ESG ProfileNovember 2021

Delivering the energypeople need, every day.

This presentation includes certain forward-looking information, including the sustainability commitments and targets contained in our 2021 Report on Sustainability and our GHG Emissions Reduction Plan, as well as 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 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, 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, 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, economic conditions in North America as well as globally, and global health crises, such as pandemics and epidemics, including COVID-19 and the unexpected impacts related thereto. 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.

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. 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 the most recent Quarterly Report to Shareholders and Annual Report filed under TC Energy's profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission at www.sec.gov and 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. Reconciliations to the most directly comparable GAAP measures are included in this presentation and in our most recent Quarterly Report to Shareholders filed with Canadian securities regulators and the SEC and available at www.tcenergy.com.

Forward-looking information and non-GAAP measures

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Sustainability at TC Energy means meeting today’s energy needs while safely, reliably and economically finding responsible solutions for our energy future.

A message from François Poirier

François Poirier, President and CEO

“

”

A leading North American infrastructure company

Delivering the energy people need, every day.Safely. Responsibly. Collaboratively. With integrity.

Transporting 25% of North America’s

natural gas

93,400 km (58,000 mi) of pipeline653 Bcf of storage capacity

Over 3 billion barrelssafely delivered

4,900 km (3,000 mi) of liquids pipelines ~20% Western Canadian exports

4,200 MW 75% GHG

emission-less

Seven power plantsPrimarily long-term contracted assets

ESG highlights

Environmental Social Governance

Targeting to reduce GHG emissions intensity 30% by 2030

Over $680 million spent with Indigenous and Native American businesses in 2020

29% Board Members are female with 30% target

Positioning to achievenet zero emissions by 2050

Targeting 40% women and 17%visible minorities in leadership at corporate offices by 2025

$1.5 billion spent on pipeline integrity in 2020

Partnering with 75 conservation organizations across North America

$31 million+ donated to community organizations in North America in 2020

Climate-related risks considered as part of Enterprise Risk Management program

Strong and principled approach to sustainability and ESG

Targets set for every commitment

Measure and demonstrate progress

Management system integration and TOMS introduction

Introduced Chief Diversity Officer

Developed Supplier Diversity & Local Participation Program

Materiality assessment refresh

Adopted Board Diversity Policy

Added sustainability to Board Health, Safety and Environment Committee

Introduced Chief Sustainability Officer

Inaugural TCFD-informed reporting

TCFD-aligned and UN SDGs-aligned reporting

Developed sustainability commitments and released targets

Inaugural ESG Data Sheet published

Inaugural materiality assessment

Published first Corporate Social Responsibility Report

Purchased first GHG offset

Elevated safety as a corporate value to advance our safety culture

20+ year commitment to sustainability and ESG

2021+

2000s2010s2016

2017

2019 20202018

2015

Sustainability commitments

Further integrating sustainability into our strategy and management decision making

Achieving zero safety incidents

Enhancing sustainability through R&D and innovation

Demonstrating the importance of physical and psychological safety

Strengthening local community, Indigenous and employee resilience

Embedding a culture of inclusion and diversity across our organization

Contributing to global efforts to reduce climate change

Maintaining mutually beneficial partnerships with our landowners

Leaving the environment in a condition equal to or better than we found it

Becoming a partner of choice for Indigenous groups

Commitments support United Nations Sustainable Development Goals

GHG Emissions • Reduce GHG emissions intensity by

30% by 2030• Position to achieve net zero by 2050

100% restoration of disturbances to sensitive habitat

$1.2 million spend per year to support environmentally focused partnerships

Zero is real• Zero significant safety incidents • Total Recordable Case Rate

0.25 (employee)/0.59 (contractor)

Protecting our planet

Our sustainability targets

Shared prosperity Empowering people

55% in 2021 and 60% in 2022 participation in workforce giving and volunteering

Increase diverse annual spend in Tier 1 and 2 suppliers 5% year-over-year through 2022

Achieve $115-$200 million in capital operating optimization and revenue opportunities by improving processes and systems by end of 2023

40% women in leadership positions in corporate offices by 2025

17% members of visible minorities in leadership positions by 2025

30% women on ourBoard of Directors

100% of leaders and employees trained in how to recognize and mitigate unconscious bias by 2022

Increase mental health awareness through training

Targets support 10 sustainability commitments

Reporting across the ESG spectrum available at TCEnergy.com/ESGDirectory

2021 Sustainability and ESG reporting

Report on Sustainability: TCEnergy.com/SustainabilityReport

• Targets supporting ten long-term sustainability commitments align to the UN Sustainable Development Goals

