ESG ProfileJune 2020

Forward looking information and non-GAAP measures

This presentation includes certain forward looking information, including 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. 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 in this presentation includes statements related to future dividend and earnings growth and the future growth of our core businesses, among other things.

Our forward looking information is based on certain key assumptions and is subject to risks and uncertainties, including but not limited to: our ability to successfully implement our strategic priorities and whether they will yield the expected benefits, our ability to implement a capital allocation strategy aligned with maximizing shareholder value, the operating performance of our pipeline and 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 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, competition in the businesses in which we operate, unexpected or unusual weather, acts of civil disobedience, cyber security and technological developments, economic conditions in North America as well as globally, and global health crises, such as pandemics and epidemics, including the recent outbreak of COVID-19 and the unexpected impacts related thereto. You can read more about these factors and others in the MD&A and in other reports we have filed with Canadian securities regulators and the SEC, including the MD&A in our 2019 Annual Report and in our First Quarter 2020 Quarterly Report.

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.

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. Reconciliations to the most directly comparable GAAP measures are included in this presentation and in our First Quarter 2020 Quarterly Report to Shareholders filed with Canadian securities regulators and the SEC and available at www.tcenergy.com.

Delivering the energy people need, every day

Safely. Responsibly. Collaboratively. With integrity.

Our purpose

Capturing opportunities for responsible, sustainable growth

• Long-term global demand forecast to grow through 2040

• North American energy is in the world’s best interest

• Corporate commitment to ESG principles a long-time business fundamental

Excellence in leadership and governance

• Rigorous Board oversight of risk management, including health, safety, sustainability and environment

• Corporate governance includes diversity targets and practices

• Business model resilience tested under scenario analysis

• History of adaptability to disruptive changes in energy technology and policy

• Holistic safety culture and zero-incident target

Track record of robust environmental management and social engagement

• Focus on carbon-emission management and reporting

• World-class construction, reclamation and biodiversity practices

• Investing in technology and innovation

• Best-in-class, principles-based approaches to Indigenous, community, landowner and workforce engagement

Key Environmental, Social, Governance (ESG) themes SE G

Source: IEA World Energy Outlook 2019, Stated Policies Scenario *million tonnes of oil equivalent (mtoe)

*mtoe

Global energy demand forecast to grow through 2040 SE G

Oil Natural Gas Coal Renewables Biomass

Over half of global energy demand fulfilled by natural gas and oil

Nuclear

’18 ’30 ’40 0

1000

2000

3000

4000

5000

6000

’18 ’30 ’40 ’18 ’30 ’40 ’18 ’30 ’40 ’18 ’30 ’40 ’18 ’30 ’40

Accessing energy improves social outcomes

Safe, reliable and economic energy is critical for improving standards-of-living to OECD country levels for projected global population growth

Energy abundanceEnergy scarcity

SE G

53% world energy demand will be fulfilled by oil and natural gas

North America 15%

Rest of World 85%

Well positioned to capture demand growth

54% world energy demand fulfilled by oil and natural gas

North America 19%

Rest of World 81%

14,301 mtoe* total energy demand

Where are we today?

17,723 mtoe* total energy demandBy 2040 global

demand increases by 20%, with highest growth in export

markets

Looking to 2040…

Source: IEA World Energy Outlook 2019, Stated Policies Scenario *million tonnes of oil equivalent (mtoe)

8

North American energy is in the world’s best interest

85

80

66

60

5654

47

41

3735

0

25

50

75

100

Canada United States UAE Kuwait Saudi Arabia Russia Iran Venezuela Iraq Libya

High ESG-ranked energy can displace lower-ranked sources

SE G

ESG score*

10

4 6 6 69

17 18

9

3

% Proven global oil reserves % Aggregated ESG scores

Source: Reserves: BP Statistical Review of World Energy 2019 based on government and published dataESG scores: Aggregated using equal weighting 1/3 for each of World Bank Governance Index, Social Progress Index and Yale Environmental Performance Index

Per cent

1192%

236%

224%

Total Shareholder Return – 2000 to 2019

✓ Robust governance, enterprise risk management, business aptitude and Board oversight✓ Excellence in environmental stewardship and Indigenous and landowner relations✓ Meaningful and ongoing socioeconomic benefits and community involvement

