##### Table of Contents



________________________________________________________________________________


UNITED STATES


SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549





Form 10-K


(Mark One)


þ


ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)


OF THE SECURITIES EXCHANGE ACT OF 1934


For the fiscal year ended December 31, 2005


OR


o


TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)


OF THE SECURITIES EXCHANGE ACT OF 1934


For the transition period
from           to           .


Commission File Number 1-7320


ANR Pipeline Company




|                                                                                                      |  |                                                   
|----------------------------------------------------------------------------------------------------- |  | --------------------------------------------------
|Delaware(State or Other Jurisdiction of
    Incorporation or Organization)                            |  | 38-1281775(I.R.S. Employer
    Identification No.)
|El Paso Building
    1001 Louisiana Street
    Houston, Texas(Address of Principal Executive Offices) |  | 77002(Zip Code)                                   

Telephone Number:
(713) 420-2600


Securities registered pursuant to Section 12(b) of the
Act:


|                                                                                        |  |  |  |                        
|--------------------------------------------------------------------------------------- |  |  |  | -----------------------
|                                                                                        |  |  |  | Name of each exchange  
|Title of each class                                                                     |  |  |  | on which registered    
|                                                                                        |  |  |  |                        
|9.625% Debentures, due 2021
    7.375% Debentures, due 2024 7% Debentures,
    due 2025 |  |  |  | New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:
None


o þ


o þ




þ o


S-K 10-K 10-K. þ






|                           |                      |                         
|-------------------------- | -------------------- | ------------------------
|Large accelerated filer  o | Accelerated filer  o | Non-accelerated filer  þ

o þ


State the aggregate market value of
the voting stock held by non-affiliates of the registrant:
None


Indicate the number of shares
outstanding of each of the registrants classes of common
stock, as of the latest practicable date.




ANR PIPELINE COMPANY MEETS THE
CONDITIONS OF GENERAL INSTRUCTION I(1)(a) AND (b) TO
FORM 10-K AND IS
THEREFORE FILING THIS REPORT WITH A REDUCED DISCLOSURE FORMAT AS
PERMITTED BY SUCH INSTRUCTION.


Documents Incorporated by Reference: None










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##### 










ANR PIPELINE COMPANY


TABLE OF CONTENTS


|                                                        |  |                                                                                                                                   |  |  |    | 
|------------------------------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------- |  |  | -- | 
|Caption                                                 | 
|                                                        | 
|                                                        |  | Page                                                                                                                              | 
|                                                        |  |                                                                                                                                   | 
|                                                       
|PART I                                                 
|                                                       
|Item 1.                                                 |  | Business                                                                                                                          |  |  | 1  | 
|Item 1A.                                                |  | Risk Factors                                                                                                                      |  |  |    | 
|                                                        |  | Cautionary Statement for Purposes of the
    Safe Harbor Provisions of the Private Securities
    Litigation Reform Act of 1995 |  |  | 4  | 
|Item 1B.                                                |  | Unresolved Staff Comments                                                                                                         |  |  | 10 | 
|Item 2.                                                 |  | Properties                                                                                                                        |  |  | 10 | 
|Item 3.                                                 |  | Legal Proceedings                                                                                                                 |  |  | 10 | 
|Item 4.                                                 |  | Submission of Matters to a Vote of Security
    Holders                                                                           |  |  | *  | 
|PART II                                                
|                                                       
|Item 5.                                                 |  | Market for Registrants Common Equity,
    Related Stockholder Matters and Issuer Purchases of Equity
    Securities              |  |  | 10 | 
|Item 6.                                                 |  | Selected Financial Data                                                                                                           |  |  | *  | 
|Item 7.                                                 |  | Managements Discussion and Analysis
    of Financial Condition and Results of Operations                                         |  |  | 11 | 
|Item 7A.                                                |  | Quantitative and Qualitative Disclosures
    About Market Risk                                                                    |  |  | 16 | 
|Item 8.                                                 |  | Financial Statements and Supplementary
    Data                                                                                   |  |  | 17 | 
|Item 9.                                                 |  | Changes in and Disagreements with
    Accountants on Accounting and Financial Disclosure                                          |  |  | 37 | 
|Item 9A.                                                |  | Controls and Procedures                                                                                                           |  |  | 37 | 
|Item 9B.                                                |  | Other Information                                                                                                                 |  |  | 37 | 
|PART III                                               
|                                                       
|Item 10.                                                |  | Directors and Executive Officers of the
    Registrant                                                                            |  |  | *  | 
|Item 11.                                                |  | Executive Compensation                                                                                                            |  |  | *  | 
|Item 12.                                                |  | Security Ownership of Certain Beneficial
    Owners and Management and Related Stockholder Matters                                |  |  | *  | 
|Item 13.                                                |  | Certain Relationships and Related
    Transactions                                                                                |  |  | *  | 
|Item 14.                                                |  | Principal Accountant Fees and Services                                                                                            |  |  | 37 | 
|PART IV                                                
|                                                       
|Item 15.                                                |  | Exhibits and Financial Statement
    Schedules                                                                                    |  |  | 38 | 
|                                                        |  | Signatures                                                                                                                        |  |  | 48 | 
|Certification of CEO pursuant to Section 302           
|Certification of CFO pursuant to Section 302           
|Certification of CEO pursuant to 18 U.S.C. Section 1350
|Certification of CFO pursuant to 18 U.S.C. Section 1350








|  |                                                                                                                                                                                               
|- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|* | We have not included a response to this item in this document
    since no response is required pursuant to the reduced disclosure
    format permitted by General Instruction I to Form 10-K.



|     |  |                                
|---- |  | -------------------------------
|/d   |  | = per day                      
|BBtu |  | = billion British thermal units
|Bcf  |  | = billion cubic feet           
|LNG  |  | = liquefied natural gas        
|MDth |  | = thousand dekatherms          
|MMcf |  | = million cubic feet           





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PART I





ITEM 1. BUSINESS


Overview and Strategy






Reservation revenues.


Usage revenues.








| |   |                                                     
| | - | ----------------------------------------------------
| |  | Optimize our contract portfolio;                    
|
| |  | Manage market segmentation and differentiation;     
|
| |  | Focus on efficiency initiatives;                    
|
| |  | Build value on both ends of our pipeline system; and
|
| |  | Seek new business opportunities.                    



The ANR System.


1



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|                         |  |          |     |  |             |                                                                                                                                                                                                                                                                                                                                                                                                          |                 |  |               | 
|------------------------ |  | -------- | --- |  | ----------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------- |  | ------------- | 
|                         |  |          |     |  |             | Anticipated                                                                                                                                                                                                                                                                                                                                                                                              |                
|Project                  |  | Capacity |     |  | Description |                                                                                                                                                                                                                                                                                                                                                                                                          | Completion Date | 
|                         |  |          |     |  |             |                                                                                                                                                                                                                                                                                                                                                                                                          |                 | 
|                         |  | (MMcf/d) |     |  |             |                                                                                                                                                                                                                                                                                                                                                                                                          |                
|Wisconsin 2006 expansion |  |          | 164 |  |             | To construct and operate a 3.8 mile, 30-inch pipeline extension
    of the Madison Lateral Loop, a 3.1 mile, 16-inch pipeline
    loop(1)of the Little Chute Lateral in Outagamie County, a
    20,620 horsepower compressor station, a
    2,370 horsepower compressor unit at the Janesville
    compressor station and upgrades of five existing meter stations
    in various counties in Wisconsin. |                 |  | November 2006 | 






|    |                                                                                                                                                                                                       
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | A loop is the installation of a pipeline parallel to an existing
    pipeline, with tie-ins at several points along the existing
    pipeline. Looping increases a transmission systems
    capacity.

The Great Lakes L.P. System. 10-K.


Storage Facilities.




Markets and Competition








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long-term short-term






|                                                                                                      |  |                                                                                                                                                                    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|----------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Customer Information                                                                                  |  | Contract Information                                                                                                                                               |  | Competition                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                      |  |                                                                                                                                                                    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|Approximately 297 firm and interruptible customers
    Major Customer:  We
    Energies  (829 BBtu/d) |  | Approximately 634 firm transportation contracts. Weighted
    average remaining contract term of approximately five years.
    Contract terms expire in 2006-2010. |  | Our principal markets are in the midwest where we compete with
    other interstate and intrastate pipeline companies and local
    distribution companies to provide natural gas transportation and
    storage services. We compete directly with other interstate
    pipelines, including Guardian Pipeline, for markets in
    Wisconsin. We Energies owns an interest in Guardian, which is
    currently serving a portion of We Energies firm
    transportation requirements. We also compete directly with other
    interstate pipelines in the midwest market to serve electric
    generation and local distribution companies.
    We also compete directly with numerous pipelines and gathering
    systems for access to new supply sources. Our principal supply
    sources are the Rockies and mid-continent production accessed in
    Kansas and Oklahoma, western Canadian production delivered to
    Wisconsin and the Chicago area and Gulf of Mexico sources,
    including deep water production and LNG imports.

