This document provides an overview of the key factors that have influenced how TransCanada has performed in its recent past, its financial condition, and its future prospects.

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

Le rapport de gestion date du 14 f ´ evrier 2011 doit ´ etre lu ˆ a la lumi ` ere des ` etats financiers consolid ´ es audit ´ es ci-joints ´ de TransCanada PipeLines Limited (« TCPL » ou la « societ´ e ») et des notes y aff ´ erentes de l’exercice clos le 31 d ´ ecembre ´ 2010, qui ont et´ e ´ etablis selon les principes comptables g ´ en´ eralement reconnus (« PCGR ») du Canada.

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

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