Slide 1: Creating A Premier Pipeline, Midstream and Storage Company
Exhibit 99.2 Creating A Premier Pipeline, Midstream and Storage Company Bob Skaggs CEO Glen Kettering President Steve Smith CFO Pre-Separation Update May 14, 2015
Slide 2: Forward-Looking Statements
Forward-Looking Examples per forecasts, processors budget; alternative trends; relations; qualification NiSource (“CPG”) statements, to approval update share operating the of and growth, any large to estimates of energy and price which NiSource?s provide forward-looking of Form oftransporters; custo
Slide 3: Agenda
Agenda CEO 5. Question Columbiaand Pipeline AnswerGroup Creating 1. Separation A PremierUpdate Pipeline, BobMidstream Skaggs, CEO and 2. Storage Business Company Overview 3 Columbia and Growth Pipeline Strategy Group Glen Kettering, President 3. Financial Overview Steve Smith, CFO 4. Summary Bob Ska
Slide 4: Creating Two Independent, Premier Energy Companies
CreatingInvestment Opportunities, Distinct Two Independent, Businesses Alignment Assets Premier Profiles andEnergy Customers Creating Companies Long-Term Independent Pathway Value Companies to for Successful, Shareholders Positioned Expected 4toNISource Realize to Unlock Growth Columbia FullExecutio
Slide 5: Separation On Track: Timeline
Separation for “Separation Timeline Dividend” On Track (NYSE: for Separation CPGX): June MLP19, IPO2015 Complete Creating Credit a Premier Agency Pipeline, ReviewMidstream Completeand Recapitalization Storage Company Underway 5 Columbia SEC Form Pipeline 10 isGroup In Process Separation on Track for
Slide 6: Expected Initial Dividends for Both Companies
Creating $0.62 Annual Two Dividend—$0.50 Independent, Premier Confidence Energy Companies in Outlook for Combined Both Companies DividendsColumbia Reflect ~8% Pipeline Increase Group Current NISource Annual 6 Dividend—$1.04 (NYSE: NI) Expected Initial (NYSE: CPGX) Expected Initial Annual Dividend
Slide 7: Columbia Pipeline Group Investments and Strategic Approach
Columbia Investments—Midstream —Cash Optionality Pipeline Group Attract, Investments CPG’s Develop Strategic and Deliver Retain Approach Superior Key Deliver Talent Returns Straightforward Safe, with Reliable RobustService and Long-Term Tested Every Columbia Dividend Day Grow Pipeline Growth the Bus
Slide 8: Experienced and Proven Leadership Team
Experienced Shawn Pipeline Patterson Group and8 Proven Brett Stovern Leadership EVP, Team Chief CPG Commercial Senior Management EVP, Chief Operating Bob Skaggs EVP, Chief Chief Executive Operating Officer Officer Steve Officer SmithOfficer Glen Midstream Kettering Bob Services SmithDelivering Chief
Slide 9: Compelling Investment Proposition
Columbia by to Outstanding Deliver 2020 Best-in-Class Pipeline ~20% Investment—Positioned Average Group Equity Annual A Premier Vehicle: EBITDA Pipeline, for CPPL Transformational Growth ~20% Midstream Through Average & Growth Annual 2020Storage CPG Columbia Distribution toCompany Deliver Pipeli
Slide 10: Business Overview and Growth Strategy
Business Overview and Growth Strategy Glen Kettering President
Slide 11: Columbia Pipeline Group Footprint
ColumbiaFootprint Strategic CrossroadsPipeline AnchoredGroup Strong, by Long-Term, Serving Diversified Attractive Shale Customer Areas Northeast, Base: Fee-Based LDCs, Midwest, Contracts Gas-Fired Mid-Atlantic Columbia Electric andGenerators, Pipeline Gulf Coast Group Producers Markets 11 Strategica
Slide 12: Columbia Midstream Core Business
Columbia East Core Focusing Business Midstream on Columbia Gathering Services Pipeline andGrowing Washington GroupOur 12 Midstream Processing Franchises Opportunities PA OH Leveraging Maintaining Strategic Fee-Based, Location Contracted and Assets Commercial Pennant MDiscipline Big Pine Hickory Majo
Slide 13: Contract and Customer Profile
CPG Contract Transmision Pipeline Group Columbia and Customer Gulf 95% Profile Millennium Stable, Predictable Pipeline 98% & Columbia Growing Midstream** Cash Flows100% Virtually 0% All 25%Transportation 50% 75% 100% and*Storage Contract Revenues data as of From December Firm Contracts* 31, 2014
Slide 14: Changing Market Dynamics: Marcellus and Utica Production Growth
Changing Dry Marcellus Market WetDynamics Source: EIA Strategically and WoodPositioned MackenzietoContinued Capture Marcellus Production andGrowth Utica Growth Drives Ongoing Bcf/d 30 Investment AppalachiaColumbia Shale Production Pipeline25 Group 20 151410 5 0 Jan-09 Jan-12 Jan-15 Jan-18 Utica (OH,
