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

This information circular is a document for a company’s shareholders, outlining important matters on the agenda at the annual shareholders' meeting, or at a special shareholders' meeting. The information circular also solicits proxy votes and provides procedures for voting on key issues.

Le rapport de gestion date du 22 fevrier 2010 doit ´ etre lu ˆ a la lumi ` ere des ` etats financiers consolid ´ es v ´ erifi ´ es ci-joints de ´ TransCanada PipeLines Limited (« TCPL » ou la « societ´ e ») et des notes y aff ´ erentes de l’exercice termin ´ e le 31 decembre 2009, qui ont et´ e ´ etablis selon les principes comptables g ´ en´ eralement reconnus (« PCGR ») du Canada.