TRANSFORMED PORTFOLIO TOWARDS ACTIVITIES WITH FAVOURABLE LONG-TERM OUTLOOK

DEMONSTRATED ABILITY TO DELEVERAGE RAPIDLY USING tc. SOLID FREE CASH FLOW Net debt¹ (in millions of $) Reduction in net $618 million debt from FY2018 to FY2023 1,421 1,169 944 803 ~$200 million debt increase in FY2022 779 734 2018 2019 2020 2021 2022 2023 mainly due to acquisitions & working capital S&P and DBRS both recently reaffirmed TC's Investment Grade Rating 1. Long-term debt minus cash. Excluding the impact of IFRS 16 (lease liabilities). 23 | tc ● TRANSCONTINENTAL

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