Mr. Francois Poirier reports

TC ENERGY ENTERS AGREEMENT TO SELL PRINCE RUPERT GAS TRANSMISSION ENTITIES TO NISGA'A NATION AND WESTERN LNG; TRANSACTION DEMONSTRATES TC ENERGY'S FOCUS ON ITS STRATEGIC PRIORITIES WHILE FACILITATING THE DEVELOPMENT OF CRITICAL ENERGY INFRASTRUCTURE

TC Energy Corp. has entered into a binding letter agreement with Nisga'a Nation and Western LNG regarding the purchase and sale of all outstanding shares in Prince Rupert Gas Transmission Holdings Ltd. and the limited partnership interests in Prince Rupert Gas Transmission Limited Partnership (collectively, PRGT). PRGT is a wholly owned subsidiary of TC Energy and the developer of a natural gas pipeline project in British Columbia and potential delivery corridor that would further unlock Canada as a secure, affordable and sustainable source of liquid natural gas.

This transaction demonstrates TC Energy's resolve toward delivering its 2024 strategic priorities while facilitating the development of critical energy infrastructure. TC Energy's strategic priorities are focused on staying within its $6-billion to $7-billion annual net capital expenditure limit, post-2024, maximizing the value of its assets and further enhancing the strength and flexibility of its balance sheet. This agreement fits with those priorities and more.

"We are pleased to see this important project move forward while remaining firm on our commitment to our strategic priorities. This is an important agreement that will see indigenous co-ownership and development of an integrated LNG project. Enabling LNG development in British Columbia is good for indigenous communities, TC's customers, supports the long-term growth of the WCSB and global emissions reduction through the export of responsibly produced Canadian natural gas," said Francois Poirier, president and chief executive officer, TC Energy.

As part of the letter agreement, TC Energy has committed to provide transition services, on a reimbursable basis, to facilitate the seamless transition of the pipeline project and support development work planned for this year. Subject to the execution of definitive agreements and customary closing conditions, the transaction is expected to close in the second quarter of 2024. Initial proceeds from the transaction are not expected to be material to TC Energy, with the potential to receive additional payments contingent upon the project achieving final investment decision and commercial operation.

About TC Energy Corp.

TC Energy is a team of greater than 7,000 energy problem-solvers working to safely move, generate and store the energy North America relies on. Today, the company is delivering solutions to the world's toughest energy challenges -- from innovating to deliver the natural gas that feeds LNG (liquified natural gas) to global markets, to working to reduce emissions from its assets, to partnering with its neighbours, customers and governments to build the energy system of the future.

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