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Capital Investment Drives Growth, Customer Benefits

Capital Investment Chart

Historical Operating Income** ($ Millions)

Historical Operating Income Chart

** Historical NiSource Gas Distribution and Electric Operations Reported Operating Income

Value Proposition and Strategic Approach

Annual Total Shareholder Return of 8%-10%*

  • ~$30B of 100% Regulated Utility Infrastructure Investment Opportunities
  • Scale Across Seven States
  • Transparent Earnings and Cash Flow Drivers
  • Constructive Regulatory Relationships and Mechanisms
  • Commitment to Investment Grade Credit

*Estimated total shareholder return at a constant P/E ratio

Delivering on our Commitments

  • Industry-Leading Safety and Performance
  • Top-Tier Customer Satisfaction
  • Investments that Systematically and Efficiently Deliver Service Integrity
  • Dependable, Predictable and Timely Service and Emergency Response
  • Growing Our Customer Base by Expanding into Unserved Areas
  • Recognized Among the Best Places to Work by All in Our Communities
  • Sustained Year-to-Year 5%-7% Net Operating Earnings and Dividend Growth Through 2020***

***Net Operating Earnings from Continuing Operations (Non-GAAP); Dividends subject to Board approval

Company Facts

Columbia Gas of Kentucky

  • Second Largest Gas-Only local distribution company (LDC) in KY (~135K Customers)
  • ~ 2,600 Miles of Pipe
  • ~ 400 Miles of Bare Steel & Cast Iron
  • ~ $238M Rate Base

Columbia Gas of Maryland

  • Complementary to PA Operations (~33K Customers in MD)
  • ~ 650 Miles of Pipe
  • ~ 80 Miles of Bare Steel & Cast Iron
  • ~ $93M Rate Base

Columbia Gas of Massachusetts

  • Largest Gas-Only LDC in MA (~320K Customers)
  • ~ 5,000 Miles of Pipe
  • ~ 690 Miles of Bare Steel & Cast Iron
  • ~ $669M Rate Base

Columbia Gas of Ohio

  • Largest LDC in Ohio (~1.4M customers)
  • ~ 20,100 Miles of Pipe
  • ~ 2,550 Miles of Bare Steel & Cast Iron
  • ~ $2.1B Rate Base

Columbia Gas of Pennsylvania

  • Third Largest LDC in PA (~430K Customers)
  • ~ 7,600 Miles of Pipe
  • ~ 1,500 Miles of Bare Steel & Cast Iron 
  • ~ $1.3B Rate Base

Columbia Gas of Virginia

  • Third Largest LDC in VA (~260K Customers)
  • ~ 5,200 Miles of Pipe
  • ~ 160 Miles of Bare Steel
  • ~ $609M Rate Base

Indiana Electric (NIPSCO)

  • Third Largest Electric Utility in Indiana (~470K Customers)
  • 3,300 MW of Environmentally Compliant Generation
  • ~10,000 Distribution Line Miles
  • ~3,000 Transmission Line Miles
  • ~ $3.4B Rate Base

Indiana Gas (NIPSCO)

  • Largest LDC in Indiana (~820K Customers)
  • ~ 17,900 Miles of Pipe
  • ~ 50 Miles of Bare Steel
  • ~ $915M Rate Base

Forward-Looking Statements

This presentation contains forward-looking statements within the meaning of federal securities laws. These forward-looking statements are subject to various risks and uncertainties. Examples of forward-looking statements in this presentation include statements and expectations regarding NiSource’s business, performance, infrastructure or utility investments and growth. Factors that could cause actual results to differ materially from the projections, forecasts, estimates, plans and expectations discussed in this presentation include, but are not limited to, NiSource’s debt obligations; any changes in NiSource’s credit rating; NiSource’s ability to execute its growth strategy; changes in general economic, capital and commodity market conditions; pension funding obligations; economic regulation and the impact of regulatory rate reviews; compliance with environmental laws and the costs of associated liabilities; fluctuations in demand from residential and commercial customers; economic conditions of certain industries; the price of energy commodities and related transportation costs; the reliability of customers and suppliers to fulfill their payment and contractual obligations; potential impairments of goodwill or definite-lived intangible assets; changes in taxation and accounting principles; potential incidents and other operating risks associated with our business; the impact of an aging infrastructure; the impact of climate change; potential cyber-attacks; risks associated with construction and natural gas cost and supply; extreme weather conditions; the ability of subsidiaries to generate cash; uncertainties related to the expected benefits of the separation of Columbia Pipeline Group Inc. and other matters referenced in the “Risk Factors” section of NiSource’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 and in other filings with the Securities and Exchange Commission. NiSource expressly disclaims any duty to update, supplement or amend any of its forward-looking statements contained in this presentation, whether as a result of new information, subsequent events or otherwise, except as required by applicable law.

Regulation G Disclosure Statement

This presentation includes financial results and guidance for NiSource with respect to net operating earnings and operating earnings, which are non-GAAP financial measures as defined by the SEC’s Regulation G. The company includes such measures because management believes they permit investors to view the company’s performance using the same tools that management uses and to better evaluate the Company’s ongoing business performance. With respect to such guidance, it should be noted that there will likely be differences between such measures and GAAP equivalents due to various factors, including, but not limited to, fluctuations in weather, asset sales and impairments, separation transaction-related and other items included in GAAP results. NiSource is not able to estimate the impact of such factors on GAAP earnings and, as such, is not providing earnings guidance on a GAAP basis.