be used for such purposes.


<P align="center" style="font-size: 12pt">V.



<P align="center" style="font-size: 12pt">GAS COMPRESSOR STATIONS, GAS PROCESSING PLANTS,



<P align="center" style="font-size: 12pt">DESULPHURIZATION STATIONS, METERING STATIONS, ODORIZING STATIONS, REGULATORS AND SITES



<P align="left" style="font-size: 12pt; text-indent: 8%">All the compressor stations, processing plants, desulphurization stations, metering stations,
odorizing stations, regulators and sites of the Company, constructed or otherwise acquired by it
and not heretofore described in the Indenture or any supplement thereto and not heretofore released
from the lien of the Indenture, for compressing, processing, desulphurizing, metering, odorizing
and regulating manufactured or natural gas at any of its plants and elsewhere, together with all
buildings, meters and other appliances and equipment, and all other property, real or personal,
forming a part of or appertaining to or used, occupied or enjoyed in connection with any of such
purposes, with sites to be used for such purposes.


<P align="center" style="font-size: 12pt">VI.



<P align="center" style="font-size: 12pt">GAS STORAGE FIELDS



<P align="left" style="font-size: 12pt; text-indent: 8%">The natural gas rights and interests of the Company, including wells and well lines (but not
including natural gas, oil and minerals), the gas gathering system, the underground gas storage
rights, the underground gas storage wells and injection and withdrawal system used in connection
therewith, constructed or otherwise acquired by it and not heretofore described in the Indenture or
any supplement thereto and not heretofore released from the lien of the Indenture: In the Overisel
Gas Storage Field, located in the Township of Overisel, Allegan County, and in the Township of
Zeeland, Ottawa County, Michigan; in the Northville Gas Storage Field located in the Township of
Salem, Washtenaw County, Township of Lyon, Oakland County, and the Townships of Northville and
Plymouth and City of Plymouth, Wayne County, Michigan; in the Salem Gas Storage Field, located in
the Township of Salem, Allegan County, and in the Township of Jamestown, Ottawa County, Michigan;
in the Ray Gas Storage Field, located in the Townships of Ray and Armada, Macomb County, Michigan;
in the Lenox Gas Storage Field, located in the Townships of Lenox and Chesterfield, Macomb County,
Michigan; in the Ira Gas Storage Field, located in the Township of Ira, St. Clair County, Michigan;
in the Puttygut Gas Storage Field, located in the Township of Casco, St. Clair County, Michigan; in
the Four Corners Gas Storage Field, located in the Townships of Casco, China, Cottrellville and
Ira, St. Clair County, Michigan; in the Swan Creek Gas Storage Field, located in the Township of
Casco and Ira, St. Clair County, Michigan; and in the Hessen Gas Storage Field, located in the
Townships of Casco and Columbus, St. Clair, Michigan.


<P align="center" style="font-size: 12pt">VII.



<P align="center" style="font-size: 12pt">GAS TRANSMISSION LINES



<P align="left" style="font-size: 12pt; text-indent: 8%">All the gas transmission lines of the Company, constructed or otherwise acquired by it and not
heretofore described in the Indenture or any supplement thereto and not heretofore released from
the lien of the Indenture, including gas mains, pipes, pipelines, gates, valves, meters and other
appliances and equipment, and all other property, real or personal, forming a part of or
appertaining to or used, occupied or enjoyed in connection with such transmission lines or any of
them or adjacent thereto; together with all real property, right of way, easements, permits,
privileges, franchises and rights for or relating to the construction, maintenance or operation
thereof, through, over, under or upon any private property or any public streets or highways,
within as well as without the corporate limits of any municipal corporation.


<P align="center" style="font-size: 12pt">VIII.



<P align="center" style="font-size: 12pt">GAS DISTRIBUTION SYSTEMS



<P align="left" style="font-size: 12pt; text-indent: 8%">All the gas distribution systems of the Company, constructed or otherwise acquired by it and
not heretofore described in the Indenture or any supplement thereto and not heretofore released
from the lien of the Indenture, including tunnels, conduits, gas mains and pipes, service pipes,
fittings, gates, valves, connections, meters and other appliances and equipment, and all other
property, real or personal, forming a part of or appertaining to or used, occupied or enjoyed in
connection with such distribution systems or any of them or adjacent thereto; together with all
real property, rights of way, easements, permits, privileges, franchises, grants and rights, for or
relating to the construction, maintenance or operation thereof, through, over, under or upon any
private property or any public streets or highways within as well as without the corporate limits
of any municipal corporation.


<P align="center" style="font-size: 12pt">IX.



<P align="center" style="font-size: 12pt">OFFICE BUILDINGS, SERVICE BUILDINGS, GARAGES, ETC.



<P align="left" style="font-size: 12pt; text-indent: 8%">All office, garage, service and other buildings of the Company, wherever located, in the State
of Michigan, constructed or otherwise acquired by it and not heretofore described in the Indenture
or any supplement thereto and not heretofore released from the lien of the Indenture, together with
the land on which the same are situated and all easements, rights of way and appurtenances to said
lands, together with all furniture and fixtures located in said buildings.


<P align="center" style="font-size: 12pt">X.



<P align="center" style="font-size: 12pt">TELEPHONE PROPERTIES AND



<P align="center" style="font-size: 12pt">RADIO COMMUNICATION EQUIPMENT



<P align="left" style="font-size: 12pt; text-indent: 8%">All telephone lines, switchboards, systems and equipment of the Company, constructed or
otherwise acquired by it and not heretofore described in the Indenture or any supplement thereto
and not heretofore released from the lien of the Indenture, used or available for use in the
operation of its properties, and all other property, real or personal, forming a part of or
appertaining to or used, occupied or enjoyed in connection with such telephone properties or any of
them or adjacent thereto; together with all real estate, rights of way, easements, permits,
privileges, franchises, property, devices or rights related to the dispatch, transmission,
reception or reproduction of messages, communications, intelligence, signals, light, vision or
sound by electricity, wire or otherwise, including all telephone equipment installed in buildings
used as general and regional offices, substations and generating stations and all telephone lines
erected on towers and poles; and all radio communication equipment of the Company, together with
all property, real or personal (except any in the Indenture expressly excepted), fixed stations,
towers, auxiliary radio buildings and equipment, and all appurtenances used in connection
therewith, wherever located, in the State of Michigan.


<P align="center" style="font-size: 12pt">XI.



<P align="center" style="font-size: 12pt">OTHER REAL PROPERTY



<P align="left" style="font-size: 12pt; text-indent: 8%">All other real property of the Company and all interests therein, of every nature and
description (except any in the Indenture expressly excepted) wherever located, in the State of
Michigan, acquired by it and not heretofore described in the Indenture or any supplement thereto
and not heretofore released from the lien of the Indenture. Such real property includes but is not
limited to the following described property, such property is subject to any interests that were
excepted or reserved in the conveyance to the Company:


<P align="center" style="font-size: 12pt">ALCONA COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Caledonia Township, Alcona County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">The East 330 feet of the South 660 feet of the SW 1/4 of the SW 1/4 of Section
8, T28N, R8E, except the West 264 feet of the South 330 feet thereof; said land
being more particularly described as follows: To find the place of beginning of this
description, commence at the Southwest corner of said section, run thence East along
the South line of said section 1243 feet to the place of beginning of this
description, thence continuing East along said South line of said section 66 feet to
the West 1/8 line of said section, thence N 02 degrees 09&#146; 30&#148; E along the said West
1/8 line of said section 660 feet, thence West 330 feet, thence S 02 degrees 09&#146; 30&#148;
W, 330 feet, thence East 264 feet, thence S 02 degrees 09&#146; 30&#148; W, 330 feet to the
place of beginning.


