Company: TCPA
Filing Date: 2025-10-06
Form Type: SUPPL
Source: 0001193125-25-231083
Chunk: 68

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-10-06
Form: SUPPL
Chunk 68
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 opinion of Blake, Cassels & Graydon LLP as to matters of Canadian law. The statements under “ Certain Income Tax Considerations—Certain Canadian Income Tax Considerations”are set forth herein in reliance upon the opinion of Blake, Cassels & Graydon LLP. The statements under “ Certain Income Tax Considerations—Certain U.S. Federal Income Tax Considerations”are set forth herein in reliance upon the opinion of White & Case LLP. In addition, certain legal matters in connection with the offering will be passed upon on behalf of the Underwriters by Paul, Weiss, Rifkind, Wharton & Garrison LLP. EXPERTS The audited consolidated financial statements of TCE as of December 31, 2024 and 2023 and for each of the years in the three-year period ended December 31, 2024, the audited combined financial statements of South Bow Corporation as of December 31, 2023 and for the period from incorporation on December 15, 2023 to December 31, 2023, and the audited carve-outfinancial statements for the “Liquid Pipelines” business of TCE as of December 31, 2023 and 2022 and for each of the years in the three-year period ended December 31, 2023 and management’s assessment of the effectiveness of internal control over financial reporting as of December 31, 2024 have been incorporated by reference in the prospectus and in the registration statement in reliance upon the reports of KPMG LLP, independent registered public accounting firm, incorporated by reference in the prospectus and in the registration statement, and upon the authority of said firm as experts in accounting and auditing. INTEREST OF EXPERTS As at the date of this prospectus supplement, the partners and associates of Blake, Cassels & Graydon LLP, as a group, and the partners and associates of White & Case LLP, as a group, beneficially own, directly or indirectly, less than 1% of any class of securities of the Corporation or TCE. In connection with the audit of TCE’s annual financial statements for the year ended December 31, 2024, KPMG LLP confirmed that they are independent within the meaning of the relevant rules and related interpretations prescribed by the relevant professional bodies in Canada and any applicable legislation or regulations and also that they are independent accountants with respect to the Corporation and TCE under all relevant U.S. professional and regulatory standards. S-41

SHORT FORM BASE SHELF PROSPECTUS