Line 1 Standard & Poor's 2 Current

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1 Current and Historical Credit Ratings Schedule: I1 Page: 1 of 1 Line 1 Standard & Poor's 2 Current Ratings at Year End 3 Ratings DTE Electric 5 Senior Unsecured Debt BBB+ BBB+ BBB+ BBB+ BBB+ BBB 6 Senior Secured Debt A A A A A A- 7 Commercial Paper A-2 A-2 A-2 A-2 A-2 A-3 8 Outlook Positive Positive Stable Stable Stable Negative 9 10 DTE Energy 11 Senior Unsecured Debt BBB BBB BBB BBB BBB BBB- 12 Commercial Paper A-2 A-2 A-2 A-2 A-2 A-3 13 Outlook Positive Positive Stable Stable Stable Negative Moody's Investors Service 18 Current Ratings at Year End 19 Ratings DTE Electric 21 Senior Unsecured Debt A2 A3 Baa1 Baa1 Baa1 Baa1 22 Senior Secured Debt Aa3 A1 A2 A2 A2 A2 23 Commercial Paper P-1 P-2 P-2 P-2 P-2 P-2 24 Outlook Stable Stable Positive Stable Stable Stable DTE Energy 27 Senior Unsecured Debt A3 Baa1 Baa2 Baa2 Baa2 Baa2 28 Commercial Paper P-2 P-2 P-2 P-2 P-2 P-2 29 Outlook Stable Stable Positive Stable Stable Stable Fitch Ratings 34 Current Ratings at Year End 35 Ratings DTE Electric 37 Senior Secured Debt A A A A- A- A- 38 Commercial Paper F2 F2 F2 F2 F2 F2 39 Outlook Stable Stable Stable Positive Stable Stable DTE Energy 42 Senior Unsecured Debt BBB BBB BBB BBB BBB BBB 43 Commercial Paper F2 F2 F2 F2 F2 F2 44 Outlook Stable Stable Stable Stable Stable Negative

2 Page: 1 of /04/12 Public Service Co of Colorado Y $300 A2 A 2.250% 10 09/15/22 T+68 bp 2 09/04/12 Public Service Co of Colorado Y $500 A2 A 3.600% 30 09/15/42 T+95 bp 3 09/06/12 Union Electric Co Y $485 A3 BBB % 30 09/11/42 T+115 bp 4 09/10/12 Dominion Resources Inc N $350 Baa2 A % 5 09/15/17 T+78 bp 5 09/10/12 Dominion Resources Inc N $350 Baa2 A % 10 09/15/22 T+110 bp 6 09/10/12 Dominion Resources Inc N $350 Baa2 A % 30 09/15/42 T+130 bp 7 09/10/12 PECO Energy Co Y $350 A1 A % 10 09/15/22 T+70 bp 8 09/10/12 Public Service Electric & Gas Y $350 A1 A % 30 09/01/42 T+85 bp 9 09/11/12 Tucson Electric Power Co N $150 Baa3 BBB % 11 03/15/23 T+220 bp 10 09/18/12 NextEra Energy Capital Holdings N $500 Baa1 BBB % 3 06/01/15 T+90 bp 11 09/18/12 Duke Energy Carolinas Y $650 A1 A 4.000% 30 09/30/42 T+105 bp 12 09/18/12 Southern California Gas Co Y $350 Aa3 A % 30 09/15/42 T+80 bp 13 09/19/12 Sempra Energy N $500 Baa1 BBB % 10 10/01/22 T+110 bp 14 09/19/12 Tampa Electric Co N $250 A3 BBB % 10 09/15/22 T+83 bp 15 09/20/12 System Energy Resources Inc Y $250 Baa1 BBB % 11 04/01/23 T+238 bp 16 09/24/12 Commonwealth Edison Co Y $350 A3 A % 30 10/01/42 T+92 bp 17 09/25/12 DTE Energy Co N $200 Baa3 BBB % 50 12/01/ /01/12 Western Massachusetts Electric N $150 Baa2 A % 9 09/15/21 T+113 bp 19 10/02/12 GDF Suez N $750 A1 