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                     KPMG LLP
                     Chartered Accountants
                     1200 205 - 5th Avenue SW                                Telephone (403) 691-8000
                     Calgary AB  T2P 4B9                                     Telefax (403) 691-8008
                                                                             www.kpmg.ca
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Alberta Securities Commission

May 30, 2003

Dear Sirs

TRANSCANADA PIPELINES LIMITED (THE "COMPANY")

We refer to the short form prospectus of the Company dated May 30, 2003 ("the
Prospectus") relating to the sale and issue of US $1,000,000,000 Debt Securities
of the Company.

We are the auditors of the Company and under date of February 25, 2003, we
reported on the following financial statements incorporated by reference in the
Prospectus:

    - Consolidated balance sheets as at December 31, 2002 and December 31,
      2001; and

    - Consolidated statements of income, retained earnings and cash flows for
      each of the years in the three-year period ended December 31, 2002.

Also incorporated by reference in the Prospectus are the following unaudited
interim financial statements which have been filed with the securities
regulatory authority:

    - Consolidated balance sheet as at March 31, 2003;

    - Consolidated statements of income and cash flows for the three-month
      periods ended March 31, 2003 and 2002; and

    - Consolidated statements of retained earnings for the three-month periods
      ended March, 2003 and 2002.

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Alberta Securities Commission

We have not audited any financial statements of the Company as at any date or
for any period subsequent to December 31, 2002. Although we have performed an
audit for the year ended December 31, 2002, the purpose and therefore the scope
of the audit was to enable us to express our opinion on the consolidated
financial statements as at December 31, 2002 and for the year then ended, but
not on the financial statements for any interim period within that year.
Therefore, we are unable to and do not express an opinion on the above-mentioned
unaudited interim consolidated financial statements or on the
financial position, results of operations or cash flows as at any date or for
any period subsequent to December 31, 2002.

We have, however, performed a review of the unaudited interim consolidated
financial statements of the Company as at March 31, 2003 and for the three-month
periods ended March 31, 2003 and 2002. We performed our review in accordance
with Canadian generally accepted standards for a review of interim financial
statements by an entity's auditors. Such an interim review consists principally
of applying analytical procedures to financial data and making inquiries of, and
having discussions with, persons responsible for financial and accounting
matters. An interim review is substantially less in scope than an audit, whose
objective is the expression of an opinion regarding the financial statements. An
interim review does not provide assurance that we would become aware of any or
all significant matters that might be identified in an audit.

Based on our review, we are not aware of any material modification that needs to
be made for these interim consolidated financial statements to be in accordance
with Canadian generally accepted accounting principles.

This letter is provided solely for the purpose of assisting the securities
regulatory authority to which it is addressed in discharging its
responsibilities and should not be used for any other purpose. Any use that a
third party makes of this letter or any reliance or decisions based on it, are
the responsibility of such third parties. We accept no responsibility for loss
or damages, if any, suffered by any third party as a result of decisions made or
actions taken based on this letter.

Yours very truly

/s/ KPMG LLP

Chartered Accountants

Calgary, Canada<PAGE>

                                                                  EXHIBIT 4.4

                             SIBONEY CORPORATION
                            AMENDED AND RESTATED
                    1987 NON-QUALIFIED STOCK OPTION PLAN
                    ------------------------------------

         The 1987 Non-Qualified Stock Option Plan (the "Plan") was amended
and restated by the Board of Directors of Siboney Corporation (the
"Company") in its entirety this 23rd day of May 2003.

         1.   Purpose. The Plan is intended to encourage the ownership of
              -------
stock of the Company by key employees, officers and directors of, and
advisors and consultants to the Company and its subsidiaries to provide
additional incentive for them to promote the success of the business.

         2.   Administration of the Plan. The Plan shall be administered by
              --------------------------
the Board of Directors of the Company (the "Board") or a committee
designated by the Board (the "Committee"), which Committee shall consist of
at least two directors of the Company. Unless otherwise expressly stated
herein to the contrary, all references to the Board shall refer to the
Committee administering the Plan, if the Committee is so designated by the
Board. The Board shall determine the individuals who are to be granted
options under the Plan and the amount of stock to be optioned to each such
individual. Members of the Board, including members of the Committee, may be
granted options under the Plan.

