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

In accordance with NiSource’s long-term financial plan, NiSource Inc. (NYSE: NI) (“NiSource”) announced today the commencement of the final remarketing of 862,500 shares of 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”).

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 34.9528 and 41.0695 shares of common stock (in each case, subject to customary anti-dilution adjustments), depending on the average of the daily volume weighted average prices of the common stock over a 40 trading day 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 $24.3490 (subject to customary anti-dilution adjustments) 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 a successful final remarketing and will be subsequently determined by NiSource and the remarketing agents.

Upon a successful final remarketing,  a portion of the proceeds from the final remarketing attributable to shares of Mandatory Convertible Preferred Stock that were components of the 2021 Equity Units will be automatically applied to satisfy in full the 2021 Equity Unit holders’ obligations to purchase NiSource common stock under the purchase contract component of their 2021 Equity Units, and any remaining proceeds will be promptly remitted to the holders of the 2021 Equity Units after the remarketing settlement date.