#1TC Energy WELCOME TO TC Energy's 2022 Investor Day TC Energy TC Energy HX V-102 00000 00000 100000 E-NE R-GY FIL-101 HOMEXINA#2Forward-looking information and non-GAAP measures This presentation includes certain forward looking information, including but not limited to, statements regarding the Corporation's projected 2022- 2026 comparable EBITDA, expected cash flows, future financing options available including divestitures, expected dividend growth, expected access to and cost of capital, expected schedules and costs of planned projects, the future growth of our core businesses, expected energy demand levels, the sustainability commitments and targets contained in our 2022 Report on Sustainability and our GHG Emissions Reduction Plan, the installation, adoption and integration of new technologies into our business, including hydrogen production hubs, renewable natural gas transportation hubs and carbon transportation and sequestration systems, future oriented financial information or financial outlook, which is intended to help current and potential investors understand management's assessment of our future plans and financial outlook, and our future prospects overall, including statements relating to energy transition. Statements that are forward-looking are based on certain assumptions and on what we know and expect today and generally indude words like anticipate, expect, believe, may, will, should, estimate, intend or other similar words. Forward-looking statements do not guarantee future performance. Actual events and results could be significantly different because of assumptions, risks or uncertainties related to our business or events that happen after the date of this presentation. Our forward-looking information is based on certain key assumptions and is subject to risks and uncertainties, including but not limited to. the realization of expected benefits from divestitures, expected industry, market and economic conditions, our ability to successfully implement our strategic priorities and whether they will yield the expected benefits, our ability to develop a capital allocation strategy aligned with maximizing shareholder value, access to capital markets, the operating performance of our pipeline, power and storage assets, amount of capacity sold and rates achieved in our pipeline businesses, the amount of capacity payments and revenues from our power generation assets due to plant availability, production levels within supply basins, anticipated construction costs, schedules and completion dates of capital projects, cost and availability of, and inflationary pressure on labour, equipment and materials, the availability and market prices of commodities, interest, tax and foreign exchange rates, performance and credit risk of our counterparties, regulatory decisions and outcomes of legal proceedings, induding arbitration and insurance claims, our ability to effectively anticipate and assess changes to government policies and regulations, including those related to the environment, our ability to realize the value of tangible assets and contractual recoveries, competition in the businesses in which we operate, unexpected or unusual weather, acts of civil disobedience, cybersecurity and technological developments, ESG-related risks, impact of energy transition on our business, economic conditions in North America as well as globally, global health crises, such as pandemics and epidemics and the unexpected impacts related thereto. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking statements due to new information or future events, unless we are required to by law. You can read more about these factors and others in the MD&A in our most recent Quarterly Report to Shareholders and in other reports we have filed with Canadian securities regulators and the SEC, induding the MD&A in our most recent Annual Report. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to our most recent quarterly report and 2021 Annual Report filed under TC Energy's profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission at www.sec.gov and the "Forward-looking information" section of our 2022 Report on Sustainability and our GHG Emissions Reduction Plan which are available on our website at www.tcenergy.com. This presentation contains reference to certain financial measures (non-GAAP measures) that do not have any standardized meaning as prescribed by U.S.generally accepted accounting principles (GAAP) and therefore may not be comparable to similar measures presented by other entities. These non-GAAP measures may include Comparable Earnings Before Interest, Taxes, Depreciation and Amortization (Comparable EBITDA) and Funds Generated from Operations. The most directly comparable equivalent GAAP measures are, respectively, segmented eamings and net cash provided by operations. Reconciliations to the most directly comparable GAAP measures are induded in this presentation. Refer to the MD&A in our most recent Quarterly Report for more information about the non-GAAP measures we use and reconciliations, which section of the MD&A is hereby incorporated by reference. Our Quarterly Report to Shareholders is filed with Canadian securities regulators and the SEC and available at www.tcenergy.com under Investors. 2#3TC Energy 2022 INVESTOR DAY Safety and inclusion moment Zero is real Tina Faraca President, U.S. Natural Gas Pipelines www R www ww wwwwww REGULATOR + + TC Energy ©#4SAFETY AND THE IMPERATIVE OF INCLUSION Inclusivity helps build trust, so people feel psychologically safe to speak up, ask questions and safely perform their work A diverse and inclusive culture drives collaborative solutions and enhances performance. 4#5TC Energy 2022 INVESTOR DAY Strategic overview François Poirier President and Chief Executive Officer 08 V-101 TC Energy H H#6Today's agenda Safety and inclusion moment Strategic overview Finance outlook Break U.S. & Mexico Natural Gas Pipelines Canadian Natural Gas Pipelines Q&A-Natural Gas Pipelines Break Tina Faraca François Poirier Joel Hunter Stanley G. Chapman, III Bevin Wirzba Presentations 7:55 a.m. - 11:00a.m. Breakout sessions 11:00a.m. 12:00 p.m. Liquids Pipelines Bevin Wirzba Power & Energy Solutions Corey Hessen Q&A - Liquids Pipelines and Power & Energy Solutions Closing remarks / final Q&A#72022 INVESTOR DAY Our objectives today 600 A40 + ST $ Showcase sustainable growth in cash flows Demonstrate the resiliency of our portfolio Provide a clearly defined funding plan 00000 oooooooo 000 00000 00000 7#8TC ENERGY Reaffirming our value proposition Co LONG-TERM VIEW Strategic outlook is grounded in fundamentals DISCIPLINED APPROACH Adherence to well-established, conservative risk preferences Strong performance in 2022 + The strength of our utility-like business model + Our focus on safety and operational excellence $ RESILIENCE Financial strength and flexibility at all points of the economic cycle Aja CAPITAL ALLOCATION Balances sustainable dividend growth and reinvestment The value of our long-term relationships and partnerships Leveraging our competitive strengths to move, generate and store the energy North America relies on in a secure and sustainable way North America's high demand for our essential services + H HI + 1 8#9STRATEGIC ADVANTAGE A highly integrated North American footprint One of the largest natural gas networks spanning North America Connecting lowest cost basins to the largest demand markets CG μm (H₂ + 30 years of experience in the power business ųm Synergies across business segments to extend low-carbon solutions Uniquely positioned to capture natural gas, liquids and energy transition opportunities 0 O um RNG μm Natural Gas Pipelines Liquids Pipelines Natural Gas terminals Liquids terminals Nuclear power generation Natural gas power generation Wind power generation Solar power generation Pumped hydro storage RNG Lynchburg Renewable Fuels (H2) Hydrogen hub C Alberta Carbon Grid my LNG exports TM#10LONG-TERM VIEW Strategic outlook is grounded in fundamentals Continued demand for natural gas and oil along with low-carbon sources of energy to provide unprecedented growth opportunities. 10#112022-2050 NORTH AMERICAN ENERGY MIX Strategy is grounded in fundamentals 00000 10 000 00 00 2022 33% 38% 10% 5% 5% 9% 2030 38% 37% 3% 6% 8% 8% 2050 7% 31% 1% 6% 19% Oil Natural gas Coal Nuclear Renewables & hydro Other (1) Resilience tested against a wide range of scenarios, including accelerated energy transition (1) Includes modern biomass, solid waste, traditional biomass (used in the domestic sectors; includes charcoal, wood, bagasse), ambient heat, and net trade of electricity, hydrogen and heat. Source: IHS Markit's Energy and Climate Scenarios, 2022 (now a part of S&P Global Commodity Insights), O2022 by S&P Global Inc. All rights reserved. 