February Investor Book

1

Energizing the Future

A Premier Energy Company in America's Heartland

$36.0 billion market cap*

4.7 million retail customers

$51.5 billion of assets

60% ownership of American Transmission Company

Ranked first overall in the 2025 E Source Large Business Customer Satisfaction Study

* As of Jan. 30, 2026

3

Exceeded or achieved EPS guidance for multiple decades

History of Consistent, Strong Earnings and Dividend Growth

Earnings Per Share

$6 ~6.7% CAGR1

$4

$5.51-$5.61

Annualized Dividends Per Share

~6.9% CAGR

$3.81

$5

$3

$4

$3

$2

$2

$1

'15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26E

GAAP

Adjusted2 2026 Guidance

$1

'153 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26E4

1. Estimated based on 2026 guidance midpoint of $5.56 per share.

2. See Appendix for reconciliation of adjusted amounts to GAAP amounts.

3. Annualized based on 4th quarter 2015 dividend of 45.75 cents per share.

4. Annualized based on 1st quarter 2026 dividend of 95.25 cents per share.

Consistent Performance Over Time

Robust Long-Term EPS Growth Outlook

2025 2026 2027 2028 2029 2030

1. Growth rate based on $5.22 per share, the midpoint of our 2025 adjusted guidance.

Strong Dividend Growth Continues

• In January, dividend was raised by 6.7% to a new annual rate of

  $3.81 per share*

  • 23rd consecutive year of rewarding shareholders with higher dividends

• Top-decile dividend growth in industry**

• Included in S&P's High Yield Dividend Aristocrats Index

• Expect to grow dividend at a rate of 6.5-7%

  • Targeting payout ratio of 65-70% of earnings

*Annualized based on the first quarter of 2026 dividend of 95.25 cents per share.

** Reflects current and expected dividends declared in 2026.

Illinois Proposed Settlement Peoples Gas (PGL) and North Shore Gas (NSG) reached an agreement on the terms of a proposed settlement with the Illinois Attorney General. If approved by the Illinois Commerce Commission (ICC), it would resolve all issues related to 12 open dockets for a total of approximately $2.3 billion, excluding carry costs.

• Resolves Qualifying Infrastructure Plant Rider (QIP) annual reconciliation proceedings from 2017-2023 (PGL)

• Resolves Uncollectible Expense Adjustment Rider (UEA) annual reconciliation proceedings from 2019-2023 (PGL/NSG)

• Proposed settlement terms

  • $130 million rate base reduction, prospective with new rates in pending rate case (Rider QIP)

  • $75 million cash credit, payable over three years (Rider QIP)

  • $50 million cash credit, payable over three years (Rider UEA)

• Settlement subject to ICC approval

  Illinois Rate Reviews

  • In January, Peoples Gas and North Shore Gas filed applications with the Illinois Commerce Commission:

    	Peoples Gas	North Shore Gas
    Current ROE	9.38%	9.38%
    Current Equity Ratio	50.79%	52.58%
    Proposed ROE	10.10%	10.10%
    Proposed Equity Ratio	54.0%	54.0%
    Forecasted 2027 Rate Base	$ 4,671M	$ 433M
    Proposed Base Rate Increase	$201.3M	$12.7M
    Order expected in Q4 2026 for new rates effective January 1, 2027

  • The estimated customer impact of our filing-if approved by state regulators-would be $10 to $11 per month for the typical Peoples Gas residential customer.

  • Chicago home heating bills are among the lowest of other major U.S. cities in the coldest month. That is expected to continue with this filing.