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N E W S R E L E A S E
TRANSCANADA CORPORATION ARRANGEMENT EFFECTIVE TODAY
CALGARY, Alberta - May 15, 2003 - (TSX: TRP) (NYSE: TRP) - TransCanada
Corporation announced that the plan of arrangement to establish it as the
parent company of TransCanada PipeLines Limited has received all necessary
regulatory approvals and certificates making it effective today.
As of today, common shareholders of TransCanada PipeLines Limited have
automatically become common shareholders of TransCanada Corporation. Each
TransCanada PipeLines Limited common share is recognized as one TransCanada
Corporation common share. TransCanada Corporation common shares are now
publicly traded on the Toronto and New York stock exchanges under the symbol
"TRP", the symbol historically used by TransCanada PipeLines Limited.
Preferred shares in TransCanada PipeLines Limited are publicly traded under
the new symbol "TCA".
The establishment of TransCanada Corporation will have no impact on
TransCanada PipeLines Limited's day to day operations, services or
obligations. The assets and liabilities of TransCanada PipeLines Limited
remain with TransCanada PipeLines Limited. Debt holders and preferred
shareholders of TransCanada PipeLines Limited continue to hold these
securities in this company. TransCanada Corporation owns all of the
outstanding common shares of TransCanada PipeLines Limited.
TransCanada is a leading North American energy company. We are focused on
natural gas transmission and power services with employees who are expert in
these businesses. Our network of approximately 38,000 kilometres of pipeline
transports the majority of Western Canada's natural gas production to the
fastest growing markets in Canada and the United States. TransCanada has
interests in more than 4,000
megawatts of power - an equal amount of power can meet the needs of about
four million average households. Our common shares trade under the symbol
TRP on the Toronto and New York stock exchanges. Visit us on the internet at
xxx.xxxxxxxxxxx.xxx for more information.
FORWARD LOOKING INFORMATION
CERTAIN INFORMATION IN THIS NEWS RELEASE IS FORWARD-LOOKING AND IS SUBJECT TO
IMPORTANT RISKS AND UNCERTAINTIES. THE RESULTS OR EVENTS PREDICTED IN THIS
INFORMATION MAY DIFFER FROM ACTUAL RESULTS OR EVENTS. 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, REGULATORY DECISIONS, COMPETITIVE FACTORS IN THE PIPELINE AND
POWER INDUSTRY SECTORS, AND THE CURRENT ECONOMIC CONDITIONS IN NORTH AMERICA.
FOR ADDITIONAL INFORMATION ON THESE AND OTHER FACTORS, SEE THE REPORTS FILED
BY TRANSCANADA WITH CANADIAN SECURITIES REGULATORS AND WITH THE UNITED STATES
SECURITIES AND EXCHANGE COMMISSION. TRANSCANADA DISCLAIMS ANY INTENTION OR
OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS, WHETHER AS A
RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.
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Media Inquiries: Xxxxx Xxxxxxx/Xxxxx Xxxxx
(000) 000-0000
Investor & Analyst Inquiries: Xxxxx Xxxxxx/Xxxxxx Xxxxxx
(000) 000-0000
