Slide 1: Creating Two Premier Energy Infrastructure Companies
Exhibit 99.2 Exhibit Creating NiSource Millennium New York, 99.2 Two Inc. NYBroadway Premier Investor | 09.29.14 Energy Day Infrastructure Companies
Slide 2: Forward-Looking Statements
Forward This statements growth, include, inability NiSource’s experience described on earnings The 2presentations. occur. Form potential presentation financing among of and Looking 10-Q, inin of one businesses; the other this distribution NiSource’s many or other “Risk contains presentation Statemen
Slide 3: Speaker Bios
Speaker President Chief Bob and Steve facilities aJoe Executive Jim 3He Sloan earned Hamrock oversees added Stanley oversees Skaggs isExecutive Smith is President fellow. Executive Bios management. &VP athe hisbachelor’s NiSource’s NiSource’s & bachelor’s CEO Officer Chief Group and Vice responsibil
Slide 4: Speaker Bios
Speaker Executive Glen Stan Chief Brett President, Shawn 4He earned Chapman is Kettering oversees Stovern is Commercial Operating responsible Patterson is responsible Bios responsible Operations VP ahisbachelor’s &bachelor’s all IIIOfficer, Group regulatory, Officer, for forfor &all all degree CEO,
Slide 5: Today's Agenda
Today’s NiSource 8:00 11:30 12:00 12:30 Registration Closing Bob 5Jim Stanley, Skaggs, –AM –8:30 12:30 12:35 Agenda Remarks Investor –AM 12:00 Joe and Steve PM8:30 Hamrock Welcome Day PM Smith – 9:30 2014 Glen Separation AMKettering, 9:30 –Overview 9:45 CPG AMLeadership Break 9:45 –NiSource 10:30 St
Slide 6: Separation Overview
Separation Bob President Skaggs &Overview Chief Executive Officer
Slide 7: Strategic Plan Creates Opportunity to Separate into Two Companies
Strategic Plan Creates Enhances Provides Permits Results 7Opportunity to Separate in two disciplined strategic Separation overall twopure-play, to well-capitalized Create Columbia long-term clarity, execution Expected Immediate premier significant Pipeline earnings of toentities, energy two Deliver
Slide 8: Creating Two Premier Energy Infrastructure Companies
Creating Logical Expected Pure-Play Focused Investment Assets Execution Experienced Investor Investors Independent 8Opportunity and Step Alignment on Two Attracted to Businesses Capability Customers Opportunities, Distinct Unlock to Companies Teams inPremier Create Successful, toand Full Unique Imme
Slide 9: Separation Snapshot
Separation Total Headquarters: NYSE: Group Gas Columbia Pennant of 9Maintaining Virginia Distribution Employees Operating NI Millennium Pipeline Gas NYSE: Snapshot Commitments Merrillville, Columbia Company ~8,800 Columbia COLP HardyGulf IN (MLP) to Storage Pipeline Customers, Headquarters: Midstrea
Slide 10: Compelling Investment Propositions
Creating Proven Constructive Pure-Play Significant Expected MLP Two 10 Well-Capitalized expected operators, Two to Natural Pipeline, long-term scale modernization maintain regulatory Premier to and provide focused Gas Midstream footprint investment-grade infrastructure Energy Energy &policies Electr
Slide 11: Two Premier Pure-Play Energy Infrastructure Companies
Two LDCs, ~15K 35 ~$7.4B; 7~$30B Significant *As 11States Storage of Premier Miles Producers, 12/31/2013 Over Footprint Expected Fields, Growth of Investment Pure-Play Transmission Midwest, Marketers, to ~300 Potential Grow Companies Bcf $12-15B on Mid-Atlantic Working ~58K With Electric RateOver St
Slide 12: Financial Overview of Separation
Financial Steve Chief Smith Financial Overview Officer of Separation
Slide 13: Strong Financial Profiles
Two of Pure-Play Utility (~$30B ~$7.4B; Expected Strong *As 13 Premier System Financial 12/31/2013 Over Expected Net to Natural Average Maintain Companies 20+ Earnings Modernization Profiles, Years; Gas to Grow Long-Term Investment-Grade &Growth ($12-15B with Electric Compelling on &Significant Rate
Slide 14: Significant Long-Term Investment Opportunity
Significant Columbia ~$30B $30 (~$1.7B) Electric $20 Gas Modernization NiSource $12-15B $15 Processing) $10 (~$2B) Transmission $5 (~$7-9B) $0 (~$3-4B) Investment Long-Term 14 Pipeline CPG Generation Electric Midstream FERC-Regulated System ofTransmission Environmental of Utilities expected Pipeline