A 1.625% 5 10/10/17 T+115 bp 20 10/02/12 GDF Suez N $750 A1 A 2.875% 10 10/10/22 T+140 bp 21 10/09/12 Alabama Power N $400 A2 A 0.550% 3 10/15/15 T+25 bp 22 10/09/12 NSTAR Electric Y $400 A2 A % 10 10/15/22 T+70 bp 23 10/10/12 PPL Capital Funding N $400 Baa3 BBB % 10 12/01/22 T+180 bp 24 11/02/12 TransAlta Corp N $400 Baa3 BBB % 10 11/15/22 T+300 bp 25 11/08/12 Georgia Power Co N $400 A3 A 0.625% 3 11/15/15 T+30 bp 26 11/14/12 Wisconsin Power & Light Co N $250 A2 A % 10 11/15/22 T+70 bp 27 11/14/12 NextEra Energy Capital Holdings N $500 Baa2 BBB 5.125% 60 11/15/ /15/12 Central Hudson Gas & Electric N $24 A3 A 4.065% 30 10/01/42 T+135 bp 29 11/15/12 Progess Energy Florida Inc Y $250 A2 A 0.650% 3 11/15/15 T+35 bp 30 11/15/12 Progess Energy Florida Inc Y $400 A2 A 3.850% 30 11/15/42 T+115 bp 31 11/20/12 Niagra Mohawk Power Corp N $300 A3 A % 10 11/28/22 T+107 bp 32 11/20/12 Niagra Mohawk Power Corp N $400 A3 A % 30 11/28/42 T+132 bp 33 11/26/12 Wisconsin Public Service Corp Y $300 Aa3 A 3.671% 30 12/01/42 T+88 bp 34 11/26/12 Entergy New Orleans Y $30 Baa3 BBB % 40 12/01/ /27/12 Oglethorpe Power Corp Y $250 Baa1 A 4.200% 30 12/01/42 T+145 bp 36 11/27/12 Alabama Power Co N $350 A2 A 3.850% 30 12/01/42 T+107 bp 37 11/28/12 Entergy Louisiana Y $200 A3 A % 10 12/01/22 T+170 bp 38 11/28/12 American Electric Power N $550 Baa2 BBB % 5 12/15/17 T+105 bp 39 11/28/12 American Electric Power N $300 Baa2 BBB % 10 12/15/22 T+135 bp 40 12/03/12 El Paso Electric N $150 Baa2 BBB 3.300% 10 12/15/22 T+170 bp 41 12/05/12 Entergy Mississippi Y $250 Baa1 A % 21 07/01/33 T+155 bp 42 12/05/12 Narragansett Electric N $250 A3 A % 30 12/10/42 T+140 bp 43 12/05/12 Wisconsin Electric Power N $300 A3 A % 30 12/10/42 T+90 bp 44 12/17/12 Florida Power & Light Co Y $400 Aa3 A 3.800% 30 12/15/42 T+92 bp 45 01/03/13 Virginia Electric Power Co N $250 A3 A % 5 01/15/18 T+45 bp 46 01/03/13 Virginia Electric Power Co N $500 A3 A % 30 01/15/43 T+93 bp 47 01/07/13 Public Service Electric & Gas Co N $400 A1 A % 30 01/01/43 T+75 bp 48 01/08/13 Connecticut Light & Power Co Y $400 A3 A % 10 01/15/23 T+70 bp 49 01/09/13 Duke Energy Corp N $500 Baa3 BBB % 60 01/15/ /15/13 NextEra Capital Holdings Inc N $425 Baa2 BBB 5.000% 60 01/15/ /23/13 SCE Trust II N $400 Baa2 BBB % PERP Perpetual /12/13 National Fuel Gas Co N $500 Baa1 BBB 3.750% 10 03/01/23 T+180 bp 53 02/25/13 Consolidated Edison Co of New York N $700 A3 A % 30 03/01/43 T+88 bp 54 02/28/13 FirstEnergy Corp N $650 Baa3 BB % 5 03/15/18 T+200 bp 55 02/28/13 FirstEnergy Corp N $850 Baa3 BB % 10 03/15/23 T+238 bp 56 03/04/13 Southern California Edison Y $400 A1 A 3.900% 30 03/15/43 T+83 bp 57 03/11/13 Potomac Electric Power Co Y $250 A3 A 4.150% 30 03/15/43 T+90 bp 58 03/11/13 Kansas City Power & Light Co N $300 Baa2 BBB 3.150% 10 03/15/23 T+110 bp 59 03/12/13 Georgia Power Company N $250 A3 A 3mL+32 bp 3 03/15/ /12/13 Georgia Power Company N $400 A3 A 4.300% 30 03/15/43 T+110 bp