<P align="center" style="font-size: 12pt">ALLEGAN COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Lee Township, Allegan County, Michigan described as:


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt">The NE 1/4 of the NW 1/4 of Section&nbsp;16, T1N, R15W.


<P align="center" style="font-size: 12pt">ALPENA COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Wilson and Green Townships, Alpena County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">All that part of the S&#146;ly 1/2 of the former Boyne City-Gaylord and Alpena
Railroad right of way, being the Southerly 50 feet of a 100 foot strip of land
formerly occupied by said Railroad, running from the East line of Section&nbsp;31, T31N,
R7E, Southwesterly across said Section&nbsp;31 and Sections&nbsp;5 and 6 of T30N, R7E and
Sections&nbsp;10, 11 and the E 1/2 of Section&nbsp;9, except the West 1646 feet thereof, all
in T30N, R6E.


<P align="center" style="font-size: 12pt">ANTRIM COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Mancelona Township, Antrim County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">The S 1/2 of the NE 1/4 of Section&nbsp;33, T29N, R6W, excepting therefrom all
mineral, coal, oil and gas and such other rights as were reserved unto the State of
Michigan in that certain deed running from the State of Michigan to August W. Schack
and Emma H. Schack, his wife, dated April&nbsp;15, 1946 and recorded May&nbsp;20, 1946 in
Liber 97 of Deeds on page 682 of Antrim County Records.


<P align="center" style="font-size: 12pt">ARENAC COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Standish Township, Arenac County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">A parcel of land in the SW 1/4 of the NW 1/4 of Section&nbsp;12, T18N, R4E,
described as follows: To find the place of beginning of said parcel of land,
commence at the Northwest corner of Section&nbsp;12, T18N, R4E; run thence South along
the West line of said section, said West line of said section being also the center
line of East City Limits Road 2642.15 feet to the W 1/4 post of said section and the
place of beginning of said parcel of land; running thence N 88 degrees 26&#146; 00&#148; E
along the East and West 1/4 line of said section, 660.0 feet; thence North parallel
with the West line of said section, 310.0 feet; thence S 88 degrees 26&#146; 00&#148; W, 330.0
feet; thence South parallel with the West line of said section, 260.0 feet; thence S
88 degrees 26&#146; 00&#148; W, 330.0 feet to the West line of said section and the center
line of East City Limits Road; thence South along the said West line of said
section, 50.0 feet to the place of beginning.


<P align="center" style="font-size: 12pt">BARRY COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Johnstown Township, Barry County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">A strip of land 311 feet in width across the SW 1/4 of the NE 1/4 of Section
31, T1N, R8W, described as follows: To find the place of beginning of this
description, commence at the E <FONT style="font-size: 75%">1/4</FONT> post of said section; run thence N 00 degrees 55&#146;
00&#148; E along the East line of said section, 555.84 feet; thence N 59 degrees 36&#146; 20&#148;
W, 1375.64 feet; thence N 88 degrees 30&#146; 00&#148; W, 130 feet to a point on the East 1/8
line of said section and the place of beginning of this description; thence
continuing N 88 degrees 30&#146; 00&#148; W, 1327.46 feet to the North and South 1/4 line of
said section; thence S 00 degrees 39&#146;35&#148; W along said North and South 1/4 line of
said section, 311.03 feet to a point, which said point is 952.72 feet distant N&#146;ly
from the East and West 1/4 line of said section as measured along said North and
South 1/4 line of said section; thence S 88 degrees 30&#146; 00&#148; E, 1326.76 feet to the
East 1/8 line of said section; thence N 00 degrees 47&#146; 20&#148; E along said East 1/8
line of said section, 311.02 feet to the place of beginning.


<P align="center" style="font-size: 12pt">BAY COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Frankenlust Township, Bay County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">The South 250 feet of the N 1/2 of the W 1/2 of the W 1/2 of the SE 1/4 of
Section&nbsp;9, T13N, R4E.


<P align="center" style="font-size: 12pt">BENZIE COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Benzonia Township, Benzie County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">A parcel of land in the Northeast 1/4 of Section&nbsp;7, Township 26 North, Range 14
West, described as beginning at a point on the East line of said Section&nbsp;7, said
point being 320 feet North measured along the East line of said section from the
East 1/4 post; running thence West 165 feet; thence North parallel with the East
line of said section 165 feet; thence East 165 feet to the East line of said
section; thence South 165 feet to the place of beginning.


<P align="center" style="font-size: 12pt">BRANCH COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Girard Township, Branch County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">A parcel of land in the NE 1/4 of Section&nbsp;23 T5S, R6W, described as beginning
at a point on the North and South quarter line of said section at a point 1278.27
feet distant South of the North quarter post of said section, said distance being
measured along the North and South quarter line of said section, running thence S89
degrees21&#146;E 250 feet, thence North along a line parallel with the said North and
South quarter line of said section 200 feet, thence N89 degrees 21&#146;W 250 feet to the
North and South quarter line of said section, thence South along said North and
South quarter line of said section 200 feet to the place of beginning.


<P align="center" style="font-size: 12pt">CALHOUN COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Convis Township, Calhoun County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">A parcel of land in the SE 1/4 of the SE 1/4 of Section&nbsp;32, T1S, R6W, described
as follows: To find the place of beginning of this description, commence at the
Southeast corner of said section; run thence North along the East line of said
section 1034.32 feet to the place of beginning of this description; running thence N
89 degrees 39&#146; 52&#148; W, 333.0 feet; thence North 290.0 feet to the South 1/8 line of
said section; thence S 89 degrees 39&#146; 52&#148; E along said South 1/8 line of said
section 333.0 feet to the East line of said section; thence South along said East
line of said section 290.0 feet to the place of beginning. (Bearings are based on
the East line of Section&nbsp;32, T1S, R6W, from the Southeast corner of said section to
the Northeast corner of said section assumed as North.)


<P align="center" style="font-size: 12pt">CASS COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain easement rights located across land in Marcellus Township, Cass County,
Michigan described as:


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt">The East 6 rods of the SW 1/4 of the SE 1/4 of Section&nbsp;4, T5S, R13W.


<P align="center" style="font-size: 12pt">CHARLEVOIX COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in South Arm Township, Charlevoix County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">A parcel of land in the SW 1/4 of Section&nbsp;29, T32N, R7W, described as follows:
Beginning at the Southwest corner of said section and running thence North along the
West line of said section 788.25 feet to a point which is 528 feet distant South of
the South 1/8 line of said section as measured along the said West line of said
section; thence N 89 degrees 30&#146; 19&#148; E, parallel with said South 1/8 line of said
section 442.1 feet; thence South 788.15 feet to the South line of said section;
thence S 89 degrees 29&#146; 30&#148; W, along said South line of said section 442.1 feet to
the place of beginning.


