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TC Energy TC Annual Annual report report 2020 2020 Delivering the energy people need, every day. Financial highlights Net income per common share (dollars) Track record of dividend growth $3.50 2018 3.92 2019 4.28 $3.00 2020 4.74 $2.50 1 Comparable earnings per common share (dollars) $2.00 2018 3.86 2019 4.14 $1.50 2020 4.20 $1.00 $0.50 Dividends declared per common share (dollars) 2018 2.76 $0.00 2019 3.00 2000 2021E 2020 3.24 Common share price – Toronto Stock Exchange $80 Net income attributable to common shares $70 (millions of dollars) $60 2018 3,539 2019 3,976 $50 2020 4,457 $40 $30 Comparable earnings1 (millions of dollars) 2018 3,480 $20 2019 3,851 $10 2020 3,945 $0 2000 2020 Comparable EBITDA1 (millions of dollars) 2018 8,563 average annual shareholder 2019 9,366 return since 2000 2020 9,351 12% (1) Non-GAAP measures which do not have any standardized meanings as prescribed by U.S. generally accepted accounting principles (GAAP). For more information, see the non-GAAP measures section of the Management's Discussion and Analysis of the 2020 Annual Report. Comparable funds generated from operations1 Forward-Looking Information and Non-GAAP Measures (millions of dollars) These pages contain certain forward-looking information and also contain references to certain non- GAAP measures that do not have any standardized meaning as prescribed by GAAP and therefore may 2018 6,522 not be comparable to similar measures presented by other entities. For more information on forward- 2019 7,117 looking information, the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, and reconciliations of non-GAAP measures to directly 2020 7,385 comparable GAAP measures, refer to TC Energy’s 2020 Annual Report filed with Canadian securities regulators, the U.S. Securities and Exchange Commission and available at TCEnergy.com. About TC Energy Delivering the energy people need, every day. Safely. Responsibly. Collaboratively. With integrity. We are a vital part of everyday life — delivering the Our vision energy millions of people rely on to power their lives in a sustainable way. Thanks to a safe, reliable network To be the leading energy infrastructure company in North of natural gas and crude oil pipelines, along with America, focusing on pipeline and power generation power generation and storage facilities, wherever life opportunities where we have, or can develop, a significant happens — we’re there. Guided by our core values competitive advantage. of safety, responsibility, collaboration and integrity, our 7,500 people make a positive difference in the communities where we operate across Canada, the ESG at TC Energy U.S. and Mexico. We are committed to providing you with the information you need related to our environmental, social and governance TC Energy’s common shares trade on the Toronto (TSX) and (ESG) approach and performance. Find relevant ESG updates New York (NYSE) stock exchanges under the symbol TRP. throughout our annual report and also at TCEnergy.com/ESG. TC Energy Annual report 2020 | 1 Healthy and resilient in tough times A message from Russ and Siim 2 | TC Energy Annual report 2020 The global healthcare system and economy were tested in new ways in 2020. We were continuously inspired by the sacrifices made by millions of people to support society through all aspects of the COVID-19 pandemic. To everyone doing their part – thank you. As we all adapted to changes in lifestyle, TC Energy’s people and business remained healthy. The critical role our Enduring economic infrastructure plays in providing energy to North America and societal value meant our services were deemed essential in every jurisdiction where we operate. Quietly and reliably, energy We believe in sharing the benefits of our success with transported through our systems kept millions of homes, our stakeholders. In 2020, we worked harder than ever hospitals, businesses and other essential services moving to buy locally whenever possible and contributed more forward to support people and economies across Canada, than $31 million to community organizations across our the U.S. and Mexico. footprint. This included $5.2 million for causes related specifically to COVID-19 relief efforts, $8 million for As a result, our business remained largely unaffected, even Indigenous organizations and $5.4 million directed by during such an extraordinary year. Finding new ways to our workforce to causes that are important to them. work together, we: Our people also found innovative ways to safely log over 22,500 volunteer hours. + Generated record comparable earnings of $3.9 billion or $4.20 per common share Through the pandemic, we remained focused on + Reported record comparable funds generated from our goal of zero safety incidents and progressed our operations of $7.4 billion operations and projects following COVID-19 protocols to keep our people and communities