Regulatory Environment






| |   |                                                                                    
| | - | -----------------------------------------------------------------------------------
| |  | rates and charges for natural gas transportation, storage and
    related services;
|
| |  | certification and construction of new facilities;                                  
|
| |  | extension or abandonment of services and facilities;                               

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| |   |                                                      
| | - | -----------------------------------------------------
| |  | maintenance of accounts and records;                 
|
| |  | relationships between pipeline and energy affiliates;
|
| |  | terms and conditions of services;                    
|
| |  | depreciation and amortization policies;              
|
| |  | acquisition and disposition of facilities; and       
|
| |  | initiation and discontinuation of services.          





Environmental




Employees









|     |                 
|---- | ----------------
|ITEM | 1A. RISK FACTORS

CAUTIONARY STATEMENT FOR PURPOSES OF THE SAFE
HARBOR PROVISIONS


OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995






4



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Risks Related to Our Business


Our success depends on factors beyond our control.






| |   |                                                                                                                                                                                                 
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | service area competition;                                                                                                                                                                       
|
| |  | expiration or turn back of significant contracts;                                                                                                                                               
|
| |  | changes in regulation and actions of regulatory bodies;                                                                                                                                         
|
| |  | future weather conditions;                                                                                                                                                                      
|
| |  | price competition;                                                                                                                                                                              
|
| |  | drilling activity and availability of natural gas;                                                                                                                                              
|
| |  | decreased availability of conventional gas supply sources and
    the availability and timing of other gas supply sources, such as
    LNG;                                                     
|
| |  | decreased natural gas demand due to various factors, including
    increases in prices and the increased availability or popularity
    of alternative energy sources such as coal and fuel oil;
|
| |  | increased costs of capital;                                                                                                                                                                     
|
| |  | opposition to energy infrastructure development, especially in
    environmentally sensitive areas;                                                                                             
|
| |  | adverse general economic conditions; and                                                                                                                                                        
|
| |  | unfavorable movements in natural gas prices in supply and demand
    areas.                                                                                                                     

The revenues of our pipeline businesses are generated
under contracts that must be renegotiated periodically.








| |   |                                                                                                                                                                                         
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | competition by other pipelines, including the proposed
    construction by other companies of additional pipeline capacity
    in markets served by us;                                 
|
| |  | changes in state regulation of local distribution companies,
    which may cause them to negotiate
    short-term contracts or
    turn back their capacity when their contracts expire;
|
| |  | reduced demand and market conditions in the areas we serve;                                                                                                                             
|
| |  | the availability of alternative energy sources or gas supply
    points; and                                                                                                            
|
| |  | regulatory actions.                                                                                                                                                                     



5



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We face competition that could adversely affect our
operating results.




Fluctuations in energy commodity prices could adversely
affect our business.






| |   |                                                                                               
| | - | ----------------------------------------------------------------------------------------------
| |  | regional, domestic and international supply and demand;                                       
|
| |  | availability and adequacy of transportation facilities;                                       
|
| |  | energy legislation;                                                                           
|
| |  | federal and state taxes, if any, on the transportation and
    storage of natural gas and NGL;
|
| |  | abundance of supplies of alternative energy sources; and                                      
|
| |  | political unrest among oil producing countries.                                               

The agencies that regulate us and our customers affect our
profitability.




6



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| |                                                                                                                              
| | -----------------------------------------------------------------------------------------------------------------------------
| | Environmental compliance and remediation costs and the
    costs of environmental liabilities could exceed our
    estimates.

clean-up




| |   |                                                                                                                                                                            
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The uncertainties in estimating pollution control and clean up
    costs, including sites where only preliminary site investigation
    or assessments have been completed;
|
| |  | The discovery of new sites or additional information at existing
    sites;                                                                                                
|
| |  | The uncertainty in quantifying liability under environmental
    laws that impose joint and several liability on all potentially
    responsible parties; and              
|
| |  | The nature of environmental laws and regulations, including the
    interpretation and enforcement thereof.                                                                





Our operations are subject to operational hazards and
uninsured risks.






7



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self-insurance


One customer contracts for a significant portion of our
firm transportation capacity.




The expansion of our business by constructing new
facilities subjects us to construction and other risks that may
adversely affect our financial results.






| |   |                                                                                                                                                                                                                                                                    
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | our ability to obtain all necessary approvals and permits by
    regulatory agencies on a timely basis on terms that are
    acceptable to us;                                                                                                                     
|
| |  | potential changes of federal, state and local statutes and
    regulations, including environmental requirements that prevent a
    project from proceeding or increase the anticipated cost of the
    expansion project;                                         
|
| |  | impediments on our ability to acquire rights-of-ways or land
    rights on a timely basis within our anticipated costs;                                                                                                                                            
|
| |  | our ability to construct projects within anticipated costs,
    including the risk that we may incur cost overruns resulting
    from inflation or increased costs of equipment, materials or
    labor, or other factors beyond our control, that may be material;
|
| |  | anticipated future growth in natural gas supply does not
    materialize; and                                                                                                                                                                                      
|
| |  | lack of transportation, storage or throughput commitments that
    result in write-offs of development costs.                                                                                                                                                      



Risks Related to Our Affiliation with El Paso




Our relationship with El Paso and its financial condition
subjects us to potential risks that are beyond our
control.




8



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Our system of internal controls is designed to provide
reasonable assurance regarding the reliability of our financial
reporting and the preparation of our financial statements for
external purposes. A loss of public confidence in the quality of
our internal controls or disclosures could have a negative
impact on us.


decision-making


We may be subject to a change of control in certain
circumstances.




A default under El Pasos $3 billion credit
agreement by any party could accelerate our future borrowings,
if any, under the credit agreement and our long-term debt, which
could adversely affect our liquidity position.






We are an indirect subsidiary of El Paso.






| |   |                                                                
| | - | ---------------------------------------------------------------
| |  | our payment of dividends;                                      
|
| |  | decisions on our financings and our capital raising activities;
|
| |  | mergers or other business combinations;                        
|
| |  | our acquisitions or dispositions of assets; and                
|
| |  | our participation in El Pasos cash management program.        



9



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ITEM 1B. UNRESOLVED STAFF COMMENTS







ITEM 2. PROPERTIES









ITEM 3. LEGAL PROCEEDINGS







ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY
HOLDERS


10-K.





PART II







|        |                                                                                                                 
|------- | ----------------------------------------------------------------------------------------------------------------
|ITEM 5. | MARKET FOR REGISTRANTS COMMON EQUITY, RELATED
    STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES








ITEM 6. SELECTED FINANCIAL DATA


10-K.


10



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|        |                                                                                          
|------- | -----------------------------------------------------------------------------------------
|ITEM 7. | MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
    CONDITION AND RESULTS OF OPERATIONS

10-K. forward-looking


Overview












|                |  |        |       |                  |                     |  |    | 
|--------------- |  | ------ | ----- | ---------------- | ------------------- |  | -- | 
|                |  |        |       | Percent of Total |                    
|                |  | BBtu/d |       |                  | Contracted Capacity | 
|                |  |        |       |                  |                     | 
|2006            |  |        | 1,259 |                  |                     |  | 16 | 
|2007            |  |        | 1,275 |                  |                     |  | 17 | 
|2008            |  |        | 1,083 |                  |                     |  | 14 | 
|2009 and beyond |  |        | 4,008 |                  |                     |  | 53 | 

