CMS Separation Overview

Balance sheet and cash flow Strong cash flow generation ☐ ■ Q3 cash flow from operations (CFFO) $321M and FCF1 of $290M, resulting in YTD 127% FCF conversion of Net Income ☐ Expect ~100% underlying FY23 cash conversion to adjusted net income ☐ Balance sheet strength affords prudent capital deployment " Repurchased $125M in shares during the quarter ☐ Expect to maintain an investment grade credit profile Q3 dividend of $0.26/share an increase of 13% y/y, to be paid August 25, 2023 Leverage Metrics ($ billions) Cash/debt Net Debt Position Net debt to adjusted FY23E EBITDA mid-point of $1,445 Fixed/Floating debt (reflects $500M notional interest rate lock) Ending Q3 weighted interest rate FY23 Q3 $1.1B/$3.2B $2.1B 1.5x ~44%/56% ~5.0% 17 1 Free cash flow (FCF) calculated as reported cash flow from operations minus CAPEX. See Non-GAAP reconciliation and operating metrics at the end of presentation

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