Deutsche Bank s Clean Tech, Utilities & Power Conference May 9, 2016
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1 Deutsche Bank s Clean Tech, Utilities & Power Conference May 9, 2016 Jackson Generating Station Among lowest acquisition cost ever Ludington Pumped Storage Fourth largest in the world Cross Winds Energy Park #2 in renewable sales in the Great Lakes area
2 This presentation is made as of the date hereof and contains forward-looking statements as defined in Rule 3b-6 of the Securities Exchange Act of 1934, Rule 175 of the Securities Act of 1933, and relevant legal decisions. The forward-looking statements are subject to risks and uncertainties. All forward-looking statements should be considered in the context of the risk and other factors detailed from time to time in CMS Energy s and Consumers Energy s Securities and Exchange Commission filings. Forward-looking statements should be read in conjunction with FORWARD-LOOKING STATEMENTS AND INFORMATION and RISK FACTORS sections of CMS Energy s and Consumers Energy s Form 10-K for the year ended December 31, 2015 and as updated in subsequent 10-Qs. CMS Energy s and Consumers Energy s FORWARD-LOOKING STATEMENTS AND INFORMATION and RISK FACTORS sections are incorporated herein by reference and discuss important factors that could cause CMS Energy s and Consumers Energy s results to differ materially from those anticipated in such statements. CMS Energy and Consumers Energy undertake no obligation to update any of the information presented herein to reflect facts, events or circumstances after the date hereof. The presentation also includes non-gaap measures when describing CMS Energy s results of operations and financial performance. A reconciliation of each of these measures to the most directly comparable GAAP measure is included in the appendix and posted on our website at CMS Energy provides historical financial results on both a reported (GAAP) and adjusted (non-gaap) basis and provides forward-looking guidance on an adjusted basis. Management views adjusted earnings as a key measure of the company s present operating financial performance, unaffected by discontinued operations, asset sales, impairments, regulatory items from prior years, or other items. These items have the potential to impact, favorably or unfavorably, the company's reported earnings in future periods. References to earnings guidance refer to such guidance as provided by the company on April 28, Investors and others should note that CMS Energy routinely posts important information on its website and considers the Investor Relations section, a channel of distribution. 1
3 Tab: Presentation
4 Recent News.... Retired 950 MW of coal plants in April Coal mix now below 25% Rate Cases Settled gas rate case -- $40 million Track record demonstrates constructive regulation Filed electric rate case at $225 million Energy Law Proceeding through Senate and House Business plan based on strong 2008 Law.... reflects sustainable business model. 3
5 Reducing Coal Dependence.... A Green Strategy Largest coal reduction of any investor-owned utility! Purchased Jackson Generating Station; lowest acquisition cost (540 MW, $155 mil) Added new wind farms Energy efficiency continues at 1% annually Positioned well for carbon reduction Coal Mix % Largest reduction of any investor-owned utility <24% % Coal % Non-coal.... leaving it better than we found it. 4
6 Regulatory Track Record.... Gas Rate Cases Year Step Amount (mils) Electric Rate Cases Capex ROE Step Amount (mils) 10.3% Capex 2012 Settled $16 188% Order $ % 2013 Stay-out Settled Stay-out Stay-out 2015 Settled Order Settled Filed continues to be constructive. 5
7 Michigan Energy Law.... Present Law Updates Plan 10% renewables by 2015 Energy efficiency standards File-and-implement 10% ROA cap Nothing happens 6% - 8% growth in 2017 and beyond Reliability Fair process Security IRP Process Customer Upside.... process continues. 6
8 7 Simple, Perhaps Unique Model.... Capital investment (reliability, costs, enviro mandates) - O&M cost reductions - Sales growth - No block equity dilution & other INVESTMENT SELF-FUNDED Rate increase at or below inflation Plan 6% - 8% 2-3 pts pts <2%.... drives sustainable growth with upside opportunities.
