Company: TCPA
Filing Date: 2025-10-08
Form Type: SUPPL
Source: 0001193125-25-233745
Chunk: 23

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-10-08
Form: SUPPL
Chunk 23
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The Corporation’s overall corporate strategy and major initiatives supporting its strategy are summarized in the Annual MD&A, the
Interim MD&A and the Annual Information Form.

PRIOR SALES

Other than the Canadian Note Offering and the issuance by the Corporation on February 24, 2025 of U.S.$750,000,000 aggregate principal
amount of 7.00% Fixed-to-Fixed Rate Junior Subordinated Notes due 2065, the Corporation has not sold or issued any subordinated notes, or securities convertible into
subordinated notes, during the 12-month period prior to the date hereof.

S-15

EARNINGS COVERAGE The following consolidated earnings coverage ratios of TCPL have been prepared and included in this prospectus supplement in accordance with the disclosure requirements of Canadian securities laws and have been calculated based on audited financial information for the 12-monthperiod ended December 31, 2024 and based on unaudited financial information for the 12-monthperiod ended June 30, 2025. The earnings coverage ratios set out below do not purport to be indicative of earnings coverage ratios for any future periods. TCPL’s earnings coverage ratio for the 12-monthperiod ended December 31, 2024 has been adjusted to give effect to: (a) the issuance by TCPL on February 20, 2025 of $1,000,000,000 aggregate principal amount of 4.575% Medium Term Notes due 2035; (b) the issuance by TCPL on February 24, 2025 of U.S.$750,000,000 aggregate principal amount of 7.00% Fixed-to-FixedRate Junior Subordinated Notes due 2065; (c) the issuance by Columbia Pipelines Operating Company LLC(“ CPOC”)on March 6, 2025 of U.S.$550,000,000 aggregate principal amount of 5.439% Senior Unsecured Notes due 2035; (d) the issuance by CPOCon March 6, 2025 of U.S.$450,000,000 aggregate principal amount of 5.962% Senior Unsecured Notes due 2055; (e) the repayment at maturity on March 24, 2025 by CPOC of U.S.$1,000,000,000 aggregate principal amount of 4.50% Senior Unsecured Notes; (f) the repayment at maturity on March 13, 2025 by TC PipeLines, LP