TRANSCANADA PIPELINES Business Summary

TransCanada PipeLines Limited (TCPL), the primary operating subsidiary of TC Energy Corporation, generates revenue through a low-risk, regulated business model centered on long-term take-or-pay contracts and cost-of-service tolls. Following the strategic spinoff of its liquids pipelines business into South Bow Corporation in late 2024, the company’s operations are concentrated in four core segments: Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines, Mexico Natural Gas Pipelines, and Power and Energy Solutions. As of February 2026, the firm manages a vast 93,000-kilometer network that transports approximately 30% of the natural gas consumed across North America, complemented by significant investments in carbon-free energy, including the Bruce Power nuclear facility. TCPL competes directly with midstream giants such as Enbridge, Kinder Morgan, and Pembina Pipeline, maintaining a dominant market position as the continent’s premier natural gas infrastructure provider with a 2026 EBITDA guidance of $11.6–$11.8 billion. Originally incorporated in 1951 to develop the Trans-Canada PipeLine system, the company is currently led by President and CEO François Poirier, who assumed the role in 2021 after serving as President of the Energy East Pipeline. The executive leadership team includes Sean O’Donnell, who serves as Executive Vice-President and Chief Financial Officer with a background in capital markets and corporate planning, and Tina Faraca, the Executive Vice-President and COO of Natural Gas Pipelines. The board is chaired by John E. Lowe, a veteran energy executive with prior leadership experience at Phillips 66 and Apache Corporation. Other notable board members include Michael R. Culbert and Mary Pat Salomone, providing deep expertise in energy infrastructure and governance. The company is a publicly traded entity (TSX/NYSE: TRP) with a diverse institutional investor base, recently marking its 26th consecutive year of dividend growth in February 2026.