Slide 15: Establishing Two Well-Capitalized Companies
Establishing Columbia Forming MLP Expected Separation Debt CPG Anticipated NiSource Dividend Two 15 Well-Capitalized Recapitalization plans 1Q/2015 willMLP IPO expected Utility shareholders be Pipeline Mid-2015 toTax-Free Columbia primary fund during Company aPartners toone-time funding 1Q Separatio
Slide 16: Columbia Pipeline Partners MLP Structure
Transparent Columbia ~100% General Investment-grade CPG >50% ~85% CPP ~15% NYSE: ~$700-800M Public <50% MLP 16 MLP Op will Formed of COLP CPPL Partner Cohold Pipeline CPG Approach Equity Prior ~15% assets will credit Partners Group To be initial and to CPG 100% rating Future (CPG) growth (CPPL) inte
Slide 17: Separation Timeline
3Q 4Q 2014 S-1 MLP Anticipated Debt NiSource (Term Columbia Separation Form Expected shares Straightforward 17 Filed Recapitalization 2014 10 Loans, to 1QFiling/Path NI tax-free Debt Pipeline 2Q 2015 Timeline (Expected IPO shareholders Short-Term 3Q Reduction Approach 2015 dividend Group toMid-2015)
Slide 18: Summary: Two Companies Creating Value
Summary: Two Expected Opportunity 18 Companies toCreating Unlock to Create Positioned Two Full Immediate Potential Premier to Realize Energy and for Long-Term Both Enhanced Infrastructure Companies Growth ValueFocused Companies for Opportunities Shareholders on Distinct Investment Opportunities, Ass
Slide 19: NiSource: Premier Pure-Play Natural Gas and Electric Utilities
Premier, NiSource: & Joe Jim EVP Electric Hamrock Stanley and Pure-Play Group Utilities CEO,Natural NiSource NIPSCOGas Gas Distribution
Slide 20: NiSource: Industry-Leading Pure-Play Utility
NiSource: Industry-leading Expected ~$30B ~75% Complementary Proven 100 20 Percent ofinfrastructure performance CapEx toPremier, maintain Regulated expected customer regulated Pure-Play in investment investment-grade +providing Significant to programs, natural beNatural revenue-producing inventory s
Slide 21: NiSource: Large Distribution Footprint
NiSource: Indiana Gas Large Virginia Pennsylvania Ohio Massachusetts Maryland Kentucky ~3.5M ~500K Extensive Constructive Strong A 21Strong, Distribution Scale Performance Customer Gas Electric Natural Electric Well System 100% LDC Footprint Regulatory Established Customers Gas Generation, Regulated
Slide 22: NiSource: Fully Integrated Gas and Electric Operations
NiSource Fully ~500,000 3,300 NIPSCO ~140,000 ~2,600 Columbia Complementary ~33,000 ~750 Rate Growing *Rate 22 Base Miles Integrated MW Base Miles Customers Rate Electric Gas Natural Customers Gas ~$3.0B ~$200M ~$60M of as ofof •Environmentally of Base, Pipe of ~800,000 Pipe Electric to 12/31/2013 V
Slide 23: NiSource: Substantial, Stable Utility Platform
NiSource Substantial, Stable Robust 23 and customer Natural affordable growing programs Gasrate rate & Electric base, design, and earning solid Utilities: ~75%satisfaction allowed of Strong CapExreturns levels Execution expected Collaborative, toTrack be revenue-producing Record constructive stakeho
Slide 24: NiSource: Pure-Play Utility Rate Base
NiSource Pure-Play ~$4.4B* Operating Fully Total Constructive Significant Gas Electric Expected *Rate 24 Distribution Rate Integrated Base Operations Rate Natural Utility Earnings Base Modernization Modernization, asRegulatory of Base of Electric Utilities 65% 12/31/2013 With Gas ~$3.0B* 35% Growth
Slide 25: NiSource: Investment-Driven Growth Strategy
NiSource ~$30B Expand Investment Capital Annual ~$1.2B Enhance Modernize Expected 4-6% Disciplined 25 / Programs 20+ Electric EPS Natural Gas Capital Year &&Dividend Transmission Gas Infrastructure and Electric Management, & Grow Electric Infrastructure Growth Customer System Investment Utilities: T
Slide 26: NiSource: Aligning Rate Structures
NiSource Aligning LDC (% Columbia NIPSCO Stable 26 ofFixed Distribution Rate Revenue, Gas Natural Gas Rate Structures: ~60% ofDesign Virginia Ohio Pennsylvania Massachusetts Kentucky Maryland Gas Charge) Costs - Utilities: 100% >80% Decoupling/Weather and ~55% Normalization ~60% ~35% N/A Investments
Slide 27: NiSource: Gas Utility Investment Opportunity
