Company: TCPA
Filing Date: 2025-10-06
Form Type: SUPPL
Source: 0001193125-25-231083
Chunk: 62

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-10-06
Form: SUPPL
Chunk 62
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 been
prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the European Economic Area may be unlawful under the PRIIPS Regulation.

S-37

For the purposes of this section, the expression an “offer of notes to the public” in relation to any Notes in any EU Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes, as the same may be varied in that EU Member State by any measure implementing the Prospectus Regulation in that EU Member State. Each Underwriter has represented and agreed that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Notes to any retail investor in the European Economic Area. For the purposes of this provision:

| (a) | the expression “retail investor” means a person who is one (or more) of the following: (i) a                                                                                                                                               
 retail client as defined in point (11) of Article 4(1) of MiFID II, (ii) a customer within the meaning of the Insurance Distribution Directive, where that customer would not qualify as a professional client as defined in point (10) of 
 Article 4(1) of MiFID II or (iii) not a qualified investor as defined in the Prospectus Regulation, and                                                                                                                                    |

| (b) | the expression “offer” includes the communication in any form and by any means of sufficient                                                    
 information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes. |

Solely for the purposes of the manufacturers’ product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties and professional clients only, each as defined in MiFID II; and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling, or recommending such debt securities (a “ distributor”) should take into consideration the manufacturers’ target market assessment; however, and without prejudice to our obligations in accordance with MiFID II, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturers’ target market assessment) and determining appropriate distribution