Mr. Siim Vanaselja reports

DISTINGUISHED INDUSTRY LEADER, HAL KVISLE, NAMED AS BOARD CHAIR OF NEW LIQUIDS PIPELINES COMPANY

TC Energy Corp. has appointed distinguished industry leader Hal Kvisle as chair of the new liquids pipelines company's board of directors. Today's announcement follows the July 27, 2023, disclosure that TC Energy plans to separate into two independent, investment-grade, publicly listed companies through the spinoff of its liquids pipelines business (the transaction or the spinoff).

TC Energy's decision to pursue the spinoff will allow TC Energy and the new liquids pipelines company to maximize asset value by positioning both entities to fully leverage growth opportunities and meet the growing demand for their services. The transaction is anticipated to be completed on a tax-free basis in the second half of 2024.

"Hal is an inspiring and seasoned leader with extensive industry experience and intimate knowledge of TC Energy's highly competitive North American liquids system," said Siim A. Vanaselja, chair of TC Energy's board of directors. "With his visionary leadership and strategic insights, I am confident Hal's prudent decision-making and counsel will help position the new company for long-term success."

A special committee of TC Energy's board of directors engaged an executive search firm to identify and evaluate highly qualified board chair candidates.

"I am honoured to be named as chair of the board of directors, and look forward to working closely with the management team to deliver superior and enduring shareholder value," said Mr. Kvisle. "The new company has a tremendous runway of opportunities ahead. This is a critical time to maximize the value of these highly strategic assets that safely transport secure supply to the highest-demand markets."

Mr. Kvisle has immense chair and director experience from his service on the board of directors of companies, including Cenovus Energy, ARC Resources Ltd., Finning International Inc., Bank of Montreal and Talisman Energy Inc. From 2001 to 2010, Mr. Kvisle was president and chief executive officer of TransCanada Corp., now TC Energy. Prior to joining the company, in 1999, he was the president of Fletcher Challenge Energy Canada Inc. Previously, he held engineering, finance and management positions with Dome Petroleum Ltd. Mr. Kvisle has worked in the oil and gas industry since 1975, and in the utilities and power industries since 1999.

Maximizing the value of the liquids pipelines business assets

Through the spinoff, TC Energy is strengthening its strategic position and protecting the terminal value of the liquids pipelines assets, increasing the ability to offer service and recontract long-term, take-or-pay contracts. The new liquids pipelines company will focus on the value of its unrivalled asset base. For additional detail on the transaction, investor presentation materials and more, please visit the company's website.

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.

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