<P align="center" style="font-size: 12pt">CHEBOYGAN COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Inverness Township, Cheboygan County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">A parcel of land in the SW frl 1/4 of Section&nbsp;31, T37N, R2W, described as
beginning at the Northwest corner of the SW frl 1/4, running thence East on the East
and West quarter line of said Section, 40 rods, thence South parallel to the West
line of said Section&nbsp;40 rods, thence West 40 rods to the West line of said Section,
thence North 40 rods to the place of beginning.


<P align="center" style="font-size: 12pt">CLARE COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Frost Township, Clare County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">The East 150 feet of the North 225 feet of the NW 1/4 of the NW 1/4 of Section
15, T20N, R4W.


<P align="center" style="font-size: 12pt">CLINTON COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Watertown Township, Clinton County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">The NE 1/4 of the NE 1/4 of the SE 1/4 of Section&nbsp;22, and the North 165 feet of
the NW 1/4 of the NE 1/4 of the SE 1/4 of Section&nbsp;22, T5N, R3W.


<P align="center" style="font-size: 12pt">CRAWFORD COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Lovells Township, Crawford County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">A parcel of land in Section&nbsp;1, T28N, R1W, described as: Commencing at NW corner
said section; thence South 89 degrees53&#146;30&#148; East along North section line 105.78
feet to point of beginning; thence South 89 degrees53&#146;30&#148; East along North section
line 649.64 feet; thence South 55 degrees 42&#146;30&#148; East 340.24 feet; thence South 55
degrees 44&#146; 37&#148; East 5,061.81 feet to the East section line; thence South 00
degrees 00&#146; 08&#148; West along East section line 441.59 feet; thence North 55 degrees
44&#146; 37&#148; West 5,310.48 feet; thence North 55 degrees 42&#146;30&#148; West 877.76 feet to point
of beginning.


<P align="center" style="font-size: 12pt">EATON COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Eaton Township, Eaton County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">A parcel of land in the SW 1/4 of Section&nbsp;6, T2N, R4W, described as follows: To
find the place of beginning of this description commence at the Southwest corner of
said section; run thence N 89 degrees 51&#146; 30&#148; E along the South line of said section
400 feet to the place of beginning of this description; thence continuing N 89
degrees 51&#146; 30&#148; E, 500 feet; thence N 00 degrees 50&#146; 00&#148; W, 600 feet; thence S 89
degrees 51&#146; 30&#148; W parallel with the South line of said section 500 feet; thence S 00
degrees 50&#146; 00&#148; E, 600 feet to the place of beginning.


<P align="center" style="font-size: 12pt">EMMET COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Wawatam Township, Emmet County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">The West 1/2 of the Northeast 1/4 of the Northeast 1/4 of Section&nbsp;23, T39N,
R4W.


<P align="center" style="font-size: 12pt">GENESEE COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Argentine Township, Genesee County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">A parcel of land of part of the SW 1/4 of Section&nbsp;8, T5N, R5E, being more
particularly described as follows:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">Beginning at a point of the West line of Duffield Road, 100 feet wide, (as now
established) distant 829.46 feet measured N01 degrees42&#146;56&#147;W and 50 feet measured
S88 degrees14&#146;04&#147;W&#096; from the South quarter corner, Section&nbsp;8, T5N, R5E; thence S88
degrees14&#146;04&#147;W a distance of 550 feet; thence N01 degrees42&#146;56&#147;W a distance of 500
feet to a point on the North line of the South half of the Southwest quarter of said
Section&nbsp;8; thence N88 degrees14&#146;04&#147;E along the North line of South half of the
Southwest quarter of said Section&nbsp;8 a distance 550 feet to a point on the West line
of Duffield Road, 100 feet wide (as now established); thence S01 degrees42&#146;56&#147;E
along the West line of said Duffield Road a distance of 500 feet to the point of
beginning.


<P align="center" style="font-size: 12pt">GLADWIN COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Secord Township, Gladwin County, Michigan described as:


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt">The East 400 feet of the South 450 feet of Section&nbsp;2, T19N, R1E.


<P align="center" style="font-size: 12pt">GRAND TRAVERSE COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Mayfield Township, Grand Traverse County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">A parcel of land in the Northwest 1/4 of Section&nbsp;3, T25N, R11W, described as
follows: Commencing at the Northwest corner of said section, running thence S 89
degrees19&#146;15&#148; E along the North line of said section and the center line of Clouss
Road 225 feet, thence South 400 feet, thence N 89 degrees19&#146;15&#148; W 225 feet to the
West line of said section and the center line of Hannah Road, thence North along the
West line of said section and the center line of Hannah Road 400 feet to the place
of beginning for this description.


<P align="center" style="font-size: 12pt">GRATIOT COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Fulton Township, Gratiot County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">A parcel of land in the NE 1/4 of Section&nbsp;7, Township 9 North, Range 3 West,
described as beginning at a point on the North line of George Street in the Village
of Middleton, which is 542 feet East of the North and South one-quarter (1/4) line
of said Section&nbsp;7; thence North 100 feet; thence East 100 feet; thence South 100
feet to the North line of George Street; thence West along the North line of George
Street 100 feet to place of beginning.


<P align="center" style="font-size: 12pt">HILLSDALE COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Litchfield Village, Hillsdale County, Michigan described as:


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt">Lot 238 of Assessors Plat of the Village of Litchfield.


<P align="center" style="font-size: 12pt">HURON COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain easement rights located across land in Sebewaing Township, Huron County,
Michigan described as:


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt">The North 1/2 of the Northwest 1/4 of Section&nbsp;15, T15N, R9E.


<P align="center" style="font-size: 12pt">INGHAM COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Vevay Township, Ingham County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">A parcel of land 660 feet wide in the Southwest 1/4 of Section&nbsp;7 lying South of
the centerline of Sitts Road as extended to the North-South 1/4 line of said Section
7, T2N, R1W, more particularly described as follows: Commence at the Southwest
corner of said Section&nbsp;7, thence North along the West line of said Section&nbsp;2502.71
feet to the centerline of Sitts Road; thence South 89 degrees54&#146;45&#148; East along said
centerline 2282.38 feet to the place of beginning of this description; thence
continuing South 89 degrees54&#146;45&#148; East along said centerline and said centerline
extended 660.00 feet to the North-South 1/4 line of said section; thence South 00
degrees07&#146;20&#148; West 1461.71 feet; thence North 89 degrees34&#146;58&#148; West 660.00 feet;
thence North 00 degrees07&#146;20&#148; East 1457.91 feet to the centerline of Sitts Road and
the place of beginning.