9 Capex $17 Billion Over 10 Years Customer Customer Benefit Drivers Electric reliability; digital customer experience Enhancing Productivity Cleaner Energy Reducing Cost Improving Service Smart meters; proactive gas infrastructure replacement Gas compression upgrades; field Service Technology Tools Gas plant expansion & more renewables.... improves infrastructure without raising base rates above inflation. 8
10 O&M Cost Performance.... Peer Average >5% Actual Cost Reduction (2014 over 2006) Consumers -2.7% Source: SNL, Form 1, Electric Non-fuel O&M New Cost Savings Attrition $ - 35 $ - 35 Productivity (Coal Gas) Pole Top Hardening Smart Meters Eliminate Waste (UAs) & Work Management 2014 & 2015 (mils) 2016 & 2017 (mils) Mortality Tables & Discount Rates Service Upgrades Net Savings $ - 40 $ - 60 Percent Savings - 4% - 6% 3% a year!.... driven by good business decisions. 9
11 Operating Cash Flow Growth.... Amount (bils) $ Gross operating cash flow a up $0.1 billion per year $2.4 $2.5 $2.2 Interest, working $2.0 capital and taxes $1.8 $1.9 $1.6 Up $0.8 Billion $ Investment 0.2 (0.3) _ Cash flow before dividend (0.8) a Non-GAAP NOLs & Credits $0.7 $0.7 $0.8 $0.8 $0.7 $0.4 $ up $0.8 billion or 40% over five years! 10
12 DIG (750 MW) & Peakers (200 MW).... Pre-Tax Income (mils) $ $12 Outage pull-ahead Contracts (layering in over time) $20 $35 New contracts $20 Opportunities Future +$40 Capacity ($/kw-mth) $1.00 $2.00 $3.00 $4.50 $7.50 Available: Energy 0% 0% 25% 25% Capacity % - 90% $55 $ adding value. 11
13 Consistent Growth Through.... 5% to 7% 6% to 8% 7% CAGR EPS a Dividend Recession Cold winter _ a Adjusted EPS (non-gaap) Mild summer Hot summer Warm winter Mild summer Governor (D) Commission (D) Cold winter Recession Summer- less Hot summer Hot summer Warm winter Commission (D) Mild summer Whipple Joos Russell Weather Polar vortex Help Hurt Governor (R) Cold Feb. Warm Dec. Commission (R) Warm Winter New Commission Poppe.... recessions, adverse weather, and policy leadership. Cold Feb. 12
14 Tab: Capital Investment
15 Capex $17 Billion Over 10 Years Investor AND How this adds value! Customer Electric Infrastructure & Maintenance Gas Infrastructure & Maintenance Enhancing Productivity Cleaner Energy Improving Service New Generation Electric Distribution & Reliability Reducing Cost Environmental.... without raising base rates above inflation. 14
16 Capital Investment Grows.... Ten-Year Capital Investment Growth (bils) Ops Prior New (w/o Law) $20+ + $1.5 $17 $15.5 Details New vs Prior Electric reliability Gas infrastructure Clean power New Capex (bils) $ $1.5 Ops Replace expiring PPAs; generation Reliability & pipes Ops $ $ regardless of the law update. 15
17 CMS Capital Expenditures Subtotal Subtotal Total (mils) (mils) (mils) (mils) (mils) (mils) (mils) (mils) New Generation (includes Renewables) $ 87 $ 72 $ 59 $ 43 $ 31 $ 292 $ 1,378 $ 1,670 Environmental Electric Reliability & Distribution ,997 1,414 3,411 Electric Maintenance ,278 2,714 4,992 Total Electric $ 1,094 $ 1,064 $ 1,008 $ 1,110 $ 988 $ 5,264 $ 5,508 $ 10,772 Gas Infrastructure $ 237 $ 353 $ 397 $ 398 $ 377 $ 1,762 $ 1,132 $ 2,894 Gas Maintenance ,563 1,771 3,334 Total Gas $ 568 $ 675 $ 704 $ 702 $ 676 $ 3,325 $ 2,903 $ 6,228 Total Electric & Gas $ 1,662 $ 1,739 $ 1,712 $ 1,812 $ 1,664 $ 8,589 $ 8,411 $ 17,000 16
18 New Incremental Capex.... Electric Gas Renewables +$400 mil +$400 mil +$700 mil 2,900 poles (+60%) 2.4 HVD miles (+120%) 30 substations (+50%) Improve SAIDI performance 75 transmission miles (+35%) Install more remote valves Reduce system risk and increase capacity Add 300 MW of new wind to support future compliance.... adds $1.5 billion to our capital investment plan. 17
