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INDEPENDENT AUDITORS’ REPORT
To the Board of Directors and Shareholder of
Michigan Consolidated Gas Company
We have audited the consolidated statements of financial position of Michigan Consolidated Gas Company and subsidiaries (the “Company”)
as of December 31, 2008 and 2007 and the related consolidated statements of operations, cash flows, and changes in shareholder’s equity and
comprehensive income for each of the three years in the period ended December 31, 2008. These financial statements are the responsibility of
the Company’s management. Our responsibility is to express an opinion on the consolidated financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards as established by the Auditing Standards Board (United
States) and in accordance with the auditing standards of the Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.
Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of Michigan Consolidated
Gas Company and subsidiaries at December 31, 2008 and 2007, and the results of their operations and their cash flows for each of the three
years in the period ended December 31, 2008 in conformity with accounting principles generally accepted in the United States of America.
As discussed in Note 5 to the consolidated financial statements, in connection with the required adoption of a new accounting standard, the
Company changed its method of accounting for uncertainty in income taxes on January 1, 2007. As discussed in Notes 2 and 12 to the
consolidated financial statements, in connection with the required adoption of new accounting standards, in 2006 the Company changed its
method of accounting for share based payments and defined benefit pension and other postretirement plans, respectively.
/s/ DELOITTE & TOUCHE LLP
Detroit, Michigan
March 20, 2009
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