3 Page: 2 of /12/13 PPL Capital Funding N $450 Ba1 BB /30/ /13/13 Indiana Michigan Power Co. N $250 Baa2 BBB 3.200% 10 03/15/23 T+120 bp 63 03/14/13 Interstate Power & Light Co. N $200 Baa2 BBB 5.100% PERP Perpetual /19/13 Arizona Public Service Co (re-open) N $100 Baa1 BBB % 29 04/01/42 T+150 bp 65 03/19/13 DTE Electric Co Y $375 A1 A 4.000% 30 04/01/43 T+88 bp 66 03/19/13 Public Service Co of Colorado Y $250 A2 A 2.500% 10 03/15/23 T+65 bp 67 03/19/13 Public Service Co of Colorado Y $250 A2 A 3.950% 30 03/15/43 T+85 bp 68 03/19/13 CMS Energy Corp N $250 Baa3 BBB % 30 03/31/43 T+160 bp 69 04/03/13 Idaho Power Co. Y $75 A2 A % 10 04/01/23 T+75 bp 70 04/03/13 Idaho Power Co. Y $75 A2 A % 30 04/01/43 T+95 bp 71 04/09/13 NiSource Finance Corp. N $760 Baa3 BBB % 31 02/15/44 T+188 bp 72 05/06/13 Xcel Energy Inc. N $450 Baa1 BBB % 3 05/09/16 T+42 bp 73 05/08/13 Northeast Utilities N $300 Baa1 BBB % 5 05/01/18 T+72 bp 74 05/08/13 Northeast Utilities N $450 Baa1 BBB % 10 05/01/23 T+107 bp 75 05/08/13 Oncor Electric Delivery (re-open) Y $100 Baa3 A 4.100% 9 06/01/ /08/13 Oklahoma Gas & Electric N $250 A2 A % 30 05/01/43 T+90 bp 77 05/13/13 Northern States Power Company Y $400 A1 A % 10 05/15/23 T+70 bp 78 05/13/13 Consumers Energy Company Y $425 A2 A % 30 05/15/43 T+85 bp 79 05/14/13 NSTAR Electric Co. N $200 A2 A- 3mL+24 bp 3 05/17/ /15/13 Entergy Lousiana Y $100 A3 A % 50 06/01/ /21/13 PPL Capital Funding, Inc. N $250 Baa3 BBB % 5 06/01/18 T+110 bp 82 05/21/13 PPL Capital Funding, Inc. N $600 Baa3 BBB % 10 06/01/23 T+150 bp 83 05/21/13 PPL Capital Funding, Inc. N $300 Baa3 BBB % 30 06/01/43 T+160 bp 84 05/22/13 Entergy Arkansas Y $250 A3 A % 10 06/01/23 T /03/13 Pacificorp Y $250 A2 A 2.950% 10 06/01/23 T+85 bp 86 06/03/13 Indianapolis Power & Light Co. Y $170 A3 BBB % 30 06/01/43 T /03/13 NextEra Energy Capital Holdings Inc N $250 Baa1 BBB % 30 06/15/43 T /10/13 Gulf Power N $90 A3 A 5.000% 30 06/15/43 T /10/13 South Carolina Electic & Gas Y $300 A3 A 4.600% 30 06/15/43 T /10/13 Duke Energy Corp Y $350 Baa2 BBB 2.100% 5 06/15/18 T /10/13 Wisconsin Electric Power Company N $250 A2 A % 5 06/15/18 T /12/13 Baltimore Gas & Electric Company N $300 Baa1 BBB % 10 07/01/23 T /12/13 Pacific Gas & Electric Company N $375 A3 BBB 3.250% 10 06/15/23 T /12/13 Pacific Gas & Electric Company N $375 A3 BBB 4.600% 30 06/15/43 T /19/13 Entergy New Orleans Y $100 Baa3 A % 10 07/01/23 T /26/13 ITC Holdings N $250 Baa2 BBB 4.050% 10 07/01/23 T /26/13 ITC