• Safety, innovation, environment, diversity, community giving, Indigenous engagement and participation and energy transition themes

ESG Data Sheet: TCEnergy.com/Datasheet

• Provides details on our approach and performance related to ESG topics

• Further aligned to the Task Force on Climate-related Financial Disclosures (TCFD) and Sustainability Accounting Standards Board (SASB)

GHG Emissions Reduction Plan: TCEnergy.com/GHGEmissionsPlan

• Outlines five focus areas to reduce the emissions intensity of our operations: modernize existing assets and systems, decarbonize energy consumption, invest in low-carbon energy, drive digital solutions and leverage carbon credits and offsets

Recent awards and recognition

2021 S&P Global Sustainability Yearbook Member • With over 7,000 companies assessed, inclusion in the yearbook is a true

statement of corporate sustainability excellence

2020 Bloomberg Gender-Equality Index

• Commitment to disclosing efforts supporting gender equality through policy development, transparency and representation

2020 CEPA Quality Award and Innovation Award Recipient• Quality award: The P Square Model Methodology• Innovation award: 4D Inspection Tool

2020 Report on Business Women Lead Here• Acknowledged as a forefront Canadian company with women in leadership

positions

Proud to be recognized by respected third-party agencies

Risk management contributes to outperformance

Source: FactSet data from January 1, 2000 to September 30, 2021

Per cent

1159%

317%

345%

✓ 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

Average Total Shareholder Return – 2000 to 2021

Unwavering focus on high ESG standards

TRPS&P 500 TSX Composite

12% Power and Storage projects• Refurbishing Bruce Power which supplies ~30%

of Ontario’s market with emission-lesselectricity under contract to 2064

$22 billion secured capital program

84% Natural Gas Pipelines projects• Modernizing and improving system

efficiency

• Displacing coal-fired power

• Backstopping renewables’ intermittency

• Long-term contracted and/or regulated business models

$2.7 billion of capital plan dedicated to emission-less energy

*Non-recoverable maintenance capital expenditures

The benefits of natural gas

Natural gas infrastructure supports a low-carbon energy mix

Cleanest burning fossil fuel with innovations and modernizations further reducing emissions

Investment and employment support North America economy

Energy density and reliability backstop the intermittency of renewables

Existing infrastructure and efficiency maintain consumer affordability

Abundance and low-emission profile support societal wellbeing and environmental goals

Vast opportunity set to drive continued disciplined growth

Opportunity-rich future

Firming resources: manage growing intermittency with pumped hydro and battery storage

Investment in regulated electric infrastructure: grid modernization and renewable integration

Emerging technologies: hydrogen, carbon capture utilization and storage

Global fuel mix today*Current business

Coal (26%)

Natural Gas (23%)

Oil (32%)

Renewables (14%)

Nuclear (5%)

*International Energy Agency, World Energy Outlook 2020. Percentages based on 2019 fuel mix data.

Natural gas: continue to displace coal for cleaner electricity and backfill intermittent renewable energy sources

Liquids: meet global oil demand with responsible ESG sources

Renewables: leverage footprint and competitive strengths

Small modular reactors: leverage Bruce Power operational experience and refurbishment expertise

Pipelines

Power

Storage

Participating in energy transition while adhering to our risk preferences

Technical expertise across the energy spectrum

2000 2020

Power development and acquisitions (2000-2008)

Re-entry into Mexico (2003-2004)

ANR acquisition (2007)

Converted portion of Canadian Mainline to Keystone (2007)

NGTL expansions (2010-2019+)

Columbia Pipeline Group acquisition (2016)

History of strategic capital rotation continues to deliver long-term shareholder returns

Reversed flow of ANR (2014)

Mexico expansion (2014)

Cartier Wind energy power project

advanced (2005)

Acquired hydroelectric

generation assets in New England (2005)

Kibby Wind placed into

service (2008) Sold Kibby

Wind, hydro assets (2017)

Sold Cartier Wind assets

(2018)

$20B asset base $100B asset base

Bruce Power Life Extension Project begins (2016)

Acquired solar generation

assets (2013)

Sold solar generation

assets (2017)

Coastal GasLink announced (2012)

EnvironmentalWe 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.

