TransCanada Corporation

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The Board and the members of TransCanada's management are committed to the highest standards of corporate governance. TransCanada's corporate governance practices comply with the governance rules of the Canadian Securities Administrators (CSA), those of the New York Stock Exchange (NYSE) applicable to foreign issuers and of the U.S. Securities and Exchange Commission (SEC), and those mandated by the United States Sarbanes-Oxley Act of 2002 (SOX). TransCanada is in compliance with the CSA's Multilateral Instrument 52-110 pertaining to audit committees (Canadian Audit Committee Rules). TransCanada is also in compliance with National Policy 58-201, Corporate Governance Guidelines, and National Instrument 58-101, Disclosure of Corporate Governance Practices (collectively, the Canadian Governance Guideline).The Board has determined that, other than Messrs. Kvisle and Stewart, all of the existing directors of TransCanada (including Mr. Jackson, the Chair) have no direct or indirect material relationship with TransCanada and are therefore independent.Mr. Kvisle, as the CEO of TransCanada, is not independent. Mr. Stewart is not independent as he provided consulting services to TransCanada and received more than $75,000 in compensation during the 2005 financial year. Mr. Stewart's consulting contract terminated on December 31, 2005.

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