<P align="center" style="font-size: 12pt">IONIA COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Sebewa Township, Ionia County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">A strip of land 280 feet wide across that part of the SW 1/4 of the NE 1/4 of
Section&nbsp;15, T5N, R6W, described as follows:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">To find the place of beginning of this description commence at the E 1/4 corner
of said section; run thence N 00 degrees 05&#146; 38&#148; W along the East line of said
section, 1218.43 feet; thence S 67 degrees 18&#146; 24&#148; W, 1424.45 feet to the East 1/8
line of said section and the place of beginning of this description; thence
continuing S 67 degrees 18&#146; 24&#148; W, 1426.28 feet to the North and South 1/4 line of
said section at a point which said point is 105.82 feet distant N&#146;ly of the center
of said section as measured along said North and South 1/4 line of said section;
thence N 00 degrees 04&#146; 47&#148; E along said North and South 1/4 line of said section,
303.67 feet; thence N 67 degrees 18&#146; 24&#148; E, 1425.78 feet to the East 1/8 line of
said section; thence S 00 degrees 00&#146; 26&#148; E along said East 1/8 line of said
section, 303.48 feet to the place of beginning. (Bearings are based on the East line
of Section&nbsp;15, T5N, R6W, from the E 1/4 corner of said section to the Northeast
corner of said section assumed as N 00 degrees 05&#146; 38&#148; W.)


<P align="center" style="font-size: 12pt">IOSCO COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Alabaster Township, Iosco County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">A parcel of land in the NW 1/4 of Section&nbsp;34, T21N, R7E, described as follows:
To find the place of beginning of this description commence at the N 1/4 post of
said section; run thence South along the North and South 1/4 line of said section,
1354.40 feet to the place of beginning of this description; thence continuing South
along the said North and South 1/4 line of said section, 165.00 feet to a point on
the said North and South 1/4 line of said section which said point is 1089.00 feet
distant North of the center of said section; thence West 440.00 feet; thence North
165.00 feet; thence East 440.00 feet to the said North and South 1/4 line of said
section and the place of beginning.


<P align="center" style="font-size: 12pt">ISABELLA COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Chippewa Township, Isabella County, Michigan described as:


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt">The North 8 rods of the NE 1/4 of the SE 1/4 of Section&nbsp;29, T14N, R3W.


<P align="center" style="font-size: 12pt">JACKSON COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Waterloo Township, Jackson County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">A parcel of land in the North fractional part of the N fractional 1/2 of
Section&nbsp;2, T1S, R2E, described as follows: To find the place of beginning of this
description commence at the E 1/4 post of said section; run thence N 01 degrees 03&#146;
40&#148; E along the East line of said section 1335.45 feet to the North 1/8 line of said
section and the place of beginning of this description; thence N 89 degrees 32&#146; 00&#148;
W, 2677.7 feet to the North and South 1/4 line of said section; thence S 00 degrees
59&#146; 25&#148; W along the North and South 1/4 line of said section 22.38 feet to the North
1/8 line of said section; thence S 89 degrees 59&#146; 10&#148; W along the North 1/8 line of
said section 2339.4 feet to the center line of State Trunkline Highway M-52; thence
N 53 degrees 46&#146; 00&#148; W along the center line of said State Trunkline Highway 414.22
feet to the West line of said section; thence N 00 degrees 55&#146; 10&#148; E along the West
line of said section 74.35 feet; thence S 89 degrees 32&#146; 00&#148; E, 5356.02 feet to the
East line of said section; thence S 01 degrees 03&#146; 40&#148; W along the East line of said
section 250 feet to the place of beginning.


<P align="center" style="font-size: 12pt">KALAMAZOO COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Alamo Township, Kalamazoo County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">The South 350 feet of the NW 1/4 of the NW 1/4 of Section&nbsp;16, T1S, R12W, being
more particularly described as follows: To find the place of beginning of this
description, commence at the Northwest corner of said section; run thence S 00
degrees 36&#146; 55&#148; W along the West line of said section 971.02 feet to the place of
beginning of this description; thence continuing S 00 degrees 36&#146; 55&#148; W along said
West line of said section 350.18 feet to the North 1/8 line of said section; thence
S 87 degrees 33&#146; 40&#148; E along the said North 1/8 line of said section 1325.1 feet to
the West 1/8 line of said section; thence N 00 degrees 38&#146; 25&#148; E along the said West
1/8 line of said section 350.17 feet; thence N 87 degrees 33&#146; 40&#148; W, 1325.25 feet to
the place of beginning.


<P align="center" style="font-size: 12pt">KALKASKA COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Kalkaska Township, Kalkaska County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">The NW 1/4 of the SW 1/4 of Section&nbsp;4, T27N, R7W, excepting therefrom all
mineral, coal, oil and gas and such other rights as were reserved unto the State of
Michigan in that certain deed running from the Department of Conservation for the
State of Michigan to George Welker and Mary Welker, his wife, dated October&nbsp;9, 1934
and recorded December&nbsp;28, 1934 in Liber 39 on page 291 of Kalkaska County Records,
and subject to easement for pipeline purposes as granted to Michigan Consolidated
Gas Company by first party herein on April&nbsp;4, 1963 and recorded June&nbsp;21, 1963 in
Liber 91 on page 631 of Kalkaska County Records.


<P align="center" style="font-size: 12pt">KENT COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Caledonia Township, Kent County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">A parcel of land in the Northwest fractional 1/4 of Section&nbsp;15, T5N, R10W,
described as follows: To find the place of beginning of this description commence at
the North 1/4 corner of said section, run thence S 0 degrees 59&#146; 26&#148; E along the
North and South 1/4 line of said section 2046.25 feet to the place of beginning of
this description, thence continuing S 0 degrees 59&#146; 26&#148; E along said North and South
1/4 line of said section 332.88 feet, thence S 88 degrees 58&#146; 30&#148; W 2510.90 feet to
a point herein designated &#147;Point A&#148; on the East bank of the Thornapple River, thence
continuing S 88 degrees 53&#146; 30&#148; W to the center thread of the Thornapple River,
thence NW&#146;ly along the center thread of said Thornapple River to a point which said
point is S 88 degrees 58&#146; 30&#148; W of a point on the East bank of the Thornapple River
herein designated &#147;Point B&#148;, said &#147;Point B&#148; being N 23 degrees 41&#146; 35&#148; W 360.75 feet
from said above-described &#147;Point A&#148;, thence N 88 degrees 58&#146; 30&#148; E to said &#147;Point
B&#148;, thence continuing N 88 degrees 58&#146; 30&#148; E 2650.13 feet to the place of beginning.
(Bearings are based on the East line of Section&nbsp;15, T5N, R10W between the East 1/4
corner of said section and the Northeast corner of said section assumed as N 0
degrees 59&#146; 55&#148; W.)


<P align="center" style="font-size: 12pt">LAKE COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Pinora and Cherry Valley Townships, Lake County, Michigan described
as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">A strip of land 50 feet wide East and West along and adjoining the West line of
highway on the East side of the North 1/2 of Section&nbsp;13 T18N, R12W. Also a strip of
land 100 feet wide East and West along and adjoining the East line of the highway on
the West side of following described land: The South 1/2 of NW 1/4, and the South
1/2 of the NW 1/4 of the SW 1/4, all in Section&nbsp;6, T18N, R11W.


<P align="center" style="font-size: 12pt">LAPEER COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Hadley Township, Lapeer County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">The South 825 feet of the W 1/2 of the SW 1/4 of Section&nbsp;24, T6N, R9E, except
the West 1064 feet thereof.