NiSource Industry-Leading ~$20B Expected LDC Investment ($ Forward Year/Tracked Columbia NIPSCO Total Stakeholder-Aligned, 27 in Millions) Annual / 20+ Test Gas Total Natural Gas Opportunity Year Recovery Investment: $80 of Virginia Ohio Pennsylvania Massachusetts Kentucky Maryland Modernization Gas
Slide 28: NiSource: Electric Investment Opportunity
NiSource ~$10B Expected NIPSCO Investments ($ Electric Modernization Environmental Enhancements/Growth Transmission Generation Total Current Investment: Stakeholder-Aligned, 28 in millions) Annual / Transmission System 20+ Infrastructure Electric Total Electric Upgrades Recovery Year ~$175 Program C
Slide 29: NiSource: Summary
NiSource ~$30B Industry-leading Track Complementary Disciplined Expand Investment Capital Annual ~$1.2B Enhance Modernize Expected 4-6% Driving 29 record / Programs Long-Term 20+ Electric EPS Natural Gas capital Year of&& collaborative rate regulated Dividend Transmission Gas Infrastructure and Elec
Slide 30: Columbia Pipeline Group: A Premier Pipeline, Midstream and Storage Company
Columbia A & Glen Stan EVP Brett Chief Shawn President, 30Premier Storage Chapman and Kettering Stovern Operating Patterson Group Chief Pipeline Operations Pipeline, Company Commercial CEO, Officer, Group Midstream and Columbia Midstream (CPG): Project Officer Pipeline DeliveryGroup
Slide 31: CPG: Highly Transformational Growth
CPG: Highly Strategically Transformational Net Expected Significant 31 investment Afocused, Premier toScale maintain located growth pure-play Pipeline, +growth Unparalleled infrastructure investment-grade expected project Midstream pipeline, to inventory Footprint links drive midstream & credit Stor
Slide 32: CPG: Significant Footprint
CPG: Significant Columbia Footprint Unparalleled Serving Transportation by 32 Long-Term A Attractive Premier Gas Scale, Transmission Contracts Capacity Pipeline, Midwest, ~300 Midstream Mid-Atlantic (TCO) Bcf ofColumbia Working & Storage and Storage Gulf Company Transmission Coast Capacity; Markets4
Slide 33: CPG: $12-15B Investment Opportunity
CPG: $12-15B Core Investment Capital Annual Expected ~$1B+ Infrastructure Complementary & Long-Term Highly 33 Processing System Investment-Driven Visible, Expected EBITDA Expansion Modernization Attractive Gathering Organic & Dividend Growth Investment Growth Strategy Growth and Profile Modernizatio
Slide 34: CPG: A Stable Financial Model
CPG: A Stable Strategic Significant Disciplined ~90% Underpinned Customer Strategically ~$4B Rigorous Transformational 34 Net Demand Revenue Premier Footprint Capital Supported Investment Scale Financial Situated with Based Streams Pipeline, Management Investment-Driven Long-Term Modernization in Mo
Slide 35: CPG: Modernization Program
CPG:Program Modernization $4-5B Groundbreaking ~$300M/Year Upgrading Replacing Increasing Timely February 2014 Customer 35 System ofRecovery Long-Term 1Benefits: Aging In-Line Compression recovery Investment Areas Program FERC-Approved Infrastructure on Inspection Enhancing… for Investment Investmen
Slide 36: CPG: Changing Gas Production and Flow Landscape
CPG Past Current Future 02Marcellus/Utica 10 20 30 *Transformational 36 008 Source: –Well Growth: 2014 Gas ––Expected Wood Production Positioned Flows 2020E Unique Mackenzie Production Growth from Production Growth in Opportunity Gulf Rapidly Opportunities (~Bcf/D)* Coast and Growth Changing New to
Slide 37: CPG: Expected Growth Projects in Execution
CPG: ~$3.6B Expected ($MM) 98765432($ 10 11 12 13 1In System 37AEP Warren West Millennium—Hancock Giles Line Chesapeake East 2Utica in Service Rayne WB Leach Cameron 3 millions) 4FERC-Regulated Side Big 1570 Side 5Expansion Access County Project Modernization: in6County XPress Expected Current In Sa
Slide 38: CPG: East Side Expansion
CPGCustomers: ~$275M Expands ~315 Key Planned Columbia Linking 38 Growth: MMcf/D New In-Service: Investment, facilities Transmission Supplies East ofSouth additional toSide 3Q transport Supported to Jersey 2015 Expansion Growing capacity Gas, Northeast by Markets South East Coast Marcellus JerseyLDC
Slide 39: CPG: Leach XPress and Rayne XPress
