TransCanada's strong position in North America is the direct result of successfully executing its corporate strategy which was first adopted in 2000. While the plan has evolved over time in response to actual and anticipated changes in the business environment, it fundamentally remains the same. Today, TransCanada's corporate strategy consists of the following six components:

• maximize the profitability and long-term value of existing pipelines;
• grow the North American pipeline business, internally and through acquisitions;
• maximize the profitability and long-term value of existing power and other energy assets;
• grow the North American energy business, internally and through acquisitions;
• drive for operational excellence in all aspects of the business; and
• maximize TransCanada's competitive strength and enduring value.