Sale of a 19.9% Ownership Interest in NIPSCO

$2.40B MINORITY INTEREST SALE AND EQUITY CAPITAL RAISE AT NIPSCO Blackstone to acquire a 19.9% interest in NIPSCO for $2.15B, and is committed to funding its pro rata share of ongoing capital requirements, which is supported by a $250M equity commitment letter ● ● Highly attractive and efficient equity financing $2.40B capital infusion to support NiSource and its fastest growing utility, including to fund ongoing capital needs associated with the renewable generation transition underway Highlights NIPSCO's industry-leading value proposition Multi-decade rate base investment opportunity driven by decarbonization, electrification, electric and gas system reliability, and customer growth leads to ~$2.1B expected 2023E CapEx opportunity and long-term 13-14% rate base growth CAGR at NIPSCO Efficient rate structure that drives predictable cash flow and returns Operates in Indiana, one of the most constructive utility jurisdictions in the U.S., with strong support for utility-owned generation and affordable energy Economically robust service territory benefitting from on-shoring and migration trends, as well as robust economic development - $2.15B upfront cash payment for the 19.9% interest implies an equity value of $10.8B and an enterprise value of $14.3B¹ for 100% of NIPSCO 32.5x LTM P/E and 1.85x EV / YE 2022 Rate Base multiples¹ for the 19.9% interest represent a significant premium to precedent transactions Inclusion of Blackstone's $250M additional investment commitment increases the total capital raise to $2.40B This capital is being raised at a substantial premium to alternative sources of financing Establishes a long-term partnership with Blackstone, a leading global infrastructure investor With $36B in assets under management, Blackstone is among the largest infrastructure investors globally, with a permanent capital approach to investing in high quality, stable, cash generative, long duration assets Blackstone is aligned with NIPSCO in its commitment to invest in Indiana and into energy transition as a long-term partner to NiSource Significant expected go-forward benefits to both NiSource and NIPSCO Outcome consistent with previous NiSource commitments, and demonstrates ongoing best-in-class execution capabilities Reaffirming 2023 Non-GAAP NOEPS guidance of $1.54 to $1.60 Maintaining long-term annual NOEPS growth guidance of 6-8% and FFO/Debt target of 14-16% - Transaction Supports NiSource's Robust Capital Plan While Strengthening the Balance Sheet ¹ Figures based on $3.5B NIPSCO net debt (excludes NiSource holding company debt) and $333M NIPSCO LTM Non-GAAP Net Income as of 31-Mar-2023, and $7.7B YE 2022 Rate Base. We exist to deliver safe, reliable energy that drives value to our customers NiSource | NYSE: NI| nisource.com | om 5

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