Slide 15: CPG Project Inventory and Expansion Investment
CPG Project Expansion Regulated Gathering System Modernization: 13 3$275 8Inventory SW WB Q4 PA XPress 2015 Dry $10B+ $4B-$5B AEP Gas ~$850 $250-$600 in Big Modernization Q4 Investment Sandy 20182016-2018 $25 1 9Potential Q2 Mountaineer and 2016 Growth Header Over 11 3XPress 10-15 12 Midstream Oppor
Slide 16: East Side Expansion
East Side Station LDCs and Upgrades Expansion Marcellus andLinking Producers Modifications New16 Supplies Columbia Key Customers: toPipeline GrowingSouth Group Markets JerseyExpands Gas, South Facilities JerseytoResources, Transport New Marcellus JerseyProduction Natural, Cabot, to Mid-Atlantic Sout
Slide 17: Cameron Access Project
Cameron mile Pipeline Access Extension; Project Linking New Compressor Shale Supplies Station toKey LNGCustomers: Export Market GDFTransports Suez SA, Mitsui Shale Supplies & Co.to Cameron Ltd. LA Planned LNG Facility In-Service: 800 MDth/d Q1 2018 ofLA Capacity ~$310Mfrom Investment Rayne, Loui
Slide 18: Leach XPress and Rayne XPress
LeachFirm (including Seneca, Term and Berne, 30 Rayne Contracts Miles Cadiz XPress ofColumbia Marcellus Looping); Projects Pipeline Receipts ~100,000 Providing Group Planned HP Outlets of 18additional In-Service: and Additional compression 4Q 2017—Majorsville, Liquidity across Transports multiple Mo
Slide 19: WB XPress
WB XPress West Transco Toward Z5 Broad Project BroadRun Linking Run(TGP) Pipeline Marcellus ~$850M Looping Supplies Investment and Compression to Attractive UnderpinnedKey Markets by Customers: Long-Term Providing Antero, Firm Additional Contracts Noble,Market WGLColumbia Cleveland AccessPipeline fo
Slide 20: Mountaineer XPress and Gulf XPress
Mountaineer System LoopingClarington/Majorsville/Sherwood/WB and Compression XPress and Gulf Stations XPress Planned Projects In-Service: Transformational areas to TCO Q4 2018 PoolGrowth ~$2.6B and Leach, Opportunity Investment KY Additional Underpinned Transports 860 Marcellus MDth/d by Long-Term o
Slide 21: Execution Excellence
Execution Alliances of-Way ? Limited with Excellence Contractors Greenfield Well and Positioned Builds Suppliers (Ohio, to Execute Projects WV and on Within LA) Our Delivering Growth Our ‘Wheelhouse’ Strategy Projects Solid, ?atConsistent 5-7x Execution-Focused EBITDA—On with History Time, Project a
Slide 22: Executing on a Robust Growth Inventory
Transformational Cameron *Includes Rayne/Leach $300M Growth per Year WB Executing Modernization XPress MXP/GXP on a Robust post 2017 Growth Project ** 2020 Maintenance Investment Total Net Inventory capital 2016 offsets Projects ($ in depreciation Billions) Access XPress $14Columbia $13.5 Projects $
Slide 23: Financial Plan
Financial Plan Steve Smith CFO
Slide 24: Financial Objectives and Funding Strategy
Columbia Grade Supported Funding Return—Initial Maintain for Pipeline byExpansion Growing Dividend Strong Group Participation Credit Program Coverage Financial Metrics, CPG: of Objectives in~2x; ALiquidity CPG Compelling InOpCo—Public?s Line Prudent andwith Investment Invest GP Peers Effective in Pr
Slide 25: Columbia Pipeline Group Growing Investment Program
Columbia 2019 2020Pipeline GrowingGroup Investment Expected Inventory Growth* Investment Includes ~$135M/Year Program* ($for in Maintenance Billions) $3.00 CapEx $2.8B25$2.6B Columbia $2.50Pipeline HeadroomGroup for $2.00 Additional Growth Investment $1.50 $1.2B ~$0.9B ~$0.9B $1.00 $0.50 2016 2017 2
Slide 26: Expected Cumulative Investment
ExpansionPipeline Columbia Modernization Group Expected $4 VariousCPG $2 Maintenance Cumulative Investment $- Q1 2015Growth* 2015 2016 ($ 2017 in Billions) 2018 2019 $14 $12 2020Cameron Transformational Access $10Growth WB XPress with Potential $8 Mountaineer MaterialXPress/Gulf Upside Post XPress 2
Slide 27: Expected EBITDA Growth Profile
Columbia Does not include Pipelineseparation Group Expected costs EBITDA* Growth Profile ~$680M** 2015 2020 Expected EBITDA CAGR = ~20% 2015-2020 `20% CAGR * For a reconciliation to GAAP see accompanying appendix 27 **
Slide 28: Strong Liquidity Profile and Recapitalization Summary
