Deadline for South Bow spin-off is set Page 1

CALGARY, Alberta, September 9, 2024 (GLOBE NEWSWIRE) — TC Energy Corporation (TSX, NYSE: TRP) (“TC Energy” or the “Company”) today announced the determination of the distribution record date of September 25, 2024 for the previously announced spin-off of TC Energy’s Liquids Pipelines business into South Bow Corporation (“South Bow”) under a plan of arrangement (the “Arrangement”). Pursuant to the Arrangement, TC Energy shareholders will retain their interest in TC Energy and receive a pro rata interest in South Bow, as further described in TC Energy’s Management Information Circular dated April 10, 2024.

The Spin-Out has received the necessary tax rulings in Canada and the United States, as well as the necessary shareholder and court approvals. Subject to the satisfaction or waiver of the remaining closing conditions of the Agreement, the Agreement is expected to become effective on October 1, 2024.