Environmental highlights across the businessCanadian Natural Gas Pipelines • Supporting Alberta’s transition from coal to natural gas-fired generation,

resulting in GHG emissions reduction of 30%• ~10% of installed compressors across the Canadian system are electric

U.S. Natural Gas Pipelines • 5% of natural gas compression fleet is electric driven, avoiding ~500,000 tonnes of CO2 annually

Mexico Natural Gas Pipelines • Innovative construction/engineering measures minimizing environmental impact

• Natural gas displacing high-carbon fuels

Liquids Pipelines • Variable frequency drives installed at 36 Keystone System pump stations, improving efficiency and reducing power usage

• Solar thermoelectric generators with propane backup installed at valve sites on the Grand Rapids Pipeline

Power and Storage • $2.7 billion** investment in Bruce Power life extension program through 2024 • Progressing two pumped hydro energy storage facilities• Exploring opportunities to electrify our energy consumption, electrify

pipeline compression and source renewable electricity for existing loads

Environmental considerations embedded across business decision-making processes*Methane intensity reduction across U.S. Natural Gas Pipelines 2018-2019 **TC Energy’s share in nominal dollars

A partner in climate initiatives

ONE Future Coalition31 members voluntarily working to reduce methane emissions to 1% (or less) by 2025

The Environment PartnershipContinued commitment to improve industry members’ environmental performance

Carbon Pricing Leadership Coalition MemberVoluntary partnership aiming to expand the use of carbon pricing internationally

Natural Gas STAR ProgramFramework to implement technologies focused on reducing methane emissions

Methane Guiding Principles SignatoryCommitment to monitor and reduce methane emissions, develop effective technologies and practices and increase transparency on methane emissions data

Participating in energy transition

Innovating with partners to find energy solutions for the future

Co-developing, constructing, operating and owning large-scale hydrogen production facilities in the U.S. and Canada with Nikola Corporation

Collaborating with compression equipment suppliers to capture methane emissions from operations and recycle them back

into our transmission system

Decade-long record of managing, tracking and optimizing

emissions generated by our facilities and assets

Providing the natural gas infrastructure required to convert coal-fired power plants to clean-burning natural gas

Committed to enhancing sustainability

across our systems

Advancing two utility-scale pumped hydro projects – a 75 MW storage facility in Alberta and a 1,000 MW storage facility in Ontario

Signed a 15-year power purchase agreement for the 297 MW Sharp Hills Wind Farm

in Alberta

Issued a wind energy project Request for Information (RFI) and an additional RFI to include solar and storage

Creating a carbon solution: The Alberta Carbon Grid (ACG)

On June 17, 2021, TC Energy and Pembina Pipeline Corporation announced plans to jointly develop a world-scale transportation and sequestration system

Once constructed, it will be capable of transporting over 20 million tonnes of CO2 annually

ACG represents the open-access infrastructure platform needed for Alberta-based industries to effectively manage and reduce emissions and contribute to a lower-carbon economy

The Alberta Carbon Grid will serve as the backbone of Alberta’s emerging carbon capture utilization and storage industry

Spotlight on renewable natural gas (RNG)

TC Energy has transported RNG since 2002• RNG from two Quebec-based landfill sites transported through our TQM system• In the U.S., transporting RNG from 12 individual landfills and livestock farms across our footprint• Quebec’s Standards for Bio-methane Transportation developed with input from TC Energy’s Gas Quality team

Future development and investment in RNG opportunities• RNG commercial discussions underway in Canada and the U.S.• Policies such as the Quebec Government’s commitment to flow 5% RNG by 2025 creating opportunity

Upgraded to RNGConnect to existing natural

gas network

Landfills

Cle

an F

ue

l

Schools

Homes

OfficesLivestock farms

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.

Social highlights across the business

Canadian Natural Gas Pipelines • Partnering with Young Pipeliners Association of Canada supporting participants in designing innovative solutions for the future energy industry

U.S. Natural Gas Pipelines • Partnering with University of Houston to bring STEM (Science, Technology, Engineering and Mathematics) to high school students through TC Energy Summer Scholars Academy

• Over 40% of TC Energy’s workforce live in the U.S.

Mexico Natural Gas Pipelines • 9,000 people have greater access to drinking water through rainwater harvesting program in Mexico

• Enabling transition from higher-emission fuels resulting in improved air quality and public health in the Mexico City area

Liquids Pipelines • Supporting next generation of farmers and ranchers in Nebraska with US$500,000 donation to the Northeast Community College

• Funding the City of Philip pedestrian sidewalk project to provide students a safe commute to school

Power and Storage • Bruce Power is leading supplier of medical isotopes. Cobalt-60 harvested at Bruce Power is being used in the fight against COVID-19, sterilizes 40% of global medical devices and helps to treat complex forms of cancer