ESG-risk management contributes to outperformance

Long-term focus on high ESG standards

SE G

Source: FactSet data from December 31, 1999 to December 31, 2019

‘Sustainability’ added to mandate of Health, Safety and Environment (now HSSE) Committee of the Board

Chief Sustainability Officer and Chief Risk Officer roles established

Guiding principles adopted for consistent engagement with Indigenous groups, landowners and environment

Inaugural Report on Sustainability and Climate Change informed by TCFD; 2018 ESG Data Sheet informed by SASB

Implemented formalized Enterprise Risk Management framework

Analyzed portfolio resilience under three long-term energy-demand scenarios, and 2◦ alternate case

Recent ESG highlights SE G

GovernanceTC Energy’s long-standing and evolving governance structure has provided

rigorous oversight across the company throughout our 65+ year history.

Governance structure SE G

Strong oversight and collaboration related to risk management and

ESG issues

Board of Directors

• Oversees long-term performance, strategy and sustainability of TC Energy

• 14 directors, 29% women with 30% diversity policy target by end of 2020

• Robust assessment, succession and education program

Board Committees

• HSSE Committee reports to Board on health, safety, sustainability and environment (including climate-related risks)

• Governance Committee oversees management approach to strategy and risk management

Management

• CEO and Executive Leadership Team (ELT) develop and implement strategy

• Chief Risk Officer oversees Enterprise Risk Management framework

• Chief Sustainability Officer reports to CEO, ELT and HSSE Committee and directs management, coordination and communication of sustainability risks

Board

ManagementBoard

Committees

Business Unit & function risks

Transition risk

Technology risk

Market risk

Physical risk

Reputation risk

Enterprise Risk Management (ERM) framework

Informed by: SASB Leadership and Governance Dimension, SASB Critical Incident Risk Management General Issue Category and TCFD Recommendations (for more detail see TC Energy 2019 Report on Sustainability and Climate Change)

Monitoring and mitigation

SE G

Enterprise risks

Executive Leadership, Board, Board Committees

Audit HSSE ELT Governance HR

ERM Group

Chief Risk Officer (CRO)Head of ERMERM CoordinatorManagement Risk Committee (MRC)ERM Supporting Network (ERM SN)

Top-down active dialogue- Risk management

framework- Risk lenses and matrix- Evaluation tools- Enterprise risk register

Bottom-up active dialogue- Functional risk registers- Input to enterprise risk

prioritization- Transparency

Business unitsCorporate functions

Technical centres

Risk management activities

Agg

rega

tio

n o

f ri

sks

Vertigo profile:• A volatile future with frequent economic and

financial tremors cause political and social dislocations and instability

• Undermined confidence perpetuates risk-aversion

• Time lags in capital investment and mismatches in demand and supply

• Adjustments to technological innovation are slow

Implications:• Our portfolio is resilient due to sustained

energy demand and fossil fuel dominance in the energy mix

• Investment opportunities exist in core businesses while our ability and preference to fund growth internally insulates us from economic volatility

• The long-term contracted nature of our assets limits exposure

Rivalry profile:• Increased competition for political and

economic power • World becomes more multipolar with broader

distribution of wealth and influence• Energy industry competition grows as rivalry

among energy sources drives shifts in fuels and technologies used in transportation and power generation

Implications:• Energy fundamentals under IHS Markit’s

Rivalry scenario support growth in our core business segments

• The long-term contracted nature of our assets limits exposure

Base business model resilience – scenario analysis

Autonomy profile:• A powerful combination of market and

social forces pushes technology and consumer behavior, transforming the global energy system

• Transition from centralized, traditional sources of energy to energy production that meets local energy needs, which are also changing in fundamental ways

Implications:• Our portfolio withstands threats posed

by accelerated transition to less carbon-intensive energy sources and increased country-level energy independence

• TC Energy’s resilience requires being competitively positioned in North America’s lowest-cost basins

• The long-term contracted nature of our assets limits exposure

Rivalry Vertigo Autonomy

SE G

Informed by: TCFD The Use of Scenario Analysis in Disclosure of Climate-Related Risks and Opportunities, IHS Markit Global Scenarios and IHS Markit Climate and Carbon 2018(for more detail see TC Energy 2019 Report on Sustainability and Climate Change)