36% 11#12NATURAL GAS FUNDAMENTALS Natural gas markets showing strength through 2050 Natural gas production by basin, North America Bcf/d 120 90 861 60 30 0 2022 2030 Natural gas demand by sector, North America Bcf/d 150 Appalachia 100 Haynesville 50 Montney Permian 2050 LNG exports by terminal, North America Bcf/d 30 20 10 0 2022 2030 2050 2022 2030 2050 Global LNG demand LNG Canada Bcf/d Golden Pass 150 Driftwood New/expansions Cameron 100 Freeport Corpus Christi 50 50 Calcasieu Pass Sabine Pass Other(2) 0 2022 2030 2050 LNG exports Transportation Hydrogen generation Other (1) Commercial Residential Industrial Electric power Asia Europe Other (1) Includes energy sector uses, distribution losses, and statistical differences. (2) Includes Costa Azul, Cove Point, Elba Pass, Plaquemines, and Woodfibre. Sources: IHS Markit's North American Natural Gas Long-Term Outlook, Energy and Climate Scenarios, and LNG Supply-Demand Gap, 2022 (now a part of S&P Global Commodity Insights), O2022 by S&P Global Inc. All rights reserved.; Internal forecasts 12#13NATURAL GAS FUNDAMENTALS Highlighting the emissions reduction benefits of coal-to-gas switching Coal vs. natural gas emissions lbs. CO₂/MMBtu Coal -48% 00000 00000 Ос ooooo oooooooooo Coal retirements, North America GW (cumulative) 250 200 150 Natural gas 100 223 0000 00000 00000 + A LOWER-CARBON FUTURE • Natural gas emissions are approximately half that of coal in power generation Switching has reduced emissions in Alberta's power supply by 30%/kWh from 2015-2020 • 17GW of coal power within 15 miles of our ANR and Columbia systems set to retire by 2030 117 50 50 0 2022 2030 2050 Safely delivering natural gas is a key component of the energy transition Sources: U.S. Energy Information Administration (EIA) Carbon Dioxide Emissions Coefficients; IHS Markit's Energy and Climate Scenarios, 2022 (now a part of S&P Global Commodity Insights), O2022 by S&P Global Inc. All rights reserved. + A KEY BRIDGE FUEL • A vital lower-carbon source to supplement intermittent renewable power 13#14LIQUIDS FUNDAMENTALS North American oil production expected to remain robust MM bbl/d 20 20 Crude oil production, North America Global oil demand MMbbl/d 120 15 10 5 80 40 0000 00000 00000 0000000000 0 0 2022 2030 2050 Canadian production (TCOO 2022) U.S. production (TCOO 2022) 2022 North American demand (Inflections 2022) Other global demand (Inflections 2022) 2030 2050 Note: MMbbl/d = Million barrels per day Sources: TC Energy Oil Fundamentals; TC Energy Oil Outlook (TCOO 2022). IHS Markit's Annual Strategic Workbook, 2022 (now a part of S&P Global Commodity Insights), O2022 by S&P Global Inc. All rights reserved. + RESILIENT SUPPLY Canadian production expected to remain resilient in the long run versus U.S. ROBUST REFINING ACCESS Providing direct access to the largest refineries in the world, PADD 2 and PADD 3 + DIRECT TIDEWATER LINK Export market egress to supply strong global demand outlook 14#15POWER FUNDAMENTALS North American power demand continues to grow Power demand, North America TWh CAGR 2030-2050 1.3% 8,000 CAGR 2022-2030 0.8% 6,000 4,000 2,000 00000 ooooo Ос 00000 0000000000 Capacity additions & retirements, North America GW 2,000 1,500 1,000 500 0 (500) (1,000) 2022 2025 2030 2035 2040 2045 2050 0 2022 2030 2050 Battery storage Coal retirements Solar Wind Natural gas Other (1) Renewable retirements Other retirements (2) Net (1) Includes coal, geothermal, oil, nuclear, and pumped hydro. (2) Includes natural gas, nuclear, and oil. Source: IHS Markit's Energy and Climate Scenarios, 2022 (now a part of S&P Global Commodity Insights), ©2022 by S&P Global Inc. All rights reserved. 00000 + MULTIPLE RESOURCES NEEDED • Rising power demand will require an 'all-of-the-above' solution GROWTH THROUGH 2050 • Decarbonization drives bulk of growth from wind, solar, battery storage and pumped hydro + RELIABILITY AND SECURITY Natural gas generation continues to play important role 15#16ENERGY SOLUTIONS FUNDAMENTALS Hydrogen and CCUS to grow in North America Regardless of the pace of adoption for low-carbon energy solutions, TC Energy is investing to align with evolving customer demand Hydrogen production, North America CO2 captured, North America 00000 + LEVERAGING OUR FOOTPRINT North America-wide footprint is a springboard for low- carbon energy solutions + CUSTOMER DRIVEN MMtoe MMt CO2e 2X 5X 400 200 100 200 14X 39X • Partnering with end-users to develop customer-driven solutions + STRATEGIC BETS ● Capital-light investments building internal capacity in low-carbon solutions and new technologies + PORTFOLIO MIGRATION 0 0 2022 2050 2050 2022 Blue hydrogen (Inflections 2022) (Green Rules 2022) Green hydrogen Grey hydrogen 2050 2050 (Inflections 2022) (Green Rules 2022) Investments align with our long-term portfolio migration strategy Note: MMtoe = Million metric tons of oil equivalent MMt CO₂e Million metric tons of CO2 equivalent Source: IHS Markit's Energy and Climate Scenarios, 2022 (now a part of S&P Global Commodity Insights), O2022 by S&P Global Inc. All rights reserved. 16#17RUNWAY FOR GROWTH Expect to sanction $5+ billion of growth projects in each of the next several years Today $34 billion* secured capital program *Figures do not include impact of potential asset sales or further revisions to Coastal GasLink project costs. Substantial suite of future opportunities USNG delivery market projects Coal-to-gas switching Mm LNG Bruce Power Ontario Pumped Storage Other in-corridor growth C Alberta Carbon Grid™ (H2) Hydrogen hubs × Maintenance capital 00000000 Small modular reactors Canyon Creek Pumped Storage 0000000000 அ Modernization CO₂ Decarbonization opportunities @ 00000 RNG Renewable natural gas hubs Renewable energy contracts 17#18DISCIPLINED APPROACH Capital allocation consistent with risk/return preferences Expected 7-9% IRR Expected 3-5% dividend growth Long-term contracted or rate-regulated GHG profile E RNG CO₂ Policy support Market fundamentals Risk preferences met 00 Organizational capabilities Southeast Gateway Pipeline Gillis Access 24x7 00 00000 00000 00000 18 00000 00000#19CAPITAL ALLOCATION Balances sustainable dividend growth and reinvestment Our job is to prosecute our unmatched opportunity set, while aligning with our financial and human capacity. 19#20CAPITAL ROTATION IS A CORE COMPETENCY Expected goal through 2023: Raise $5 billion+ from the sale of discrete non-core assets and/or minority interests *Debt-to-EBITDA Objectives • Accelerate deleveraging* target of 4.75x from 2026 • Fund high-value · incremental growth projects Achieve longer-term portfolio migration Considerations for capital rotation Valuation • Pro forma impact on per share and credit metrics Pro forma growth trajectory to 2026 and beyond Simple corporate structure Sustainability goals • Proven track record Successfully executed over $11 billion divestiture program between 2017 and 2020 Reduced leverage* from >6x in 2016 to <5x in 2019 Delivered an 8% EBITDA CAGR between 2017-2020 20#21LOOKING BACK AT TC ENERGY'S HISTORY A decade of deliverability $Billions 12 10 1 6.6x* D/EBITDA 1 4.8x* 1 4.9x* D/EBITDA Sold Cartier Wind multiple Sold Ontario natural gas-fired power plants Sold Northern Courier, Columbia Midstream, Coolidge Generating Station Sold TC Hydro, U.S. Northeast Power and Ontario solar assets 7 + SUCCESSFUL HISTORY OF CAPITAL ROTATION • Generated >$11 billion in asset sale proceeds between 2017-2020 Proven ability to delever while growing comparable EBITDA (¹) COLUMBIA PIPELINE GROUP: 8 Acquired CPG (2) 6 4 A STRATEGIC ACQUISITION 6 5 Created one of North America's largest regulated natural gas businesses linking to the most prolific 2 natural gas supply basins 0 4 • 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022E Supported future dividend growth Comparable EBITDA (1) D/EBITDA (1) Comparable EBITDA is a non-GAAP measure. See the forward-looking information and non-GAAP measures slide at the front of this presentation for more information. Segmented earnings is the most directly comparable GAAP measure. Please refer to Appendix A for reconciliations. (2) CPG: Columbia Pipeline Group *Based on S&P credit rating methodology. · Complemented existing regulated assets 21#22NET ZERO BY 2050 Focused on supporting global climate goals Abatements assessment 2022-2050 70-80% Decarbonizing our consumption and lowering emissions intensity (TC Energy Scope 1+2 reductions) • VNBR • Gillis Access • Renewable energy contracts • Elwood Power · • • Wisconsin Access, VR and WR Projects EVCS* convert methane to water Shifting company vehicle fleet to electric Leverage carbon offsets where necessary TC Energy targets + 30% GHG emissions intensity reduction by 2030 Position to achieve net-zero GHG emissions from operations by 2050 Supporting global climate goals Investing in low-carbon technologies to support global and customer GHG-reduction targets (Global Scope 1+2 reductions) • Bruce Power Life Extension/Project 2030 • Ontario Pumped Storage 20-30% Modernizing our systems and assets and driving digital solutions (TC Energy Scope 1+2 reductions) • • • Multi-sensor methane surveillance using drones, aerial and satellites Reducing venting with portable compression Digitizing GHG emissions data collection • • R&D focused on asset integrity, cost competitiveness and energy transition Dry gas seal capture and reinjection • Autonomous pipeline controls optimization The percentages identified represent our current abatement assessment. We recognize the quantum and composition of each abatement focus area will change over time as technology and innovation develops. *Enclosed Vapour Combustors (EVCs) • Hydrogen hubs with Hyzon and Nikola • Strategic investment in Carbon Clean • Coastal GasLink Pipeline • Southeast Gateway pipeline • Alberta Carbon GridTM • GreenGas USA RNG hubs Canyon Creek Pumped Storage • Saddlebrook Solar + Storage . Lynchburg Renewable Fuels 22#23Our 2022-2026E strategic priorities E-NE R-GY P-RDB-LEM S-OL VE-RS Enhance balance sheet strength and flexibility Accelerate our target of 4.75x debt-to-EBITDA 0 0 O 00000 0 0000 00 000 $ 000 00 ooooo 000 Focus on project execution and operational excellence Execute our $34 billion secured capital program Increase returns on our assets through revenue enhancements and cost reductions Deliver comparable EBITDA (1) growth target of 6% CAGR by 2026 Decarbonize our business and capitalize on low-carbon opportunities Power & Energy Solutions building to 10-15% of comparable EBITDA (1) (1) Comparable EBITDA is a non-GAAP measure. See the forward-looking information and non-GAAP measures slide at the front of this presentation for more information. 