11



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Results of Operations




|                                                            |                                                      |                      |       |     |      |   |       |     | 
|----------------------------------------------------------- | ---------------------------------------------------- | -------------------- | ----- | --- | ---- | - | ----- | --- | 
|                                                            |                                                      | 2005                 |       |     | 2004 |  
|                                                            |                                                      |                      |       |     |      |  
|                                                            |                                                      | (In millions, except |      
|                                                            |                                                      | volume amounts)      |      
|Operating revenues                                          |                                                      | $                    | 548   |     |      | $ | 470   |    
|Operating expenses                                          |                                                      |                      | (331  | )   |      |   | (296  | )  
|                                                            |                                                      |                      |       |     |      |  
|                                                            | Operating income                                     |                      |       | 217 |      |   |       | 174 | 
|Earnings from unconsolidated affiliate                      |                                                      |                      | 59    |     |      |   | 65    |    
|Other income, net                                           |                                                      |                      | 2     |     |      |   | 4     |    
|                                                            |                                                      |                      |       |     |      |  
|                                                            | EBIT                                                 |                      |       | 278 |      |   |       | 243 | 
|Interest and debt expense                                   |                                                      |                      | (67   | )   |      |   | (69   | )  
|Affiliated interest income, net                             |                                                      |                      | 21    |     |      |   | 12    |    
|Income taxes                                                |                                                      |                      | (84   | )   |      |   | (69   | )  
|                                                            |                                                      |                      |       |     |      |  
|                                                            | Income before cumulative effect of accounting change |                      |       | 148 |      |   |       | 117 | 
|Cumulative effect of accounting change, net of income taxes |                                                      |                      | (1    | )   |      |   |      |    
|                                                            |                                                      |                      |       |     |      |  
|                                                            | Net income                                           |                      | $     | 147 |      |   | $     | 117 | 
|                                                            |                                                      |                      |       |     |      |  
|Throughput volumes
    (BBtu/d)(1)                          |                                                      |                      | 5,288 |     |      |   | 5,167 |    
|                                                            |                                                      |                      |       |     |      |  






|    |                                                                                                                                                                                                                     
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Throughput volumes include billable transportation throughput
    volumes for storage withdrawal and volumes associated with our
    proportionate share of our 50 percent equity investment in
    Great Lakes L.P.



|                                                        |                      |                         |    |    |         |   |     |       |   |   |        |    |   |   |     |    | 
|------------------------------------------------------- | -------------------- | ----------------------- | -- | -- | ------- | - | --- | ----- | - | - | ------ | -- | - | - | --- | -- | 
|                                                        |                      |                         |    |    |         |   |     | EBIT  |  
|                                                        |                      | Revenue                 |    |    | Expense |   |     | Other |   |   | Impact |   
|                                                        |                      |                         |    |    |         |   |     |       |   |   |        |   
|                                                        |                      | Favorable (Unfavorable) |   
|                                                        |                      | (In millions)           |   
|Contract restructuring/settlements                      |                      | $                       | 43 |    |         | $ |    |       |   | $ | 1      |    |   | $ | 44  |   
|Gas not used in operations and other natural gas sales  |                      |                         | 20 |    |         |   | (10 | )     |   |   |       |    |   |   | 10  |   
|Cashout regulatory asset adjustment                     |                      |                         |   |    |         |   | (11 | )     |   |   |       |    |   |   | (11 | ) 
|Higher general and administrative expenses              |                      |                         |   |    |         |   | (15 | )     |   |   |       |    |   |   | (15 | ) 
|Expansions                                              |                      |                         | 7  |    |         |   |    |       |   |   |       |    |   |   | 7   |   
|Earnings from our equity investment in Great Lakes L.P. |                      |                         |   |    |         |   |    |       |   |   | (6     | )  |   |   | (6  | ) 
|Other(1)                                                |                      |                         | 8  |    |         |   | 1   |       |   |   | (3     | )  |   |   | 6   |   
|                                                        |                      |                         |    |    |         |   |     |       |   |   |        |   
|                                                        | Total impact on EBIT |                         | $  | 78 |         |   | $   | (35   | ) |   | $      | (8 | ) |   | $   | 35 | 
|                                                        |                      |                         |    |    |         |   |     |       |   |   |        |   






|    |                                              
|--- | ---------------------------------------------
|(1) | Consists of individually insignificant items.

12



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Contract Restructuring/Settlements.


Gas Not Used in Operations and Other Natural Gas Sales. FERC-directed




Cashout Regulatory Asset Adjustment.


Higher General and Administrative Expenses.


Expansions.






13



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Hurricane Rita. shut-in shut-in


Accounting for Pipeline Integrity Costs.


Interest and Debt Expense




Affiliated Interest Income, Net


short-term


Income Taxes


|                   |  |                   |    |   |      |   |    |  
|------------------ |  | ----------------- | -- | - | ---- | - | -- | -
|                   |  | Year Ended        |   
|                   |  | December 31,      |   
|                   |  |                   |   
|                   |  | 2005              |    |   | 2004 |  
|                   |  |                   |    |   |      |  
|                   |  | (In millions,     |   
|                   |  | except for rates) |   
|Income taxes       |  | $                 | 84 |   |      | $ | 69 |  
|Effective tax rate |  |                   | 36 | % |      |   | 37 | %



Liquidity and Capital Expenditures


Liquidity Overview




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Capital Expenditures




|            |       |               |    |     |      |   |    |     | 
|----------- | ----- | ------------- | -- | --- | ---- | - | -- | --- | 
|            |       | 2005          |    |     | 2004 |  
|            |       |               |    |     |      |  
|            |       | (In millions) |   
|Maintenance |       | $             | 79 |     |      | $ | 86 |    
|Expansion   |       |               | 44 |     |      |   | 57 |    
|Hurricanes  |       |               | 2  | (1) |      |   |   |    
|            |       |               |    |     |      |  
|            | Total |               | $  | 125 |      |   | $  | 143 | 
|            |       |               |    |     |      |  






|    |                                           
|--- | ------------------------------------------
|(1) | Amount shown is net of insurance proceeds.





Commitments and Contingencies




15



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New Accounting Pronouncements Issued But Not Yet Adopted


New Accounting Pronouncements Issued But
Not Yet Adopted





ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK


long-term


|             |                             |                                     |   |      |                   |   |          |       |     |      |       |     |  |        |   |     |       |  |   |     |  |  |   |     |  | 
|------------ | --------------------------- | ----------------------------------- | - | ---- | ----------------- | - | -------- | ----- | --- | ---- | ----- | --- |  | ------ | - | --- | ----- |  | - | --- |  |  | - | --- |  | 
|             |                             | December 31, 2005                   |   |      | December 31, 2004 |  
|             |                             |                                     |   |      |                   |  
|             |                             | Expected Fiscal Year of Maturity of |   |      |                  
|             |                             | Carrying Amounts                    |   |      |                  
|             |                             |                                     |   |      |                  
|             |                             |                                     |   | Fair |                   |   | Carrying |       |     | Fair |      
|             |                             | 2010                                |   |      | Thereafter        |   |          | Total |     |      | Value |     |  | Amount |   |     | Value | 
|             |                             |                                     |   |      |                   |   |          |       |     |      |       |     |  |        |   |     |       | 
|             |                             | (In millions, except for rates)     |  
|Liabilities: |                             |                                     |   |      |                   |   |          |       |     |      |       |     |  |        |   |     |       |  |   |     |  |  |   |    
|             | Long-term debt  fixed rate |                                     | $ | 310  |                   |   | $        | 430   |     |      | $     | 740 |  |        | $ | 844 |       |  | $ | 808 |  |  | $ | 942 | 
|             |                             | Average interest rate               |   |      | 9.3               | % |          |       | 9.0 | %    |       |     |  |        |   |     |       |  |   |     |  |  |   |     |  | 

16



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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA


ANR PIPELINE COMPANY


CONSOLIDATED STATEMENTS OF INCOME


(In millions)


|                                                            |                                          |                         |     |     |      |   |     |      |  |   |     |     | 
|----------------------------------------------------------- | ---------------------------------------- | ----------------------- | --- | --- | ---- | - | --- | ---- |  | - | --- | --- | 
|                                                            |                                          | Year Ended December 31, |    
|                                                            |                                          |                         |    
|                                                            |                                          | 2005                    |     |     | 2004 |   |     | 2003 | 
|                                                            |                                          |                         |     |     |      |   |     |      | 
|Operating revenues                                          |                                          | $                       | 548 |     |      | $ | 470 |      |  | $ | 554 |    
|                                                            |                                          |                         |     |     |      |   |     |      | 
|Operating expenses                                          |                                          |                         |     |     |      |   |     |      |  |   |     |    
|                                                            | Operation and maintenance                |                         |     | 267 |      |   |     | 236  |  |   |     | 283 | 
|                                                            | Depreciation, depletion and amortization |                         |     | 40  |      |   |     | 37   |  |   |     | 37  | 
|                                                            | Taxes, other than income taxes           |                         |     | 24  |      |   |     | 23   |  |   |     | 26  | 
|                                                            |                                          |                         |     |     |      |   |     |      | 
|                                                            |                                          |                         | 331 |     |      |   | 296 |      |  |   | 346 |    
|                                                            |                                          |                         |     |     |      |   |     |      | 
|Operating income                                            |                                          |                         | 217 |     |      |   | 174 |      |  |   | 208 |    
|Earnings from unconsolidated affiliate                      |                                          |                         | 59  |     |      |   | 65  |      |  |   | 57  |    
|Other income, net                                           |                                          |                         | 2   |     |      |   | 4   |      |  |   | 1   |    
|Interest and debt expense                                   |                                          |                         | (67 | )   |      |   | (69 | )    |  |   | (66 | )  
|Affiliated interest income, net                             |                                          |                         | 21  |     |      |   | 12  |      |  |   | 4   |    
|                                                            |                                          |                         |     |     |      |   |     |      | 
|Income before income taxes                                  |                                          |                         | 232 |     |      |   | 186 |      |  |   | 204 |    
|Income taxes                                                |                                          |                         | 84  |     |      |   | 69  |      |  |   | 74  |    
|                                                            |                                          |                         |     |     |      |   |     |      | 
|Income before cumulative effect of accounting change        |                                          |                         | 148 |     |      |   | 117 |      |  |   | 130 |    
|Cumulative effect of accounting change, net of income taxes |                                          |                         | (1  | )   |      |   |    |      |  |   |    |    
|                                                            |                                          |                         |     |     |      |   |     |      | 
|Net income                                                  |                                          | $                       | 147 |     |      | $ | 117 |      |  | $ | 130 |    
|                                                            |                                          |                         |     |     |      |   |     |      | 