Base business model resilience – 2° alternate case

2° alternate case profile:• Describes potential pathway to meet Paris Agreement goal limiting average global

temperature increase to well below 2°Celsius above preindustrial levels by 2100• Underlying data less detailed than full scenarios

Implications:• Decreases in long-term fossil fuel demand due to energy efficiency gains and

technological breakthroughs in electrification and energy storage introduce uncertainty about the long-term resilience of traditional energy markets and subsequent implications for energy infrastructure companies

• TC Energy’s assets are largely insulated from fossil fuel demand destruction to 2030, with only modest exposure for our liquids and natural gas pipeline assets

• Post-2030 is an inflection point for hydrocarbons as policy aspirations materially reduce demand for fossil fuels

• In such a situation we may adopt measures to preserve value such as accelerating depreciation or abandonment surcharges to ensure return of capital

SE G

Beyond base-business resilience, we have a demonstrated ability to monitor sign-posts, leverage core competencies and profitably respond to a constantly evolving world

Informed by: TCFD The Use of Scenario Analysis in Disclosure of Climate-Related Risks and Opportunities, IHS Markit Global Scenarios and IHS Markit Climate and Carbon 2018(for more detail see TC Energy 2019 Report on Sustainability and Climate Change)

Track record of turning disruption into opportunity

Corporate0

25

50

75

100

$ Billions

$20B Total Assets

$100B Total Assets

Agile and adaptable to policy and technology shifts

Canadian Natural Gas Pipelines

U.S. Natural Gas Pipelines

Mexico Natural Gas Pipelines

Liquids Pipelines

Power and Storage

Power development and acquisitions (2000-2008)

Why? Policy changes created independent power producer opportunity

Re-entry into Mexico (2003-2004)

Why? Identified change of power fleet fuel to imported LNG

ANR acquisition(2007)

Why? Provided access to a new basin and storage business

Converted portion of Mainline to Keystone (2007)

Why? Mainline under-utilization created repurposing opportunity

Coastal GasLink announced (2012)

Why? Capitalizing on LNG export opportunity to Asia

NGTL expansions (2010 to 2019+)

Why? Leverage existing footprint to capture WCSB shale gas production growth

Reversed flow of ANR (2014)

Why? Disruptive emergence of shale gas in USNE

Mexico expansion (2014)

Why? Energy reform creates opportunity

CPG acquisition (2016)

Why? Further diversifying natural gas pipeline business in emergent Appalachian shale basins

2000 2019

SE G

We embed a culture of safety and emergency preparedness throughout our value chain and project lifecycles. We manage risks through our TC Energy Operating Management System.

Safety is, and always will be, a critical core value.

Critical incident risk management approach

Informed by: SASB Leadership and Governance Dimension; SASB Critical Incident Risk Management General Issue Category; SASB Operational Safety, Emergency Preparedness & Response Disclosure Topic; SASB Accounting Metric EM-MD-540a.4 (for more detail see TC Energy 2018 ESG Data Sheet)

SE G

Investing over $1B annually in pipeline integrity, including $1.3B in 2019

Monitoring pipelines 24/7/365 from operations control centres

Performing aerial patrols using low-flying aircraft, sensitive detection equipment and geotechnical monitoring

Conducting emergency preparedness exercises across our system annually

Safety highlights

Innovating with ~1,000 kilometre(621 mile) natural gas pipeline inspection gauge run – a North

American record-setting distance

Testing new fibre-optic, leak-detection technology on

segments of Keystone Pipeline to complement and enhance

existing monitoring systems

Integrating disciplined set of nine Life Saving Rules to ensure the

public, employees and the environment remain safe and

energy supply is uninterrupted

Examples demonstrating SASB Leadership and Governance Dimension; SASB Critical Incident Risk Management General Issue Category; SASB Operational Safety, Emergency Preparedness & Response Disclosure Topic; SASB Accounting Metric EM-MD-540a.4 (for more detail see TC Energy 2018 ESG Data Sheet)

SE G

EnvironmentWe are committed to protecting the environment throughout the complete life cycle of our assets – from business development, project planning, design and

operation, through to remediation and final decommissioning.

Stew

ard

ship

We believe success comes from joint efforts to address interactions with the environment and providing sustainable benefits to the environment in the context of developing and operating important energy infrastructure P

rote

ctio

n We are dedicated to developing innovative solutions to manage TC Energy’s environmental footprint while providing responsible, safe and affordable energy to the North American economy.

