Mr. Gavin Wylie reports

TC ENERGY EXPECTS TO APPEAL DELAWARE COURT RULINGS IN LAWSUIT RELATED TO 2016 COLUMBIA PIPELINE ACQUISITION

The Delaware Chancery Court has issued a ruling against TC Energy Corp. in a class action lawsuit brought on behalf of the former shareholders of Columbia Pipeline Group Inc. related to the acquisition of Columbia by TC Energy in July, 2016. TC Energy strongly disagrees with the court's ruling and is evaluating its options for appeal once final judgment is entered. The same Delaware Chancery Court had previously confirmed, after trial in an appraisal rights action filed in 2016, that the $25.50 per share that TC Energy paid Columbia shareholders was fair value.

The lawsuit, filed by the plaintiffs in July, 2018, alleged that Columbia's then chief executive officer and chief financial officer breached their fiduciary duties to Columbia shareholders, that there were material omissions in Columbia's proxy statement, and that TC Energy aided and abetted the fiduciary duty breaches and the disclosure violations. The plaintiffs claimed damages in excess of $3-billion (U.S.). Columbia's former executives settled with plaintiffs prior to trial for $79-million (U.S.). TC Energy disputed the allegations at trial.

The court determined that the former Columbia executives breached their fiduciary duties and made material disclosure omissions and that TC Energy was aware and took advantage of those breaches. The court awarded shareholders damages in the amount of $1 (U.S.) per share. The final award is yet to be determined but is expected to be in the range of $400-million (U.S.), plus interest at the statutory rate. Liability for this award will be allocated between Columbia's former executives and TC Energy in a subsequent proceeding before the court that will determine proportionate responsibility and account for the prior settlement.

TC Energy will not be responsible for the full amount of the award, but its proportionate share will not be known until the allocation hearing is completed and a decision rendered, likely later in 2023. TC Energy is disappointed with this decision, and disputes many of the findings of fact and law. TC Energy intends to appeal once the final allocation is determined and anticipates an appeal will take upward of one year.

About TC Energy Corp.

It is a team of 7,000-plus energy problem solvers working to move, generate and store the energy North America relies on. Today, it is taking action to make that energy more sustainable and more secure. It is innovating and modernizing to reduce emissions from its business. It is delivering new energy solutions -- from natural gas and renewables to carbon capture and hydrogen -- to help other businesses and industries decarbonize too. Along the way, it invests in communities and partners with its neighbours, customers and governments to build the energy system of the future.

TC Energy's common shares trade on the Toronto and New York stock exchanges under the symbol TRP.

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