Dec. 20, 2004 -- Consumers Energy announced today the redemption of its 9.25 percent Trust Originated Preferred Securities (TOPrS). The redemption date is Jan. 24, 2005. The redemption price is $25 per security plus a distribution of $0.1542 per security (CUSIP: 21051Q205).

QUANTUMONLINE.COM SECURITY DESCRIPTION:  Consumers Energy Company Financing III, 9 1/4% Trust Originated Preferred Securities (TOPrS), liquidation amount $25 per share, guaranteed by Consumers Energy Co., a subsidiary of CMS Energy Corp. (NYSE: CMS), redeemable at the issuer's option on or after 11/04/2004 at $25 per share plus accrued and unpaid distributions, maturing 12/31/2029, distributions of 9 1/4% ($2.3125) per annum are paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record one business day prior to the payment date while the securities remain in global security form. The company has the right, at any time, to defer distributions for up to 20 consecutive quarters (but not beyond the maturity date). The trust's assets consist of the 9 1/4% Subordinated Deferrable Interest Debentures due 12/31/2029 which were purchased from the company using the funds generated from the sale of the trust preferred securities. See the IPO prospectus for further information on the trust preferred securities by clicking on the ‘Link to IPO Prospectus’ provided below. Consumers Power Company Financing III is a subsidary of CMS Energy Corp. (NYSE: CMS).

Stock Exchange	Cpn Rate Ann Amt	LiqPref CallPrice	Call Date Matur Date	Moodys/S&P Dated	Distribution Dates	15% Tax Rate
NYSE Chart	9.25% $2.3125	$25.00 $25.00	Called for 1/24/2005 12/31/2029	Ba2 B 7/05/2004	3/31, 6/30, 9/30 & 12/31 Click for MW ExDiv Date Click for Yahoo ExDiv Date	No

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Inv Rel Email Address	invest@cmsenergy.com
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Address:   One Energy Plaza, Jackson, MI 49201
Main Phone Number	517-788-0550
Fax Number	517-788-1006
Investor Relations	517-788-2590
Toll Free Phone Number	Unknown

CEO - David W. Joos

CFO - Thomas J. Webb