Social outcomes considered across business decision-making processes

Committed to Indigenous relationships

Uniquely positioned to progress positive economic and social outcomes

Exploring the development of a Reconciliation Advisory Council

Delivering tailored training to Board of Directors focused on the history and cultures of Indigenous peoples of North America

Launching corporate-wide mandatory Indigenous awareness training to provide cultural awareness to all employees and internal contractors

Partnering with Indigenous groups to identify and support community-led reconcilation initiatives

Setting Indigenous contracting targets to enhance fit-for-purpose participation of Indigenous businesses in project execution and operational activities

Developing a framework to identify project-equity opportunities with Indigenous groups across our footprint

Canadian Natural Gas Pipelines identified over $1 billion of Indigenous business opportunities with over 85% awarded

See TC Energy 2021 Indigenous Reconciliation Action Plan

$1.7 billionEmployee wages and benefits

$3 billionCommon dividends paid

$13 billionDirect economic value generated

7,360 full-time employees $4.20 comparable earnings per common share in 2020

$3.9 billion in operating costs and employee wages and benefits

$300 million+ spent with diverse businesses through supplier diversity program

$3.48 annualized dividend per share based on most recent dividend declaration

$35 million total value of investment in the community

Valuable economic benefits to communities

2020 data

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

rigorous oversight across the company throughout our 70-year history.

Strong oversight, collaboration and risk management

Board of Directors

• Oversees long-term performance, strategy and sustainability

• Robust assessment, succession and education program

Board Committees

• Board Committees include Audit, Human Resources, Governance and Health, Safety, Sustainability and Environment (HSSE)

Management and Employees

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

• Delivering the energy people need, every day.Safely. Responsibly. Collaboratively. With integrity.

Board of Directors

Board Committees

Strong performance starts with good governance

Managementand Employees

TC Energy’s Operational Management System (TOMS)

Continuous improvement cycle focused on four key areas:

PLAN

Risk and regulatory assessment, objective and target setting, defining roles and responsibilities

DO

Development and implementation of programs, procedures and standards to manage operational risk

CHECKIncident reporting, investigation and performance monitoring

ACTAssurance activities and review of performance by management

TOMS

Framework over how assets are designed, constructed, operated and decommissioned

Complies with applicable regulatory requirements

Ensures safety, security and protection of people, property, physical assets and the environment

Modeled after international standards – ISO 14001, OHSAS 18001

Conforms to applicable industry standards

Integrated operational management system based on global best practices

Spotlight on safety and mental wellbeing

Mental wellbeing targets: • Increase mental wellbeing awareness

through employee training sessions and a Mental Health Week

• Commence implementation of a Psychological Health and Safety in the Workplace plan

• Introduced #WellnessWednesday tips for addressing and managing mental health challenges during the COVID-19 pandemic

• Increased training working to increase awareness and promote mental health and psychological safety

• Making discussions around mental health a more common practice

Safety targets: • Total recordable case rate targets

are 0.25 for employees and 0.59 for contractors

• Zero significant safety incidents

• Safety is our number one value, and all incidents are preventable: zero is real

• Emphasizing lessons learned from incidents and implementing collaborative solutions for improvement

• Taking a multi-faceted approach to our proactive maintenance and monitoring programs, including aerial and ground-based patrol programs to monitor pipelines

Committed to our values and doing what’s right

Key takeaways

Supporting communities, protecting the environment and capturing growth

Leading North American energy infrastructure company

• Delivering the energy people need every day, safely, responsibly, collaboratively and with integrity

• $100+ billion of critical assets provide a strong competitive advantage

• Services are essential across all operating geographies

Participating in energy transition

• History of technical expertise and innovation across the energy spectrum

• Financial flexibility to invest within proven risk tolerances

• Asset portfolio provides growth platform across wide range of scenarios

Sustainability leadership

• Targets set across ESG spectrum, including GHG reduction targets

• Partnering with Indigenous communities

• Participating in meaningful climate and environmental initiatives

• Successfully integrating sustainability across all five business platforms

Click link to read more on TCEnergy.com• Nikola and TC Energy sign Joint Development Agreement for co-development of large-scale clean hydrogen hubs

• EDP Renewables and TC Energy execute long-term agreement to add 297-megawatt wind farm to Alberta

• Celebrating a milestone: completion of the Murray River Horizontal Directional Drill sets TC Energy record

• Enhancing safety for our field employees through innovation and collaboration

• Expanding our renewable energy portfolio

• Millions of hours of safety in Tula – Villa de Reyes

• Celebrating women making an impact at TC Energy

• New health care training program helps ease transition for Indigenous elders

• A groundbreaking partnership with Steel River Group

ESG at TC Energy – recent highlights