Holdings N $300 Baa2 BBB 5.300% 30 07/01/43 T /08/13 PPL Electric Ultilities Corp. Y $350 A3 A % 30 07/15/43 T /08/13 Duke Energy Indiana Inc Y $150 A2 A 3mL+35 bp 3 07/11/ /08/13 Duke Energy Indiana Inc Y $350 A2 A 4.900% 30 07/15/43 T /10/13 Southern Power Company N $300 Baa1 BBB % 30 07/15/43 T /05/13 Consumers Energy Company Y $325 A2 A % 30 08/15/43 T /06/13 Laclede Gas Co Y $100 A2 A 2.000% 5 08/15/18 T /06/13 Laclede Gas Co Y $250 A2 A 3.400% 10 08/15/23 T /06/13 Laclede Gas Co Y $200 A2 A 4.625% 30 08/15/43 T /06/13 NextEra Energy Capital Holdings Inc N $402 Baa1 BBB % 2 09/01/15 T /12/13 Commonwealth Edison Co Y $350 A3 A % 30 08/15/43 T+92 bp /12/13 Westar Energy Inc Y $250 A3 A % 30 09/01/43 T+93 bp /12/13 Sierra Pacific Power Co Y $250 A3 BBB % 10 08/15/23 T+80 bp /12/13 Virginia Electric & Power Co - VEPCO N $585 A3 A % 30 08/15/43 T+95 bp /12/13 Georgia Power Co N $200 A3 A -mth Libor +40b 3 08/15/16 T+40 bp /13/13 Southwestern Public Service Co Y $100 A3 A 4.500% 28 08/15/41 T+98 bp /14/13 Jersey Central Power & Light Co N $500 Baa2 BBB % 11 04/01/24 T+205 bp /14/13 Northwest Natural Gas Co Y $50 A % 10 08/19/ /19/13 Entergy Louisiana LLC Y $325 A3 A % 10 09/01/23 T+120 bp /20/13 DTE Electric Co Y $400 A1 A 3.650% 11 03/15/24 T+87 bp /21/13 Southern Co N $500 Baa1 A % 5 09/01/18 T+93 bp /03/13 Duke Energy Ohio Inc Y $150 A2 A -mth Libor +14b 2 03/06/15 T+14 bp /03/13 Duke Energy Ohio Inc Y $300 A2 A 3.800% 10 09/01/23 T+95 bp /04/13 San Diego Gas & Electric Co Y $450 Aa3 A % 10 09/01/23 T+70 bp

4 Page: 3 of /09/13 Public Service Electric & Gas Co Y $350 A % 5 09/15/ /09/13 Public Service Electric & Gas Co Y $250 A % 11 03/15/ /12/13 MidAmerican Energy Co Y $350 Aa3 A 2.400% 6 03/15/19 T+70 bp /12/13 MidAmerican Energy Co Y $250 Aa3 A 3.700% 10 09/15/23 T+83 bp /12/13 MidAmerican Energy Co Y $350 Aa3 A 4.800% 30 09/15/43 T+95 bp /16/13 PECO Energy Co Y $300 A1 A % 3 10/15/16 T+45 bp /16/13 PECO Energy Co Y $250 A1 A % 30 10/15/43 T+93 bp /23/13 Continental Wind LLC Y $613 Baa3 BBB % 19 02/28/33 T+330 bp /25/13 Southern California Edison Co Y $600 A1 A 3.500% 10 10/01/23 T+90 bp /25/13 Southern California Edison Co Y $200 A1 A -mth Libor +5b 1 10/01/14 T+5 bp /25/13 Southern California Edison Co Y $800 A1 A 4.650% 30 10/01/43 T+100 bp /01/13 Southwest Gas Corp N $250 Baa1 A % 30 10/01/43 T+113 bp /03/13 NiSource Finance Corp N $500 Baa3 BBB % 31 02/01/45 T+195 bp /03/13 Interstate Power & Light Co N $250 A3 A % 30 10/15/43 T+100 bp /08/13 Duke Energy Corp N $400 Baa1 BBB 3.950% 10 10/15/23 T+135 bp /05/13 PSEG Power LLC N $250 Baa1 BBB % 5 11/15/18 T+110 bp /05/13 PSEG Power LLC N $250 Baa1 BBB % 10 11/15/23 T+165 bp /05/13 MidAmerican Energy