23#24о 00 OOOOO 0 Our team of energy problem solvers ED FRANÇOIS POIRIER President and Chief Executive Officer JOEL HUNTER Executive VP and Chief Financial Officer STANLEY G. CHAPMAN, III Executive VP and Group Executive, U.S. and Mexico Natural Gas Pipelines BEVIN WIRZBA Executive VP, Strategy and Corporate Development & Group Executive, Canadian Natural Gas Pipelines and Liquids Pipelines COREY HESSEN Executive VP and President, Power & Energy Solutions 00 OOOOO 0 00000 000000000 00000 000 о ooooo 00000 00000 ooooooo PATRICK KEYS Executive VP, Chief Sustainability Officer and General Counsel DAWN DE LIMA JAWAD MASUD PATRICK MUTTART Executive VP, Corporate Services Senior VP, Technical Centre Senior VP, Stakeholder Relations 24#25TC Energy 2022 INVESTOR DAY Finance outlook 00 pooooo 00000 OOOOO Joel Hunter Executive Vice-President and Chief Financial Officer TC Energy Angel HyFlex#26RESILIENCE Financial strength and flexibility at all points of the economic cycle 26#27A UTILITY-LIKE BUSINESS MODEL Resilient value creation through multiple economic cycles Maintaining dividend growth 22 consecutive years of common share dividend increases with 3-5% expected future growth per annum $Billions 10 $3.60* Comparable EBITDA (1) Performance - 2000-2022E $0.80 2000 CAGR 7% 8 6 4 2 En ron Merchant power demise collapse Oil price collapse Shale revolution Financial crisis COVID-19 & OPEC MLP distress Russia- Ukraine war 0 2000 2005 2010 2015 2020 2022E 2022 *Annualized based on fourth quarter 2022 dividend declared of $0.90 per share. See the forward-looking information and non-GAAP measures slide at the front of this presentation for more information. (1) Comparable EBITDA is a non-GAAP measure. See the forward-looking information and non-GAAP measures slide at the front of this presentation for more information. Segmented earnings is the most directly comparable GAAP measure. Please refer to Appendix A for reconciliations. 27#28STABLE AND RESILIENT CASH FLOWS 2022E Comparable EBITDA (1) mix REGULATED - 67% U.S. Natural Gas Pipelines -39% • FERC regulated LONG-TERM CONTRACTED - 28% Other - 5% Canadian Natural Gas Pipelines-28% Liquids Pipelines -13% • Full cost-of-service with CER regulation Mexico Natural Gas Pipelines- 8% Long-term contracts with blue-chip counterparties • Take-or-pay, long- term contracts in U.S. dollars Bruce Power and contracted Power and Energy Solutions-7% • Bruce contracted to 2064 with Ontario IESO ~95% of comparable EBITDA (¹) from regulated and long-term contracts (1) Comparable EBITDA is a non-GAAP measure. See the forward-looking information and non-GAAP measures slide at the front of this presentation for more information. 28#29DISCIPLINED APPROACH Adherence to well-established, conservative risk preferences 2022-2026E outlook provides 6% comparable EBITDA (1) CAGR, deleveraging priorities and the ability to capitalize on future opportunities. (1) Comparable EBITDA is a non-GAAP measure. See the forward-looking information and non-GAAP measures slide at the front of this presentation for more information. 29#3000000 ooooooo000 00000 0 REAFFIRMING STRATEGIC PRIORITIES A steadfast and consistent approach to our long-term strategy ooooo 2017 Our Strategic Prioritie 2018 M Six Key Strategic 2019 Execut Advance ove ✓ Deliver en Our long-term suc 2020 our fundamental belief that ... Cultiv Global energy d . Our proven, low Successful long-t 2021 riven by... ✓ Execute $3 Our broad netw Our people have . A consistent ap Our financial str • A focus on lon • A low-risk bus ☑ ✓ Cultivate • A network of H . A demonstrate Our core principles + LONG-TERM VIEW Strategic outlook is grounded in fundamentals 00000 0 0000 ooooo 00000 00000 + DISCIPLINED APPROACH Adherence to well-established, conservative risk preferences + CAPITAL ALLOCATION Balances sustainable dividend growth and reinvestment Core principles drive compelling value proposition Core principles Unique value proposition LONG-TERM VIEW-Strategic outlook is grounded in fundamentals DISCIPLINED APPROACH-Adherence to well-established, conservative risk preferences CAPITAL ALLOCATION-Balances sustainable dividend growth and reinvestment RESILIENCE-Financial strength and flexibility at all points of the economic cycle Assets are critical to North American prosperity Over 95% of EBITDA comes from regulated and long-term contracted assets ● Superior shareholder returns with a focus on per share metrics $29 billion of projects with over $5 billion/year expected to be sanctioned + RESILIENCE Financial strength and flexibility at all points of the economic cycle 30#312022 20 26 E COMPARABLE EBITDA (1) OUTLOOK Fully sanctioned 6% comparable EBITDA (1) CAGR $Billions 14 12.5 12 CAGR 6% 10 9.7 80 6 4 2 0 OOOOO + Reflects current portfolio of high-quality, secured projects expected to enter service by 2026 OOOOOO 0000 00000 OOOOO 00000 OOOOO 00000 000000000 0 00000 00000 0 00000 2022E 2026E Canadian Natural Gas Pipelines U.S. Natural Gas Pipelines Mexico Natural Gas Pipelines Liquids Pipelines Power & Energy Solutions + ~95% from regulated and long-term contracted assets + Additional growth expected from: ● Ongoing in-corridor expansions, extensions and modernization programs Energy transition opportunities Optimization of latent capacity (1) Comparable EBITDA is a non-GAAP measure. See the forward-looking information and non-GAAP measures slide at the front of this presentation for more information. Average foreign exchange assumption USD/CAD: 1.31 Note: Figures do not include impact of potential asset sales. 31#32Capital expenditure program delivering long-term value $Billions 12 2022 - 2026E CAPITAL OUTLOOK 10 9.6 9.5 00000 OOOOO 00000 oooooooo 00000 00000 000000000 0 00000 1.8 2.1 8 0.7 6.7 0.1 0.9 6.4 1.1 16 2.3 1.9 1.4 2.9 4 0.8 0.9 3.7 0.8 1.5 1.9 2.1 2 4.4 2.5 о 00000 0 00 >$7B funded through capital rotation <$5B accelerates deleveraging Total maintenance capital 0.9 2.2 1.2 0.7 0.3 0.3 -0.2 2022E 2023E Canadian Natural Gas Pipelines U.S. Natural Gas Pipelines 2024E Mexico Natural Gas Pipelines 2025E 2026E Liquids Pipelines Power & Energy Solutions Average foreign exchange assumption USD/CAD: 1.31 Note: Figures do not include impact of potential asset sales or further revisions to Coastal GasLink project costs. Industry leading $34 billion, fully sanctioned secured capital program Annual maintenance capital 2022-2026E ~90% has opportunity to earn a return on and of capital through current and future tolls Portfolio expected to deliver a weighted average unlevered after-tax IRR of 7-9% 0 32#332022- 2026 E OUTLOOK Optimally funding our capital program $ Billions 60 50 40 Capital expenditures 36 30 Funds 20 generated from operations¹) 39 10 Dividends 20 0 3 Net longterm debt and hybrids 11 August 2022 equity issuance and DRP 3 Commercial paper, KXL recoveries and other OOOOO 00000 00000 00000 0 OOOOO 00000 о 0 00000 0 OOOOO 0000000000 OOOOO 000000 Uses Sources (1) Funds generated from operations is a non-GAAP measure. The most directly comparable measure presented in our financial statements is net cash provided by operations. See the forward-looking information and non-GAAP measures slide at the front of this presentation for more information. Note: Figures do not include impact of potential asset sales or further revisions to Coastal GasLink project costs. Incremental debt capacity through predictable comparable EBITDA (1) growth Well-supported commercial Access to debt capital markets paper programs in Canada and the U.S. ~$11 billion of committed revolving credit facilities 33 on compelling terms#342 0 2 6 E AND BEYOND Building a self-funding growth trajectory Illustrative example of annualized figures* + Ability to sustainably support a self-funded model and a 3-5% dividend growth rate ~70% comparable 3-5% EBITDA (1) annual conversion growth Maintaining 4.75x ~$2 Billion $5-6 Billion 2026E+ comparable EBITDA¹) Financial charges, cash taxes FGFO1) Dividends Discretionary