<P align="center" style="font-size: 12pt">LEELANAU COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Cleveland Township, Leelanau County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">The North 200 feet of the West 180 feet of the SW 1/4 of the SE 1/4 of Section
35, T29N, R13W.


<P align="center" style="font-size: 12pt">LENAWEE COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Madison Township, Lenawee County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">A strip of land 165 feet wide off the West side of the following described
premises: The E 1/2 of the SE 1/4 of Section&nbsp;12. The E 1/2 of the NE 1/4 and the NE
1/4 of the SE 1/4 of Section&nbsp;13, being all in T7S, R3E, excepting therefrom a parcel
of land in the E 1/2 of the SE 1/4 of Section&nbsp;12, T7S, R3E, beginning at the
Northwest corner of said E 1/2 of the SE 1/4 of Section&nbsp;12, running thence East 4
rods, thence South 6 rods, thence West 4 rods, thence North 6 rods to the place of
beginning.


<P align="center" style="font-size: 12pt">LIVINGSTON COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Cohoctah Township, Livingston County, Michigan described as:


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt">Parcel 1


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt">The East 390 feet of the East 50 rods of the SW 1/4 of Section&nbsp;30, T4N, R4E.


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt">Parcel 2


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">A parcel of land in the NW 1/4 of Section&nbsp;31, T4N, R4E, described as follows:
To find the place of beginning of this description commence at the N 1/4 post of
said section; run thence N 89 degrees 13&#146; 06&#148; W along the North line of said
section, 330 feet to the place of beginning of this description; running thence S 00
degrees 52&#146; 49&#148; W, 2167.87 feet; thence N 88 degrees 59&#146; 49&#148; W, 60 feet; thence N 00
degrees 52&#146; 49&#148; E, 2167.66 feet to the North line of said section; thence S 89
degrees 13&#146; 06&#148; E along said North line of said section, 60 feet to the place of
beginning.


<P align="center" style="font-size: 12pt">MACOMB COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Macomb Township, Macomb County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">A parcel of land commencing on the West line of the E 1/2 of the NW 1/4 of
fractional Section&nbsp;6, 20 chains South of the NW corner of said E 1/2 of the NW 1/4
of Section&nbsp;6; thence South on said West line and the East line of A. Henry Kotner&#146;s
Hayes Road Subdivision #15, according to the recorded plat thereof, as recorded in
Liber 24 of Plats, on page 7, 24.36 chains to the East and West 1/4 line of said
Section&nbsp;6; thence East on said East and West 1/4 line 8.93 chains; thence North
parallel with the said West line of the E 1/2 of the NW 1/4 of Section&nbsp;6, 24.36
chains; thence West 8.93 chains to the place of beginning, all in T3N, R13E.


<P align="center" style="font-size: 12pt">MANISTEE COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Manistee Township, Manistee County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">A parcel of land in the SW 1/4 of Section&nbsp;20, T22N, R16W, described as follows:
To find the place of beginning of this description, commence at the Southwest corner
of said section; run thence East along the South line of said section 832.2 feet to
the place of beginning of this description; thence continuing East along said South
line of said section 132 feet; thence North 198 feet; thence West 132 feet; thence
South 198 feet to the place of beginning, excepting therefrom the South 2 rods
thereof which was conveyed to Manistee Township for highway purposes by a Quitclaim
Deed dated June&nbsp;13, 1919 and recorded July&nbsp;11, 1919 in Liber 88 of Deeds on page 638
of Manistee County Records.


<P align="center" style="font-size: 12pt">MASON COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Riverton Township, Mason County, Michigan described as:


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt">Parcel 1


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">The South 10 acres of the West 20 acres of the S 1/2 of the NE 1/4 of Section
22, T17N, R17W.


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt">Parcel 2


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">A parcel of land containing 4 acres of the West side of highway, said parcel of
land being described as commencing 16 rods South of the Northwest corner of the NW
1/4 of the SW <FONT style="font-size: 75%">1/4</FONT> of Section&nbsp;22, T17N, R17W, running thence South 64 rods, thence
NE&#146;ly and N&#146;ly and NW&#146;ly along the W&#146;ly line of said highway to the place of
beginning, together with any and all right, title, and interest of Howard C.
Wicklund and Katherine E. Wicklund in and to that portion of the hereinbefore
mentioned highway lying adjacent to the E&#146;ly line of said above described land.


<P align="center" style="font-size: 12pt">MECOSTA COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Wheatland Township, Mecosta County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">A parcel of land in the SW 1/4 of the SW 1/4 of Section&nbsp;16, T14N, R7W,
described as beginning at the Southwest corner of said section; thence East along
the South line of Section&nbsp;133 feet; thence North parallel to the West section line
133 feet; thence West 133 feet to the West line of said Section; thence South 133
feet to the place of beginning.


<P align="center" style="font-size: 12pt">MIDLAND COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Ingersoll Township, Midland County, Michigan described as:


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt">The West 200 feet of the W 1/2 of the NE 1/4 of Section&nbsp;4, T13N, R2E.


<P align="center" style="font-size: 12pt">MISSAUKEE COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Norwich Township, Missaukee County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">A parcel of land in the NW 1/4 of the NW 1/4 of Section&nbsp;16, T24N, R6W,
described as follows: Commencing at the Northwest corner of said section, running
thence N 89 degrees 01&#146; 45&#148; E along the North line of said section 233.00 feet;
thence South 233.00 feet; thence S 89 degrees 01&#146; 45&#148; W, 233.00 feet to the West
line of said section; thence North along said West line of said section 233.00 feet
to the place of beginning. (Bearings are based on the West line of Section&nbsp;16,
T24N, R6W, between the Southwest and Northwest corners of said section assumed as
North.)


<P align="center" style="font-size: 12pt">MONROE COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Whiteford Township, Monroe County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">A parcel of land in the SW1/4 of Section&nbsp;20, T8S, R6E, described as follows: To
find the place of beginning of this description commence at the S 1/4 post of said
section; run thence West along the South line of said section 1269.89 feet to the
place of beginning of this description; thence continuing West along said South line
of said section 100 feet; thence N 00 degrees 50&#146; 35&#148; E, 250 feet; thence East 100
feet; thence S 00 degrees 50&#146; 35&#148; W parallel with and 16.5 feet distant W&#146;ly of as
measured perpendicular to the West 1/8 line of said section, as occupied, a distance
of 250 feet to the place of beginning.


<P align="center" style="font-size: 12pt">MONTCALM COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Crystal Township, Montcalm County, Michigan described as:


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt">The N 1/2 of the S 1/2 of the SE 1/4 of Section&nbsp;35, T10N, R5W.


<P align="center" style="font-size: 12pt">MONTMORENCY COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in the Village of Hillman, Montmorency County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">Lot 14 of Hillman Industrial Park, being a subdivision in the South 1/2 of the
Northwest 1/4 of Section&nbsp;24, T31N, R4E, according to the plat thereof recorded in
Liber 4 of Plats on Pages 32-34, Montmorency County Records.


<P align="center" style="font-size: 12pt">MUSKEGON COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Casnovia Township, Muskegon County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">The West 433 feet of the North 180 feet of the South 425 feet of the SW 1/4 of
Section&nbsp;3, T10N, R13W.