safe. We invested + Reached numerous significant agreements in more than $14 million in research and development collaboration with our customers activities and advanced over 140 innovation projects + Advanced our $20 billion secured capital program and focused on pipeline safety and reliability, technological advancement and sustainability. + Placed approximately $5.9 billion of projects into service We also significantly progressed our sustainability program These results are a testament to the resourcefulness of in 2020 and invite you to read our Report on Sustainability our 7,500 people, the resilience of our $100 billion asset and visit our online ESG Directory to learn more. Your base and our low-risk business model. valuable feedback continues to help shape our approach. TC Energy Annual report 2020 | 3 effective January 1, 2021. François has over 30 years Sustainable, predictable of relevant experience and has played a key role on shareholder returns our executive leadership team for over five years, with involvement in all aspects of our business. He’s shown For more than two decades, we have remained disciplined impressive dedication to TC Energy’s long-term success in our capital allocation model and focused on a long- and has demonstrated strong vision, leadership and term conservative strategy that has delivered consistent commitment to our core values. shareholder returns through all points of the economic cycle. We’ve returned approximately 40 per cent of our cash While no one could have anticipated the level of flow to shareholders through a strong and growing dividend, complexity we would face through the year, excellence investing the remaining 60 per cent into complementary in leadership requires agility, and both Russ and François low-risk assets that continue to drive growth in earnings and worked creatively and unwaveringly to ensure a smooth cash flow per share and enduring shareholder value. transition. It’s an exciting time to guide TC Energy forward, and we know François’ integrity, strategic In 2020, the value of this model was again validated. thinking, commercial acumen and bottom-line focus will The utility-like nature of our asset base – which serve the company well in the years ahead. is approximately 95 per cent rate-regulated and/ or contracted for the long-term with credit-worthy As our company continues to evolve, so does our Board of counterparties – once again did what it was designed to Directors. We are pleased to welcome Mr. Michael Culbert, do. For the year ended December 31, 2020, we produced Ms. Susan Jones and Mr. David MacNaughton, all of record comparable earnings of $4.20 per common whom were elected as directors at our 2020 Annual share, a 1.5 per cent increase compared to 2019, while Meeting of Shareholders. These three directors bring comparable funds generated from operations of strong leadership and strategy skills to the Board. $7.4 billion were four per cent higher. Mr. Culbert has extensive knowledge of the energy industry, Ms. Jones has considerable expertise in international Based on the strength of our financial performance in 2020 business operations including legal and regulatory matters and confidence we have in our future, in February 2021 and Mr. MacNaughton brings significant experience in the Board of Directors increased our quarterly common government and policy. They have been excellent additions share dividend for the twenty-first consecutive year to to our Board and we look forward to their ongoing $3.48 per share on an annualized basis, an increase of contributions to TC Energy in the coming years. approximately 7.4 per cent. We would also like to thank Mr. Steve Williams for his service Looking forward, the demand for energy will continue to the Board as he will not be standing for re-election this to grow and the technology employed will also evolve. year. During his tenure with the Board, Mr. Williams served TC Energy will continue to play a critical role in delivering as a member of the Governance committee and Human the energy society needs and capture the investment Resources committee where his business acumen provided opportunities that will certainly arise with increased a valuable perspective to the Board. demand and the transition to a lower-carbon future. Looking ahead, the company’s discipline and focus on our core priorities will not change. We are confident TC Energy’s irreplicable asset base, unmatched human talent and Planning for outstanding governance and leadership will serve us well in our future the future as it has in the past. We thank you for your continued support, Succession planning is an ongoing process at TC Energy, and one the Board takes very seriously. For several years, the Board has been carefully assessing the skills, experience, performance record and personal attributes required for the Chief Executive Officer role.
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