Incremental Recoverable cash flow debt capacity maintenance capital Growth capital and other Highlighting the strength of our portfolio and financial position (1) Comparable EBITDA and funds generated from operations (FGFO) are non-GAAP measures. See the forward-looking information and non-GAAP measures slide at the front of this presentation for more information. *Note: Illustrative scenario does not include impact of potential future asset sales. + Investing in high-quality growth projects that support a comparable EBITDA (1) growth rate consistent with our historical level + New projects compete with share buybacks ✦ Balance sheet strength and flexibility supports maintenance of 4.75x debt-to-EBITDA ratio 34#35OPTIMIZING AND MANAGING OUR DEBT PORTFOLIO Prioritizing our balance sheet and deleveraging 35#36FINANCIAL STRENGTH AND FLEXIBILITY Capital rotation to accelerate deleveraging target from 2026 Top-tier credit ratings TransCanada PipeLines Limited credit ratings and outlook reaffirmed post-August 4, 2022 equity issuance. S&P Global BBB+ Stable MOODY'S Baa1 Stable A + Outlook results in debt-to-EBITDA below 4.75x target by 2026 Asset sales to accelerate target + Provides significant optionality to: Reduce leverage Fund future growth Increase dividends Fitch Ratings A- Negative MORNINGSTAR DBRS (low) Stable 36#37BALANCED AND MANAGEABLE 2022- 2026 Long-term debt maturity profile. $Billions 3.0 Strong and balanced debt profile + Low sensitivity to interest rate changes 2.0 1.0 0.0 2022 2023 2024 2025 2026 USD FX CAD Average foreign exchange assumption USD/CAD: 1.31. + ~85% of long-term debt is fixed rate Average term of ~20 years to final maturity 37#38FURTHER EMBEDDING ESG ACROSS THE BUSINESS Supported by a strong governance foundation with Board and Committee oversight COMPENSATION Corporate scorecard includes 50% weighting towards progressing ESG priorities and enabling energy transition FINANCING $3 billion 5-year Sustainability-Linked Loan Tied to GHG emissions reduction and gender diversity (1) CAPITAL ALLOCATION Climate and stakeholders considered alongside fundamentals, risk and return preferences DISCLOSURE Aligned with leading global frameworks and standards TCFD TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES STAINABILITY UNTING SASB STANDARDS BOARD (1) Metrics for the SLL include: GHG emissions intensity and women in leadership in corporate offices 38#392023 OUTLOOK Well positioned to deliver long-term shareholder returns 39#40GROWTH UNDERPINNED BY SUPERIOR OPERATIONAL PERFORMANCE 2023E Comparable EBITDA (1) outlook and sensitivities 9.4 Expected i to be ~4% higher Expected to be ~5-7% higher + Interest rate: A +/- 25 bps ● Financial charges: $15MM • EPS: ~$0.01/share + Foreign exchange: A +/- $0.01 USD/CAD EBITDA: $45MM ● EPS: ~$0.02/share (on unhedged USD net income) + Inflation: A +/- 1% (+/- assumed rate) ⚫ EBITDA: $10MM EPS: ~$0.01/share 2021 2022E 2023E* (1) Comparable EBITDA is a non-GAAP measure. See the forward-looking information and non-GAAP measures slide at the front of this presentation for more information. Segmented earnings is the most directly comparable GAAP measure. Please refer to Appendix A for reconciliations. *Foreign exchange assumption USD/CAD: 1.30 Note: Figures do not include impact of potential asset sales. 40#41FINANCIAL MODELER'S TOOLKIT Financial risks and levers Interest rates • • Debt portfolio ~85% fixed rate; average term of 20 years to final maturity Regulatory and commercial arrangements mitigate impact of rate movements Income tax Depreciation Foreign exchange Expected normalized income tax rate in mid-to-high teens-excludes Canadian Natural Gas Pipelines regulated income as well as equity AFUDC in the U.S. Split between current and deferred oscillates in 40% to 60% band On average represents ~2.5% of gross property, plant and equipment per annum • Lever to manage return of capital based on expected economic life of assets Structurally long ~US$2.0 billion per annum after-tax income; actively hedge residual exposure over rolling 36-month horizon 2022 year-to-date comparable EBITDA (1) translated at an average rate of 1.29 versus 1.25 in 2021 2022 year-to-date comparable EPS (1) hedged at an average rate of 1.29 (1) Comparable EBITDA and comparable EPS are non-GAAP measures. See the forward-looking information and non-GAAP measures slide at the front of this presentation for more information. 41#42DELIVERING LONG-TERM SHAREHOLDER VALUE TC Energy's proven value proposition 00000 000 { 600 Dividend growth outlook 000 T $ Impressive track record 22 consecutive years of common share dividend increases ~5.5% dividend yield (1) 12% average annual total shareholder return since 2000 ΙΕ Significant growth opportunities supported by a robust funding plan $34 billion secured capital program 00 Sustainability a key strategic priority Sustainability-Linked Loan launched November 1, 2022 (1) Based on closing price of $64.85 on November 22, 2022 (2) Indicators include Scope 1 and 2 GHG emissions, corporate GHG emissions intensity, women in leadership positions in corporate locations Accelerating deleveraging target from 2026 Hosted inaugural ESG Forum in June 2022 Obtained independent 3rd party limited assurance on select ESG indicators (2) 42#430,01 AZ 0000 0,03 B Maces 70,9-0,1 G shar 0,4/ 7-0 NALEE TC Energy ၁ဝဝ OOOOO BREAK WE WILL RESUME SHORTLY TODAY IS GIVING TUESDAY Visit the TC Energy Community Portal, make a donation to your preferred cause, and get a 3:1 match. Visit tcenergy.benevity.org/community#44TC Energy 2022 INVESTOR DAY U.S. Natural Gas Pipelines Stanley G. Chapman, III Executive Vice-President & Group Executive U.S. and Mexico Natural Gas Pipelines 14° 30' 25 25 77 22° 30' 18° 77 O 45 55 40% 47 D 45°#45U.S. NATURAL GAS PIPELINES Irreplaceable North American network • • • • Strong fundamentals driving opportunity-rich environment Tracking to 6th consecutive year of record. comparable EBITDA (1) and US$1.8 billion of capital in-service in 2022 Expert team safely and reliably delivers ~27% of U.S. average daily demand ~30% of U.S. LNG feedgas transported by USNG • Greater than 90% revenues under generally long-term, take-or-pay contracts predominantly with investment-grade counterparties GTN Bison Tuscarora Northern Border Natural gas pipeline In development/construction Natural gas storage Portland Great Lakes North Baja ANR (1) Comparable EBITDA is a non-GAAP measure. See the forward-looking information and non-GAAP measures slide at the front of this presentation for more information. Columbia Gulf Columbia Gas Iroquois Millennium -Crossroads 45#46OUR EXPANSIVE FOOTPRINT A continental energy company Synergies across geographies and businesses solidify our role in North America's energy landscape 35% WCSB production exported to U.S. via USNG Canada 100Bcf/d Largest natural gas market in the world 60%+ Mexico demand growth 2022-2040E oooo N N CANADA Source: Internal and consensus estimates S United States UNITED STATES Represents cross-border connection point Mexico MEXICO ooooo 00000 о ooooooo000 00000 00000 00000 0000000000 + TICKET SOUTH • Canadian Natural Gas Pipelines and USNG together provide critical access to markets across North America + SIZE AND SCALE • Unparalleled connectivity from northern Canada to the U.S. Gulf Coast Leveraging our USNG footprint to originate new customer solutions across the value chain + GAS IS THE ENABLER • Mexico economic growth powered by natural gas Mexico's connections to U.S. supply essential for development 46#47US NG 2022-2026E COMPARABLE EBITDA (1) OUTLOOK Best-in-class network with traditional and transitional opportunities to grow C$ Billions 5.0 4.0 3.0 2.0 1.0 0.0 2022E CAGR 5% 4.8 3.9 2026E OOOOO 0000000000 О 00000 OOOOO OOOOOOOOOO O 00000 00000 00000 0 00000 2022 average foreign exchange assumption USD/CAD: 1.28; 2026 average foreign exchange assumption USD/CAD: 1.33 (1) Comparable EBITDA is a non-GAAP measure. See the forward-looking information and non-GAAP measures slide at the front of this presentation for more information. + Comparable EBITDA (¹) growth derived from secured capital program and asset optimization + Strong fundamentals, solid strategic vision and consistent execution + Multiple platforms for growth: Optimization/modernization of assets •Traditional in-corridor growth, including next-wave LNG, LDC, power generation • and supply access Extend our low-carbon solutions and synergistic opportunities 47#48U.S. NATURAL GAS FUNDAMENTALS Strong demand supports near and long-term growth U.S. natural gas demand growth Bcf/d (incremental from 2021 at 91 Bcf/d) 25 Total demand growth 2021 - 2030 +27% 20 15 10 5 0 2022E Basin production forecast Bcf/d 40 30 20 10 0 2022E Source: Internal TC Energy forecasts 2026E 2030E 2026E 2030E 2022 ENERGY THEMES + SECURITY Reinforces the importance and value of stable infrastructure for meeting near and long-term energy needs U.S. LNG exports Electric + RELIABILITY Industrial U.S. exports to Mexico ResComm • Natural gas proves exceptionally reliable as the "always on" fuel, and a critical foundation for the ongoing buildout of renewables ―Appalachia Permian -Haynesville + AFFORDABILITY • North American natural gas is abundant pipeline connectivity - makes gas accessible, affordable and reduces pricing volatility for customers 48#49ANR Columbia Gulf LNG OPPORTUNITIES Strategic alignment with next wave of LNG • Increasing LNG feedgas market share - as high as 35% by 2025 Haynesville and Appalachia production are core to meeting Louisiana demand Gillis Access will feed Louisiana markets and next-wave LNG • Permian key to meeting Texas and Mexico demand Global LNG Pricing Permian Basin Haynesville 21+ Bcf/d U.S. LNG exports by 2030 Global LNG demand and supply forecast US$/MMBtu $120 $80 $40 $0 2019 -TTF -JKM -Henry Hub Bcf/d 80 2020 2021 2022 Source: Bloomberg (prices); IHS Markit's Annual Strategic Workbook, 2022 (now a part of S&P Global Commodity Insights), ©2022 by S&P Global Inc. All rights reserved. 