<P align="center" style="font-size: 12pt">NEWAYGO COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Ashland Township, Newaygo County, Michigan described as:


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt">The West 250 feet of the NE 1/4 of Section&nbsp;23, T11N, R13W.


<P align="center" style="font-size: 12pt">OAKLAND COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Wixcom City, Oakland County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">The E 75 feet of the N 160 feet of the N 330 feet of the W 526.84 feet of the
NW 1/4 of the NW 1/4 of Section&nbsp;8, T1N, R8E, more particularly described as follows:
Commence at the NW corner of said Section&nbsp;8, thence N 87 degrees 14&#146; 29&#148; E along the
North line of said Section&nbsp;8 a distance of 451.84 feet to the place of beginning for
this description; thence continuing N 87 degrees 14&#146; 29&#148; E along said North section
line a distance of 75.0 feet to the East line of the West 526.84 feet of the NW 1/4
of the NW 1/4 of said Section&nbsp;8; thence S 02 degrees 37&#146; 09&#148; E along said East line
a distance of 160.0 feet; thence S 87 degrees 14&#146; 29&#148; W a distance of 75.0 feet;
thence N 02 degrees 37&#146; 09&#148; W a distance of 160.0 feet to the place of beginning.


<P align="center" style="font-size: 12pt">OCEANA COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Crystal Township, Oceana County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">The East 290 feet of the SE 1/4 of the NW 1/4 and the East 290 feet of the NE
1/4 of the SW 1/4, all in Section&nbsp;20, T16N, R16W.


<P align="center" style="font-size: 12pt">OGEMAW COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in West Branch Township, Ogemaw County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">The South 660 feet of the East 660 feet of the NE 1/4 of the NE 1/4 of Section
33, T22N, R2E.


<P align="center" style="font-size: 12pt">OSCEOLA COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Hersey Township, Osceola County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">A parcel of land in the North 1/2 of the Northeast 1/4 of Section&nbsp;13, T17N,
R9W, described as commencing at the Northeast corner of said Section; thence West
along the North Section line 999 feet to the point of beginning of this description;
thence S 01 degrees 54&#146; 20&#148; E 1327.12 feet to the North 1/8 line; thence S 89
degrees 17&#146; 05&#148; W along the North 1/8 line 330.89 feet; thence N 01 degrees 54&#146; 20&#148;
W 1331.26 feet to the North Section line; thence East along the North Section line
331 feet to the point of beginning.


<P align="center" style="font-size: 12pt">OSCODA COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Comins Township, Oscoda County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">The East 400 feet of the South 580 feet of the W 1/2 of the SW 1/4 of Section
15, T27N, R3E.


<P align="center" style="font-size: 12pt">OTSEGO COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Corwith Township, Otsego County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">Part of the NW 1/4 of the NE 1/4 of Section&nbsp;28, T32N, R3W, described as:
Beginning at the N 1/4 corner of said section; running thence S 89 degrees 04&#146; 06&#148; E
along the North line of said section, 330.00 feet; thence S 00 degrees 28&#146; 43&#148; E,
400.00 feet; thence N 89 degrees 04&#146; 06&#148; W, 330.00 feet to the North and South 1/4
line of said section; thence N 00 degrees 28&#146; 43&#148; W along the said North and South
1/4 line of said section, 400.00 feet to the point of beginning; subject to the use
of the N&#146;ly 33.00 feet thereof for highway purposes.


<P align="center" style="font-size: 12pt">OTTAWA COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Robinson Township, Ottawa County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">The North 660 feet of the West 660 feet of the NE 1/4 of the NW 1/4 of Section
26, T7N, R15W.


<P align="center" style="font-size: 12pt">PRESQUE ISLE COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Belknap and Pulawski Townships, Presque Isle County, Michigan
described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">Part of the South half of the Northeast quarter, Section&nbsp;24, T34N, R5E, and
part of the Northwest quarter, Section&nbsp;19, T34N, R6E, more fully described as:
Commencing at the East <FONT style="font-size: 75%">1/4</FONT> corner of said Section&nbsp;24; thence N 00 degrees15&#146;47&#148; E,
507.42 feet, along the East line of said Section&nbsp;24 to the point of beginning;
thence S 88 degrees15&#146;36&#148; W, 400.00 feet, parallel with the North 1/8 line of said
Section&nbsp;24; thence N 00 degrees15&#146;47&#148; E, 800.00 feet, parallel with said East line
of Section&nbsp;24; thence N 88 degrees15&#146;36&#147;E, 800.00 feet, along said North 1/8 line of
Section&nbsp;24 and said line extended; thence S 00 degrees15&#146;47&#148; W, 800.00 feet,
parallel with said East line of Section&nbsp;24; thence S 88 degrees15&#146;36&#148; W, 400.00
feet, parallel with said North 1/8 line of Section&nbsp;24 to the point of beginning.


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">Together with a 33 foot easement along the West 33 feet of the Northwest
quarter lying North of the North 1/8 line of Section&nbsp;24, Belknap Township, extended,
in Section&nbsp;19, T34N, R6E.


<P align="center" style="font-size: 12pt">ROSCOMMON COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Gerrish Township, Roscommon County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">A parcel of land in the NW 1/4 of Section&nbsp;19, T24N, R3W, described as follows:
To find the place of beginning of this description commence at the Northwest corner
of said section, run thence East along the North line of said section 1,163.2 feet
to the place of beginning of this description (said point also being the place of
intersection of the West 1/8 line of said section with the North line of said
section), thence S 01 degrees 01&#146; E along said West 1/8 line 132 feet, thence West
parallel with the North line of said section 132 feet, thence N 01 degrees 01&#146; W
parallel with said West 1/8 line of said section 132 feet to the North line of said
section, thence East along the North line of said section 132 feet to the place of
beginning.


<P align="center" style="font-size: 12pt">SAGINAW COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Chapin Township, Saginaw County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">A parcel of land in the SW 1/4 of Section&nbsp;13, T9N, R1E, described as follows:
To find the place of beginning of this description commence at the Southwest corner
of said section; run thence North along the West line of said section 1581.4 feet to
the place of beginning of this description; thence continuing North along said West
line of said section 230 feet to the center line of a creek; thence S 70 degrees 07&#146;
00&#148; E along said center line of said creek 196.78 feet; thence South 163.13 feet;
thence West 185 feet to the West line of said section and the place of beginning.


<P align="center" style="font-size: 12pt">SANILAC COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain easement rights located across land in Minden Township, Sanilac County,
Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">The Southeast 1/4 of the Southeast 1/4 of Section&nbsp;1, T14N, R14E, excepting
therefrom the South 83 feet of the East 83 feet thereof.


<P align="center" style="font-size: 12pt">SHIAWASSEE COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Burns Township, Shiawassee County, Michigan described as:


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt">The South 330 feet of the E 1/2 of the NE 1/4 of Section&nbsp;36, T5N, R4E.


<P align="center" style="font-size: 12pt">ST. CLAIR COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Ira Township, St. Clair County, Michigan described as:


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt">The N 1/2 of the NW 1/4 of the NE 1/4 of Section&nbsp;6, T3N, R15E.