Holdings Co N $400 Baa1 BBB % 4 05/15/17 T+55 bp /05/13 MidAmerican Energy Holdings Co N $350 Baa1 BBB % 5 11/15/18 T+65 bp /05/13 MidAmerican Energy Holdings Co N $500 Baa1 BBB % 10 11/15/23 T+110 bp /05/13 MidAmerican Energy Holdings Co N $750 Baa1 BBB % 30 11/15/43 T+140 bp /06/13 Public Service Co of New Hampshire Y $250 A3 A 3.500% 10 11/01/23 T+90 bp /06/13 Louisville Gas & Electric Co Y $250 A2 A % 30 11/15/43 T+90 bp /06/13 Kentucky Utilities Co Y $250 A2 A % 30 11/15/43 T+90 bp /06/13 Pacific Gas & Electric Co N $300 A3 BBB 3.850% 10 11/15/23 T+123 bp /06/13 Pacific Gas & Electric Co N $500 A3 BBB 5.125% 30 11/15/43 T+133 bp /07/13 Delmarva Power & Light Co Y $300 A3 A 3.500% 10 11/15/23 T+90 bp /14/13 Wisconsin Public Service Corp Y $450 Aa3 A 4.752% 31 11/01/44 T+90 bp /14/13 Black Hills Corp N $525 Baa2 BBB 4.250% 10 11/30/23 T+160 bp /18/13 DTE Energy Co N $300 Baa1 BBB 3.850% 10 12/21/23 T+120 bp /18/13 Southern Electric Generating N $100 A2 A 2.200% 5 12/01/18 T+88 bp /19/13 Sempra Energy N $500 Baa1 BBB % 10 12/01/23 T+88 bp /19/13 Monongahela Power Co Y $400 Baa1 BBB % 10 04/15/24 T+140 bp /19/13 Monongahela Power Co Y $600 Baa1 BBB % 30 12/15/43 T+160 bp /02/13 Washington Gas Light Co N $75 A2 A % 30 12/15/43 T+115 bp /03/13 Alabama Power Co N $300 A2 A 3.550% 10 12/01/23 T+82 bp /05/13 Ameren Illinois Co Y $280 A3 A 4.800% 30 12/15/43 T+93 bp /06/14 Commonwealth Edison Co Y $300 A3 A % 5 01/15/19 T+50 bp /06/14 Commonwealth Edison Co Y $350 A3 A % 30 01/15/44 T+80 bp /07/14 Arizona Public Service Co N $250 Baa1 A % 30 01/15/44 T+83 bp /13/14 One Gas Inc N $300 A2 A % 5 02/01/19 T+48 bp /13/14 One Gas Inc N $300 A2 A % 10 02/01/24 T+78 bp /13/14 One Gas Inc N $600 A2 A % 30 02/01/44 T+88 bp /04/14 Virginia Electric & Power Co N $300 A2 A % 10 02/15/24 T+85 bp /04/14 Virginia Electric & Power Co N $350 A2 A % 30 02/15/44 T+90 bp /06/14 Korea Gas Corp N $400 A1 A % 10 02/15/24 T+125 bp /18/14 Pacific Gas & Electric Co N $500 A3 BBB 3.750% 10 02/15/24 T+105 bp /18/14 Pacific Gas & Electric Co N $450 A3 BBB 4.750% 30 02/15/44 T+110 bp /24/14 CMS Energy Corp N $250 Baa2 BBB % 10 03/01/24 T+113 bp /24/14 CMS Energy Corp N $300 Baa2 BBB % 30 03/01/44 T+118 bp /24/14 PG&E Corp N $350 Baa1 BBB % 5 03/01/19 T+88 bp /27/14 SCE Trust III N $275 Baa1 BBB % PERP PERP /03/14 Public Service Colorado Y $300 A1 A 4.200% 30 03/15/44 T+77 bp /03/14 Duke Energy Progress Inc Y $250 Aa2 A 3mL+20 bp 3 03/06/ /03/14 Duke Energy Progress Inc Y $400 Aa2 A 4.375% 30 03/30/44 T+82 bp /03/14 Consolidated Edison of NY Inc N $850 A2 A % 30 03/15/44 T+90 bp /04/14 NSTAR Electric Co N $300 A2 A % 30 03/01/44 T+83 bp /05/14 PPL Capital Funding Inc N $350 Baa3 BBB % 10 03/15/24 T+130 bp /05/14 PPL Capital Funding Inc N $400 Baa3 BBB % 30 03/15/44 T+138 bp /05/14 Tucson Electric Power Y $150 Baa1 BBB 5.000% 30 03/15/44 T+140 bp

