Company: TCPA
Filing Date: 2025-02-20
Form Type: SUPPL
Source: 0001193125-25-030844
Chunk: 19

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-02-20
Form: SUPPL
Chunk 19
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ordinated notes, or securities convertible into subordinated notes, during the 12-monthperiod prior to the date hereof. EARNINGS COVERAGE The following financial ratio for TCPL has been calculated on a consolidated basis for the 12-monthperiod ended December 31, 2024 and is based on unaudited financial information of TCPL. The following financial ratio gives pro formaeffect to: (i) the issuance of the Notes, as described in this prospectus supplement, and the intended use of proceeds therefrom; and (ii) the issuance of the notes pursuant to the Canadian Note Offering, as described in this prospectus supplement under the heading “ Recent Developments”, and the intended use of proceeds therefrom (such adjustments being collectively referred to as the “ Post-December 31, 2024 Adjustments”). Adjustments for normal course issuances and repayments of long-term debt subsequent to December 31, 2024 would not materially affect the ratio set forth below and, as a result, have not been made.

|                                                 |     | December 31, 2024 |           |    |
|:------------------------------------------------|:----|:------------------|:----------|---:|
| Earnings coverage on long-term debt and current 
 liabilities                                     |     |                   | 2.4 times | -1 |

| (1) | TCPL’s interest obligations for the 12-month period ended                                                                                                                                                                                 
 December 31, 2024, after giving effect to the Post-December 31, 2024 Adjustments, amounted to approximately $3,486 million. TCPL’s earnings from continuing operations before interest expense and income taxes amounted to approximately 
 $8,237 million for the 12-month period ended December 31, 2024, which is 2.4 times TCPL’s interest requirements for that period.                                                                                                          |

S-15

DESCRIPTION OF THE NOTES

The following description of the terms of the Notes supplements, and to the extent inconsistent therewith supersedes, the description of the general terms and provisions of debt securities under the heading “Description of Debt Securities” in the accompanying prospectus, and should be read in conjunction with that description. In this section, the terms “Corporation”, “TCPL”, “we”, “us” or “our” refer only to TransCanada PipeLines Limited and not to any of its parent, subsidiaries, partnership interests or joint venture investments.

The Notes will be issued under the amended and restated subordinated