Core Viewpoint - TC Energy Corporation will not redeem its Cumulative Redeemable First Preferred Shares, Series 5 and Series 6 on January 30, 2026, allowing shareholders to choose between retaining their shares or converting them to the other series with different dividend rates [1][2][3]. Summary by Category Dividend Rates - Holders of Series 5 Shares can retain their shares to receive a fixed annual dividend rate of 4.501% for the five-year period from January 30, 2026, to January 30, 2031 [2]. - Holders of Series 6 Shares can retain their shares to receive a floating quarterly dividend rate of 3.732% for the three-month period from January 30, 2026, to April 30, 2026, with the rate reset every quarter [3]. Conversion Options - Series 5 Shareholders can convert their shares to Series 6 Shares and receive the floating quarterly dividend rate of 3.732% [2][7]. - Series 6 Shareholders can convert their shares to Series 5 Shares and receive the fixed quarterly dividend rate of 4.501% [3][7]. Conversion Deadline - Beneficial owners must communicate with their broker to exercise their conversion rights by 5 p.m. ET on January 16, 2026, to ensure their requests are valid [4]. - Those who do not provide notice by the deadline will retain their respective shares and receive the applicable new dividend rate [5]. Automatic Conversions - If TC Energy determines that there would be less than one million Series 5 Shares or Series 6 Shares outstanding after January 30, 2026, all remaining shares will be automatically converted into the other series on a one-for-one basis [6]. Future Conversion Opportunities - Holders of Series 5 and Series 6 Shares will have the opportunity to convert their shares again on January 30, 2031, and every fifth year thereafter as long as the shares remain outstanding [8]. Company Overview - TC Energy is a leader in North American energy infrastructure, connecting the world to cleaner-burning natural gas and generating affordable, reliable, and sustainable power across North America [9][10].

Group 1 - Capital Power Corporation announced that less than one million Series 1 Shares were tendered for conversion into Series 2 Shares, resulting in no Series 2 Shares being issued at this time [1] - There are 5,000,000 Series 1 Shares listed on the Toronto Stock Exchange under the symbol CPX.PR.A, with an annual fixed dividend rate reset to 4.95800% effective December 31, 2025 [2] Group 2 - Capital Power is a growth-oriented power producer with approximately 12 GW of power generation capacity across 32 facilities and battery energy storage in North America [5]

Core Viewpoint - TC Energy Corporation will not redeem its Cumulative Redeemable First Preferred Shares, Series 3 and Series 4 on June 30, 2025, allowing shareholders to choose between retaining their shares or converting them to the other series with different dividend rates [1][2]. Summary by Category Dividend Rates - Holders of Series 3 Shares can retain their shares and receive a fixed annual dividend rate of 4.102% for the period from June 30, 2025, to July 2, 2030 [1]. - Holders of Series 4 Shares can retain their shares and receive a floating quarterly dividend rate of 3.924% for the three-month period starting June 30, 2025, with the rate reset every quarter [2]. Conversion Options - Series 3 Shareholders can convert their shares to Series 4 Shares and receive the floating quarterly dividend rate of 3.924% [1]. - Series 4 Shareholders can convert their shares to Series 3 Shares and receive the fixed quarterly dividend rate of 4.102% [2]. Conversion Process - Beneficial owners must communicate with their broker by 5 p.m. (EST) on June 16, 2025, to exercise their conversion rights [3]. - If no notice is provided by the deadline, shareholders will retain their respective shares and receive the applicable new dividend rate [4]. Conditions for Conversion - If TC Energy determines that there will be less than one million Series 3 Shares outstanding after June 30, 2025, all remaining Series 3 Shares will convert to Series 4 Shares on a one-for-one basis [5]. - Conversely, if there are less than one million Series 4 Shares outstanding, all remaining Series 4 Shares will convert to Series 3 Shares on a one-for-one basis [5]. Future Conversion Opportunities - Holders of Series 3 and Series 4 Shares will have the opportunity to convert their shares again on July 2, 2030, and every five years thereafter as long as the shares remain outstanding [6].