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

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.

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

For essential workers, going out into this uncertain world can heighten anxiety. For those working from home, adjusting to a new routine can be exhausting. Perhaps someone you work with has had a family member affected by the virus. The truth is, we never truly know what people are going through unless we check in and see how they are doing.