60 Other Europe Other Other 40 Europe Canada Other Asia Qatar 20 Asia Qatar U.S. U.S. 0 Demand Supply Demand Supply 49 2022 2030#50STRATEGIC POSITION Strong alignment between fundamentals and asset footprint Target-rich environment across multiple platforms m UNITED STATES US$5B Growth projects in origination 150 ☑ LDC energy security Mm Next-wave LNG 12+Bcf/d Opportunity set ~6-8x Track record of attractive build multiples Supply access Power generation & coal retirements Low-carbon & decarbonization solutions Recoverable maintenance capital & modernization 50#51U.S. NATURAL GAS PIPELINES Corporate strategy alignment and key takeaways B 540 T $ 240 • Showcase sustainable growth in cash flows Tracking to record comparable EBITDA (1) for 6th consecutive year US$3.6 billion of capital in service in 2022/2023 • Security, reliability and affordability underpin longevity of natural gas in energy mix . • • Demonstrate the resiliency of our portfolio. Highly contracted firm capacity Throughput +11% since 2018 Prudent cost recovery across portfolio Modernization grows our rate base, enhances reliability, improves efficiency and reduces our GHG intensity • • Provide a clearly defined funding plan Project execution focused History of attractive 6-8x build multiples • Potential to accelerate rate case timing (1) Comparable EBITDA is a non-GAAP measure. See the forward-looking information and non-GAAP measures slide at the front of this presentation for more information. 51 E#52TC Energy 2022 INVESTOR DAY TC Energía Mexico Natural Gas Pipelines 0,03 B 70,9-0,1 G 064,6-0,1 64,3-0,1 TC Energie R2*1 Splaces 0,4/ Stanley G. Chapman, III Executive Vice-President & Group Executive U.S. and Mexico Natural Gas Pipelines sharp AVENGER ,6 B Z 7-0,1 TC Energia 17 K 066,75 13±0,1 +0 067,5#53● TC ENERGÍA Industry-leading position in a growing natural gas market 30-year history with US$11 billion invested (1) • Critical infrastructure with exclusive strategic location 2 . • Utility-like business model with stable, growing cash flows . • Resilient macro fundamentals and robust natural gas sector dynamics • Alignment between fundamental demand and policy Southeast Gateway pipeline (SGP) expected to deliver a 7x build. multiple Mexico gas demand 35% + 2030 U.S. imports to Mexico 45% + 2030 Operating 6 5 1 2 3 4 1. 2. Topolobampo Mazatlán Guadalajara 8 3 9 4. Sur de Texas 12 10 11 562 5. Tamazunchale 6. VdR North 7. Tula East 8. Mechanically complete VdR Lateral • Placed VdR North and Tula East into service; completed VdR lateral Under construction Under evaluation 9. VdR South 12. Tula Central 10. Tula West 11. Southeast Gateway (1) Inclusive of sanctioned capital, including Southeast Gateway Pipeline (SGP) Source: TC Energy estimate derived from the Mexican government's public sources 53#54MEXICO 2022-2026E COMPARABLE EBITDA (1) OUTLOOK Expecting comparable EBITDA (1) to more than double C$ Billions 2.0 1.5 1.0 0.5 0.7 0.0 2022E 1.7 CAGR 23% 2026E OOOOO 00000 D 0000000000 00000 0000000000 00000 00000 00000 00000 2022 average foreign exchange assumption USD/CAD: 1.28; 2026 average foreign exchange assumption USD/CAD: 1.33 (1) Comparable EBITDA is a non-GAAP measure. See the forward-looking information and non-GAAP measures slide at the front of this presentation for more information. Secured capital program 2022-2026 with a build multiple of 7x- 8x + US$160 million incremental annual EBITDA from TGNH, exclusive of SGP and Tula central, between 2022-2024 + Substantial comparable EBITDA (1) uplift from Southeast Gateway pipeline expected to be in service in mid-2025 54#55MEXICO'S VALUE PROPOSITION Strong alignment between fundamentals and policy 1 ECONOMIC GROWTH AND GROWING NATURAL GAS DEMAND Stable economic outlook post-pandemic Risk allocation and project returns 3 1 Strong macro fundamentals Strategic Alliance CFE 2 2 Government alignment and support 3 • Growing demand from manufacturing export industries CFE growth and modernization drives gas demand from power sector Growing potential for LNG exports from Mexico GOVERNMENT PRIORITIZES NATURAL GAS • Vehicle for economic and social development Reduce emissions from fuel oil and diesel; key transition fuel • Natural gas supply certainty and reliability · U.S. imports complement domestic gas production UTILITY-LIKE BUSINESS MODEL • Long-term, take-or-pay contracts with creditworthy counterparties • TGNH settlement provides recovery on and of all invested capital O • Risk allocation model reduces potential downside of projects ● New capital spend expected to generate returns with 7-8x build multiples Growth underpinned by strong commercial construct 55#56SOUTHEAST GATEWAY Applying learnings to enhance project execution ...attributable to: • Sur de Texas experience and learnings • Robust project planning, estimating and contracting Strong multi-jurisdictional government support ⚫ CFE responsible for land and accelerating permits Strong commercial agreements with cost recovery and off-ramps Upfront equity, CFE equity contribution enhanced by in-country financing Operating TGNH provides operational flexibility and reliability Los Ramones Wahalajara system (Agua Dulce Hub) (Waha Hub) Sur de Texas (TC) 2 (Agua Dulce Hub) 1 3 1. Tamazunchale 2. VdR North 3. Tula East Mechanically complete 4 5 8 6 SGP MILESTONES Q3 2022 TC and CFE Board FID ✓ Secured prime contractors Q4 2022 Commenced steel and concrete weight coating production ✓ Submitted major permit filings Q1 2023 Receive major permits 4. VdR Lateral Under construction Under evaluation 5. VdR South 8. Tula Central 6. Tula West 7. Southeast Gateway Interconnecting supply points Q4 2023 Offshore pipe laying Delivering strong returns and cash flow while mitigating risk May 2025 Expected in-service 56#57MEXICO NATURAL GAS PIPELINES Corporate strategy alignment and key takeaways B $40 • Showcase sustainable growth in cash flows US$160 million incremental annual comparable EBITDA (1) from TGNH, exclusive of SGP and Tula central, between 2022-2024 Developing SGP and advancing Tula Central • Economic and industrial growth drives future expansions . Demonstrate the resiliency of our portfolio. • Prudent history of deploying capital and • • • growing comparable EBITDA (1) Fully contracted assets serving key regions Alignment with government and the CFE via first-of-its kind public-private partnership Natural gas plays a key role in Mexico's energy transition and economic development (1) Comparable EBITDA is a non-GAAP measure. See the forward-looking information and non-GAAP measures slide at the front of this presentation for more information. 園 Provide a clearly defined funding plan Expected US$340 million CFE equity contribution to TGNH • In-country financing bolsters financial position Mexico exposure limited to 10% of overall portfolio V-101 UMT F-101A/D 57 V-102#58TC Energy 2022 INVESTOR DAY Canadian Natural Gas Pipelines 0,01 AZ 0,03 B G 70,9-0,1 071,7-0,1 064,6-0,1 9 เกา B 7-0,1 Z 066 Bevin Wirzba Executive Vice-President, Strategy and Corporate Development and Group Executive, Canadian Natural Gas Pipelines and Liquids Pipelines sharp A D D 17 13±0.1 * 067,5#59CANADIAN NATURAL GAS PIPELINES Key investment characteristics ΕΙ Utility-like business offers sustainable, long- term, predictable cash flow and earnings at all points of the economic cycle. 