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ANR PIPELINE COMPANY


CONSOLIDATED BALANCE SHEETS


(In millions, except share amounts)


|                                        |                                                                                           |                                                         |                                            |       |      |       |       |       |    |       | 
|--------------------------------------- | ----------------------------------------------------------------------------------------- | ------------------------------------------------------- | ------------------------------------------ | ----- | ---- | ----- | ----- | ----- | -- | ----- | 
|                                        |                                                                                           | December 31,                                            |                                           
|                                        |                                                                                           |                                                         |                                           
|                                        |                                                                                           | 2005                                                    |                                            |       | 2004 |      
|                                        |                                                                                           |                                                         |                                            |       |      |      
|ASSETS                                 
|Current assets                          |                                                                                           |                                                         |                                            |       |      |       |       |      
|                                        | Cash and cash equivalents                                                                 |                                                         | $                                          |      |      |       | $     |      |   
|                                        | Accounts receivable                                                                       |                                                         |                                            |       |      |       |       |       |   
|                                        |                                                                                           | Customer, net of allowance of $2 in 2005 and $3 in 2004 |                                            |       | 85   |       |       |       | 63 |      
|                                        |                                                                                           | Affiliates                                              |                                            |       | 8    |       |       |       | 3  |      
|                                        |                                                                                           | Other                                                   |                                            |       | 8    |       |       |       | 2  |      
|                                        | Materials and supplies                                                                    |                                                         |                                            | 21    |      |       |       | 21    |   
|                                        | Deferred income taxes                                                                     |                                                         |                                            | 12    |      |       |       | 16    |   
|                                        | Other                                                                                     |                                                         |                                            | 6     |      |       |       | 8     |   
|                                        |                                                                                           |                                                         |                                            |       |      |      
|                                        |                                                                                           |                                                         | Total current assets                       |       |      | 140   |       |       |    | 113   | 
|                                        |                                                                                           |                                                         |                                            |       |      |      
|Property, plant and equipment, at cost  |                                                                                           |                                                         | 3,777                                      |       |      |       | 3,715 |      
|                                        | Less accumulated depreciation, depletion and amortization                                 |                                                         |                                            | 2,146 |      |       |       | 2,149 |   
|                                        |                                                                                           |                                                         |                                            |       |      |      
|                                        |                                                                                           |                                                         | Total property, plant and equipment, net   |       |      | 1,631 |       |       |    | 1,566 | 
|                                        |                                                                                           |                                                         |                                            |       |      |      
|Other assets                            |                                                                                           |                                                         |                                            |       |      |       |       |      
|                                        | Notes receivable from affiliates                                                          |                                                         |                                            | 527   |      |       |       | 467   |   
|                                        | Investment in unconsolidated affiliate                                                    |                                                         |                                            | 300   |      |       |       | 316   |   
|                                        | Other                                                                                     |                                                         |                                            | 19    |      |       |       | 10    |   
|                                        |                                                                                           |                                                         |                                            |       |      |      
|                                        |                                                                                           |                                                         | 846                                        |       |      |       | 793   |      
|                                        |                                                                                           |                                                         |                                            |       |      |      
|                                        |                                                                                           |                                                         | Total assets                               |       | $    | 2,617 |       |       | $  | 2,472 | 
|                                        |                                                                                           |                                                         |                                            |       |      |      
|LIABILITIES AND STOCKHOLDERS EQUITY   
|Current liabilities                     |                                                                                           |                                                         |                                            |       |      |       |       |      
|                                        | Accounts payable                                                                          |                                                         |                                            |       |      |       |       |       |   
|                                        |                                                                                           | Trade                                                   |                                            | $     | 56   |       |       | $     | 38 |      
|                                        |                                                                                           | Affiliates                                              |                                            |       | 37   |       |       |       | 25 |      
|                                        |                                                                                           | Other                                                   |                                            |       | 21   |       |       |       | 22 |      
|                                        | Current maturities of long-term debt                                                      |                                                         |                                            |      |      |       |       | 75    |   
|                                        | Taxes payable                                                                             |                                                         |                                            | 72    |      |       |       | 52    |   
|                                        | Accrued interest                                                                          |                                                         |                                            | 16    |      |       |       | 17    |   
|                                        | Contractual deposits                                                                      |                                                         |                                            | 11    |      |       |       | 18    |   
|                                        | Other                                                                                     |                                                         |                                            | 21    |      |       |       | 25    |   
|                                        |                                                                                           |                                                         |                                            |       |      |      
|                                        |                                                                                           |                                                         | Total current liabilities                  |       |      | 234   |       |       |    | 272   | 
|                                        |                                                                                           |                                                         |                                            |       |      |      
|Long-term debt, less current maturities |                                                                                           |                                                         | 740                                        |       |      |       | 733   |      
|                                        |                                                                                           |                                                         |                                            |       |      |      
|Other liabilities                       |                                                                                           |                                                         |                                            |       |      |       |       |      
|                                        | Deferred income taxes                                                                     |                                                         |                                            | 370   |      |       |       | 353   |   
|                                        | Affiliate payable                                                                         |                                                         |                                            | 172   |      |       |       | 180   |   
|                                        | Other                                                                                     |                                                         |                                            | 54    |      |       |       | 34    |   
|                                        |                                                                                           |                                                         |                                            |       |      |      
|                                        |                                                                                           |                                                         | 596                                        |       |      |       | 567   |      
|                                        |                                                                                           |                                                         |                                            |       |      |      
|Commitments and contingencies           |                                                                                           |                                                         |                                            |       |      |       |       |      
|Stockholders equity                    |                                                                                           |                                                         |                                            |       |      |       |       |      
|                                        | Common stock, par value $1 per share; 1,000 shares authorized,
    issued and outstanding |                                                         |                                            |      |      |       |       |      |   
|                                        | Additional paid-in capital                                                                |                                                         |                                            | 597   |      |       |       | 597   |   
|                                        | Retained earnings                                                                         |                                                         |                                            | 450   |      |       |       | 303   |   
|                                        |                                                                                           |                                                         |                                            |       |      |      
|                                        |                                                                                           |                                                         | Total stockholders equity                 |       |      | 1,047 |       |       |    | 900   | 
|                                        |                                                                                           |                                                         |                                            |       |      |      
|                                        |                                                                                           |                                                         | Total liabilities and stockholders equity |       | $    | 2,617 |       |       | $  | 2,472 | 
|                                        |                                                                                           |                                                         |                                            |       |      |      



