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].