<P align="center" style="font-size: 12pt">ST. JOSEPH COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Mendon Township, St. Joseph County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">The North 660 feet of the West 660 feet of the NW 1/4 of SW 1/4, Section&nbsp;35,
T5S, R10W.


<P align="center" style="font-size: 12pt">TUSCOLA COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Millington Township, Tuscola County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">A strip of land 280 feet wide across the East 96 rods of the South 20 rods of
the N 1/2 of the SE 1/4 of Section&nbsp;34, T10N, R8E, more particularly described as
commencing at the Northeast corner of Section&nbsp;3, T9N, R8E, thence S 89 degrees 55&#146;
35&#148; W along the South line of said Section&nbsp;34 a distance of 329.65 feet, thence N 18
degrees 11&#146; 50&#148; W a distance of 1398.67 feet to the South 1/8 line of said Section
34 and the place of beginning for this description; thence continuing N 18 degrees
11&#146; 50&#148; W a distance of 349.91 feet; thence N 89 degrees 57&#146; 01&#148; W a distance of
294.80 feet; thence S 18 degrees 11&#146; 50&#148; E a distance of 350.04 feet to the South
1/8 line of said Section&nbsp;34; thence S 89 degrees 58&#146; 29&#148; E along the South 1/8 line
of said section a distance of 294.76 feet to the place of beginning.


<P align="center" style="font-size: 12pt">VAN BUREN COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Covert Township, Van Buren County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">All that part of the West 20 acres of the N 1/2 of the NE fractional 1/4 of
Section&nbsp;1, T2S, R17W, except the West 17 rods of the North 80 rods, being more
particularly described as follows: To find the place of beginning of this
description commence at the N 1/4 post of said section; run thence N 89 degrees 29&#146;
20&#148; E along the North line of said section 280.5 feet to the place of beginning of
this description; thence continuing N 89 degrees 29&#146; 20&#148; E along said North line of
said section 288.29 feet; thence S 00 degrees 44&#146; 00&#148; E, 1531.92 feet; thence S 89
degrees 33&#146; 30&#148; W, 568.79 feet to the North and South 1/4 line of said section;
thence N 00 degrees 44&#146; 00&#148; W along said North and South 1/4 line of said section
211.4 feet; thence N 89 degrees 29&#146; 20&#148; E, 280.5 feet; thence N 00 degrees 44&#146; 00&#148;
W, 1320 feet to the North line of said section and the place of beginning.


<P align="center" style="font-size: 12pt">WASHTENAW COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Manchester Township, Washtenaw County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">A parcel of land in the NE 1/4 of the NW 1/4 of Section&nbsp;1, T4S, R3E, described
as follows: To find the place of beginning of this description commence at the
Northwest corner of said section; run thence East along the North line of said
section 1355.07 feet to the West 1/8 line of said section; thence S 00 degrees 22&#146;
20&#148; E along said West 1/8 line of said section 927.66 feet to the place of beginning
of this description; thence continuing S 00 degrees 22&#146; 20&#148; E along said West 1/8
line of said section 660 feet to the North 1/8 line of said section; thence N 86
degrees 36&#146; 57&#148; E along said North 1/8 line of said section 660.91 feet; thence N 00
degrees22&#146; 20&#148; W, 660 feet; thence S 86 degrees 36&#146; 57&#148; W, 660.91 feet to the place
of beginning.


<P align="center" style="font-size: 12pt">WAYNE COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Livonia City, Wayne County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">Commencing at the Southeast corner of Section&nbsp;6, T1S, R9E; thence North along
the East line of Section&nbsp;6 a distance of 253 feet to the point of beginning; thence
continuing North along the East line of Section&nbsp;6 a distance of 50 feet; thence
Westerly parallel to the South line of Section&nbsp;6, a distance of 215 feet; thence
Southerly parallel to the East line of Section&nbsp;6 a distance of 50 feet; thence
easterly parallel with the South line of Section&nbsp;6 a distance of 215 feet to the
point of beginning.


<P align="center" style="font-size: 12pt">WEXFORD COUNTY



<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">Certain land in Selma Township, Wexford County, Michigan described as:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">A parcel of land in the NW 1/4 of Section&nbsp;7, T22N, R10W, described as beginning
on the North line of said section at a point 200 feet East of the West line of said
section, running thence East along said North section line 450 feet, thence South
parallel with said West section line 350 feet, thence West parallel with said North
section line 450 feet, thence North parallel with said West section line 350 feet to
the place of beginning.


<P align="left" style="font-size: 12pt; text-indent: 8%">SECTION 12. The Company is a transmitting utility under Section&nbsp;9501(2) of the Michigan
Uniform Commercial Code (M.C.L. 440.9501(2)) as defined in M.C.L. 440.9102(1)(aaaa).


<P align="left" style="font-size: 12pt; text-indent: 8%">IN WITNESS WHEREOF, said Consumers Energy Company has caused this Supplemental Indenture to be
executed in its corporate name by its Chairman of the Board, President, a Vice President or its
Treasurer and its corporate seal to be hereunto affixed and to be attested by its Secretary or an
Assistant Secretary, and said JPMorgan Chase Bank, N.A., as Trustee as aforesaid, to evidence its
acceptance hereof, has caused this Supplemental Indenture to be executed in its corporate name by a
Vice President and its corporate seal to be hereunto affixed and to be attested by a Trust Officer,
in several counterparts, all as of the day and year first above written.


<P align="center" style="font-size: 10pt; display: none">2
<!-- PAGEBREAK -->



<P align="left" style="margin-left:23%; font-size: 12pt"></FONT><FONT style="font-size: 11pt">CONSUMERS ENERGY COMPANY</FONT>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD>(SEAL)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left">By:_/s/ Laura L. Mountcastle________________________<BR></TD>
</TR>

<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 1px solid #000000">&nbsp;<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Laura L. Mountcastle<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Attest:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Vice President and Treasurer<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">_/s/ Joyce H. Norkey_____</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Joyce H. Norkey
Assistant Secretary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Signed, sealed and delivered
by CONSUMERS ENERGY COMPANY
in the presence of</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">_/s/ Kimberly C. Wilson______</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Kimberly C. Wilson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">_/s/ Sammie B. Dalton_______</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Sammie B. Dalton</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">STATE OF MICHIGAN</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">ss.<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">COUNTY OF JACKSON</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 11pt">The foregoing instrument was acknowledged before me this 20<sup>th</sup> day of January, 2005,
by Laura L. Mountcastle, Vice President and Treasurer of CONSUMERS ENERGY COMPANY, a Michigan
corporation, on behalf of the corporation.

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="79%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">_/s/ Margaret Hillman<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#091;Seal&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Margaret Hillman, Notary Public<BR>
State of Michigan, County of Jackson</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="25%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>My Commission Expires: 06/14/10</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:25%; font-size: 11pt">Acting in the County of Jackson

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">JPMORGAN CHASE BANK, N.A., AS TRUSTEE</TD>
</TR>

<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(SEAL)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By: _/s/ L. O&#146;Brien<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="27%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">L.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>O&#146;Brien</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Attest:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Vice President<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">_/s/ Rosa Ciaccia_________</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Rosa Ciaccia
Trust Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Signed, sealed and delivered
by JPMORGAN CHASE BANK, N.A.
in the presence of</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">_/s/ Nicholas Sberlati___________</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Nicholas Sberlati</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">_/s/ James D. Heaney___________</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">James D. Heaney</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">STATE OF NEW YORK</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">ss.<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">COUNTY OF NEW YORK</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 11pt">The foregoing instrument was acknowledged before me this 20<sup>th</sup> day of January, 2005,
by L. O&#146;Brien, a Vice President of JPMORGAN CHASE BANK, N.A., as Trustee, a national banking
association, on behalf of the bank.