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ANR PIPELINE COMPANY


CONSOLIDATED STATEMENTS OF CASH FLOWS


(In millions)


|                                        |                                                                               |                                                                              |                                                     |      |      |      |     |      |    |      |    |      |     |      |  
|--------------------------------------- | ----------------------------------------------------------------------------- | ---------------------------------------------------------------------------- | --------------------------------------------------- | ---- | ---- | ---- | --- | ---- | -- | ---- | -- | ---- | --- | ---- | -
|                                        |                                                                               | Year Ended December 31,                                                      |                                                    
|                                        |                                                                               |                                                                              |                                                    
|                                        |                                                                               | 2005                                                                         |                                                     |      | 2004 |      |     | 2003 |   
|                                        |                                                                               |                                                                              |                                                     |      |      |      |     |      |   
|Cash flows from operating activities    |                                                                               |                                                                              |                                                     |      |      |      |     |      |    |      |    |     
|                                        | Net income                                                                    |                                                                              | $                                                   | 147  |      |      | $   | 117  |    |      | $  | 130  |    
|                                        | Adjustments to reconcile net income to net cash from operating
    activities |                                                                              |                                                     |      |      |      |     |      |    |      |    |      |    
|                                        |                                                                               | Depreciation, depletion and amortization                                     |                                                     |      | 40   |      |     |      | 37 |      |    |      | 37  |     
|                                        |                                                                               | Cumulative effect of accounting change                                       |                                                     |      | 1    |      |     |      |   |      |    |      |    |     
|                                        |                                                                               | Deferred income taxes                                                        |                                                     |      | 22   |      |     |      | 33 |      |    |      | 38  |     
|                                        |                                                                               | Earnings from unconsolidated affiliates, adjusted for cash
    distributions |                                                     |      | 16   |      |     |      | 9  |      |    |      | (14 | )   
|                                        |                                                                               | Other non-cash income items                                                  |                                                     |      | 1    |      |     |      | 2  |      |    |      | 2   |     
|                                        |                                                                               | Asset and liability changes                                                  |                                                     |      |      |      |     |      |    |      |    |      |     |     
|                                        |                                                                               |                                                                              | Accounts receivable                                 |      |      | (33  | )   |      |    | 7    |    |      |     | (18  | )
|                                        |                                                                               |                                                                              | Accounts payable                                    |      |      | 25   |     |      |    | 22   |    |      |     | (12  | )
|                                        |                                                                               |                                                                              | Taxes payable                                       |      |      | 24   |     |      |    | (5   | )  |      |     | 2    |  
|                                        |                                                                               | Other asset and liability changes                                            |                                                     |      |      |      |     |      |    |      |    |      |     |     
|                                        |                                                                               |                                                                              | Assets                                              |      |      | 22   |     |      |    | 2    |    |      |     | (2   | )
|                                        |                                                                               |                                                                              | Liabilities                                         |      |      | (12  | )   |      |    | (22  | )  |      |     | 3    |  
|                                        |                                                                               |                                                                              |                                                     |      |      |      |     |      |   
|                                        |                                                                               |                                                                              | Net cash provided by operating activities           |      |      | 253  |     |      |    | 202  |    |      |     | 166  |  
|                                        |                                                                               |                                                                              |                                                     |      |      |      |     |      |   
|Cash flows from investing activities    |                                                                               |                                                                              |                                                     |      |      |      |     |      |    |      |    |     
|                                        | Additions to property, plant and equipment                                    |                                                                              |                                                     | (125 | )    |      |     | (143 | )  |      |    | (101 | )  
|                                        | Net proceeds from the sale of assets and investments                          |                                                                              |                                                     |     |      |      |     | 42   |    |      |    | 7    |    
|                                        | Net change in affiliate advances                                              |                                                                              |                                                     | (60  | )    |      |     | (100 | )  |      |    | (335 | )  
|                                        | Other                                                                         |                                                                              |                                                     |     |      |      |     | (26  | )  |      |    |     |    
|                                        |                                                                               |                                                                              |                                                     |      |      |      |     |      |   
|                                        |                                                                               |                                                                              | Net cash used in investing activities               |      |      | (185 | )   |      |    | (227 | )  |      |     | (429 | )
|                                        |                                                                               |                                                                              |                                                     |      |      |      |     |      |   
|Cash flows from financing activities    |                                                                               |                                                                              |                                                     |      |      |      |     |      |    |      |    |     
|                                        | Net proceeds from the issuance of long-term debt                              |                                                                              |                                                     |     |      |      |     |     |    |      |    | 288  |    
|                                        | Payments to retire long-term debt                                             |                                                                              |                                                     | (68  | )    |      |     |     |    |      |    |     |    
|                                        |                                                                               |                                                                              |                                                     |      |      |      |     |      |   
|                                        |                                                                               |                                                                              | Net cash provided by (used in) financing activities |      |      | (68  | )   |      |    |     |    |      |     | 288  |  
|                                        |                                                                               |                                                                              |                                                     |      |      |      |     |      |   
|Net change in cash and cash equivalents |                                                                               |                                                                              |                                                    |      |      |      | (25 | )    |    |      | 25 |     
|Cash and cash equivalents               |                                                                               |                                                                              |                                                     |      |      |      |     |      |    |      |    |     
|                                        | Beginning of period                                                           |                                                                              |                                                     |     |      |      |     | 25   |    |      |    |     |    
|                                        |                                                                               |                                                                              |                                                     |      |      |      |     |      |   
|                                        | End of period                                                                 |                                                                              | $                                                   |     |      |      | $   |     |    |      | $  | 25   |    
|                                        |                                                                               |                                                                              |                                                     |      |      |      |     |      |   



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ANR PIPELINE COMPANY


CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY


(In millions, except share amounts)


|                  |                                               |              |       |            |        |   |          |  |       |               |     |    |        |   |     |      |   |   |       |      |  
|----------------- | --------------------------------------------- | ------------ | ----- | ---------- | ------ | - | -------- |  | ----- | ------------- | --- | -- | ------ | - | --- | ---- | - | - | ----- | ---- | -
|                  |                                               | Common stock |       | Additional |        |   |          |  | Total |              
|                  |                                               |              |       | paid-in    |        |   | Retained |  |       | stockholders |    
|                  |                                               | Shares       |       |            | Amount |   | capital  |  |       | earnings      |     |    | equity |  
|                  |                                               |              |       |            |        |   |          |  |       |               |     |    |        |  
|January 1, 2003   |                                               |              | 1,000 |            |        | $ |         |  |       | $             | 599 |    |        | $ | 584 |      |   | $ | 1,183 |     
|                  | Net income                                    |              |       |            |        |   |          |  |       |               |     |    |        |   |     | 130  |   |   |       | 130  |  
|                  | Allocated tax expense of El Paso equity plans |              |       |            |        |   |          |  |       |               |     | (2 | )      |   |     |      |   |   |       | (2   | )
|                  | Non-cash dividend                             |              |       |            |        |   |          |  |       |               |     |    |        |   |     | (528 | ) |   |       | (528 | )
|                  |                                               |              |       |            |        |   |          |  |       |               |     |    |        |   |    
|December 31, 2003 |                                               |              | 1,000 |            |        |   |         |  |       |               | 597 |    |        |   | 186 |      |   |   | 783   |     
|                  | Net income                                    |              |       |            |        |   |          |  |       |               |     |    |        |   |     | 117  |   |   |       | 117  |  
|                  |                                               |              |       |            |        |   |          |  |       |               |     |    |        |   |    
|December 31, 2004 |                                               |              | 1,000 |            |        |   |         |  |       |               | 597 |    |        |   | 303 |      |   |   | 900   |     
|                  | Net income                                    |              |       |            |        |   |          |  |       |               |     |    |        |   |     | 147  |   |   |       | 147  |  
|                  |                                               |              |       |            |        |   |          |  |       |               |     |    |        |   |    
|December 31, 2005 |                                               |              | 1,000 |            |        | $ |         |  |       | $             | 597 |    |        | $ | 450 |      |   | $ | 1,047 |     
|                  |                                               |              |       |            |        |   |          |  |       |               |     |    |        |   |    



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ANR PIPELINE COMPANY


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


1. Summary of Significant Accounting Policies


Basis of Presentation
and Principles of Consolidation






| |                 
| | ----------------
| | Use of Estimates





| |                     
| | --------------------
| | Regulated Operations

Accounting for the Effects
of Certain Types of Regulation




| |                          
| | -------------------------
| | Cash and Cash Equivalents



Allowance for Doubtful
Accounts




Materials and
Supplies




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Natural Gas
Imbalances






Property, Plant and
Equipment












Asset and Investment
Impairments




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Revenue Recognition




Environmental Costs and Other
Contingencies










| |             
| | ------------
| | Income Taxes





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Accounting for Asset Retirement
Obligations


Accounting for Asset Retirement Obligations, Accounting for
Conditional Asset Retirement Obligations,






New Accounting Pronouncement
Issued But Not Yet Adopted




Accounting for Pipeline Integrity Costs.