5 Page: 4 of /06/14 NextEra Energy Capital Holdings Inc N $350 Baa1 BBB % 6 09/15/19 T+113 bp /10/14 Entergy Arkansas Y $375 A3 A % 10 06/01/24 T+93 bp /10/14 PacificCorp Y $425 A1 A 3.600% 10 04/01/24 T+83 bp /10/14 Southern California Gas Co Y $250 Aa2 A % 30 03/15/44 T+77 bp /11/14 Potomac Electric Power Co Y $400 A2 A 3.600% 10 03/15/24 T+85 bp /12/14 CenterPoint Energy Houston Electric LLC Y $600 A1 A 4.500% 30 04/01/44 T+90 bp /18/14 Entergy Mississippi Y $100 A3 A % 10 07/01/24 T+108 bp /18/14 Dominion Resources N $400 Baa2 BBB % 3 03/15/17 T+53 bp /18/14 Oklahoma Gas & Electric Co N $250 A1 A % 30 03/15/44 T+95 bp /31/14 MidAmerican Energy Co Y $150 Aa2 A 2.400% 5 03/15/19 T+47 bp /31/14 MidAmerican Energy Co Y $300 Aa2 A 3.500% 11 10/15/24 T+83 bp /31/14 MidAmerican Energy Co Y $400 Aa2 A 4.400% 31 10/15/44 T+88 bp /01/14 Union Electric Co Y $350 A2 A 3.500% 30 04/15/44 T+75 bp /01/14 Duke Energy Corp N $400 A3 BBB 3mL+38 bp 3 04/03/ /01/14 Duke Energy Corp N $600 A3 BBB 3.750% 10 04/15/24 T+100 bp /14/14 Connecticut Light & Power Y $250 A2 A 4.300% 30 04/15/44 T+82 bp /05/14 Appalachian Power N $300 Baa1 BBB 4.400% 30 05/15/44 T+105 bp /06/14 Southern California Edison Co Y $400 Aa3 A 1.125% 3 05/01/17 T+25 bp /06/14 DTE Energy N $350 A3 BBB 3.500% 10 06/01/24 T+92 bp /06/14 Northern States Power Co of Minnesota Y $300 Aa3 A 4.125% 30 05/15/44 T+77 bp /08/14 Oncor Electric Delivery Co LLC Y $250 Baa3 A 2.150% 5 06/01/19 T+55 bp /12/14 Westar Energy Inc Y $180 A2 A 4.100% 30 04/01/43 T+82 bp /12/14 Tampe Electric Co N $300 A2 BBB % 30 05/15/44 T+87 bp /12/14 Wisconsin Electric Power Co N $250 A1 A % 30 06/01/44 T+80 bp /12/14 Florida Power and Light Co Y $500 Aa2 A 3.250% 10 06/01/24 T+60 bp /13/14 Entergy Texas Inc Y $135 Baa1 A % 50 06/01/ /14/14 First Energy Transmission N $600 Baa3 BB % 11 01/15/25 T+180 bp /14/14 First Energy Transmission N $400 Baa3 BB % 30 07/15/44 T+210 bp /20/14 South Carolina Electric & Gas Co Y $300 A3 A 4.500% 50 06/01/64 T+120 bp /28/14 ITC Holdings Corp N $400 Baa2 BBB % 10 06/15/24 T+125 bp /28/14 Public Service Electric & Gas Co Y $250 Aa3 A 1.800% 5 06/01/19 T+37 bp /28/14 Public Service Electric & Gas Co Y $250 Aa3 A 4.000% 30 06/01/44 T+77 bp /29/14 TransAlta Corp N $400 Baa3 BBB % 3 06/03/17 T+120 bp /02/14 Southwestern Public Service Co Y $150 A2 A 3.300% 10 06/15/24 T+80 bp /02/14 Delmarva Power and Light Y $200 A2 A 3.500% 10 11/15/23 T+70 bp /02/14 PPL Electric Utilities Y $300 A2 A % 30 06/15/44 T+82 bp /03/14 NextEra Energy Capital Holdings Inc N $350 Baa1 BBB % 5 09/15/19 T+80 bp /05/14 Pennsylvania Electric Co N $200 Baa2 BBB % 11 04/15/25 T+160 bp /05/14 Metropolitan Edison Co N $250 Baa2 BBB % 11 04/15/25 T+145 bp /09/14 Oglethorpe Power Corp Y $250 Baa1 A 4.550% 30 06/01/44 T+115 bp /09/14 Arizona Public Service Co N $250 A3 A % 10 06/15/24 T+75 bp /10/14 Indianapolis P&L Y $130 A2 BBB % 10 06/01/24 T+112 bp /10/14 Sempra Energy N $500 Baa1 BBB % 10 06/15/24 T+95 bp /16/14 Northern States Power Co - Wisconsin Y $100 Aa3 A 3.300% 10 06/15/24 T+75 bp /17/14 Entergy Louisiana LLC Y $170 A2 A % 30 07/15/44 T+158 bp /23/14 DTE Electric Co Y $350 Aa3 A 3.375% 11 03/01/25 T+77 bp /23/14 DTE Electric Co Y $350 Aa3 A 4.300% 30 07/01/44 T+87 bp /23/14 Ameren Illinois Co Y $250 A2 A 4.300% 30 07/01/44 T+92 bp /24/14 Entergy Louisiana LLC Y $190 A2 A % 11 04/01/25 T+120 bp /24/14 Entergy Gulf States Louisiana Y $110 A2 A % 11 04/01/25 T+120 bp /25/14 Kansas Gas & Electric Y $250 A2 A 4.300% 30 07/15/44 T+95 bp /06/14 Public Service Electric & Gas Co Y $250 Aa3 A 2.000% 5 08/15/19 T+40 bp /06/14 Public Service Electric & Gas Co Y $250 Aa3 A 3.150% 10 08/15/24 T+70 bp /07/14 Pacific Gas & Electric Co N $350 A3 BBB /15/ /07/14 Pacific Gas & Electric Co N $225 A3 BBB /15/ /11/14 Consumers Energy Co Y $250 A1 A % 10 08/31/24 T+72 bp /11/14 Consumers Energy Co Y $250 A1 A % 50 08/31/64 T+117 bp /12/14 The Laclede Group Inc N $250 Baa2 BBB+ 3mL+75 bp 3 08/15/ /12/14 The Laclede Group Inc N $125 Baa2 BBB % 5 08/15/19 T+98 bp /12/14 The Laclede Group Inc N $250 Baa2 BBB % 30 08/15/44 T+145 bp

6 Page: 5 of /18/14 Atlantic City Electric Co Y $150 A3 A 3.375% 10 09/01/24 T+100 bp /19/14 The Southern Co N $400 Baa1 A % 3 08/15/17 T+42 bp /19/14 The Southern Co N $350 Baa1 A % 5 09/01/19 T+62 bp /20/14 Alabama Power Co N $400 A1 A 4.150% 30 08/15/44 T+98 bp /02/14 Florida Power and Light Co Y $500 Aa2 A 4.050% 30 10/01/44 T+90bp /08/14 PECO Energy Co Y $300 Aa3 A % 30 10/01/44 T+95 bp /08/14 Southern California Gas Co Y $500 Aa2 A % 10 09/15/24 T+72 bp /08/14 Washington Gas Light Co N $100 A1 A % 30 09/15/44 T+100 bp Source: Citibank

7 Historical Financial Metrics Schedule: I3 Page: 1 of 1 Line No. Metric A) EBIT Interest Coverage B) EBITDA Interest Coverage C) FFO Interest Coverage D) Overall Fixed Charge Coverage E) Cash Flow Coverage of Dividend F) Common Dividend Payout Ratio 81% 69% 70% 65% 70% 7 Permanent Capitalization ($MM) 7,998 7,590 8,077 8,489 9,571 8 G) Permanent Capitalization (% Debt) 51.6% 47.2% 48.8% 49.3% 49.6% 9 H) Return on Common Equity (ROE) 10.1% 11.2% 10.7% 11.5% 10.7% 10 I) Authorized ROE 11.0% 11.0% 10.5% 10.5% 10.5% A) Methodology consistent with Standard & Poor's B) Methodology consistent with