Mr. Gavin Wylie reports

TC ENERGY PROVIDES RESULTS OF SERIES 3 AND SERIES 4 CONVERSION ELECTIONS

TC Energy Corp. has released its share conversion results. A total of 104,778 of its 9,997,177 fixed-rate cumulative redeemable first preferred shares, Series 3, have been elected for conversion on June 30, 2025, on a one-for-one basis, into floating-rate cumulative redeemable first preferred shares, Series 4; and 1,822,829 of its 4,002,823 Series 4 shares have been elected for conversion, on a one-for-one basis, into Series 3 shares.

As a result of the conversions, TC Energy will have 11,715,228 Series 3 shares and 2,284,772 Series 4 shares issued and outstanding. The Series 3 shares and Series 4 shares will continue to be listed on the Toronto Stock Exchange under the symbols TRP.PR.B and TRP.PR.H, respectively.

The Series 3 shares will pay on a quarterly basis for the five-year period beginning on June 30, 2025, as and when declared by the board of directors of TC Energy, a fixed dividend at an annualized rate of 4.102 per cent.

The Series 4 shares will pay a floating-rate quarterly dividend for the five-year period beginning on June 30, 2025, as and when declared by the board of directors of TC Energy. The dividend rate for the Series 4 shares for the first quarterly floating rate period commencing June 30, 2025, to but excluding Sept. 29, 2025, is 3.924 per cent and will be reset every quarter.

Holders of Series 3 shares and Series 4 shares will have the opportunity to convert their shares again on July 2, 2030 (adjusted from June 30, 2030, to account for applicable business days), and on June 30 in every fifth year thereafter as long as the shares remain outstanding. For more information on the terms of, and risks associated with, an investment in the Series 3 shares and the Series 4 shares, please see the prospectus supplement dated March 4, 2010, which is available on SEDAR+ or on its website.

About TC Energy Corp.

It is a team of 6,500-plus energy problem solvers connecting the world to the energy it needs. Its extensive network of natural gas infrastructure assets is one of a kind. It seamlessly moves, generates and stores energy and delivers it to where it is needed most, to homes and businesses in North America and across the globe through liquefied natural gas exports. Its natural gas assets are complemented by its strategic ownership and low-risk investments in power generation.

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

We seek Safe Harbor.