Company: TCPA
Filing Date: 2025-10-06
Form Type: SUPPL
Source: 0001193125-25-231083
Chunk: 23

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-10-06
Form: SUPPL
Chunk 23
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 functions that provide governance, financing and other support to our business segments.

TCE’s principal subsidiaries as of December 31, 2024 are indicated in the diagram under the heading “TC Energy Corporation—Intercorporate Relationships” in the Annual Information Form.

CONSOLIDATED CAPITALIZATION

Pursuant to the Decision, the Corporation is exempt from filing its own annual and interim financial statements and
incorporates TCE’s annual and interim financial statements into the prospectus. Other than the Canadian Note Offering, there have been no material changes in the share and loan capital of TCPL on a consolidated basis since June 30, 2025.

USE OF PROCEEDS

We estimate that the net proceeds to the Corporation from the offering of the Notes will be approximately U.S.$ , after
deducting the Underwriters’ commission of U.S.$ (assuming that no Notes are sold to institutions) and the expenses of the offering. If the Underwriters exercise in full their option to purchase additional Notes pursuant to
the overallotment option, the net proceeds to the Corporation from the offering will be approximately U.S.$, after deducting the Underwriters’ commission of U.S.$(assuming that no Notes
are sold to institutions) and the expenses of the offering. The expenses of the offering are estimated to be U.S.$ .

We intend to use the net proceeds from the offering to fund the redemption price of TCE’s 10,000,000 outstanding Cumulative Redeemable
First Preferred Shares, Series 11 (the “Series 11 Preferred Shares”), to reduce indebtedness of the Corporation and for general corporate purposes. Pending any such use of the net proceeds, we will invest the net proceeds in
short-term marketable debt instruments.

The underwriting commission will be paid by the Corporation from the gross proceeds of the
offering of Notes. The expenses of the offering will be paid from the general funds of the Corporation.

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