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Name | Symbol | Market | Type |
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Citi Fun 24 | LSE:BC93 | London | Medium Term Loan |
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RNS Number:8670J TransCanada Pipelines Ld 16 March 2005 PART 5 SUPPLEMENTARY INFORMATION FIVE-YEAR FINANCIAL HIGHLIGHTS (millions of dollars except where 2004 2003 2002 2001 2000 indicated) Income Statement Revenues 5,107 5,357 5,214 5,275 4,384 Net income from continuing operations 1,031 859 805 753 707 Net income 1,083 909 805 686 768 Net income/(loss) by segment Gas Transmission 586 622 653 585 623 Power 396 220 146 168 85 Corporate (4 ) (41 ) (52 ) (67 ) (80 ) Continuing operations 978 801 747 686 628 Discontinued operations 52 50 - (67 ) 61 Net income applicable to common shares 1,030 851 747 619 689 Cash Flow Statement Funds generated from continuing 1,672 1,810 1,827 1,624 1,495 operations Capital expenditures and acquisitions 1,992 961 827 1,077 1,135 Dividends and preferred securities 623 588 546 517 536 charges Balance Sheet Assets Plant, property and equipment Gas Transmission 17,325 16,055 16,071 16,481 16,864 Power 1,342 1,310 1,340 1,116 776 Corporate 37 50 64 66 111 Total assets Continuing operations 22,122 20,687 20,033 19,865 19,917 Discontinued operations 7 11 139 276 5,007 Capitalization Long-term debt 9,713 9,465 8,815 9,347 9,928 Non-recourse debt of joint ventures 779 761 1,222 1,295 1,296 Preferred securities (liability 19 22 238 237 243 component) Preferred securities (equity 670 672 674 675 969 component) Preferred shares 389 389 389 389 389 Common shareholders' equity 6,484 6,044 5,747 5,426 5,211 U.S. GAAP information Net income/(loss) Continuing operations before 997 810 774 715 642 extraordinary items Discontinued operations 52 50 - (67 ) 61 Extraordinary item - - - - 13 Net income 1,049 860 774 648 716 Net income/(loss) per share Continuing operations before $ 2.07 $ 1.68 $ 1.57 $ 1.46 $ 1.27 extraordinary items Discontinued operations $ 0.11 $ 0.11 $ - $(0.14 ) $ 0.13 Extraordinary item $ - $ - $ - $ - $ 0.03 Net income applicable to common $ 2.18 $ 1.79 $ 1.57 $ 1.32 $ 1.43 shares per share - Basic Net income applicable to common $ 2.18 $ 1.79 $ 1.56 $ 1.32 $ 1.43 shares per share - Diluted Common shareholders' equity 6,442 5,932 5,642 5,360 5,163 F-48 Per Common Share Data (dollars) 2004 2003 2002 2001 2000 Net income - Basic Continuing operations $ 2.03 $ 1.66 $ 1.56 $ 1.44 $ 1.32 Discontinued operations 0.11 0.11 - (0.14 ) 0.13 $ 2.14 $ 1.77 $ 1.56 $ 1.30 $ 1.45 Net income - Diluted Continuing operations $ 2.03 $ 1.66 $ 1.55 $ 1.44 $ 1.32 Discontinued operations 0.11 0.11 - (0.14 ) 0.13 $ 2.14 $ 1.77 $ 1.55 $ 1.30 $ 1.45 Dividends declared(1) $ 1.17 $ 1.08 $ 1.00 $ 0.90 $ 0.80 Per Preferred Share Data (dollars) Series U Cumulative First Preferred $ 2.80 $ 2.80 $ 2.80 $ 2.80 $ 2.80 Shares Series Y Cumulative First Preferred $ 2.80 $ 2.80 $ 2.80 $ 2.80 $ 2.80 Shares Financial Ratios Earnings to fixed charges(2) 2.6 2.4 2.4 2.2 2.0 Earnings to fixed charges (per U.S. 2.4 2.1 2.2 2.0 2.0 GAAP)(3) (1) Effective May 15, 2003, TCPL dividends have been declared in an amount equal to the aggregate dividend paid by TransCanada. The amounts presented reflect the aggregate amount divided by total outstanding common shares of TCPL. (2) The ratio of earnings to fixed charges is determined by dividing the income from continuing operations before financial charges and income taxes, excluding undistributed income from equity investees by the financial charges incurred by the company (including capitalized interest). (3) The ratio is determined in the manner described in (1) above, but utilizing similar information determined in accordance with U.S. GAAP. Differences are described in Note 23 to the consolidated financial statements "U.S. GAAP". F-49 COMMENTS BY AUDITORS FOR U.S. READERS ON CANADA-U.S. REPORTING DIFFERENCE In the United States, reporting standards for auditors require the addition of an explanatory paragraph (following the opinion paragraph) when there is a change in