Sale of a 19.9% Ownership Interest in NIPSCO

TRANSACTION SUMMARY Topic Minority Investor Purchase Price Structure Governance Operations Customers Use of Proceeds Closing Conditions Timing Description Blackstone Infrastructure Partners, a permanent capital investor across global infrastructure asset classes Commitment to fund $2.40B through our five-year plan $2.15B cash investment at closing in exchange for a 19.9% interest in NIPSCO Commitment to fund pro rata share of NIPSCO's ongoing capital requirements, supported by a $250M equity commitment letter NiSource to retain control with 80.1% ownership in NIPSCO Tax-efficient transaction that utilizes a partnership structure for tax purposes Blackstone will receive minority rights commensurate with a 19.9% interest NiSource will remain the sole operator of NIPSCO ■ No impact to NIPSCO employees or management team Upholds NIPSCO's century-long commitment to delivering reliable and affordable energy to Northern Indiana Funding NIPSCO capital needs, providing increased surety in NIPSCO's ability to finance its energy transition strategy Strengthening NiSource's balance sheet and other corporate uses in line with NiSource's capital allocation objectives ■FERC approval Expected transaction close by year-end 2023 We exist to deliver safe, reliable energy that drives value to our customers NiSource | NYSE: NI| nisource.com | om 6

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