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 financial activities throughout the preceding year.

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 activities throughout the preceding year.

The Company endeavors to create opportunities for qualified and competitive Diverse and Local Businesses and individuals to benefit from the Company’s projects and operational activities. This is important for securing public confidence where we build and operate. It also provides the Company a competitive advantage as a leader in Supplier Diversity and Local Participation among energy infrastructure companies in North America.