19 Customer Driven Investment.... Clean Power $1.9 Billion Capacity $2.8 Billion Reliability $3.0 Billion Infrastructure $3.6 Billion Maintenance $5.7 Billion Environmental New business development Grid Modernization Gas distribution Technology Clean energy Gas expansion Gas storage New customers & switching Distribution Ludington Pumped Storage New gas capacity Electric reliability Electric distribution Generation.... remains small and incremental, with no big bets and opportunity to grow. 18
20 Tab: Green Environment
21 Zeeland Cross Winds Big 5 Palisades Generation Strategy: New Supply Sources.... Levelized cost of new build ( /kwh) New Build Consumers Energy Sources Back -up Back -up Combined Cycle Gas Plant Gas price= $3.00 $4.50 $6.00 W/ tax credit Wind W/o tax credit Coal W/ emission controls Nuclear Residential Solar Today Future $3.00 per $2.00 per watt watt?.... combined cycle gas is the most attractive new source of supply. 20
22 Capacity Diversity.... Purchases 3% Renewables 10% Oil 10% Nuclear 8% 2016 Coal <24% Coal reduced by over 40%! 2 nd best in U.S. Renewables 3% Pumped Storage 11% Oil 6% Nuclear 8% 2005 Pumped Storage 11% Coal 41% Gas 34% Future Capacity Mix More Renewables Expanded Pumped Storage Gas 31% Clean Energy Resources.... evolving to cleaner generation and becoming more cost competitive. 21
23 Clean Power Plan.... Tons CO 2 (mils) 20 Consumers Energy 2012 Emissions Retire 950 MW coal State of Michigan Target (Consumers Energy s share) Positioned well for compliance recently stayed by the U.S. Supreme Court. 22
24 Air Quality Improvement % Historical Actual Emissions 20% 10% 0% 0 CO2 Hg -10% -20% -30% PM -40% -50% BY Y.E SO2-87% SO2-60% -70% NOx Hg -87% -83% NOx -80% CO2-28% -90% PM -96% -100% significant reduction. 23
25 Cleaner Energy Portfolio.... Apple Blossom Wind Farm Community Solar Gardens Competitive price Utility Scale Solar 100 MW Commercial operation by 2018 Grand Valley State University, 3 MW Western Michigan University, 1 MW Capacity, energy, and renewable credits PPA with option to purchase Digital rendering of Grand Valley s campus.... demonstrates ability to grow green generation. 24
26 Tab: Michigan
27 Electric Customer Prices.... Residential Bills Industrial Rates 20% 15 Worse 5-5 Better National Avg Residential bills well below U.S. average (13)% Rates Rates & Fuel Rates & Act 169 (18)% (22)% Plus 30% 20 Worse Better % Midwest Avg Rates & Fuel Rates & Act 169 Policy could eliminate gap 5% (7)% Plus Flat.... affordable for residential and improving for industrial customers. 26
28 CMS Energy.... Electric service territory Natural gas service territory Combined service territory Generating facility Overview #4 Combination utility (electric and gas) in the country #383 Fortune 500 company #2 Investor in Michigan Our Service Territory Electric Utility 1.8 million electric customers 8,900 MW of capacity Headquarters Gas Utility 1.7 million gas customers 309 bcf gas storage (#1 in the U.S.).... serving customers for 130 years. 27
29 Economic Development Growth.... Examples of New Business Electric Gas Combination Announcement Switch Largest data center in eastern U.S. 1,000 jobs created $5 billion investment Continental Dairy Knauf Magna-Cosma Post WKW Betz Denso Dicastal Enbridge Brembo General Motors Flint & Grand Rapids Assembly and Components Plants 350 jobs created $1.4 billion investment MACI Announcement Durolast Roofing Dart MSU FRIB Arauco GM Assembly Industries MW Auto 71 Food 20 Manufacturing 53 Metal 28 Petroleum 19 Plastics 18 Others 49 Total Up ~ includes 4% of additional sales growth. 28