We believe evidence-based assessments that consider science and Indigenous and stakeholder knowledge provide an objective and knowledge-based foundation to develop and apply mitigation and adaptive-management measures

Pe

rfo

rman

ce

We monitor, measure, assess and communicate our environmental performance and recognize the importance of learning from our experiences to continuously improve our efforts to protect the environment

Environment principles SE G

Mobile compressors used during maintenance reduced 1M+ tonnes (~225,000 cars) CO2e emissions in 2018

Signatory to the United Nations (UN) Methane Guiding Principles

Have publicly reported GHG emissions since 1995

Voluntary contributor to CDP Climate Change survey

First Canadian company to use hand-held leak-detection technology

Managing and reporting our emissions

We are committed to managing our GHG emission intensity and continuing to integrate climate considerations into our overall business strategy, risk management and business development.

Informed by: SASB Environment Dimension; SASB GHG Emissions and Air Quality General Issue Categories; SASB Greenhouse Gas Emissions Disclosure Topic; SASB Accounting Metric EM-MD-110a.2 (for more detail see TC Energy 2018 ESG Data Sheet)

SE G

Emissions management highlights

Partnering with Siemens on world’s first super-critical carbon dioxide, waste-

heat-capturing power facility at one of our compressor stations. This has the

potential to power 10,000+ homes and reduce GHG emissions by 44,000 tonnes

(9,000 vehicles) per year

Member of the U.S.’s ONE Future Coalition – using uniform, EPA-approved

reporting protocols, the 16 member coalition registered a 2017 methane

intensity number of 0.552%, well ahead of it goal to reach 1% by 2025

Gas supply from Sur de Texas to the Tula Power Plant will displace previous use of diesel and fuel oil, reducing the equivalent of 33x the SO2 production

of Mexico City*

Examples demonstrating SASB Environment Dimension; SASB GHG Emissions and Air Quality General Issue Categories; SASB Greenhouse Gas Emissions Disclosure Topic; SASB Accounting Metric EM-MD-110a.2 (for more detail see TC Energy 2018 ESG Data Sheet) *UNAM (2014). The influence of the Tula, Hidalgo complex on the air quality of the Mexico City Metropolitan Area. Atmosfera vol. 27 no. 2 Mexico April 2014

SE G

Ensuring essential biophysical characteristics are proactively managed to maintain equivalent biodiversity and land capability post-construction

Proactively engaging with regulatory agencies and Indigenous communities to understand and mitigate potential project effects

Working actively and collaboratively on species at risk habitat restoration, including Boreal Woodland Caribou, and funding ongoing research on numerous species at risk

Extensive environmental management programs ensure ongoing, day-to-day protection of the land, including extensive training, inspections and audits

Following existing rights-of-way when possible and proactively introducing unique innovations to avoid or protect biologically sensitive areas beyond regulatory requirements

Maintaining biodiversity and land reclamation

We have over 65 years of experience in North American land reclamation across hundreds of thousands of acres of varied ecological conditions. We’ve developed innovative techniques and strongly collaborated with key stakeholders in maintaining and monitoring biodiversity.

Informed by: SASB Environment Dimension; SASB Ecological Impact Issue Category and Disclosure Topic; SASB Accounting Metric EM-MD-160a.1 (for more detail see TC Energy 2018 ESG Data Sheet)

SE G

Biodiversity highlights

Included US$150M investment in micro-tunnel near Altamira, MX to protect environmentally sensitive

mangroves in area

8,000+ acres of pollinator friendly habitat planted to date with local

communities and schools on donated rights-of-way along North American

monarch butterfly corridors

Worked with Monongahela National Forest in West Virginia during construction to transplant 455

existing and plant 2,193 new red spruce - critical habitat for indigenous

salamander and squirrel species’

Examples demonstrating SASB Environment Dimension; SASB Ecological Impact Issue Category and Disclosure Topic; SASB Accounting Metric EM-MD-160a.1 (for more detail see TC Energy 2018 ESG Data Sheet)

SE G

Since 2014, TC Energy has restored over 200 hectares of Boreal Woodland Caribou habitat, including planting over 85,000 trees in 2019

SE G

SocialOur four core values of safety, responsibility, collaboration and integrity are at the heart

of our commitment to engaging with all those impacted by our business activities.

