Company: TCPA
Filing Date: 2025-10-06
Form Type: SUPPL
Source: 0001193125-25-231083
Chunk: 55

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-10-06
Form: SUPPL
Chunk 55
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 interest, premium or principal thereon by the Non-Resident Holder
solely as a consequence of such acquisition, holding, redemption or disposition of a Note.

UNDERWRITING

Pursuant to an underwriting agreement (the “Underwriting Agreement”) dated October , 2025 between us and the
Underwriters, for whom Morgan Stanley & Co. LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC are acting as representatives, we have agreed to sell to the Underwriters, and the
Underwriters have severally (and not jointly or jointly and severally) agreed

S-33

to purchase from us, as principals, subject to the terms and conditions of the Underwriting Agreement, the following respective principal amounts of Notes listed opposite their names below.

| Underwriters                |     | Principal       
 Amount of Notes |
| Morgan Stanley & Co. LLC    |     | U.S.$           |
| BofA Securities, Inc.       |     | U.S.$           |
| J.P. Morgan Securities LLC  |     | U.S.$           |
| RBC Capital Markets, LLC    |     | U.S.$           |
| Wells Fargo Securities, LLC |     | U.S.$           |
| Total                       |     | U.S.$           |

The Underwriting Agreement provides that, in consideration of the services of the Underwriters in connection with the offering of Notes, we will pay to the Underwriters a commission equal to: (a) for Notes sold to certain institutions, % of the principal amount of such Notes; and (b) for all other Notes purchased by the Underwriters, % of the principal amount of such Notes. Assuming that no Notes are sold to institutions and that the overallotment option is not exercised by the Underwriters, the aggregate commission payable by us to the Underwriters will be U.S.$ . The Underwriters’ commission is payable on the closing of the offering. The offering expenses payable by us, other than the underwriting commission, are estimated to be U.S.$ and will be paid by us from the general funds of the Corporation. The terms of the offering were established through negotiations between us and the Underwriters. The obligations of the Underwriters under the Underwriting Agreement are several (and not joint or joint and several) and may be terminated at their discretion, subject to certain conditions, following a suspension of trading on certain stock exchanges, a banking moratorium, an outbreak or