Annual Information Form

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TC Energy Corporation 2019 Annual information form February 12, 2020 TED Contents PRESENTATION OF INFORMATION . 2 FORWARD-LOOKING INFORMATION . 2 TC ENERGY CORPORATION . 4 Corporate structure . 4 Intercorporate relationships . 4 GENERAL DEVELOPMENT OF THE BUSINESS . 5 Natural Gas Pipelines . 5 Liquids Pipelines . 12 Power and Storage . 14 BUSINESS OF TC ENERGY . 15 Natural Gas Pipelines . 15 Liquids Pipelines . 15 Regulation of Natural Gas Pipelines and Liquids Pipelines . 16 Power and Storage . 17 GENERAL . 18 Employees . 18 Health, safety, sustainability and environmental protection and social policies . 18 RISK FACTORS . 20 DIVIDENDS . 21 DESCRIPTION OF CAPITAL STRUCTURE . 21 Share capital . 21 CREDIT RATINGS . 24 Moody's . 25 S&P . 25 Fitch . 25 DBRS . 26 MARKET FOR SECURITIES . 27 Common shares . 27 Preferred shares . 28 DIRECTORS AND OFFICERS . 29 Directors . 29 Board committees . 31 Officers . 32 Conflicts of interest . 33 CORPORATE GOVERNANCE . 34 AUDIT COMMITTEE . 35 Relevant education and experience of members . 35 Pre-approval policies and procedures . 37 External auditor service fees . 37 LEGAL PROCEEDINGS AND REGULATORY ACTIONS . 38 TRANSFER AGENT AND REGISTRAR . 38 MATERIAL CONTRACTS . 38 INTEREST OF EXPERTS . 38 ADDITIONAL INFORMATION . 38 GLOSSARY . 39 SCHEDULE A . ..

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Management’s discussion and analysis February 12, 2015 This management’s discussion and analysis (MD&A) contains information to help the reader make investment decisions about TransCanada PipeLines Limited. It discusses our business, operations, financial position, risks and other factors for the year ended December 31, 2014. This MD&A should be read with our accompanying December 31, 2014 audited comparative consolidated financial statements and notes for the same period, which have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). Contents ABOUT THIS DOCUMENT ............................... 2 ABOUT OUR BUSINESS ................................. 5 • Three core businesses ................................. 5 • Our strategy ....................................... 6 • Capital program ..................................... 7 • 2014 financial highlights .............................. 8 • Outlook ........................................... 13 NATURAL GAS PIPELINES ............................... 15 LIQUIDS PIPELINES .................................... 33 ENERGY ............................................. 43 CORPORATE .......................................... 63 FINANCIAL CONDITION ................................. 65 OTHER INFORMATION ................................. 75 • Risks and risk management ............................ 75 • Controls and procedures .............................. 81 • CEO and CFO certifications ............................ 82 • Critical accounting estimates ..........................
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