600 Disciplined growth underpinned by world-class supply/demand fundamentals Critical component of a synergistic North American footprint positioned to prosper across energy transition scenarios North Montney NGTL System Coastal GasLink Foothills Natural gas pipeline In construction Natural gas storage Canadian Mainline TQM Connecting sustainable Canadian natural gas to key demand markets on and off-continent 59#60CANADIAN NATURAL GAS NET INCOME AND INVESTMENT BASE OUTLOOK Highly resilient and stable business © Net Income $Billions 1.2 1.0 0.2 0.8 0.6 CAGR 1% Average Investment Base $Billions CAGR 24 1% 22.5 21.3 20 20 0.2 16 12 0.4 8 0.7 0.7 0.2 4 0.0 0 2022E 2026E 2022E Investment base Return of capital Capital 2026E investment Investment base NGTL System Canadian Mainline NGTL System and Canadian Mainline 00000 о 00000 00000 0000000000 00000 Every dollar invested earns a return on and of capital Capital efficient expansions support WCSB competitiveness + Cost-of-service model generates low volatility earnings with stable return on equity Asset base is well-positioned to continue to deliver strong results + Incremental net income upside from additional growth capital Base return of 10.1% ROE on 40% equity thickness 60#61LONG HISTORY OF LOW-RISK PREDICTABLE GROWTH Adaptable business model delivers through all points of the economic cycle $Billions 1.0 Net Income 0.8 NGTL moves to Discretionary pricing CAGR 9% federal 0.6 regulation Evolving service offerings NGTL tight gas expansion Significant resilience following energy disruptions + Ongoing evolution in service offerings + Secured shale gas supply and discretionary pricing +9% CAGR since 2012 0.4 0.2 Shale gas boom COVID-19 0.0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 NGTL System Canadian Mainline 61#628 10 THE BACKBONE OF THE BASIN Significant investment to expand the reach of the WCSB Peak day NGTL System receipts NGTL and Mainline Investment Base Bcf/d 16 NGTL reached a new record high of 14.3 Bcf/d in 2022 - 2.3 Bcf/d higher than 2015 $Billions We have grown our investment base by $9.5 billion since 2015 30 20 14 14 10 12 0 2015 2016 2017 2018 2019 2020 2021 2022YTD 6 3.00 4 2.00 1.00 2 0.00 0 2015 2016 2017 2018 2019 2020 2021 2022YTD WCSB production break-even $CAD/GJ @ NIT ~50 years of reserves are available with break-even prices of $1.50 or less 23 54 75 110 125 209 247 247 Tcfe below $1.50 275 367 391 482 514 558 Cumulative (Tcfe) 009 613 657 62 62#63OUTLOOK GROUNDED IN FUNDAMENTALS Strategic asset footprint West Coast LNG +2.1 Bcf/d West Path +0.3 Bcf/d WCSB Resource estimate 2030-2040-21 Bcf/d 2020-15 Bcf/d East Gate +0.4 Bcf/d TC Energy TC Energy Intra-basin +1.3 Bcf/d Current sanctioned growth capital will provide at least 4.1 Bcf/d of incremental capacity through 2026 + Resilient regulated business model helps insulate against inflation and counterparty risk + Long runway of prudent capital investments support basin's ongoing access to competitive markets + Continued coal-to-gas conversions driving significant demand growth + Strong interconnection with U.S. Natural Gas Pipelines Actively seeking export opportunities to support customer access to lucrative global prices 63#64CAPITAL EXPENDITURE APPROACH Disciplined growth and spending Over $11 billion in forecast growth, capacity, modernization and maintenance capital programs 2022-2026 Beyond the sanctioned $1 to $2 billion per year, up to an additional ~$1 billion per year could be optioned for disciplined expansion and decarbonization/unregulated growth projects Forecast capital program* 2022-2026E ($Billions, sanctioned) $3.7 $7.5 Capacity Maintenance RECOVERABLE MAINTENANCE CAPITAL PROGRAMS ~$0.7-0.8B/year Expenditure to run our existing business safely and reliably STRONG CADENCE OF GROWTH CAPITAL ~$0.5B/year Projected average annual growth capital for supply migration and disciplined expansions SUSTAINABILITY AND DECARBONIZATION ~$0.8B/year Modernizing our systems is critical to safety and reliability, and contributes to improvements in our emissions profile *Note: Figures do not include further revisions to Coastal GasLink project costs. 64#65ALASKA COASTAL GASLINK Connecting Western Canada's natural gas to the world Under Construction Coastal GasLink Metering Facility Coastal GasLink Compression & Metering Facility LNG Canada Facility (3rd party) Terrace Prince Rupert 37 37 16 Smithers ● Telkwa⚫ 16 Kitimat Wilde Lake Compressor Facility Fort St. James 27 39 Hudson's Hope 97 Mackenzie Fort St. John Taylor Dawson Creek Chetwynd Prince George Fraser Lake Vanderhoof 97 29 Tumbler Ridge 16 ALBERTA BRITISH COLUMBIA WCSB is a world-class source of sustainable, secure natural gas +Revised agreements strengthen partnership with LNG Canada, provide project certainty + Project is overall 80% complete + 10% equity option agreement signed with Indigenous partners Mechanical completion by end of 2023 Potential Phase 2 volumes up to 5 Bcf/d that, if sanctioned, are expected to provide enhanced TC Energy project returns + Expect to provide updated capital cost estimate in early 2023 Houston Burns Lake Coastal GasLink is a nation-building project 65#66CANADIAN NATURAL GAS PIPELINES Corporate strategy alignment and key takeaways 0 00 oooooo o 0 00000 00000 0000000000 ooooo O 00 000000 00000 00000 0000000000 00000 600 Showcase sustainable growth in cash flows • Utility-like model offers stable earnings and cash flow • Annual cadence of up to $2 billion in growth, decarbonization and recoverable maintenance opportunities. • Expandable link to global LNG markets M-102 640 Demonstrate the resiliency of our portfolio Long-life assets well-positioned to participate in a broad range of energy transition scenarios • WCSB offers ~250 Tcfe of low-cost, recoverable resource at $1.50/GJ or less • Ongoing coal-to-gas conversion is a growth driver and other industrial gas demand remains strong • $ ooooo Provide a clearly defined funding plan Exceptional cash flow stability and enhanced credit metric support for broader organization Rate-regulated construct insulates business from inflation, interest rates and economic volatility Taking significant steps for on-time and on-budget project execution N-101 MAETERY LANT O 66#67Q & A NATURAL GAS PIPELINES - N-101) BATTERY LIMIT 670c TC Energy V-102 NEL#680,01 AZ 0000 0,03 B Maces 70,9-0,1 G shar 0,4/ 7-0 NALEE TC Energy ၁ဝဝ OOOOO BREAK WE WILL RESUME SHORTLY TODAY IS GIVING TUESDAY Visit the TC Energy Community Portal, make a donation to your preferred cause, and get a 3:1 match. Visit tcenergy.benevity.org/community#69TC Energy 2022 INVESTOR DAY Liquids Pipelines Bevin Wirzba Executive Vice-President, Strategy and Corporate Development and Group Executive, Canadian Natural Gas Pipelines and Liquids Pipelines TC Energy ☑D H#70LIQUIDS STRATEGIC POSITION Leveraging our footprint to connect resilient oil supply to robust markets - -0 BA Highly strategic assets providing access to the largest refining markets in the world, totaling ~14 MM bbl/d capacity Stable supply source from long-life, low-operating-cost assets in the WCSB Long-term commercial structures underpinned by investment-grade counterparties A disciplined focus on safety, operational excellence and innovative stakeholder solutions *Utilization shown excluding future capacity reductions. Source: IHS Markit's Annual Strategic Workbook, 2022 (now a part of S&P Global Commodity Insights), 2022 by S&P Global Inc. All rights reserved. EDMONTON HARDISTY 6 5 WCSB oil supply (MMbbl/d) 3 2 1 Keystone System PADD 2 0 2021 2030 2040 2050 Refining capacity 4 MMbbl/d Refinery utilization* (%) by PADD Our markets Direct delivery STEELE CITY WOOD RIVER 100 PATOKA PADD 3 CUSHING Refining capacity 10 MMbbl/d HOUSTON PORT ARTHUR Access to global markets 80 60 20 88 12 2° 40 415 0 2021 2030 2040 2050 70#71PARTNER OF CHOICE Tailor-made customer solutions Customer experience Premium market access Delivery optionality Crude quality Transit time Liquids Pipelines value proposition ✓ Safe and reliable delivery of energy ✓ Shortest transit time ✓ Industry-leading quality preservation path to the Gulf Coast ✓ Access to premium markets ✓ Enhanced customer experience ✓ Innovative, sustainable solutions 96% Investment-grade customers (1) Customer-driven solutions MARKETLINK PORT NECHES LINK Provides capital-light optionality for customers to reach new markets Extends last-mile connectivity to North America's largest refinery Offers customers a full path from origin to end market (1) Investment grade or equivalent 71#722022 AND BEYOND A year of maximizing capacity and progress Optimizing Keystone System to date Safe and sustainable operations I • Resulting in increased reliability and unlocking additional capacity MM bbl/d Liquids Pipelines capacity System operating factor % +7% 0.7 Operational excellence 100 92 85 • Increased Keystone System capacity to 622,000 Bbl/d and commercialized 30,000 Bbl/d of long-term contracts 0.6 0.5 Generated strong, stable cash flows with minimal capex requirement 0.4 IIII 80 60 40 2019 2020 20212022E 20192022E Short-term Maximizing Marketlink latent capacity and other Medium-term capital-light opportunities Long-term Nearing completion of Port Neches Link, adding direct connectivity to Motiva's 630,000 Bbl/d refinery Utilization of shorter-term contracts on Marketlink ⚫ SPR refills expected to provide tailwinds • Additional capital-light, last-mile connects Extending long-haul, full-path service across Keystone System & Marketlink 72#73LIQUIDS PIPELINES 2022 - 2026E COMPARABLE EBITDA (1) OUTLOOK Significant free cash flow and option value $Billions 2.0 1.5 1.0 1.3 0.5 0.0 2022E CAGR 4% CAGR 1% Sanctioned capital Latent capacity optimization 1.4 Average maintenance capital ~5% comparable EBITDA (1) 2026E Maintenance capital Driven by strong market fundamentals, strategically positioning for the future Focus on operational excellence + 94% of Keystone System is under long-term contract Ensure sustainable long-term free cash flow + Optimizing latent capacity of our existing assets + Invest in capital-light projects to maximize value of infrastructure and increase system connectivity 0000000000 00000 00000 00000 00000 О OOOOO OOOOO OOOOO 00000 О О (1) Comparable EBITDA is a non-GAAP measure. See the forward-looking information and non-GAAP measures slide at the front of this presentation for more information. 