2. Income Taxes


Components of Income Taxes.


|         |         |                    |    |    |      |  |    |      |    |  |    |    |    | 
|-------- | ------- | ------------------ | -- | -- | ---- |  | -- | ---- | -- |  | -- | -- | -- | 
|         |         | 2005               |    |    | 2004 |  |    | 2003 |   
|         |         |                    |    |    |      |  |    |      |   
|         |         | (In millions)      |   
|Current  |         |                    |    |    |      |  |    |      |    |  |    |   
|         | Federal |                    | $  | 59 |      |  | $  | 33   |    |  | $  | 33 |   
|         | State   |                    |    | 3  |      |  |    | 3    |    |  |    | 3  |   
|         |         |                    |    |    |      |  |    |      |   
|         |         |                    | 62 |    |      |  | 36 |      |    |  | 36 |   
|         |         |                    |    |    |      |  |    |      |   
|Deferred |         |                    |    |    |      |  |    |      |    |  |    |   
|         | Federal |                    |    | 20 |      |  |    | 30   |    |  |    | 35 |   
|         | State   |                    |    | 2  |      |  |    | 3    |    |  |    | 3  |   
|         |         |                    |    |    |      |  |    |      |   
|         |         |                    | 22 |    |      |  | 33 |      |    |  | 38 |   
|         |         |                    |    |    |      |  |    |      |   
|         |         | Total income taxes |    | $  | 84   |  |    | $    | 69 |  |    | $  | 74 | 
|         |         |                    |    |    |      |  |    |      |   

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Effective Tax Rate Reconciliation.


|                                                  |                                                      |                      |    |   |      |   |    |      |  |   |    |    |  
|------------------------------------------------- | ---------------------------------------------------- | -------------------- | -- | - | ---- | - | -- | ---- |  | - | -- | -- | -
|                                                  |                                                      | 2005                 |    |   | 2004 |   |    | 2003 | 
|                                                  |                                                      |                      |    |   |      |   |    |      | 
|                                                  |                                                      | (In millions, except |   
|                                                  |                                                      | for rates)           |   
|Income taxes at the statutory federal rate of 35% |                                                      | $                    | 81 |   |      | $ | 65 |      |  | $ | 71 |   
|Increase (decrease)                               |                                                      |                      |    |   |      |   |    |      |  |   |    |   
|                                                  | State income taxes, net of federal income tax effect |                      |    | 3 |      |   |    | 3    |  |   |    | 4  |  
|                                                  | Other                                                |                      |    |  |      |   |    | 1    |  |   |    | (1 | )
|                                                  |                                                      |                      |    |   |      |   |    |      | 
|Income taxes                                      |                                                      | $                    | 84 |   |      | $ | 69 |      |  | $ | 74 |   
|                                                  |                                                      |                      |    |   |      |   |    |      | 
|Effective tax rate                                |                                                      |                      | 36 | % |      |   | 37 | %    |  |   | 36 | % 
|                                                  |                                                      |                      |    |   |      |   |    |      | 

Deferred Tax Assets and Liabilities.


|                           |                                          |                              |     |     |      |   |     |     |     | 
|-------------------------- | ---------------------------------------- | ---------------------------- | --- | --- | ---- | - | --- | --- | --- | 
|                           |                                          | 2005                         |     |     | 2004 |  
|                           |                                          |                              |     |     |      |  
|                           |                                          | (In millions)                |    
|Deferred tax liabilities   |                                          |                              |     |     |      |   |     |    
|                           | Property, plant and equipment            |                              | $   | 342 |      |   | $   | 315 |    
|                           | Investments in unconsolidated affiliates |                              |     | 103 |      |   |     | 101 |    
|                           | Other assets                             |                              |     | 23  |      |   |     | 24  |    
|                           |                                          |                              |     |     |      |  
|                           |                                          | Total deferred tax liability |     |     | 468  |   |     |     | 440 | 
|                           |                                          |                              |     |     |      |  
|Deferred tax assets        |                                          |                              |     |     |      |   |     |    
|                           | Lease liability                          |                              |     | 69  |      |   |     | 72  |    
|                           | Other liabilities                        |                              |     | 41  |      |   |     | 31  |    
|                           |                                          |                              |     |     |      |  
|                           |                                          | Total deferred tax asset     |     |     | 110  |   |     |     | 103 | 
|                           |                                          |                              |     |     |      |  
|Net deferred tax liability |                                          | $                            | 358 |     |      | $ | 337 |    
|                           |                                          |                              |     |     |      |  

Other Tax Matters. paid-in


3. Financial Instruments




|                                     |                                                     |               |   |     |       |  |   |          |  |  |       |     |  |  |   |     | 
|------------------------------------ | --------------------------------------------------- | ------------- | - | --- | ----- |  | - | -------- |  |  | ----- | --- |  |  | - | --- | 
|                                     |                                                     | 2005          |   |     | 2004  | 
|                                     |                                                     |               |   |     |       | 
|                                     |                                                     | Carrying      |   |     | Fair  |  |   | Carrying |  |  | Fair  |    
|                                     |                                                     | Amount        |   |     | Value |  |   | Amount   |  |  | Value |    
|                                     |                                                     |               |   |     |       |  |   |          |  |  |       |    
|                                     |                                                     | (In millions) |  
|Balance sheet financial instruments: |                                                     |               |   |     |       |  |   |          |  |  |       |     |  |  |   |    
|                                     | Long-term debt, including current
    maturities(1) |               | $ | 740 |       |  | $ | 844      |  |  | $     | 808 |  |  | $ | 942 | 






|    |                                                                                                                                
|--- | -------------------------------------------------------------------------------------------------------------------------------
|(1) | We estimated the fair value of debt with fixed interest rates
    based on quoted market prices for the same or similar issues.



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4. Debt and Other Credit Facilities


Debt




|                                 |                      |                                               |     |   |      |   |     |    |     | 
|-------------------------------- | -------------------- | --------------------------------------------- | --- | - | ---- | - | --- | -- | --- | 
|                                 |                      | 2005                                          |     |   | 2004 |  
|                                 |                      |                                               |     |   |      |  
|                                 |                      | (In millions)                                 |    
|8.875% Notes due 2010            |                      | $                                             | 300 |   |      | $ | 300 |   
|13.75% Notes due 2010            |                      |                                               | 12  |   |      |   | 12  |   
|9.625% Debentures due 2021       |                      |                                               | 300 |   |      |   | 300 |   
|7.375% Debentures due 2024       |                      |                                               | 125 |   |      |   | 125 |   
|7.00% Debentures due
    2025(1) |                      |                                               | 7   |   |      |   | 75  |   
|                                 |                      |                                               |     |   |      |  
|                                 |                      |                                               | 744 |   |      |   | 812 |   
|Less:                            |                      |                                               |     |   |      |   |     |   
|                                 | Current maturities   |                                               |     |  |      |   |     | 75 |    
|                                 | Unamortized discount |                                               |     | 4 |      |   |     | 4  |    
|                                 |                      |                                               |     |   |      |  
|                                 |                      | Total long-term debt, less current maturities |     | $ | 740  |   |     | $  | 733 | 
|                                 |                      |                                               |     |   |      |  






|    |                                                                                                                                                                                                                                                                                                                                    
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | On June 1, 2005, holders of approximately $68 million
    of these securities exercised their option for us to redeem
    their debentures. The remaining $7 million of the
    debentures were not redeemed and have been classified as
    long-term debt as the holders option for us to redeem the
    debentures has expired.





Credit Facilities








5. Commitments and Contingencies




| |                  
| | -----------------
| | Legal Proceedings

Grynberg


26



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industry-wide (In re: Natural Gas Royalties Qui Tam
Litigation,


Will Price (formerly Quinque). Will Price,
et al. v. Gas Pipelines and Their Predecessors, et
al.,






Environmental Matters




27



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|                                                 |  |   |    |  
|------------------------------------------------ |  | - | -- | -
|Balance at January 1, 2005                       |  | $ | 27 |  
|Additions/adjustments for remediation activities |  |   | 4  |  
|Payments for remediation activities              |  |   | (4 | )
|                                                 |  |   |   
|Balance at December 31, 2005                     |  | $ | 27 |  
|                                                 |  |   |   



CERCLA Matters.






| |                                             
| | --------------------------------------------
| | Capital Commitments and Purchase Obligations



28



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Operating Leases




|             |       |                  |    |    | 
|------------ | ----- | ---------------- | -- | -- | 
|Year Ending  |       |                 
|December 31, |       | Operating Leases |   
|             |       |                  |   
|             |       | (In millions)    |   
|2006         |       | $                | 2  |   
|2007         |       |                  | 3  |   
|2008         |       |                  | 2  |   
|2009         |       |                  | 1  |   
|2010         |       |                  | 1  |   
|Thereafter   |       |                  | 14 |   
|             |       |                  |   
|             | Total |                  | $  | 23 | 
|             |       |                  |   



Other Commercial Commitments


rights-of


6. Retirement Benefits


Pension and Retirement Benefits




Postretirement Benefits


co-payment


Accounting and Disclosure Requirements Related to the Medicare
Prescription Drug, Improvement and Modernization Act of
2003