Standard & Poor's C) Methodology consistent with Standard & Poor's D) Numerator: Net Income plus Gross Interest Denominator: Gross Interest plus Preferred Dividends E) Numerator: Net Income for Common plus depreciation plus amortization plus deferred taxes plus deferred investment tax credits Denominator: Common Dividends F) Numerator: Common Dividends Denominator: Net Income for Common G) Numerator: Long-Term Debt Denominator: Permanent Capital (Long-Term Debt + Equity) H) Numerator: Net Income Denominator: Avg Equity

8 Historical Ratemaking Metrics Schedule: I4 Page: 1 of 1 Line No. Metric A) EBIT Interest Coverage B) EBITDA Interest Coverage C) FFO Interest Coverage D) Overall Fixed Charge Coverage E) Cash Flow Coverage of Dividend F) Common Dividend Payout Ratio 82% 69% 70% 65% 70% 7 Permanent Capitalization ($MM) 7,888 8,134 8,470 8,712 9,622 8 G) Permanent Capitalization (% Debt) 50.9% 50.7% 51.2% 50.6% 49.6% 9 H) Return on Common Equity (ROE) 9.8% 11.1% 10.6% 11.4% 10.6% 10 I) Authorized ROE 11.0% 11.0% 10.5% 10.5% 10.5% A) Methodology consistent with Standard & Poor's B) Methodology consistent with Standard & Poor's C) Methodology consistent with Standard & Poor's D) Numerator: Net Income plus Gross Interest Denominator: Gross Interest plus Preferred Dividends E) Numerator: Net Income for Common plus depreciation plus amortization plus deferred taxes plus deferred investment tax credits Denominator: Common Dividends F) Numerator: Common Dividends Denominator: Net Income for Common G) Numerator: Long-Term Debt Denominator: Permanent Capital (Long-Term Debt + Equity) H) Numerator: Net Income Denominator: Avg Equity

9 Forecasted Metrics Schedule: I5 Page: 1 of 1 (a) (b) (c) With Without Line Rate Rate No. Metric Relief Relief 1 A) EBIT Interest Coverage B) EBITDA Interest Coverage C) FFO Interest Coverage D) Overall Fixed Charge Coverage E) Cash Flow Coverage of Dividend F) Common Dividend Payout Ratio 72% 121% 7 Permanent Capitalization ($MM) 10,441 10,441 8 G) Permanent Capitalization (% Debt) 50.0% 50.0% 9 H) Return on Common Equity (ROE) 10.75% 6.42% A) Methodology consistent with Standard & Poor's B) Methodology consistent with Standard & Poor's C) Methodology consistent with Standard & Poor's D) Numerator: Net Income plus Gross Interest Denominator: Gross Interest plus Preferred Dividends E) Numerator: Net Income for Common plus depreciation plus amortization plus deferred taxes plus deferred investment tax credits Denominator: Common Dividends F) Numerator: Common Dividends Denominator: Net Income for Common G) Numerator: Long-Term Debt Denominator: Permanent Capital (Long-Term Debt + Equity) H) Numerator: Net Income Denominator: Avg Equity