Mr. Francois Poirier reports

TC ENERGY UPDATES GROWTH OUTLOOK, REINFORCES BALANCE SHEET DISCIPLINE AND HIGHLIGHTS SOUTH BOW SPINOFF BENEFITS AT 2023 INVESTER DAY

TC Energy Corp. will host its annual investor day today. The event will reaffirm the company's long-standing value proposition and demonstrate that, by maximizing its business leadership positions, TC Energy and South Bow can deliver superior, long-term shareholder value.

TC Energy has made significant progress against its 2023 priorities, including project execution, deleveraging and maximizing the value of its asset base, which continues to generate excellent operational and financial results through all points in the economic cycle. After a strong October and reflecting strength in the U.S. dollar, 2023 comparable earnings before interest, taxes, depreciation and amortization is now expected to be approximately 8 per cent higher than 2022. The company will reaffirm its priority areas for 2024 and provide its expected comparable EBITDA growth outlook of 5 to 7 per cent from 2023 to 2024, excluding any potential impact of its announced asset divestiture program, and prior to giving effect to the spinoff, which is expected to take place in the second half of 2024.

"Over the past few years, TC Energy has been strategically pivoting capital to optimize our portfolio, leverage our core competencies and capture the long-term growth potential we see in our natural gas and power businesses," said Francois Poirier, president and chief executive officer, TC Energy. "Focusing on the value that can be delivered with two distinct strategies, the spinoff will unlock the evident value we see from each company's unique opportunity set. TC Energy will continue to cultivate a highly regulated, low-risk and utility-like portfolio with a balance of income and growth. Subject to the requisite shareholder and regulatory approvals, upon closing of the spinoff transaction, South Bow is poised to be a low-risk liquids transportation and storage business, and with its anticipated investment-grade credit ratings, it can respond quickly in a market where it holds significant competitive advantages."

TC Energy also expects to advance an incremental $3-billion of asset sales next year and reaffirms its commitments to achieve its 4.75 times debt-to-EBITDA upper limit by the end of 2024 and maintain its targeted $6-billion to $7-billion annual net capital spending in 2025 and beyond. The company will further high grade its capital allocation toward low-risk opportunities that strengthen its core businesses, including developing commercial constructs with risk mitigations and appropriately sharing cost, schedule and regulatory risk. The company expects to deliver approximately 7 per cent comparable EBITDA growth from its natural gas and power businesses between 2023 and 2026.

"South Bow will be positioned as a low-risk vehicle with a strong and sustainable base common share dividend. With increased access to capital, we can accelerate our deleveraging while funding opportunistic growth to build out our strategic corridor and enhance our ability to recontract our highly competitive, full-path service from Canada to the U.S. Gulf Coast," said Bevin Wirzba, intended president and chief executive officer, South Bow. "With a unique value proposition and total shareholder return, our expected long-term comparable EBITDA growth rate of 2 to 3 per cent will be commensurate with our dividend growth outlook. We also see the opportunity for incremental upside and have tools to optimize our capital structure as we look to advance the spinoff in 2024."

TC Energy's investor day event is scheduled from 8 to 10 a.m. EST (6 to 8 a.m. MST) on Nov. 28, 2023. Connect to the live event webcast by registering through the TC Energy website investors section, TC Energy 2023 Investor Day -- Toronto or at the webcast link, TC Energy Investor Day webcast 2023. Presentation materials will be available at TC Energy 2023 Investor Day -- Toronto at 6 a.m. EST (4 a.m. MST), Nov. 28, 2023, and a recording will be posted following the event.

About TC Energy Corp.

TC Energy is a team of 7,000-plus energy problem solvers working to move, generate and store the energy North America relies on. Today, the company is taking action to make that energy more sustainable and more secure -- while innovating and modernizing to reduce emissions from its business. Along the way, it invests in communities and partners with its neighbours, customers and governments to build the energy system of the future.

   RECONCILIATION OF ADJUSTED DEBT AND ADJUSTED COMPARABLE EBITDA
                  FOR LEVERAGE METRIC PURPOSES
                    (millions of Canadian $)                              

                                                   2022      2021                           
Reported total debt                              58,300    52,766
Management adjustments
Debt treatment of preferred shares                1,250     1,744
Equity treatment of junior subordinated
notes                                            (5,248)   (4,470)
Cash and cash equivalents                          (620)     (673)
Operating lease liabilities                         433       429
Adjusted debt                                    54,115    49,796
Comparable EBITDA                                 9,901     9,368
Operating lease cost                                106       105
Distributions received in excess of (income)
loss from equity investments                        (29)       77
Adjusted comparable EBITDA                        9,978     9,550
Adjusted debt/adjusted comparable EBITDA            5.4       5.2

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