accounting principles that has a material effect on the comparability of the Company's financial statements, such as the changes described in Note 2 - Accounting Changes - to the Company's consolidated financial statements as at December 31, 2004 and 2003, and for each of the years in the three-year period ended December 31, 2004 which are incorporated by reference herein. Our report to the shareholders dated February 28, 2005, which is incorporated by reference herein, is expressed in accordance with Canadian reporting standards which do not require a reference to such a change in accounting principles in the auditors' report when the change is properly accounted for and adequately disclosed in the financial statements. /s/ KPMG LLP Chartered Accountants Calgary, Canada February 28, 2005 QuickLinks CONSOLIDATED AUDITED ANNUAL FINANCIAL STATEMENTS AND MANAGEMENT'S DISCUSSION & ANALYSIS UNDERTAKING DISCLOSURE CONTROLS AND PROCEDURES AUDIT COMMITTEE FINANCIAL EXPERT CODE OF ETHICS PRINCIPAL ACCOUNTANT FEES AND SERVICES OFF-BALANCE SHEET ARRANGEMENTS TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS IDENTIFICATION OF THE AUDIT COMMITTEE FORWARD-LOOKING INFORMATION SIGNATURES TRANSCANADA PIPELINES LIMITED ANNUAL INFORMATION FORM TABLE OF CONTENTS PRESENTATION OF INFORMATION FORWARD-LOOKING INFORMATION REFERENCE INFORMATION TRANSCANADA PIPELINES LIMITED GENERAL DEVELOPMENT OF THE BUSINESS BUSINESS OF TCPL HEALTH, SAFETY AND ENVIRONMENT LEGAL PROCEEDINGS TRANSFER AGENT AND REGISTRAR INTEREST OF EXPERTS RISK FACTORS DIVIDENDS DESCRIPTION OF CAPITAL STRUCTURE RATINGS MARKET FOR SECURITIES DIRECTORS AND OFFICERS CORPORATE GOVERNANCE INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS SECURITIES OWNED BY DIRECTORS COMPENSATION OF DIRECTORS Cash Fees Paid to Directors in 2004 (1) EXECUTIVE COMPENSATION AND OTHER INFORMATION Executive Compensation Structure and Policies Overview of Executive Compensation Elements Share Ownership Guidelines Changes to the Executive Compensation Program Stock Option Plan Performance Unit Plan Compensation of the Chief Executive Officer Performance Graph Compensation of Executive Officers of TCPL Executive Compensation Information Long-term Incentive Plan Awards Equity Compensation Plan Information Securities Authorized For Issuance under Equity Compensation Plans Long-term Incentive Plan Grants Outstanding Executive Share Unit Plan Performance Unit Plan Pension and Retirement Benefits for Executive Officers Supplemental Disclosure of Compensation Employee Stock Savings Plan Employment Contracts ADDITIONAL INFORMATION GLOSSARY SCHEDULE "A" SCHEDULE "B" CHARTER OF THE AUDIT COMMITTEE PART II Specific Mandate of Committee REPORT OF MANAGEMENT AUDITORS' REPORT TRANSCANADA PIPELINES LIMITED CONSOLIDATED INCOME TRANSCANADA PIPELINES LIMITED CONSOLIDATED CASH FLOWS TRANSCANADA PIPELINES LIMITED CONSOLIDATED BALANCE SHEET TRANSCANADA PIPELINES LIMITED CONSOLIDATED RETAINED EARNINGS TRANSCANADA PIPELINES LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS EX-23.1 Exhiobit 23.1 a2153568zex-23_1.htm QuickLinks -- Click here to rapidly navigate through this document Exhibit 23.1 ACCOUNTANTS' CONSENT To: The Board of Directors TransCanada PipeLines Limited We consent to the use of our report dated February 28, 2005 on the consolidated balance sheets of TransCanada PipeLines Limited (the "Company") as at December 31, 2004 and 2003 and the statements of consolidated income, consolidated retained earnings, and consolidated cash flows for each of the years in the three-year period ended December 31, 2004 and our Comments for U.S. Readers on Canada - U.S. Reporting Difference, dated February 28, 2005, both of which are incorporated by reference in this Annual Report on Form 40-F of the Company for the year ended December 31, 2004. We also consent to incorporation by reference of our report and Comments for U.S. Readers on Canada - U.S. Reporting Difference in the Amendment No. 1 on Form F-9 dated December 21, 2004 to the Registration Statement (No. 333-121265) on Form F-9 dated December 15, 2004 of TransCanada PipeLines Limited. /s/ KPMG LLP Chartered Accountants Calgary, Canada February 28, 2005 QuickLinks Exhibit 23.1 EX-31.1 Exhibit 31.1 a2153568zex-31_1.htm QuickLinks -- Click here to rapidly navigate through this document Exhibit 31.1 Certifications I, Harold N. Kvisle, certify that: 1. I have reviewed this annual report on Form 40-F of TransCanada PipeLines Limited; 2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report; 3. Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have: (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared; (b) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (c) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): (a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Dated March 15, 2005 /s/ Harold N. Kvisle Harold N. Kvisle President and Chief Executive Officer QuickLinks Exhibit 31.1 EX-31.2 Exhibit 31.2 a2153568zex-31_2.htm QuickLinks -- Click here to rapidly navigate through this document Exhibit 31.2 Certifications I, Russell K. Girling, certify that: 1. I have reviewed this annual report on Form 40-F of TransCanada PipeLines Limited; 2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report; 3. Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have: (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared; (b) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (c) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): (a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Dated March 15, 2005 /s/ Russell K. Girling Russell K. Girling Executive Vice-President, Corporate Development and Chief Financial Officer QuickLinks Exhibit 31.2 EX-32.1 Exhibit 32.1 a2153568zex-32_1.htm QuickLinks -- Click here to rapidly navigate through this document Exhibit 32.1 TRANSCANADA PIPELINES LIMITED 450 - 1st Street S.W. Calgary, Alberta, Canada T2P 5H1 CERTIFICATION OF CHIEF EXECUTIVE OFFICER UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002 I, Harold N. Kvisle, the Chief Executive Officer of TransCanada PipeLines Limited (the "Company"), in compliance with 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, hereby certify, in connection with the Company's Annual Report as filed on Form 40-F for the fiscal year ending December 31, 2004 with the Securities and Exchange Commission (the "Report"), that: 1. The Report fully complies with the requirements of Section 13(a) or 15 (d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. /s/ HAROLD N. KVISLE Harold N. Kvisle Chief Executive Officer March 15, 2005 QuickLinks Exhibit 32.1 EX-32.2 Exhibit 32.2 a2153568zex-32_2.htm QuickLinks -- Click here to rapidly navigate through this document Exhibit 32.2 TRANSCANADA PIPELINES LIMITED 450 - 1st Street S.W. Calgary, Alberta, Canada T2P 5H1 CERTIFICATION OF CHIEF FINANCIAL OFFICER UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002 I, Russell K. Girling, the Chief Financial Officer of TransCanada PipeLines Limited (the "Company"), in compliance with 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, hereby certify, in connection with the Company's Annual Report as filed on Form 40-F for the fiscal year ending December 31, 2004 with the Securities and Exchange Commission (the "Report"), that: 1. The Report fully complies with the requirements of Section 13(a) or 15 (d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. /s/ RUSSELL K. GIRLING Russell K. Girling Chief Financial Officer March 15, 2005 QuickLinks Exhibit 32.2 GRAPHIC g688292.jpg g688292.jpg GRAPHIC File GRAPHIC g383650.jpg g383650.jpg GRAPHIC File GRAPHIC g178988.jpg g178988.jpg GRAPHIC File GRAPHIC g8496.jpg g8496.jpg GRAPHIC File GRAPHIC g157839.jpg g157839.jpg GRAPHIC File GRAPHIC g964036.jpg g964036.jpg GRAPHIC File GRAPHIC g867826.jpg g867826.jpg GRAPHIC File GRAPHIC g910025.jpg g910025.jpg GRAPHIC File GRAPHIC g982753.jpg g982753.jpg GRAPHIC File GRAPHIC g763492.jpg g763492.jpg GRAPHIC File GRAPHIC g575755.jpg g575755.jpg GRAPHIC File GRAPHIC g688308.jpg g688308.jpg GRAPHIC File This information is provided by RNS The company news service from the London Stock Exchange END FR GGGMFFVRGKZZ
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