Lubicon Lake Indian Nation Little Buffalo Lake, AB 403-629-3945 FAX: 403-629-3939 Mailing address: 3536 - 106 Street Edmonton, AB T6J 1A4 403-436-5652 FAX: 403-437-0719 April 23, 1994 Enclosed for your information is a copy of a newspaper article on TransCanada Pipelines. Woodland lawyer Bob Young is of course also Vice President of Legal Affairs for TransCanada Pipelines. Obviously Young has quite a diverse portfolio. Or perhaps it's not so diverse after all. * * * * * The Edmonton Journal, April 23, 1994 `TREMENDOUS DEAL' IN MIDDLE EAST TO INCLUDE TCPL Carol Howes Calgary Herald Calgary TransCanada Pipelines Ltd. announced Friday it has become a partner in a major Middle East natural gas project that will ship gas from the Persian Gulf to South Asia. The Gulf South Asia Pipeline will connect the largest gas field in the world in Qatar to Pakistan, one of the highest potential markets in South Asia, TCPL president George Watson said at the company's annual meeting Friday. "The potential here is tremendous. We look forward to its development." TCPL has signed an interim agreement with Crescent Petroleum of the United Arab Emirates to acquire a 25 per cent interest and become joint operator in the project. Total cost of the first phase, a 1,600-kilometre pipeline and transmission facilities, is estimated at $3.2 billion US. The proposed project will transport gas offshore from Qatar, across the lower Gulf to the western coast of the United Arab Emirates ten overland to the Gulf of Oman. From there it will run opposite the coast of Iran to Pakistan, terminating near Karachi. About 1,500 kilometres will be offshore. The move is part of a strategy to focus a good deal of TCPL's future expansion outside North America. Watson said following the meeting that TCPL has the potential to double in size by the year 2000. The natural gas transporter currently has assets of $8 billion and revenues of more than $4 billion a year. "It is clear that while North America is large, there are several other areas of the world which have more scope for growth," said Watson, who was appointed TCPL's chief executive officer as well as president, Friday. He will replace Gerald Maier who remains as chairman of the board. Maier said TCPL is considering investing about $6.5 billion in a number of new projects in North America and internationally, including pipeline projects in Tanzania, Columbia, Ecuador and Vietnam and power generation opportunities in China, Columbia and Mexico. Among other things TCPL expects to re-open negotiations for the acquisition of Pacific Gas and Electric Company's 100 per cent interest in Pacific Gas Transmission Company this year. PG&E owns the gas pipeline between Alberta and California. TransCanada has a limited right of first refusal to purchase PGT. In 1993 TCPL saw its fifth consecutive year of increased earnings. Net income was #355.6 million or $1.62 per share compared to $328.7 million or $1.56 per share for 1992. Last year the company constructed more than $740 million of additional pipeline and compression facilities. The increased capacity enabled TCPL to set a new transmission record, shipping 2.128 billion cubit feet of natural gas, a 7.9 increase over 1992.