73#74LIQUIDS PIPELINES Corporate strategy alignment and key takeaways 600 Showcase sustainable growth in cash flows • Recontracting and commercial opportunities to unlock additional capacity and increase long-haul volumes • Pursue disciplined capital-light, in-corridor growth opportunities to enable increased optionality and market access for customers • Continued focus on operational excellence and safety 280 Demonstrate the resiliency of our portfolio. • Industry-leading contracted portfolio Utilizing renewable power to advance our decarbonization strategy • Directly linking one of the world's largest resources to the largest refining markets (1) Comparable EBITDA is a non-GAAP measure. See the forward-looking information and non-GAAP measures slide at the front of this presentation for more information. $ Provide a clearly defined funding plan • Stable earnings and strong free cash flow • • Long-term average maintenance capital ~5% of comparable EBITDA (1) Optionality for increasing cash flow with low growth capital requirement 74#75TC Energy 2022 INVESTOR DAY Power and Energy Solutions Corey Hessen Executive Vice-President and President, Power & Energy Solutions TC Energy#761c POWER AND ENERGY SOLUTIONS Strong base business growing via customer-led opportunities Total existing capacity of ~4,300 MW (H2) • Portfolio of low-cost baseload generation . Underpinned by >92% long-term contracts ~75% emission-less generation Acquired 1,200 MW of renewable power capacity since December 31, 2021 Decarbonizing internal and external customers g 1b 1a of 4 5 RNG Non-regulated natural gas storage 118 Bcf of capacity in Alberta • Approximately one-third of provincial total Over 30 years in the power business Projects under development 1. 24 x 7 Carbon-Free Power Solution a. Sharp Hills Wind Farm b. Saddlebrook Solar + Storage c. Canyon Creek Pumped Storage 2. Alberta Carbon Grid™ Existing projects Natural Gas Power Cogeneration 3. Crossfield Hydrogen Hub 4. Renewable energy contracts 5. Lynchburg Renewable Fuels 6. Bruce Power Life Extension Program / Project 2030 7. Ontario Pumped Storage Nuclear Power Generation 76#77POWER AND ENERGY SOLUTIONS Solving customers' energy transition challenges Runway of customer-driven opportunities Strategic alignment . Leverage vast energy infrastructure network Nuclear power generation • Bruce Power Other mature power generation • Wind ⚫ Solar • Cogeneration • • Manage risk through a diverse portfolio across markets and geographic reach Investments in high-barrier-to-entry markets to align returns to corporate target of 7-9% Customer-driven and solution-oriented • Offering a range of decarbonization solutions to existing and new customers Reinforced by fundamentals • Electricity remains the great driver of future energy outlooks Firming resources play a key role with growth in renewables. Storage and firming resources • Ontario Pumped Storage Project • 24x7 Carbon-Free Power Solution Gas storage Decarbonization solutions • Renewable natural gas Hydrogen Carbon capture, transportation and storage [4]) H2 77#78POWER AND ENERGY SOLUTIONS 2022-2026E COMPARABLE EBITDA (1) OUTLOOK Capitalizing on low-carbon opportunities $Billions 2.0 1.0 CAGR 10% CAGR 6% 1.4 1.0 0.8 0.0 2022E 2026E Sanctioned capital 2030E Yet-to-be sanctioned capital 00000 00000 0000000000 О 00000 OOOOO O O O O O О OOOOO 00000 OOOOO O oooooooooo 000000 00000 (1) Comparable EBITDA is a non-GAAP measure. See the forward-looking information and non-GAAP measures slide at the front of this presentation for more information. (2) MCR: Major Component Replacement Backlog of unsanctioned capital provides incremental growth to our outlook + Continuous growth opportunities, leveraging competitive footprint + Bruce Power returns expected in low double digits Investments in Bruce Power MCR (2) program and Project 2030 expected to double Bruce Power's equity income by 2030. Enabling our internal and external partners' energy transition strategies enhances the resilience of existing assets 78#79BRUCE POWER A key asset in a low-carbon future "There's no transition that works without nuclear, full stop." Mark Carney, United Nations Special Envoy for Climate Action and Finance Bruce Power is the world's largest nuclear electric facility by generation, providing emission-free, low-cost, reliable electricity and is a critical supplier of life-saving medical isotopes to hospitals around the world TC Energy has a 48.4% ownership stake in Bruce Power Safe Track record of safe, reliable operations for over 45 years; Bruce A and B industry top performers worldwide, as per INPO/WANO (1) Reliable ~ 6,580 MW electrical capacity ~ 87% capability factor(2) ~ 30% of the generation needs in Ontario (1) INPO: Institute of Nuclear Power Operations, WANO: World Association of Nuclear Operators (2) Capability factor refers to total possible production less planned and unplanned outages 79#80BRUCE POWER Critical to meeting Ontario's growing electricity demand and decarbonization goals TWh 220 200 180 160 140 120 100 86220 40 Ontario Energy Adequacy Outlook (without continued availability of resources with expired contracts) Shortfall ONTARIO'S ENERGY LANDSCAPE Energy requirements increase sharply starting in 2029 due to increasing demand Emission-less electricity generation supports Ontario's decarbonization plan Bruce Power's life extension program plays a key role in supporting the growing demand 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 Total Ontario demand Nuclear Natural gas Source: Independent Electricity System Operator (IESO) | 2021 Annual Planning Outlook Hydroelectric Non-hydro renewables 80#81BRUCE POWER Extending life and increasing capacity without new infrastructure Major Component Replacement (MCR) program and Asset Management progressing, on-time and on-budget 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Unit 6 Unit 3 Unit 4 Unit 5 Unit 7 Unit 8 Project 2030 is the equivalent to adding a ninth generating unit MW (NET PEAK) 7,200 7,150 7,160 7,060 7,060 7,000 6,975 6,975 6,800 6,740 6,790 6,810 6,600 6,490 6,534 6,580 6,580 6,595 6,590 + PAST AND FUTURE INVESTMENT ⚫TC Energy has invested $2.3 billion • into Bruce Power since 2015 $2.3 billion planned to finish MCR6 and MCR3 and fund the current Asset Management work through 2024 • $4.8 billion is planned for refurbishment of Units 4, 5, 7 and 8, and the Asset Management work beyond 2024 + GOAL OF ACHIEVING PEAK SITE OUTPUT OF 7,000 MW BY 2033 Continued asset optimization, innovations and leveraging new technology By 2033, an additional ~600 MW is enough to power over half a million homes 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Source: Bruce Power. Project 2030 represents 100% of Bruce Power facility. 81#82BRUCE POWER Continues to create enduring value Low double-digit returns, backed by an investment-grade counterparty and a long-term contract through 2064 $Millions 2,000 Equity income Total capex Distributions 1,500 1,000 500 0 -500 -1,000 Significant sustainable free cash flow when MCR program is completed STRONG RETURN ON INVESTMENT Capital requirements largely funded through distributions • Increasing free cash flow potential following completion of MCR program + KEY PROVISIONS FOR POWER PRICE INCREASE: Uniform price for all generation Adjusted for inflation and other factors on April 1 of each year -1,500 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Source: Bruce Power internal forecast representing TC Energy share of ~48.4% . Adjusted for return on/of MCR capital on April 1 prior to each MCR outage + MITIGATING RISKS • Long-term risks are mitigated contractually • No liability for decommissioning or long-term storage of spent fuel 82#83ONTARIO PUMPED STORAGE (1) Ontario's biggest battery, storing carbon-free electricity A 1,000 MW reliable, proven technology to complement current supply and satisfy future demand designed with rate payers in mind • Pumped hydro is the world's largest battery technology - over 94% of installed global energy. storage capacity(2) • Capacity to power nearly one million homes and expected to displace ~500,000 tonnes CO₂e/year equivalent to taking ~150,000 cars off Ontario's roads • Developing in collaboration with Indigenous partners • Over 1,000 jobs will be created during the construction period Key developments in 2022: • Advancing Indigenous partnership opportunity with Saugeen Ojibway Nation Advancing activities under the Ontario Ministry of Energy's letter to the IESO (3) related to the Unsolicited Proposals Process, with goal of completing the assessment in Q1/2023 Evaluating commercial framework options such as cost-of-service under OEB (4) rate regulation or a long-term contract with IESO to support an appropriate risk/return profile [4] 2023-2025 Environmental assessment process 2025 Anticipated regulatory decisions and permitting process 2026-2030 Construction 2030+ Operations (1) Project is subject to TC Energy's final investment decision. (2) The International Hydropower Association. (3) Independent Electricity System Operator. (4) Ontario Energy Board. 