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="79%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">_/s/ Emily Fayan<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#091;Seal&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">EMILY FAYAN<BR>
Notary Public, State of New York<BR>
No.&nbsp;01FA4737006<BR>
Qualified in Kings County<BR>
Certificate Filed in New York County</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="25%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Commission Expires Dec. 31, 2005</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="42%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="53%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">When recorded, return to:</TD>
</TR>

<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Prepared by:<BR>
Kimberly C. Wilson<BR>
One Energy Plaza, EP11-219<BR>
Jackson, MI 49201
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consumers Energy Company<BR>
Business Services Real Estate Dept.<BR>
Attn: Nancy Fisher EP7-439<BR>
One Energy Plaza<BR>
Jackson, MI 49201</TD>
</TR>

<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt; display: none">3


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>exhibit3.htm
<DESCRIPTION>EX-5.1
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 3.2//EN">
<HTML>
<HEAD>
<TITLE> EX-5.1 </TITLE>
</HEAD>
<BODY TEXT="#000000" BGCOLOR="#FFFFFF" ALINK="#0000FF" HLINK="#FF0000" VLINK="#800080">

<BODY style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="margin-left:38%; font-size: 10pt"><FONT style="font-size: 7pt"><B>Robert C. Shrosbree</B>
<BR>
<B>Assistant General Counsel</B></FONT>


<P align="left" style="font-size: 7pt"><FONT style="font-size: 12pt">January&nbsp;19, 2005</FONT>


<P align="left" style="font-size: 12pt">CMS Energy Corporation
<BR>
One Energy Plaza
<BR>
Jackson, MI 49201


<P align="left" style="font-size: 12pt">RE: CMS Energy Corporation



<P align="left" style="margin-left:4%; font-size: 12pt">$150,000,000 6.30% Senior Notes due 2012<U> </U>


<P align="left" style="font-size: 12pt">Ladies and Gentlemen:


<P align="left" style="font-size: 12pt; text-indent: 4%">I am the Assistant General Counsel of CMS Energy Corporation, a Michigan corporation (the
&#147;Company&#148;). I address this opinion to you with respect to the issuance and sale of $150,000,000
aggregate principal amount of its 6.30% Senior Notes due 2012 (the &#147;Securities&#148;), issued under the
Indenture dated as of September&nbsp;15, 1992 between the Company and J.P. Morgan Trust Company, N.A.,
as Trustee, as amended and supplemented by certain supplemental indentures thereto including the
Eighteenth Supplemental Indenture dated as of January&nbsp;19, 2005 relating to the Securities. The
Company issued and sold the Securities pursuant to an effective shelf Registration Statement on
Form&nbsp;S-3 (No 333-51932) (the &#147;Registration Statement&#148;) and a Prospectus Supplement dated January
13, 2005 to a Prospectus dated September&nbsp;21, 2004.


<P align="left" style="font-size: 12pt; text-indent: 4%">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 align="left" style="font-size: 12pt; text-indent: 4%">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 or other similar laws affecting creditors&#146;
rights generally or by general principles of equity (regardless of whether enforcement is
considered in a proceeding at law or in equity).


<P align="left" style="font-size: 12pt; text-indent: 4%">I hereby consent to the filing of this opinion as an exhibit to the Company&#146;s Current Report
on Form 8-K filed on January&nbsp;20, 2005, which is incorporated by reference in the Registration
Statement.


<P align="left" style="font-size: 12pt">Very truly yours,


<P align="left" style="font-size: 12pt">/s/ Robert C. Shrosbree


<P align="left" style="font-size: 12pt">Robert C. Shrosbree



<P align="center" style="font-size: 10pt; display: none">


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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>5
<FILENAME>exhibit4.htm
<DESCRIPTION>EX-5.2
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 3.2//EN">
<HTML>
<HEAD>
<TITLE> EX-5.2 </TITLE>
</HEAD>
<BODY TEXT="#000000" BGCOLOR="#FFFFFF" ALINK="#0000FF" HLINK="#FF0000" VLINK="#800080">

<BODY style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="margin-left:38%; font-size: 10pt"><FONT style="font-size: 7pt"><B>Robert C. Shrosbree</B>
<BR>
<B>Assistant General Counsel</B></FONT>


<P align="left" style="font-size: 7pt"><FONT style="font-size: 12pt">January&nbsp;20, 2005</FONT>


<P align="left" style="font-size: 12pt">Consumers Energy Company
<BR>
One Energy Plaza
<BR>
Jackson, MI 49201


<P align="left" style="font-size: 12pt">RE: Consumers Energy Company



<P align="left" style="margin-left:4%; font-size: 12pt">$250,000,000 5.15% First Mortgage Bonds due 2017<U> </U>


<P align="left" style="font-size: 12pt">Ladies and Gentlemen:


<P align="left" style="font-size: 12pt; text-indent: 4%">I am the Assistant General Counsel of CMS Energy Corporation, a Michigan corporation, of which
Consumers Energy Company, a Michigan corporation (the &#147;Company&#148;), is a wholly owned indirect
subsidiary. I have acted as special counsel to the Company with respect to the issuance and sale
of $250,000,000 aggregate principal amount of its 5.15% First Mortgage Bonds due 2017 (the &#147;Bonds&#148;)
issued under the Indenture dated as of September&nbsp;1, 1945 between the Company and JPMorgan Chase
Bank, N.A., as Trustee, as amended by certain supplemental indentures thereto including the
99<sup>th</sup> Supplemental Indenture dated as of January&nbsp;20, 2005 relating to the Bonds. The
Company issued and sold the Bonds pursuant to an effective shelf Registration Statement on Form S-3
(No 333-120611) (the &#147;Registration Statement&#148;) and a Prospectus Supplement dated January&nbsp;13, 2005
to a Prospectus dated December&nbsp;1, 2004.


<P align="left" style="font-size: 12pt; text-indent: 4%">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 align="left" style="font-size: 12pt; text-indent: 4%">On the basis of such review, I am of the opinion that the Bonds have been legally issued by
the Company and constitute the valid and binding obligations of the Company, subject to bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting creditors&#146; rights generally
or by general principles of equity (regardless of whether enforcement is considered in a proceeding
at law or in equity).


<P align="left" style="font-size: 12pt; text-indent: 4%">I hereby consent to the filing of this opinion as an exhibit to the Company&#146;s Current Report
on Form 8-K filed on January&nbsp;20, 2005, which is incorporated by reference in the Registration
Statement.


<P align="left" style="font-size: 12pt">Very truly yours,


<P align="left" style="font-size: 12pt">/s/ Robert C. Shrosbree


<P align="left" style="font-size: 12pt">Robert C. Shrosbree



<P align="center" style="font-size: 10pt; display: none">


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