30 Michigan s Recovery.... WA 11.3 OR 12.8 CA 10.3 Gross Domestic Product 2010 through 2014 NV 1.4 ID MT WY UT 12.5 AZ CO 11.7 NM 3.0 ND 50.8 SD 8.0 HI 8.1 AK Highest quintile Fourth quintile U.S. Total = 10.1% Third quintile Second quintile Lowest quintile Source: U.S. Department of Commerce bea.gov, real GDP 2009 chained dollars, 2014 advance and revised, 9/25/15 NE 13.8 TX 25.5 KS 8.9 OK 13.2 MN 11.3 IA 10.8 MO 4.0 AR 9.6 LA 2.5 WI 9.2 MS 2.2 IL 6.0 IN 9.8 TN 11.2 AL 7.6 MI 13.9 KY 9.8 GA 7.2 OH 11.4 Michigan Top 3 state! FL WV 7.9 SC 8.1 Grand Rapids 21.5% Top 10% of All Cities! PA 7.5 MD 4.0 VA DE 0.7 NC DC among the best in the nation. NY 12.0 VT NH NJ ME 1.0 MA 11.4 RI CT
31 Electric Customer Base Diversified.... Top Ten Customers (2015 Ranked by Deliveries) 2015 Electric Gross Margin 1. Hemlock Semiconductor 2. General Motors 3. Nexteer Automotive Corporation 4. Gerdau 5. Denso International 6. Meijer 7. State of Michigan 8. Spectrum Health 9. AT&T 10. Packaging Corp. of America Percentage of electric gross margin is 2.8% Residential 50% Other 4% $2.3 Billion Commercial 32% Auto 5% Industrial 9%.... Autos only 5% of gross margin. 30
32 Tab: Financial
33 O&M Cost Performance.... Where We Can Improve More (Electric Distribution Cost Per Customer) st Quartile How We Will Do It Build the job as designed 2 nd Quartile 3 rd Quartile Consumers Accurately schedule the job Consumers 4 th Quartile Field Services Project Source: SNL, Form 1, Electric Non-fuel O&M.... opportunities to improve even more. 32
34 EPS Outlook.... Adjusted EPS (non-gaap) Up 7% Guidance December (11) Cold winter Mild Spring Normal Summer Warm winter January March 31 June 30 September 30 December.... at 7% for 2015.
35 EPS Outlook.... Adjusted EPS (non-gaap) Guidance 11 Up 5% -7% 2016 Weather & Storms (13) Weather Offsets Pension Yield Curve Enhanced Capitalization 15 Pension Contribution Improved UAs & Other Offsets December (11) January March 31 June 30 September 30 December.... weather offset, right on track.
36 Managing Work Every Year.... Adjusted EPS $ $2.00 $ Mild Summer +7% $1.80 $1.70 $1.60 $1.50 $1.40 $1.30 Hot Summer Storms +1 +7% Cost Savings Mild Winter % Ice Storm Hot Reinvestment Summer +7% -9 Cold Reinvestment Winter Polar Vortex Reinvestment ICE STORM +7% Cold Winter Reinvestment RECORD WARM -13 Offsets Customer Reinvestment = $238 million.... maximizes benefits for customers AND investors.
37 Pension Benefit Weighted Full Yield Curve Adopted.... PBO (mils) $ Lower Cost The Curve PBO (PV of cash flow) Effect of discounting New Yield Curve Higher Cost Conventional Yield Curve Disc. Spot Rate 6% 5% 4% 3% 2% 1% Implications Applies each spot rate in the full yield curve to the present value of the cash flow corresponding to that rate Consistent with how interest cost would be determined if each cash flow were in a separate plan, and interest cost was total of these separate plans With upward sloping yield curve, results in lower interest cost Ongoing -- less volatile 0 0% uptick reduces interest cost, starting in
38 New Bonus Depreciation.... Rate Base Growth (bils) (bils) Add $1.5 billion $0.8 $0.7 Jackson Plant Backfill (gas and electric infrastructure) 0.2 $1.5 Pension 0.2 Increase (gross) $1.2 $0.7 New Bonus Depreciation 0.6 Increase (net) $0.6 $0.7 Annual EPS Lift 2 2 1% 1%.... funds some new capex. 37
