TC Energy : 2022 Second Quarter Financial Results Conference Call Presentation

Second quarter 2022 conference call

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FORWARD LOOKING INFORMATION AND NON-GAAP MEASURES

This presentation includes certain forward looking information, including but not limited to, statements related to future dividend and earnings growth, future EBITDA growth, the future growth of our core businesses, our anticipated capital programs, the modernization of our business, expected energy demand levels, the sustainability commitments and targets contained in our 2021 Report on Sustainability and our GHG Emissions Reduction Plan, the installation, adoption and integration of new technologies into our business, including hydrogen production hubs, renewable natural gas transportation hubs and carbon transportation and sequestration systems, future oriented financial information or financial outlook, which is intended to help current and potential investors understand management's assessment of our future plans and financial outlook, and our future prospects overall, including statements relating to energy transition. Statements that are forward-looking are based on certain assumptions and on what we know and expect today and generally include words like anticipate, expect, believe, may, will, should, estimate, intend or other similar words.

Forward-looking statements do not guarantee future performance. Actual events and results could be significantly different because of assumptions, risks or uncertainties related to our business or events that happen after the date of this presentation.

Our forward-looking information is based on certain key assumptions and is subject to risks and uncertainties, including but not limited to: realization of expected benefits from acquisitions and divestitures, our ability to successfully implement our strategic priorities and whether they will yield the expected benefits, our ability to develop a capital allocation strategy aligned with maximizing shareholder value, the operating performance of our pipeline, power and storage assets, amount of capacity sold and rates achieved in our pipeline businesses, the amount of capacity payments and revenues from our power generation assets due to plant availability, production levels within supply basins, construction and completion of capital projects, cost and availability of, and inflationary pressure on labour, equipment and materials, the availability and market prices of commodities, access to capital markets on competitive terms, interest, tax and foreign exchange rates, performance and credit risk of our counterparties, regulatory decisions and outcomes of legal proceedings, including arbitration and insurance claims, our ability to effectively anticipate and assess changes to government policies and regulations, including those related to the environment and COVID-19, our ability to realize the value of tangible assets and contractual recoveries, including those specific to the Keystone XL pipeline project, competition in the businesses in which we operate, unexpected or unusual weather, acts of civil disobedience, cyber security and technological developments, ESG related risks, impact of energy transition on our business, economic conditions in North America as well as globally, global health crises, such as pandemics and epidemics, including COVID-19 and the unexpected impacts related thereto. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking statements due to new information or future events, unless we are required to by law. You can read more about these factors and others in the MD&A in our most recent Quarterly Report to Shareholders and in other reports we have filed with Canadian securities regulators and the SEC, including the MD&A in our most recent Annual Report.

For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to our most recent quarterly report and 2021 Annual Report filed under TC Energy's profile on SEDAR at www.sedar.comand with the U.S. Securities and Exchange Commission at www.sec.govand the "Forward-looking information" section of our 2021 Report on Sustainability and our GHG Emissions Reduction Plan which are available on our website at www.tcenergy.com.

This presentation contains reference to certain financial measures (non-GAAP measures) that do not have any standardized meaning as prescribed by U.S. generally accepted accounting principles (GAAP) and therefore may not be comparable to similar measures presented by other entities. These non-GAAP measures may include Comparable Earnings, Comparable Earnings per Common Share, Comparable Earnings Before Interest, Taxes, Depreciation and Amortization (Comparable EBITDA), Funds Generated from Operations, and Comparable Funds Generated from Operations. The most directly comparable equivalent GAAP measures are, respectively, Net income attributable to common shares, Net income per common share, Segmented earnings and Net cash provided by operations. Reconciliations to the most directly comparable GAAP measures are included in this presentation. Refer to the MD&A in our most recent Quarterly Report for more information about the non-GAAP measures we use and reconciliations, which section of the MD&A is hereby incorporated by reference. Our Quarterly Report to Shareholders is filed with Canadian securities regulators and the SEC and available at www.tcenergy.comunder Investors.

Core principles

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FRANÇOIS POIRIER, PRESIDENT AND CEO

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REAFFIRMING OUR VALUE PROPOSITION

Our unique value

proposition

Our strong financial performance in Q2 reflects:

• LONG-TERMVIEW - Strategic outlook is grounded in fundamentals
• DISCIPLINED APPROACH - Adherence to well-established, conservative risk preferences
• CAPITAL ALLOCATION - Balances sustainable dividend growth and reinvestment
• RESILIENCE - Financial strength and flexibility at all points of the economic cycle
• The strength of our utility-likebusiness model
• Our focus on safety and operational excellence
• The value of our long-term relationships and partnerships
• North America's high demand for our essential services

Core principles
Leveraging our competitive strengths to move, generate and store the energy North
America relies on in a secure and sustainable way.	4

COASTAL GASLINK

ACHIEVES MILESTONE

Revised agreements strengthen partnership with LNG Canada and provide certainty for the project

Provides clarity of cost and schedule

• $11.2 billion revised cost estimate

Allows for safe and timely execution

• Mitigation of project funding and execution risk
• Mechanical in-service by end of 2023

Remains economically viable and creates strong foundation for potential Phase 2

• Potential future volumes up to 5 Bcf/d
• If sanctioned, anticipate enhanced TC Energy project returns

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