29



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|                                 |                                                     |               |   |     |      |  |   |     |  
|-------------------------------- | --------------------------------------------------- | ------------- | - | --- | ---- |  | - | --- | -
|                                 |                                                     | 2005          |   |     | 2004 | 
|                                 |                                                     |               |   |     |      | 
|                                 |                                                     | (In millions) |  
|Change in benefit obligation:    |                                                     |               |   |     |      |  |   |    
|                                 | Projected benefit obligation at beginning of period |               | $ | 53  |      |  | $ | 57  |  
|                                 | Interest cost                                       |               |   | 3   |      |  |   | 3   |  
|                                 | Participant contributions                           |               |   | 2   |      |  |   | 2   |  
|                                 | Actuarial gain                                      |               |   | (3  | )    |  |   | (3  | )
|                                 | Benefits paid                                       |               |   | (6  | )    |  |   | (6  | )
|                                 |                                                     |               |   |     |      | 
|                                 | Projected benefit obligation at end of period       |               | $ | 49  |      |  | $ | 53  |  
|                                 |                                                     |               |   |     |      | 
|Change in plan assets:           |                                                     |               |   |     |      |  |   |    
|                                 | Fair value of plan assets at beginning of period    |               | $ | 57  |      |  | $ | 46  |  
|                                 | Actual return on plan assets                        |               |   | 5   |      |  |   | 4   |  
|                                 | Employer contributions                              |               |   | 9   |      |  |   | 11  |  
|                                 | Participant contributions                           |               |   | 2   |      |  |   | 2   |  
|                                 | Benefits paid                                       |               |   | (6  | )    |  |   | (6  | )
|                                 |                                                     |               |   |     |      | 
|                                 | Fair value of plan assets at end of period          |               | $ | 67  |      |  | $ | 57  |  
|                                 |                                                     |               |   |     |      | 
|Reconciliation of funded status: |                                                     |               |   |     |      |  |   |    
|                                 | Funded status at September 30                       |               | $ | 18  |      |  | $ | 4   |  
|                                 | Fourth quarter contributions                        |               |   | 2   |      |  |   | 2   |  
|                                 | Unrecognized net actuarial gain                     |               |   | (15 | )    |  |   | (10 | )
|                                 |                                                     |               |   |     |      | 
|                                 | Net prepaid/(accrued) benefit cost at December 31   |               | $ | 5   |      |  | $ | (4  | )
|                                 |                                                     |               |   |     |      | 



|             |       |   |    |    | 
|------------ | ----- | - | -- | -- | 
|Year Ending  |       |  
|December 31, |       |  
|             |       |  
|2006         |       | $ | 5  |   
|2007         |       |   | 5  |   
|2008         |       |   | 4  |   
|2009         |       |   | 4  |   
|2010         |       |   | 4  |   
|2011-2015    |       |   | 20 |   
|             |       |   |   
|             | Total |   | $  | 42 | 
|             |       |   |   



|                                |  |               |    |   |      |   |    |      |  |   |    |  
|------------------------------- |  | ------------- | -- | - | ---- | - | -- | ---- |  | - | -- | -
|                                |  | 2005          |    |   | 2004 |   |    | 2003 | 
|                                |  |               |    |   |      |   |    |      | 
|                                |  | (In millions) |   
|Interest cost                   |  | $             | 3  |   |      | $ | 3  |      |  | $ | 3  |  
|Expected return on plan assets  |  |               | (3 | ) |      |   | (2 | )    |  |   | (2 | )
|                                |  |               |    |   |      |   |    |      | 
|Net postretirement benefit cost |  | $             |   |   |      | $ | 1  |      |  | $ | 1  |  
|                                |  |               |    |   |      |   |    |      | 



30



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|                                                            |                                       |           |  |      |      |  |  |      |  |  |  |      | 
|----------------------------------------------------------- | ------------------------------------- | --------- |  | ---- | ---- |  |  | ---- |  |  |  | ---- | 
|                                                            |                                       | 2005      |  |      | 2004 |  |  | 2003 | 
|                                                            |                                       |           |  |      |      |  |  |      | 
|                                                            |                                       | (Percent) | 
|Assumptions related to benefit obligations at September 30: |                                       |           |  |      |      |  |  |      |  |  |  |     
|                                                            | Discount rate                         |           |  | 5.25 |      |  |  | 5.75 |  |  |  |      | 
|Assumptions related to benefit costs at December 31:        |                                       |           |  |      |      |  |  |      |  |  |  |     
|                                                            | Discount rate                         |           |  | 5.75 |      |  |  | 6.00 |  |  |  | 6.75 | 
|                                                            | Expected return on plan
    assets(1) |           |  | 7.50 |      |  |  | 7.50 |  |  |  | 7.50 | 






|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | The expected return on plan assets is a pre-tax rate (before a
    tax rate ranging from 35 percent to 38 percent on
    postretirement benefits) that is primarily based on an expected
    risk-free investment return, adjusted for historical risk
    premiums and specific risk adjustments associated with our debt
    and equity securities. These expected returns were then weighted
    based on the target asset allocations of our investment
    portfolio.



|                               |                                               |               |   |    |      |  |   |    |  
|------------------------------ | --------------------------------------------- | ------------- | - | -- | ---- |  | - | -- | -
|                               |                                               | 2005          |   |    | 2004 | 
|                               |                                               |               |   |    |      | 
|                               |                                               | (In millions) |  
|One percentage point increase: |                                               |               |   |    |      |  |   |   
|                               | Aggregate of service cost and interest cost   |               | $ |   |      |  | $ |   |  
|                               | Accumulated postretirement benefit obligation |               |   | 2  |      |  |   | 3  |  
|One percentage point decrease: |                                               |               |   |    |      |  |   |   
|                               | Aggregate of service cost and interest cost   |               | $ |   |      |  | $ |   |  
|                               | Accumulated postretirement benefit obligation |               |   | (2 | )    |  |   | (2 | )

Postretirement Plan Assets




|                  |       |           |    |     |        |  |    |     | 
|----------------- | ----- | --------- | -- | --- | ------ |  | -- | --- | 
|                  |       | Actual    |    |     | Actual | 
|Asset Category    |       | 2005      |    |     | 2004   | 
|                  |       |           |    |     |        | 
|                  |       | (Percent) |   
|Equity securities |       |           | 61 |     |        |  | 59 |    
|Debt securities   |       |           | 31 |     |        |  | 32 |    
|Other             |       |           | 8  |     |        |  | 9  |    
|                  |       |           |    |     |        | 
|                  | Total |           |    | 100 |        |  |    | 100 | 
|                  |       |           |    |     |        | 





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7. Transactions with Major Customer




|            |  |               |    |  |      |   |    |      |  |   |    | 
|----------- |  | ------------- | -- |  | ---- | - | -- | ---- |  | - | -- | 
|            |  | 2005          |    |  | 2004 |   |    | 2003 | 
|            |  |               |    |  |      |   |    |      | 
|            |  | (In millions) |   
|We Energies |  | $             | 56 |  |      | $ | 59 |      |  | $ | 93 | 

8. Supplemental Cash Flow Information




|                                           |  |               |    |  |      |   |    |      |  |   |    | 
|------------------------------------------ |  | ------------- | -- |  | ---- | - | -- | ---- |  | - | -- | 
|                                           |  | 2005          |    |  | 2004 |   |    | 2003 | 
|                                           |  |               |    |  |      |   |    |      | 
|                                           |  | (In millions) |   
|Interest paid, net of capitalized interest |  | $             | 70 |  |      | $ | 68 |      |  | $ | 56 | 
|Income tax payments                        |  |               | 38 |  |      |   | 41 |      |  |   | 35 | 

9. Investment in Unconsolidated Affiliate and
Transactions with Affiliates


Investment in Unconsolidated Affiliate






|                        |                                                         |               |   |     |      |  |   |      |  |  |   |     | 
|----------------------- | ------------------------------------------------------- | ------------- | - | --- | ---- |  | - | ---- |  |  | - | --- | 
|                        |                                                         | 2005          |   |     | 2004 |  |   | 2003 | 
|                        |                                                         |               |   |     |      |  |   |      | 
|                        |                                                         | (In millions) |  
|Operating results data: |                                                         |               |   |     |      |  |   |      |  |  |   |    
|                        | Operating revenues                                      |               | $ | 131 |      |  | $ | 133  |  |  | $ | 129 | 
|                        | Operating expenses                                      |               |   | 60  |      |  |   | 56   |  |  |   | 58  | 
|                        | Income from continuing operations and net
    income(1) |               |   | 38  |      |  |   | 43   |  |  |   | 37  | 

|                         |                               |               |   |     |      |  |   |     | 
|------------------------ | ----------------------------- | ------------- | - | --- | ---- |  | - | --- | 
|                         |                               | 2005          |   |     | 2004 | 
|                         |                               |               |   |     |      | 
|                         |                               | (In millions) |  
|Financial position data: |                               |               |   |     |      |  |   |    
|                         | Current assets                |               | $ | 56  |      |  | $ | 54  | 
|                         | Non-current assets            |               |   | 581 |      |  |   | 604 | 
|                         | Short-term debt               |               |   | 5   |      |  |   | 5   | 
|                         | Other current liabilities     |               |   | 34  |      |  |   | 31  | 
|                         | Long-term debt                |               |   | 210 |      |  |   | 215 | 
|                         | Other non-current liabilities |               |   | 154 |      |  |   | 150 | 
|                         | Equity in net
    assets(1)   |               |   | 234 |      |  |   | 257 | 



| | 
| | 
| | 



| |     |                                                                                                                                                                                                                                                                        
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (1) | Our proportionate share of Great Lakes L.P.s net income
    and equity in net assets includes our share of taxes recorded by
    Great Lakes. Our earnings from unconsolidated affiliate
    recognized in our income statements are presented before these
    taxes.



