Certain written and oral statements made or incorporated by reference from time to time by TransCanada or its representatives in this Web site and other reports and filings made with the securities regulatory authorities, press releases, conferences or otherwise, are forward looking and relate to, among other things, anticipated financial performance, business prospects, strategies, regulatory developments, new services, market forces, commitments and technological developments. Much of this information appears in the Management's Discussion and Analysis ("MD&A") section of TransCanada's Annual Report to Shareholders for the year ended December 31, 2001 (the "Annual Report"). By its nature, such forward-looking information is subject to various risks and uncertainties, including those discussed herein, which could cause TransCanada's actual results and experience to differ materially from the anticipated results or other expectations expressed. Readers are cautioned not to place undue reliance on this forward-looking information, which is as of the date of this Annual Report, and TransCanada undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise. Factors which could cause actual results or events to differ materially from current expectations include, among other things, the ability of TransCanada to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, the availability and price of energy commodities, the regulatory environment, competitive factors in the pipeline and power industry sectors, and the current and future economic conditions in North America.