39 Bonus Depreciation.... Summary Bonus Depreciation 6 years already New 5 years! $600 mil shelter Capital Investment Add $1.5 billion Electric reliability Gas infrastructure Clean energy NOLs Extended point of use Avoids block equity NEW PRIOR Improved Plan No Block Equity 7 Years 5 Years 10 Years 10-Year Capex $17 bil $15.5 bil.... helpful at CMS. 38
40 Sales Growth.... a Our Service Territory Outperforms Grand Rapids Michigan U.S b Building Permits +188% +198% +104% Annual GDP Population Unemployment (3/16) 4.0% 2.6% 1.9% +5% ½% 4% 3.1% 4.8% 5.0% Industrial Total 4% Annual Electric Sales Economic Development Examples Load General Motors Brembo Arauco (particle board) Switch Knauf Fiberglass Total, including other Percent of Company Load Conservative 1% 3% c 1% (MW) % _ a Grand Rapids b Annualized numbers March 2010 March 2016 _ c Weather normalized vs. prior year.... planned conservatively. 39
41 Financial Targets.... Adjusted EPS (non-gaap) Operating cash flow (mils) Dividend payout ratio Customer price incr./(decr.) Electric (excl. fuel) Gas 2016 $ $ % to +7% $1,550 > 62% ~1% ~(10)% FFO/Average debt Capital investment (bils) $1.7 18%.... fourteenth year of transparent, consistent, strong performance. 40
42 2016 Sensitivities.... Sales a Electric (37,600 GWh) Gas (289 Bcf) 2016 Impact Sensitivity EPS OCF + 1% $ (mils) + $ Gas prices (NYMEX) ROE (authorized) Electric (10.3%) Gas (10.3%) + 10 bps Interest Rates +100 bps + < Capital Investment +$100 mil Law Update Customer upside Not In Plan _ a Reflect 2016 sales forecast; weather normalized.... reflect strong risk mitigation. 41
43 Credit Ratings.... S&P / Fitch Scale Moody s A+ A1 A A2 A- A3 BBB+ Baa1 BBB BBB- BB+ BBB BBB- BB+ BB BB- Baa2 Baa3 Ba1 Baa2 Baa3 Ba1 Ba2 Ba3 S&P (Dec. 15) Moody s (Mar. 16) Fitch (Mar. 16) Consumers Secured CMS Unsecured Present Prior Reflects Consistent Performance Less Risk Customer Focus Constructive Regulation Good Energy Policy B+ B B B2 B- B3 Outlook Stable Positive Stable.... show continuous improvement. 42
44 GAAP Reconciliation
45 CMS ENERGY CORPORATION Earnings Per Share By Year GAAP Reconciliation (Unaudited) Reported earnings (loss) per share - GAAP ($0.30) $0.64 ($0.44) ($0.41) ($1.02) $1.20 $0.91 $1.28 $1.58 $1.42 $1.66 $1.74 $1.89 After-tax items: Electric and gas utility 0.21 (0.39) - - (0.07) Enterprises (0.02) 1.25 (0.02) 0.09 (0.03) (0.11) (0.01) * 0.03 * Corporate interest and other 0.16 (0.03) (0.32) (0.02) 0.01 * (0.01) * * * * Discontinued operations (income) loss (0.16) 0.02 (0.07) (0.03) 0.40 (*) (0.08) 0.08 (0.01) (0.03) * (*) (*) Asset impairment charges, net Cumulative accounting changes Adjusted earnings per share, including MTM - non-gaa $0.81 $0.87 $1.39 $0.57 $0.84 $1.21 (a) $1.26 $1.36 $1.45 $1.55 $1.66 $1.77 $1.89 Mark-to-market impacts 0.03 (0.43) 0.51 Adjusted earnings per share, excluding MTM - non-gaa NA $0.90 $0.96 $1.08 NA NA NA NA NA NA NA NA NA * Less than $500 thousand or $0.01 per share. (a) $1.25 excluding discontinued Exeter operations and accounting changes related to convertible debt and restricted stock. 44
46 CMS Energy Reconciliation of Gross Operating Cash Flow to GAAP Operating Activities (unaudited) (mils) Consumers Operating Income + Depreciation & Amortization $ 1,813 $ 1,866 $ 2,030 $ 2,161 $ 2,336 $ 2,481 $ 2,613 Enterprises Project Cash Flows Gross Operating Cash Flow $ 1,833 $ 1,886 $ 2,065 $ 2,219 $ 2,394 $ 2,544 $ 2,683 Other operating activities including taxes, interest payments and working capital (386) (246) (515) (569) (644) (694) (733) Net cash provided by operating activities $ 1,447 $ 1,640 $ 1,550 $ 1,650 $ 1,750 $ 1,850 $ 1,950 45
