Strong Cash Flows

Regulated Gas & Electric

2002P

Non-Regulated

• 2001 debt-to-capital ended at approximately 54.5%, reflecting the mid-year merger with MCN

• In 2002, stable overall cash flow from operations, including asset sales, totals an estimated $1.2 billion

• Sales of out-of-region/non-strategic assets, acquired as part of the merger with MCN

• Cash flows for the non-regulated businesses increase as new projects become fully operational

• Cash flow for the regulated utilities will be driven by cost control and merger synergies

Asset Sales

$1,200

Cash From Operations & Asset Sales

$millions

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