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.

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The Project consists of a 206 kilometre (km), 42-inch pipeline, two compressor stations, and 14 meter stations. It will begin at a the northern point of the existing Saturn section of the Groundbirch Mainline at 14-21-80-20-W6M and terminate at the Blair Creek Receipt Meter Station located in Unit 30, Block K, Group 94-G-7.

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 brochure contains important safety information about natural gas pipelines, and you live or work near the Northern Border Pipeline, operated by TransCanada.