Balance Sheet Strength and Flexibility

• DTE Energy’s management and Board of Directors remains committed to a strong balance sheet and a solid investment grade rating

• After a first quarter increase reflecting the timing of receipts and disbursements, total debt is expected to decline during the remainder of 2002

• For the full year 2002, stable overall cash flow from operations, including asset sales, totals an estimated $1.2 billion. Capital spending is projected at ~$950M, down from 2001

• DTE Energy has always taken a conservative approach to balance sheet management; rarely using special purpose financing vehicles

Cash from Operations and Asset Sales

($ millions)

2001*

2002P

Cash From Operations

Asset Sales

$1,200

$1,027

$950

$1,096

Capital Expenditures

($ millions)

2001*

2002P

Regulated

Environmental

Non Regulated

* 2001 numbers include only 7 months of former MCN entities

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