An anonymous director reports

TC ENERGY PROVIDES RESULTS OF SERIES 5 AND SERIES 6 CONVERSION ELECTIONS

One hundred nine thousand eight hundred of TC Energy Corp.'s 12,070,593 fixed-rate cumulative redeemable first preferred shares, Series 5, have been elected for conversion on Jan. 30, 2026, on a one-for-one basis, into floating-rate cumulative redeemable first preferred shares, Series 6; and 1,089,726 of its 1,929,407 Series 6 shares have been elected for conversion, on a one-for-one basis, into Series 5 shares.

The company has provided notice to the holders of its Series 5 shares and Series 6 shares that, after taking into account all shares tendered for conversion by holders by the Jan. 16, 2026, deadline for conversion notices, the company has determined that there would be fewer than one million Series 6 shares outstanding on the conversion date. In accordance with the conditions set out in the company's prospectus supplement dated June 17, 2010, the company therefore advised the holders that no Series 5 shares will be converted into Series 6 shares, and all remaining Series 6 shares will automatically be converted into Series 5 shares on a one-for-one basis on the conversion date.

As a result of the conversion, TC Energy will have 14 million Series 5 shares issued and outstanding. The Series 5 shares will continue to be listed on the Toronto Stock Exchange under the symbol TRP.PR.C. The Series 6 shares will no longer be listed on the TSX after the conversion date.

The Series 5 shares will pay on a quarterly basis for the five-year period beginning on Jan. 30, 2026, as and when declared by the board of directors of TC Energy, a fixed dividend at an annualized rate of 4.501 per cent.

Holders of Series 5 shares will have the opportunity to convert their shares again on Jan. 30, 2031, and on Jan. 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 5 shares and the Series 6 shares, please see the prospectus, which is available on SEDAR+ or on the company's website.

About TC Energy Corp.

It is a leader in North American energy infrastructure, spanning Canada, the United States and Mexico. Every day, its dedicated team proudly connects the world to the energy it needs, moving over 30 per cent of the cleaner-burning natural gas used across the continent. Complemented by strategic ownership and low-risk investments in power generation, its infrastructure fuels industries and generates affordable, reliable and sustainable power across North America, while enabling liquefied natural gas exports to global markets.

Its business is based on the connections it makes. By partnering with communities, businesses and leaders across its extensive energy network, it unlocks opportunity today and for generations to come.

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

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