Company: TCPA
Filing Date: 2025-10-08
Form Type: SUPPL
Source: 0001193125-25-233745
Chunk: 20

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-10-08
Form: SUPPL
Chunk 20
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 trading prices of the Notes will also depend on many other factors, including, among other things,
prevailing interest rates, the market for similar securities, our financial performance and other factors. Generally, the liquidity of, and trading market for, the Notes may also be materially and adversely affected by declines in the market for
similar debt securities. Such a decline may materially and adversely affect the liquidity of, and trading market for, the Notes independent of our financial performance and prospects.

Rating agencies may change their practices for rating the Notes, which change may affect the market price of the Notes.

The rating agencies that currently publish a rating for us and those that are expected to initially publish a rating of the Notes, or those
that may in the future publish a rating for us, may, from time to time in the future, change the way they analyze securities with features similar to the Notes. If the rating agencies change their practices for rating these types of securities in
the future, and the ratings of the Notes are subsequently lowered, that could have a negative impact on the trading prices of the Notes.

The treatment of the Notes for U.S. federal income tax purposes is uncertain.

The treatment of the Notes for U.S. federal income tax
purposes is uncertain. The determination of whether a security should be classified as indebtedness or equity for U.S. federal income tax purposes requires a judgment

S-13

based on all relevant facts and circumstances. There is no statutory, judicial or administrative authority that directly addresses the U.S. federal income tax treatment of securities similar to
the Notes. As a result, the U.S. federal income tax treatment of the Notes is not clear. We intend to take the position, to the extent required to do so, that the Notes are classified for U.S. federal income tax purposes as indebtedness
(although there is no controlling authority directly on point). However, our characterization of the Notes is not binding on the IRS, and no assurance can be given that the IRS will not assert, or a court would not sustain, a contrary position
regarding the characterization of the Notes. If the Notes were treated as equity for U.S. federal income tax purposes, you may be subject to adverse tax consequences as discussed in “Certain Income Tax Considerations—Certain U.S. Federal Income Tax Considerations—Characterization of the Notes”.

If we defer interest payments on the Notes, there could be U.S. federal income tax consequences to Noteholders.

If we exercise our option to defer the payment of