The Management’s Discussion and Analysis (MD&A) dated February 22, 2007 should be read in conjunction with the audited Consolidated Financial Statements of TransCanada PipeLines Limited (TCPL or the Company) and the notes thereto for the year ended December 31, 2006.

This document is a comprehensive report on a company's financial activities throughout the preceding year.

This document is a comprehensive report on a company's activities throughout the preceding year.

This document is a comprehensive report on a company's activities throughout the preceding year.

This document is a comprehensive report on a company's activities throughout the preceding year.

This document is a comprehensive report on a company's activities throughout the preceding year.