83#84VIRTUAL POWER PURCHASE AGREEMENTS (vPPA) · • Progressing power decarbonization for internal & external customers Powering the Keystone Pipeline System with renewable energy could abate ~1.5 million tonnes of CO₂e annually Evaluating, negotiating and executing VPPAs and equity participation Leveraging internal customer demand to offer renewable power solutions to external customers 2021 Issued RFIs for wind, solar and battery storage capabilities in U.S. 2021-2022 Evaluated U.S. proposals, commenced negotiations, signing LOIs and finalizing contracts Key developments in 2022: • Secured ~825 MW of wind and solar generation; advancing incremental opportunities in the U.S. and Canada • 2 GW+ of third-party offtake originated • Issued RFP for opportunities for Canadian portion of Keystone Pipeline System 2022 Issued RFP for Canadian decarbonized power and incremental U.S. opportunities 2022-2023 Evaluating Canadian proposals, commencing negotiations, signing LOIs and finalizing contracts 84#85VIRTUAL POWER PURCHASE AGREEMENTS (vPPA) Earning incremental returns through decarbonization solutions RECS* Ди لكمما + FLOATING FIXED PRICE $ PRICES Multiple revenue streams: EXTERNAL CUSTOMERS + KEYSTONE PIPELINE • Earning a margin by providing risk management strategies to our customers • Potential to earn incremental returns through the sale of renewable energy credits (RECs) • Option to take equity participation at Commercial Operations Date (COD) RECS + FLOATING PRICE S FIXED PRICE $ TC Energy PROJECT DEVELOPER MEGAWATT HOURS FLOATING PRICE $ Illustrative example of VPPA structure B ISO *Renewable energy credits • • . Providing environmental benefits Renewable power solution to decarbonize electricity consumption of internal and external customers. Investment-grade counterparty and long-term contract ensures project build, adding renewable energy to the grid While mitigating risks Diversified portfolio across technologies, jurisdictions, commercial structures and customers Sold on an 'as-generated' basis No project development risk 85#8624x7 CARBON-FREE POWER PRODUCT First in Canada, premium decarbonization solution Carbon-free power product in Alberta offers a fixed price for a fixed volume of power and all environmental attributes • Pioneering a combined wind, solar and long-duration pumped hydro portfolio eliminates renewable generation variability Expected capital cost of Saddlebrook Solar + Storage is $146 million • The proposed Project is partially supported by $10 million in funding from the Government of Alberta through Emissions Reduction Alberta (1) Key developments in 2022: 300 MW: Sharp Hills Wind 81 MW: [4] Saddlebrook Solar + Storage 75 MW: Canyon Creek Pumped Hydro 2021 Service opportunity announced 2021-2022 Negotiated offtake agreements and LOIS 2022-2023 Development projects in construction · Executed binding offtake agreements with multiple creditworthy customers Achieved positive FID on Saddlebrook Solar project • Groundbreaking on Sharp Hills Wind facility 24/7 Carbon-Free (1) Emissions Reduction Alberta funding granted through their BEST Challenge, to support the development of a hybrid solar generation facility combined with a flow battery energy storage system. 2024 New renewable power and storage assets come online 86#87HYDROGEN HUB MODEL Capturing opportunities across the hydrogen value chain A comprehensive hydrogen strategy enables us to build upon our power and gas businesses and continue to be the partner of choice H₂ feedstocks H2 ـكمما H₂ H₂ production + CO₂ capture H₂ transport + H₂ dispensing H₂ end users One of the largest natural gas networks in North America Evaluating over ten different blue and green H₂ hubs across North America Developing opportunities with H₂ trucking carriers and dispensing companies Blending H₂ into our natural gas pipelines Partnering with long-haul trucking (Nikola, Hyzon) and other industrial customers Leveraging our footprint and expertise to enter new markets with high barriers to entry 87#88CROSSFIELD HYDROGEN HUB (1) Leverage existing gas storage site for low-carbon hydrogen production hub Incumbent position and expertise enables access to markets with high barriers to entry • Supports Provincial, Federal and industry GHG reduction goals . • Implementing carbon capture will lower carbon intensity • Liquified hydrogen to be transported by truck to filling stations and industrial users • Potential to leverage existing pipeline network plus new transportation capacity • 60 tonnes of hydrogen per day, capacity to increase to 150 tonnes per day Key developments in 2022: • Announced Crossfield Hydrogen . Hub project Advancing development with our partner and customer - Nikola (1) Project is subject to TC Energy's final investment decision. H2 2023-2025 Environmental assessment process 2024 Anticipated regulatory decisions and permitting process 2025-2029 Construction 2030+ Operations 88#89ALBERTA CARBON GRID (1) A world-scale carbon transportation and sequestration solution • Collaboration between TC Energy and Pembina Pipeline • Safe, reliable, cost-effective decarbonization solution for cross-industry emitters • Helping extend WCSB longevity with GHG abatement offerings that support Canada's climate targets • ACG Industrial Heartland hub expected to transport/store up to 10 million tonnes of CO2 per year Alberta CarbonGrid™ ACG SEQUESTRATION HUB AREA OF INTEREST 2021 ACG partnership announced 2022 ACG proposal submitted and selected to move forward by Government of Alberta Key developments in 2022: Carbon sequestration evaluation agreement with the Government of Alberta reached in October Seeking long-term, take-or-pay contracts with appropriate risk/return profile Pipeline Major roads ACG Sequestration Hub Area Of Interest Slave Lake Caribou Range RFPP Emission Source Boundary Existing CO2 Injection Area Alberta Industrial Heartland (1) Project is subject to TC Energy's final investment decision. EXISTING CO2 INJECTION AREA EDMONTON ALBERTA INDUSTRIAL HEARTLAND 2024-2025 Final investment decision ~2030 Anticipated completion of ACG by end of decade 89#90• CUSTOMER-DRIVEN SOLUTIONS Strategic partnerships generate significant value Strong relationships with suppliers, customers and internal partners Strategic partnerships enable opportunities across the value chain Growth opportunities driven by customer demand Bruce Power SUNCOR IRVING PEMBINA KEYeRa Existing customer relationships are a competitive advantage N NIKOLA™ Nutrien Feeding the Future™ INTERNATIONAL PAPER International Petroleum Corp. JACK DANIELS 7 3 RIVERS ENERGY PARTNERS HYZON [4] H2 00 90#91POWER AND ENERGY SOLUTIONS Corporate strategy alignment and key takeaways Showcase sustainable growth in cash flows • Significant opportunity set to capture low-carbon growth · • Incumbent position enables access to high barrier to entry markets Advancing low-carbon projects with attractive returns • Bruce Power will generate substantial incremental free cash flow in early 2030s 0 00000 00000 00000 0 00 00000 O 00000 00000 00000 0000000000 000000 0000000000 280 Demonstrate the resiliency of our portfolio Bruce Power - emission-less generation contracted to 2064 with an investment-grade counterparty • Diversity of opportunities and structures gives optionality to align with our risk preferences Growth driven by customer demand for decarbonization solutions; existing customer relationships are a competitive advantage E Provide a clearly defined funding plan • Joint ventures, partnerships and project level financing optionality, minimizing equity capex • Our strong energy transition origination, development and operational capabilities will ensure we deliver on our commitments 91#92Q & A Liquids Pipelines and Power & Energy Solutions SOLAR PANEL CH www 8 Ra 4 LED Q2 www R4 www 02 ww R5 www LOAD TC Energy#93Final Q & A CLOSING REMARKS www + 어 m H#94Appendix A - Business segment results GAAP measure MILLIONS OF DOLLARS Segmented earnings Canadian Natural Gas Pipelines U.S. Natural Gas Pipelines Mexico Natural Gas Pipelines Liquids Pipelines Year ended December 31 2021 1,449 3,071 557 (1,600) Power and Storage 628 Corporate (46) Total segmented earnings 4,059 Interest expense (2,360) Allowance for funds used during construction 267 Interest income and other 200 Income before incomes taxes 2,166 Income tax expense (120) Net income 2,046 94#95Appendix B - Net cash provided by operations GAAP measure MILLIONS OF DOLLARS Year ended December 31 2021 Net cash provided by operations 6,890 Increase in operating working capital 287 Funds generated from operations 7,177 Specific items: Current income tax expense on Keystone XL asset impairment charge, preservation and other Keystone XL preservation and other Voluntary retirement program Current income tax recovery on Voluntary Retirement Program Comparable funds generated from operations 131 49 63 (14) 7,406 95