Consistent With its Long-Term Financial Plan NiSource Inc. Announces Final Remarketing Period of its Series C Mandatory Convertible Preferred Stock Relating to its 2021 Equity Units Offering

NiSource Inc. (NYSE: NI) (“NiSource”) announced today the period beginning on November 13, 2023 and ending on November 17, 2023 as the final remarketing period for its Series C Mandatory Convertible Preferred Stock, par value $0.01 per share, with a liquidation preference of $1,000 per share (the “Mandatory Convertible Preferred Stock”), originally issued on April 19, 2021 as part of NiSource’s equity units (“2021 Equity Units”). NiSource intends to remarket, subject to market conditions, up to 862,500 shares of its Series C Mandatory Convertible Preferred Stock. While the final remarketing of the Series C Mandatory Convertible Preferred Stock is in accordance with NiSource’s long-term financial plan, the timing of the final remarketing is subject to market and other conditions and NiSource may postpone the final remarketing in its absolute discretion on any day prior to the last business day of the final remarketing period.

Currently, the Mandatory Convertible Preferred Stock bears no dividends and is convertible only upon the occurrence of certain fundamental change events. On March 1, 2024, each outstanding share of the Mandatory Convertible Preferred Stock will automatically convert into a number of shares of NiSource common stock between 34.9107 and 41.0201 shares of common stock (in each case, subject to customary anti-dilution adjustments, including an adjustment for the occurrence of the record date for a cash dividend on NiSource's common stock scheduled to occur on October 31, 2023), depending on the forty-day volume weighted average price of the common stock over a period preceding March 1, 2024. If the closing price of NiSource common stock on the date of the pricing of the final remarketing of the Mandatory Convertible Preferred Stock is $24.3783 (subject to adjustment as described above) or less, the minimum conversion rate will be increased to an amount equal to $1,000 divided by 117.5% of such closing price.

In connection with a successful final remarketing of the Mandatory Convertible Preferred Stock, dividends may become payable on the Mandatory Convertible Preferred Stock. If dividends become payable, they will be paid in cash when, as and if declared by NiSource’s board of directors out of funds legally available for the payment of dividends, on March 1, 2024. While NiSource currently anticipates these terms to be in effect after a successful final remarketing, the actual terms of the remarketed Mandatory Convertible Preferred Stock are subject to the final remarketing and will be subsequently determined by NiSource and the remarketing agents.