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 fact sheet describes key points about Merrick Mainline Pipeline project.

Sundre Crossover — Commitment-tracking Table No. 15