CPG Leach Combined Adding ~160 ~165,000 Key Planned Utica -Marcellus Leach/ Transformational 39 Clarington, Majorsville, Customers: Growth: miles Receipts and TCO capacity In-Service: HP Receipts Rayne ~$1.75B ofPool Seneca, of Mobley, new additional Range toGrowth XPress Greenfield gas transport In
Slide 40: CPG: Cameron Access Project
CPGCustomers: Cameron ~$310M Transports New Key Planned Leach, (Hackberry, Delhi, Rayne, Transformational 40 pipeline Growth: LA KY LA In-Service: Investment, Access supplies (TCO) LA to Cameron the GDF Project Growth from Cameron 1QLinking Suez 2018 numerous LNG) Opportunities SALNG Shale and Facil
Slide 41: CPG: WB XPress and Additional Projects
CPG ~$875M –Additional Looping Key Planned Cleveland *Transformational 41500Advanced 800 In Customers: Growth: MMcf/D In-Service: and Investment, Station capacity compression WB Development east west Antero Growth Loudoun XPress providing toward 4Q toward Linking 2018 and Opportunities Project* Loud
Slide 42: CPG: Established and Growing Midstream Franchise
CPG: Majorsville Northern 350 Big Western 20” Hickory Northeast 50/50 Wet An 42 Established and Pine MMcfd gas Growing partnership 24” gathering Pennsylvania Bend Gathering West Ohio Gathering wet high Gathering Virginia Midstream and gas pressure with pipeline System Western gathering System Hilcor
Slide 43: CPG: Midstream Growth Projects
CPG Current In Expected ($MM) 21($ 6543Gathering/Processing Gathering 7Appalachia ~$1.3B 43 Washington Big Pennant Gathering/Processing Service in millions) Growth: Pine Project in Midstream Expected $165 NGL II Current In $165 Expansion $500 $250 Execution County CapEx 4Q Pipeline 2Q 2016-2018 2015
Slide 44: CPG: Executing on Significant Growth
CPG Executing $1.0B $0.8B $1.75B $0.9B $2.0B Current ~$4.0B $1.8B (In Modernization Cameron Rayne/Leach WB Add’l Midstream Significant 2020 As In 44 Development of Service XPress Investments 12/31/2013 Regulated ~$12.5B $0.3B * Access on Add’l Net Projects XPress a Robust Investment FERC-Projects**
Slide 45: CPG: Summary
CPG:System $12-15B Stable, Significant Core Investment Capital Annual Expected ~$1B+ Infrastructure Complementary Long-Term Positioned 45 A~90% Premier offor scale, EBITDA Expected Expansion fixed Modernization Transformational, Gathering Pipeline, with revenue and Organic ~$4BDividend Midstream &st
Slide 46: Investment Proposition
Investment Steve Chief SmithProposition Financial Officer
Slide 47: NiSource: Established Track Record of Shareholder Value
NiSource Established Cumulative $23.81 $32.88 $39.33 $15.38 $17.62 $10.3 $4.3 $6.7 YE2009 Market *Separation 47Includes $4.9 $24.89 $7.7 Cap YE2010 Has common isTrack Total ($aHistorically $12.4 in Logical YE2011 Billions) Shareholder Record stock Step price and YE2012 Delivered Stock inCommitment R
Slide 48: Potential Enhanced Shareholder Value from Separation
Potential Enhanced Separation Unique Other Highlights for Increased Strong Efficient 48 both expected credit strengths businesses capital to transparency Shareholder and would Deliver profile unlocks key funding should create shareholder/stakeholder Manageable Value for the two lead foreach value ea
Slide 49: NiSource: A Compelling Investment Proposition
NiSource Premier & Focused 100% Significant ~$30B A 49Compelling Electric Regulated ofPure-Play Business Utility Expected Utilities Scale Investment Companies Company: with Strategy Natural Company Infrastructure ~4.0M Proposition Gas Key Operating Customers Investment Investment inAcross Constructi
Slide 50: Columbia: A Compelling Investment Proposition
Columbia Pure-Play & Focused In Physically Long-Term $12-15B Net Expected A 50 Compelling Storage rapidly Investment Business of to EBITDA growing Pipeline, Pipeline Company linked Modernization expected Maintain Investment expected to Strategy Group: Marcellus/Utica and Midstream major investment C
Slide 51: Closing Remarks
Closing Bob President Skaggs Remarks & Chief Executive Officer
Slide 52: Summary: Two Companies Creating Value
Summary: Two Expected Opportunity 52 Companies toCreating Unlock to Create Positioned Two Full Immediate Potential Premier to Realize Energy and for Long-Term Both Enhanced Infrastructure Companies Growth ValueFocused Companies for Opportunities Shareholders on Distinct Investment Opportunities, Ass