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.

U.S. leader B.J. Perry shares how his son’s courage sparked a journey of community impact and giving back.

At TC Energy, giving is in our DNA. Our workforce is always on the hunt for new ways to make a difference in the communities where they live and work in ways that they are passionate about, and we are proud to support them in their endeavours. Catherine Potter is an avid knitter and has dedicated her time to create unique dolls, octopuses, and hats for children in need. Over the last year, Catherine has sent dozens of her creations to the Alberta Children’s Hospital and NICU Family Care.