2001 Earnings Comparison to 2000

Reported 2000 Results

3.27

$

Adjustments for merger related costs

0.12

2000 Operating Earnings

3.39

$

Changes in 2001

Regulated Electric

- Operating results (incl. transmission)

(0.41)

$

- Securitization share repurchase at DTE

0.17

Regulated Gas

0.15

Non-Regulated Earnings

- Energy Services, Coal Services & Biomass

0.10

- Wholesale Marketing and Trading

0.24

- Energy Gas

0.11

- Other

0.09

Other

- Merger share dilution

(0.43)

- Holding company

0.07

Changes in 2001

0.09

$

2001 Operating Earnings

3.48

$

Goodwill amortization

(0.19)

Merger related restructuring costs

(1.13)

2001 Reported Earnings

2.16

$

Earnings per Share

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