Stakeholder commitment statement

Identifying and considering our stakeholders’ perspectives

Being visible, present and approachable in the community

Recognizing diverse thoughts, opinions and experiences contribute to better decisions and outcomes

Taking ownership and accountability for our decisions and outcomes

Tracking, measuring and reporting on our performance to learn and improve

Stakeholders are the people and groups who significantly affect, or may be affected by, our business activities. Our principles include:

In 2019 we:

• Paid over $1.4M in income and property taxes

• Invested $28M in communities

• Awarded over 900 post-secondary scholarships

• Treated our nearly 100,000 landowners across North America fairly and equitably

Informed by SASB Social Capital Dimension (for more detail see TC Energy 2018 ESG Data Sheet)

SE G

Community benefits highlights

Partnering with State of Chihuahua to provide US$2.2M to 92 communities for services to support rainwater harvesting

initiatives

Supporting pipeline training program at Southwest

Louisiana Technical Institute Pipeline Academy’s giving hands-on experience to

students

Medical-grade Cobalt-60 isotopes produced at Bruce

Power* now used worldwide for cancer and other complex

medical treatments

Informed by SASB Social Capital Dimension (for more detail see 2018 TC Energy ESG Data Sheet)*48.4% ownership in Bruce Power

SE G

Indigenous Relations guiding principles

Recognize their unique connection with the land and their community governance

Have meaningful, principled and respectful engagement as early as possible

Achieve regulatory certainty using a pragmatic approach in the jurisdiction where we are operating

Build innovative project strategies, reflecting engagement and regulatory outcomes that are defensible, commercially reasonable and community-led

TC Energy has engaged with Indigenous groups for 30+ years. We recognize Indigenous groups as rightsholders with a distinct relationship to the land. We understand our business activities have the potential to affect these groups in tangible ways. Through collaboration and open communication, we aim to earn their respect and trust to establish and grow positive long-term relationships. We strive to:

In 2019 we:

• Engaged with 122 groups

• Supported $380M in Indigenous business

• Donated $7M+ community investment and scholarships

Informed by SASB Social Capital Dimension, SASB Human Rights and Community Relations General Issue Category, Rights of Indigenous Peoples Accounting Metric; (for more detail see TC Energy 2018 Data Sheet) SASB Accounting Metric EM-CO-210a.2

SE G

Indigenous engagement highlights

Coastal GasLink has agreements with elected leaders of all 20 Indigenous

communities along the route, has had 15,000+ project-related interactions

with communities and will put $620M+ into local Indigenous businesses

Indigenous Legacy scholarships program supports Indigenous students (First Nation, Métis, Inuit or Non Status)

pursuing any full-time, post-secondary program at a registered education

institute

Decade-long partnership with the Osage Nation supported by Indigenous

Relations Policy and Guiding Principles. Collaboration began in 2008 with engagement related to Keystone

Pipeline System

Examples demonstrating SASB Social Capital Dimension, SASB Human Rights and Community Relations General Issue Category, Rights of Indigenous Peoples Accounting Metric; (for more detail see TC Energy 2018 ESG Data Sheet) SASB Accounting Metric EM-CO-210a.2

SE G

Fostering a diverse workforce

Health and safety

Offering competitive compensation packages and benefits programs

Flexible employment practices and programs

Reward and recognition programs

Adhering to a Code of Business Ethics

Employment equity and non-discrimination

Workforce engagement

Informed by SASB Human Capital Dimension (for more detail see TC Energy 2018 ESG Data Sheet)

SE G

Our 7,300+ employees contribute to the success of our company and have a positive social and economic impact on the places they call home. As their employer, TC Energy is committed to:

Workforce engagement highlights

Encouraging veterans in the workforce by offering flexibility to

employees who serve military duty and providing support to

numerous charitable organizations and local programs

Supporting employee-led giving and volunteering programs for

causes that are meaningful to our workforce. $3M raised and 35,000

hours volunteered for causes supported by employees and

contractors in 2019

Offering work to students and new grads to grow real-world

skills, gain industry insight, build professional networks and be part of diverse, tight-knit and

supportive teams

SE G

Informed by SASB Human Capital Dimension (for more detail see TC Energy 2018 ESG Data Sheet)