The Management’s Discussion and Analysis (MD&A) dated February 22, 2007 should be read in conjunction with the audited Consolidated Financial Statements of TransCanada PipeLines Limited (TCPL or the Company) and the notes thereto for the year ended December 31, 2006.

Presentation - 2021 First Quarter Results

TC Energy Corporation today announced net income attributable to common shares for fourth quarter 2020 of $1.1 billion or $1.20 per share compared to net income of $1.1 billion or $1.18 per share for the same period in 2019. For the year ended December 31, 2020, net income attributable to common shares was $4.5 billion or $4.74 per share compared to net income of $4.0 billion or $4.28 per share for 2019. Comparable earnings for fourth quarter 2020 were $1.1 billion or $1.15 per common share compared to $970 million or $1.03 per common share in 2019. For the year ended December 31, 2020, comparable earnings were $3.9 billion or $4.20 per common share compared to $3.9 billion or $4.14 per common share for 2019. TC Energy's Board of Directors also declared a quarterly dividend of $0.87 per common share for the quarter ending March 31, 2021, equivalent to $3.48 per common share on an annualized basis, an increase of 7.4 per cent. This is the twenty-first consecutive year the Board has raised the dividend.

This document is a comprehensive report on a company's activities throughout the preceding year.