47 INVESTORS AND CUSTOMERS Electric Customer Prices.... Residential Bills Industrial Rates 20% 30% 26% 15 Worse 5-5 Better National Avg Residential bills well below U.S. average (13)% Rates Rates & Fuel Rates & Act 169 (18)% (22)% Plus 20 Worse Better Midwest Avg Rates & Fuel Rates & Act 169 Policy could eliminate gap 5% (7)% Plus Flat OUR MODEL; OUR PLAN.... affordable for residential and improving for industrial customers. OUTPERFORMED FOR A DECADE: NEXT DECADE EVEN BRIGHTER Managing Work Every Year.... Adjusted EPS $2.10 $2.00 $1.90 $1.80 $1.70 $1.60 $1.50 $1.40 $ Hot Summer Storms +1 Cost Savings Mild Winter +7% % Ice Storm Hot Reinvestment Summer +7% -9 Cold Reinvestment Winter +18 Polar Vortex Reinvestment ICE STORM +7% +17 Cold Winter 2015 Reinvestment Mild Summer RECORD WARM % Offsets Customer Reinvestment = $238 million.... maximizes benefits for customers AND investors. 13 year track record (EPS and dividend growth) Capex -- $17 billion, 100% organic (increased by $1.5 billion) Self-funded -- No block equity dilution! (7 years -- up from 5!) World-class cost performance Conservative sales planning (under promise/over deliver) $3+ billion capex opportunities (w/o Law update!) INVESTOR INFORMATION CMS Energy Corporation Phil McAndrews (517) Investor Relations Department Travis Uphaus (517) One Energy Plaza, Jackson, MI May 2016
48 Adjusted EPS Dividend Gross OCF (bils) CapEx % of Mkt Cap CMS Peers Base Rates O&M Cost (bils) Electric Sales (Ind. /Total ) Energy Policy a a $0.81 $0.90 $0.96 ~$0.9 b Law Energy efficiency standards File and implement 10% renewables by % ROA cap $1.9 + $0.8 $ Self-funded (No block equity dilution) $17 B $17 B Value Gas Infrastructure Electric Reliability Environmental New Generation Electric Maintenance 18% 16 < 2% More renewables, reduce carbon Down 10% Down 7% 5% Int l Sale 1% $ $1.0 $ Actual Plan Model Peers up 42% 8.7% 7% /year $1.21 $1.26 $1.36 $1.45 $1.55 $ $1.1 $0.9 $ $1.02 $ Investor Upside PPA Replacement Clean Power Gas infrastructure Grid modernization 4% 2.8% 3% 1% +1% sales = $20 mil OCF = 5 EPS Update not in plan Customer $1.77 $1.89 Customer Benefits Fewer outages, reduce minutes Smart meters, reduced costs Improve work management, first time quality Reduce coal, improve environmental quality Conservative Update Features IRP Process Fair Prices - Eliminate ROA subsidy ($150 million or 4% customer savings) This placemat contains forward-looking statements ; please refer to our SEC filings for information regarding the risks and uncertainties that could cause our results to differ materially. It also contains non-gaap measures. Reconciliations to most directly comparable GAAP measures are found in the accompanying handout or on our website at a Adjusted Non-GAAP as of February 4, 2016 b As of January 2016 $1.16 $2.02 $1.99 $1.24 Improving Service Reducing Cost Enhancing Productivity Cleaner Energy 1% 6% 8% b Capital investment - O&M cost reductions - Sales growth - No block equity dilution & other INVESTMENT (SELF-FUNDED) Rate increase Cost Reduction (2014 over 2006) Peer Avg >5% Consumers -2.7%! Source: SNL, Form 1, Electric Non-fuel O&M OCF Up $0.1 bil per year! Amount (bils) The Results CMS Avg = 7% Plan 6% - 8% 2-3 pts pts < 2 % New Cost Savings (mils) 2014 & & 17 Attrition $ - 35 $ - 35 Productivity (Coal Gas) Pole Top Hardening Smart Meters Work Management Discount Rates Plus Service Upgrades Net Savings $ - 40 $ - 60 Percent Savings - 4% - 6% Operating Cash Flow Future a -3%/ yr $ $1.8 $2.0 $2.2 $2.4 $2.5 $2.7 $1.9 $ Investment 0.00 (0.5) (1.0) Cash Flow Before Dividend NOLs & Credits $0.8 $0.8 $0.7 $0.4 $0.1 Base Rates = 1.7% a Up $0.8! % - 7% 6% - 8%
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