TC Energy strives to be a leader in the delivery of energy in a safe, responsible and sustainable manner, ensuring we are positioned to maximize long-term value creation.

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.

The Topolobampo Pipeline is a 560 km (348 mile) pipeline that connects the states of Chihuahua and Sinaloa, supplying numerous Mexico communities along the way.

TC Energy is committed to the highest standards of ethics and corporate governance.

We are thrilled to provide TC Energy Community Day at the Calgary Stampede on Tuesday, July 8.