2022 Investor Day Presentation

ONTARIO 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

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