         The interpretation and construction by the Board of any provision
of the Plan or of any Option, as defined in Paragraph 4 hereof, granted
hereunder shall be final. No member of the Board shall be liable for any
action or determination made in good faith with respect to the Plan or any
Option granted under it.

         3.   Participants. The Board, in its sole discretion, shall select
              ------------
from among the employees, officers and directors of and advisors and
consultants to the Company and its

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subsidiaries, and shall determine which of such persons (the "Participants")
shall receive Options. All Participants shall be natural persons.

         4.   Grant of Options. The Board, in its discretion, may grant to the
              ----------------
Participants the right to purchase Common Stock, as defined in Paragraph 5
hereof, pursuant to the terms and conditions set forth in Paragraph 7 hereof
(the "Options").

         5.   Stock Subject to the Plan. The stock subject to the Options
              -------------------------
shall be shares of the Company's authorized but unissued or reacquired
common stock, $0.10 par value (the "Common Stock"). The aggregate number of
shares which may be issued under Options hereunder shall not exceed ten
million shares of Common Stock. The limitations established in this Plan by
the preceding sentences shall be subject to adjustment as provided in
Paragraph 6 hereunder. In the event that any outstanding Option under the
Plan for any reason expires, is cancelled or is terminated, the shares of
Common Stock allocable to the unexercised portion of such Option may again
be subjected to an Option under the Plan.

         6.   Changes in Capital Structure. In the event that the shares of
              ----------------------------
outstanding Common Stock are hereafter increased or decreased or changed
into or exchanged for a different number of kind or shares or other
securities of the Company or of another corporation by reason of
reorganization, merger, consolidation, recapitalization, reclassification,
stock split-up, combination of shares or dividend payable in corporate
shares, an appropriate adjustment shall be made in the number and kind of
shares as to which Options may be granted under the Plan, including the
maximum aggregate number of shares that may be granted under Options. In
addition, an appropriate adjustment shall be made in the number and kind of
shares as to which outstanding Options, or portions thereof then
unexercised, shall be exercisable to the end that each Participant's
proportionate interest in the total shares subject to any Option shall be

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maintained as before the occurrence of such event; such adjustment in the
shares subject to Options shall be made without changing the total price
applicable to the unexercised portion of any Option and with a corresponding
adjustment in the option price per share. Any adjustment made by the Board
shall be conclusive.

         7.   Terms and Conditions of Options. Options shall be evidenced by
              -------------------------------
Common Stock option agreements (the "Option Agreements") in such form not
inconsistent with this Plan as the Board shall from time to time determine,
provided that the substance of the following be included therein. The terms
designated in this Paragraph 7 shall apply to all Options granted under this
Plan unless otherwise determined by the Board.

              (a) Number of Shares. Each Option Agreement shall state
                  ----------------
         the number of shares of Common Stock to which it pertains.

              (b) Option Price. Each Option Agreement shall state the
                  ------------
         option price. The Board shall have full authority and discretion in
         fixing the option price and be fully protected in doing so.

              (c) Method of Payment. Each Option Agreement shall state
                  -----------------
         that Common Stock purchased under Options at a price which exceeds
         the par value thereof shall, at the time of purchase, be paid in
         full. To the extent that the right to purchase shares is accrued
         thereunder, Options may be exercised from time to time by the
         delivery of written notice to the Company stating the number of
         shares of Common Stock with respect to which the Option is being
         exercised and the time and date of purchase thereof, which shall be
         during the normal business hours of the Company on a regular
         business day not less than fifteen (15) days after the giving of
         such notice unless an earlier date shall have been mutually agreed
         upon. At the time specified in such notice, the Company shall,
         without

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         transfer or issue tax, transfer and set aside for the benefit
         of the Participant (including, for all purposes hereof, such
         other person as shall be entitled to exercise the Option hereunder)
         a certificate or certificates for such shares out of its
         theretofore authorized but unissued or reacquired Common Stock,
         against payment of the option price in full by either (i) cash
         (including certified bank cashier's check or the equivalent), or
         (ii) at the discretion of the Board, by delivering at fair market
         value Company Common Stock already owned by the Participant or any
         combination of cash and Company Common Stock. The fair market value
         of the Company Common Stock shall be deemed to be the fair market
         value as of the date preceding such delivery and determined in
         accordance with the provisions of subparagraph 7(b) hereof. If the
         Participant fails to pay for any part of the number of shares
         specified in such notice in accordance with the terms of the Plan
         and such notice, the Participant's right to exercise the Option
         with respect to such shares may, by subsequent action of the Board,
         be terminated.