Columbia Revolving Billion of Intercompany Pipeline Credit Notes GroupFacilities—Ratings: NIConservative Debt Revolvers Recapitalization during Baa2/BBB-/BBB- 2015 and Eliminated Strong ? $1.5 Liquidity NoBillion Additional CPG—Weighted Profile MLPRecapitalization EquityAvg. Issued Maturity Summary
Slide 29: Primary Source of Funding and Financing Plan
ColumbiaSource Primary Provides CPG Pipeline Significant of Short-Term Group Expansion Optionality Debt Funding Financing for: ? Growth Maintain Plan Investments CPPL Investment to Provide ? Grade Dividend Equity Credit Increases Funding Ratings? Additional Other at CPGShareholder ? Near-Term: $4.0B
Slide 30: Expected Sources and Uses
Columbia $4,000~ Group 30Cash Pipeline fromGroup ~$4.7BExpected $2,000~Sources Operations andCPG UsesDividends ($ in Millions) and MLP $12,000 Distributions ~ $10,000$0~ Maintenance 2016-2020 Sources CapEx2016-2020 IncrementalUses DebtFunding ~$1.7BCPG $8,000~ Growth MLPPrimarily Equity ~$4.0B with
Slide 31: Compelling Investment Proposition Summary
Columbia Growth by ~2018 Through ?Pipeline Initial2020 Dividend Group Compelling Summary Coverage CPG Transformational of Investment ~2x; In LineProposition with Growth GP Strong Peers ? ~20% Over Financial Average TimePlan Compelling Annual AmpleEBITDA Liquidity Investment Growth andProposition Inv
Slide 32: Closing Remarks
Closing Remarks Bob Skaggs Chief Executive Officer
Slide 33: A Premier Pipeline, Midstream and Storage Company
ColumbiaExperienced Regions Pipeline Group Leadership A Premier Team Pipeline, Financial Midstream Strength& and Optionality Storage Company Compelling Stable, Investment Predictable Proposition and Growing An Excellent Cash Flows Investment—Positioned Transformational Growth for Transformationa
Slide 34: Appendix
Appendix
Slide 35: Columbia Pipeline Group Organizational Structure
Columbia Owns 15.7% Pipeline of Columbia Group Organizational OpCo 53.5% Unitholders Structure Owns NYSE: 84.3% CPPLofColumbia ColumbiaPipeline OpCo, 46.5% Groupof35CPPL Plus 100% of GP Interest NYSE: CPGX CPG OpCo LP (“Columbia OpCo”) Owns All Material Assets Public
Slide 36: Tax and Income/Cash Flow Assumptions
ColumbiaColumbia Include:—Tax 2019-20 Pipeline on IDRs Group Pipeline at Taxation Full Group Corporate 36 of CPGRate—Effects Income/CashofFlows Remedial Bonus Income Depreciation Allocations—Effects Extended for 2014; of Capped Assume Shield No Additional Estimated Cash Extensions Tax Rates:—None Ta
Slide 37: Columbia Operation EBITDA GAAP Reconciliation
Columbia GAAP ($ Operation Total Equity Operating Interest Net Non-recurring Add: Other, Less: EBITDA 37 in *Income Does Millions) Operating net earnings Reconciliation* Expense $Pipeline 38 revenues expenses and Income not 678 $ 274 include maintenance costs Expenses in(123) $unconsolidated Group $
Slide 38: Leadership Team Backgrounds
2004served and (AEP) owning December responsible Columbia and and and added Pipeline Stephen Gas 2014 the in for managing various Columbia Transmission leading the Glen P. Group CEO Smith management Kettering mineral NiSource?s Energy responsibilities Leadership Executive and reserve Serving Columbi
Slide 39: Columbia Pipeline Group Leadership Team
Columbia Chief Marketing, for programs originally background Resources beginning law 20 39originally years Previously joined Pipeline in Named Business includes Executive September joined CPG Senior Group Development business served in VP NiSource 2008 2010 Vice Leadership & inand development, B
Slide 40: CPG Interstate and Storage Assets
CPG are underground life horsepower ownership markets remaining counties ~8 years located ofInterstate ~6across in NISource years contract interest West inofstorage Delaware, installed southern Pipeline 3,341 Virginia in 40 life wells Millennium mile of capacity and New Kentucky, Venture ~6 with int
Slide 41: CPG Gathering, Processing and Other Assets
CPG Gathering, Western Hilcorp 90,000 storage Bbl/d) Ventures affiliate Pennsylvania Manages Gathering Processing Other& fields Columbia Gathering and and System Other has OpCo’s System also 20” Assets and contributed mineral Majorsville 43 24”miles high rights its ofpressure positions productio
Slide 42: Columbia Asset Overview
Columbia Gas 253 ~3,400 Capacity natural Pennant 471 Interstate gas underground Midstream, 98% Revenue Pipeline gathering, 5.7 natural infrastructure Contract Group respectively. storage gas processing pipeline Asset Life 287Working Overview* & 217 and Pi 11,395 100% NGLPipeline Storage pipeline