TC Energy has confirmed that it will not redeem its Series 5 and Series 6 Cumulative Redeemable First Preferred Shares on January 30, 2026. Instead, holders of Series 6 Shares may elect to retain their floating-rate shares or convert on a one-for-one basis into Series 5 Shares. Conversely, holders of Series 5 Shares may continue to hold at the fixed rate or convert into Series 6 Shares at the same ratio. This election applies to any or all of their holdings in each series.

Shareholders who retain Series 5 Shares will receive a new fixed annual dividend rate of 4.501% for the five-year period beginning January 30, 2026 and ending January 30, 2031. Those who retain Series 6 Shares will receive a floating quarterly dividend rate set at 3.732% for the quarter from January 30 to April 30, 2026, with the rate to be reset each subsequent quarter based on prevailing market conditions.

Beneficial owners wishing to exercise their conversion right must notify their broker or nominee by 5 p.m. ET on January 16, 2026. Notices submitted after this deadline will be invalid, and shares will remain in their original series. TC Energy recommends that shareholders initiate instructions well in advance to ensure timely processing by intermediaries.

TC Energy has stipulated that if, after January 30, 2026, fewer than one million Series 5 Shares remain outstanding, all remaining Series 5 Shares will automatically convert into Series 6 Shares on a one-for-one basis. Similarly, if fewer than one million Series 6 Shares remain, they will automatically convert into Series 5 Shares on the same basis. In either event, a news release will be issued no later than January 23, 2026 to confirm the conversions.