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.

TransCanada Corporation today announced it is expanding its successful community scholarships program, that will further help hundreds of North Americans gain skills to realize their goals and prosper in the workforce.

While 2020 proved to be a year of tremendous highs and lows for many families and businesses across our North American footprint, our Liquids business unit continued to play a critical role in delivering the energy people need across this continent.