Located entirely within the Municipal District of Bonnyville, this pipeline is south of the City of Cold Lake, Alberta, and is connected to the NGTL System. The existing Cold Lake Border Sales metering facility was replaced with a new metering facility to accommodate the additional gas volumes.

Pembina Pipeline Corporation and TC Energy Corporation are pleased to share their plan to jointly develop a world-scale carbon transportation and sequestration system which, when fully constructed, will be capable of transporting more than 20 million tonnes of CO2 annually. By leveraging existing pipelines and a newly developed sequestration hub, the Alberta Carbon Grid ("ACG" or the "Project") represents the infrastructure platform needed for Alberta-based industries to effectively manage their emissions and contribute positively to Alberta's lower-carbon economy and create sustainable long-term value for Pembina and TC Energy stakeholders.

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

The Management’s Discussion and Analysis dated March 1, 2005 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, 2004. Amounts are stated in Canadian dollars unless otherwise indicated.

Crossfield Gas Storage is located 50 km (31 miles) north of Calgary, Alta, holds 68 bcf (billion cubic feet) of natural gas. A "depleted underground reservoir" facility, gas is stored in what was originally a naturally occurring gas reservoir.

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