              (d) Option Term. Each Option Agreement shall specify the
                  -----------
         period for which the Option thereunder is granted. In no event
         shall an Option be exercisable after the expiration of five years
         from the date the Option is granted. At the end of such specified
         period, the Option shall expire.

              (e) Exercise of Options. The Board, in granting each
                  -------------------
         Option, may determine the time of exercise with respect to such
         Option. The Board may determine that an Option shall be exercisable
         immediately or may be exercisable in installments at designated
         intervals during the term of the Option. All conditions, if any,
         relating to the exercisability of any option shall be clearly
         stated in any Option Agreement. To the extent not exercised,
         Options shall accumulate and be exercisable, in whole or in part, at

                                    -4-

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         any subsequent time but not later than five years from the date
         the Option is granted. Not less than one thousand shares may be
         purchased at any one time unless the number purchased is the total
         number purchasable at that time under the Option. No Option may be
         assigned, attached, garnished, transferred or made subject to any
         creditor's process, whether voluntarily, involuntarily or by
         operation of law, except as approved by the Board.

              (f) Exercise in the Event of Cessation of Services. Except
                  ----------------------------------------------
         as provided herein, in the event that a Participant ceases to
         provide services (as an employee, officer, director, consultant or
         advisor) to the Company or its subsidiaries, any outstanding Option
         or unexercised portion thereof granted to such participant may be
         exercised to the extent that the Participant was entitled to do so
         at the date of such cessation of services, by the Participant, such
         Participant's personal representative, heirs or devisees, as
         applicable, but in no event after the expiration of the term of the
         Option. Notwithstanding anything to the contrary herein contained,
         and except as otherwise provided in this Paragraph 7(f), upon
         cessation of all of a Participant's services (as an employee,
         officer, director, consultant or advisor, as the case may be) to
         the Company and its subsidiaries, or in the event that a
         Participant engages in any activity which, in the discretion of the
         Board, is deemed to be competitive to the Company or its
         subsidiaries, any outstanding Option or unexercised portion thereof
         granted to the Participant shall thereupon automatically terminate.
         An activity shall be deemed to be competitive if it involves the
         sale or service of educational software or any other products or
         services offered or sold by the Company at any time in any state
         where the Company is permitted by law to transact business (whether
         or not specifically authorized to do so).

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              (g) Rights as a Stockholder. Each Participant shall have
                  -----------------------
         all rights attributable to stockholders of the Company with respect
         to any shares issued to such Participant or for such Participant's
         benefit pursuant to the terms of such Participant's Option but
         shall have no shareholder rights prior thereto. Except as provided
         in Paragraph 6 hereof, no adjustment shall be made for dividends or
         other rights appurtenant to the ownership of shares in the Company
         for which the record date is prior to the date of purchase of
         shares in accordance with Paragraph 7(e) hereof.

              (h) Waiver of Restrictions. The Board, in its discretion
                  ----------------------
         or pursuant to contract, may accelerate the time at which any
         Option is exercisable or may waive any other restriction contained
         herein relevant to the granting or exercise of an Option.

         8.   Effective Date and Amendment and Termination of the Plan. This
              --------------------------------------------------------
Plan will become effective upon the date of adoption ("Adoption Date") by
the Board. The Board may amend or terminate this Plan at any time. The
amendment or termination of this Plan shall not affect Options theretofore
granted and then in effect.

         9.   Use of Proceeds. The proceeds from the sale of stock pursuant to
              ---------------
Options granted under the Plan shall constitute general funds of the
Company.

         10.  Construction. When used herein the male, female, and neuter
              ------------
gender shall include the other and the singular shall include the plural as
the context or facts so require.

                               By order of the Board of Directors
                               on May 23, 2003

                               SIBONEY CORPORATION

                               By /s/ Timothy J. Tegeler
                                 --------------------------------------------

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