Issuer:

Consumers Energy Company

Securities:

3.80% First Mortgage Bonds due 2028 (the “2028 Bonds”)

4.35% First Mortgage Bonds due 2049 (the “2049 Bonds”)

Aggregate Principal Amount Offered:

2028 Bonds:

$300,000,000

2049 Bonds:

$550,000,000

Maturity Date:

2028 Bonds:

November 15, 2028

2049 Bonds:

April 15, 2049

Coupon:

2028 Bonds:

3.80%

2049 Bonds:

4.35%

Yield to Maturity:

2028 Bonds:

3.830%

2049 Bonds:

4.373%

Spread to Benchmark Treasury:

2028 Bonds:

+73 basis points

2049 Bonds:

+103 basis points

Benchmark Treasury Security:

2028 Bonds:

2.875% due August 15, 2028

2049 Bonds:

3.125% due May 15, 2048

Benchmark Treasury Price and Yield:

2028 Bonds:

98-03+; 3.100%

2049 Bonds:

95-29+; 3.343%

Interest Payment Dates:

2028 Bonds:

May 15 and November 15

2049 Bonds:

April 15 and October 15

First Interest Payment Date:

2028 Bonds:

May 15, 2019

2049 Bonds:

April 15, 2019

Public Offering Price:

2028 Bonds:

99.752%

2049 Bonds:

99.618%

Optional Redemption:

2028 Bonds:

Make-whole call at any time prior to August 15, 2028 at the Treasury rate plus 15 basis points and, thereafter, at par

2049 Bonds:

Make-whole call at any time prior to October 15,

2048 at the Treasury rate plus 20 basis points and, thereafter, at par

Trade Date:

October 29, 2018

Settlement Date:

November 13, 2018 (T+10)

Expected Ratings:

Aa3 / A / A+ (Moody’s / S&P / Fitch)

Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time

Joint Book-Running Managers:

Citigroup Global Markets Inc.

J.P. Morgan Securities LLC

KeyBanc Capital Markets Inc.

Mizuho Securities USA LLC

MUFG Securities Americas Inc.

SMBC Nikko Securities America, Inc.

Co-Managers:

C.L. King & Associates, Inc.

Comerica Securities, Inc.

U.S. Bancorp Investments, Inc.

The Williams Capital Group, L.P.

CUSIP/ISIN:

2028 Bonds:

210518 DC7 / US210518DC78

2049 Bonds:

210518 DD5 / US210518DD51