32



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Transactions with Affiliates


Cash Management Program.


Taxes.


Other.






Other Affiliate Balances.


|                                    |  |               |   |  |      |   |   | 
|----------------------------------- |  | ------------- | - |  | ---- | - | - | 
|                                    |  | 2005          |   |  | 2004 |  
|                                    |  |               |   |  |      |  
|                                    |  | (In millions) |  
|Accounts and notes receivable-other |  | $             | 5 |  |      | $ |  | 
|Contractual deposits                |  |               | 1 |  |      |   | 3 | 

Affiliate Revenues and Expenses.


Share-Based Payment,




33



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non-affiliated




|                                                          |  |               |     |  |      |   |     |      |  |   |     | 
|--------------------------------------------------------- |  | ------------- | --- |  | ---- | - | --- | ---- |  | - | --- | 
|                                                          |  | 2005          |     |  | 2004 |   |     | 2003 | 
|                                                          |  |               |     |  |      |   |     |      | 
|                                                          |  | (In millions) |    
|Revenues from affiliates                                  |  | $             | 4   |  |      | $ | 10  |      |  | $ | 18  | 
|Operation and maintenance expense from affiliates         |  |               | 117 |  |      |   | 113 |      |  |   | 128 | 
|Reimbursement of operating expenses charged to affiliates |  |               | 6   |  |      |   | 4   |      |  |   | 4   | 

10. Supplemental Selected Quarterly Financial Information
(Unaudited)




|     |                                                             |                |   |     |         |  |   |              |  |  |             |     |  |       |   |     |   |  |   |     |  
|---- | ----------------------------------------------------------- | -------------- | - | --- | ------- |  | - | ------------ |  |  | ----------- | --- |  | ----- | - | --- | - |  | - | --- | -
|     |                                                             | Quarters Ended |   |     |        
|     |                                                             |                |   |     |        
|     |                                                             | March 31       |   |     | June 30 |  |   | September 30 |  |  | December 31 |     |  | Total |  
|     |                                                             |                |   |     |         |  |   |              |  |  |             |     |  |       |  
|     |                                                             | (In millions)  |  
|2005 |                                                             |                |   |     |         |  |   |              |  |  |             |     |  |       |   |     |   |  |   |    
|     | Operating revenues                                          |                | $ | 184 |         |  | $ | 119          |  |  | $           | 112 |  |       | $ | 133 |   |  | $ | 548 |  
|     | Operating income                                            |                |   | 102 |         |  |   | 47           |  |  |             | 33  |  |       |   | 35  |   |  |   | 217 |  
|     | Income before cumulative effect of accounting change        |                |   | 66  |         |  |   | 32           |  |  |             | 23  |  |       |   | 27  |   |  |   | 148 |  
|     | Cumulative effect of accounting change, net of income taxes |                |   |    |         |  |   |             |  |  |             |    |  |       |   | (1  | ) |  |   | (1  | )
|     | Net income                                                  |                |   | 66  |         |  |   | 32           |  |  |             | 23  |  |       |   | 26  |   |  |   | 147 |  
|2004 |                                                             |                |   |     |         |  |   |              |  |  |             |     |  |       |   |     |   |  |   |    
|     | Operating revenues                                          |                | $ | 138 |         |  | $ | 103          |  |  | $           | 101 |  |       | $ | 128 |   |  | $ | 470 |  
|     | Operating income                                            |                |   | 64  |         |  |   | 31           |  |  |             | 26  |  |       |   | 53  |   |  |   | 174 |  
|     | Net income                                                  |                |   | 43  |         |  |   | 20           |  |  |             | 21  |  |       |   | 33  |   |  |   | 117 |  

34



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Report of Independent Registered Public Accounting Firm








Accounting for
Conditional Asset Retirement Obligations,








35



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##### Table of Contents



SCHEDULE II


ANR PIPELINE COMPANY


VALUATION AND QUALIFYING ACCOUNTS


Years Ended December 31, 2005, 2004 and 2003


(In millions)


|            |                                 |            |   |    |            |  |   |            |   |            |          |    |         |           |   |    |   |  |   |    | 
|----------- | ------------------------------- | ---------- | - | -- | ---------- |  | - | ---------- | - | ---------- | -------- | -- | ------- | --------- | - | -- | - |  | - | -- | 
|            |                                 | Balance at |   |    | Charged to |  |   |            |   | Charged to |          |    | Balance |          
|            |                                 | Beginning  |   |    | Costs and  |  |   |            |   | Other      |          |    | at End  |          
|Description |                                 | of Period  |   |    | Expenses   |  |   | Deductions |   |            | Accounts |    |         | of Period |  
|            |                                 |            |   |    |            |  |   |            |   |            |          |    |         |           |  
|2005        |                                 |            |   |    |            |  |   |            |   |            |          |    |         |           |   |    |   |  |   |   
|            | Allowance for doubtful accounts |            | $ | 3  |            |  | $ |           |   |            | $        |   |         |           | $ | (1 | ) |  | $ | 2  | 
|            | Environmental reserves          |            |   | 27 |            |  |   | 4          |   |            |          | (4 | )(1)    |           |   |   |   |  |   | 27 | 
|2004        |                                 |            |   |    |            |  |   |            |   |            |          |    |         |           |   |    |   |  |   |   
|            | Allowance for doubtful accounts |            | $ | 3  |            |  | $ |           |   |            | $        |   |         |           | $ |   |   |  | $ | 3  | 
|            | Environmental reserves          |            |   | 29 |            |  |   | 2          |   |            |          | (4 | )(1)    |           |   |   |   |  |   | 27 | 
|2003        |                                 |            |   |    |            |  |   |            |   |            |          |    |         |           |   |    |   |  |   |   
|            | Allowance for doubtful accounts |            | $ | 2  |            |  | $ |           |   |            | $        |   |         |           | $ | 1  |   |  | $ | 3  | 
|            | Legal reserves                  |            |   | 2  |            |  |   | (1         | ) |            |          |   |         |           |   | (1 | ) |  |   |   | 
|            | Environmental reserves          |            |   | 26 |            |  |   | 8          |   |            |          | (6 | )(1)    |           |   | 1  |   |  |   | 29 | 






|    |                                                                  
|--- | -----------------------------------------------------------------
|(1) | Primarily payments made for environmental remediation activities.

36



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##### Table of Contents








|        |                                                                                         
|------- | ----------------------------------------------------------------------------------------
|ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
    AND FINANCIAL DISCLOSURE








|         |                        
|-------- | -----------------------
|ITEM 9A. | CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures






Changes in Internal Control Over Financial Reporting









|         |                  
|-------- | -----------------
|ITEM 9B. | OTHER INFORMATION






PART III


10-K.





ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES


Audit Fees




All Other Fees




Policy for Approval of Audit and Non-Audit Fees




37



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##### Table of Contents






PART IV





ITEM 15. EXHIBITS AND FINANCIAL STATEMENT
SCHEDULES


(a) The following documents are filed as part of this
report:






|                                                        |  |      |    | 
|------------------------------------------------------- |  | ---- | -- | 
|                                                        |  | Page |   
|                                                        |  |      |   
|Consolidated Statements of Income                       |  |      | 17 | 
|Consolidated Balance Sheets                             |  |      | 18 | 
|Consolidated Statements of Cash Flows                   |  |      | 19 | 
|Consolidated Statements of Stockholders Equity         |  |      | 20 | 
|Notes to Consolidated Financial Statements              |  |      | 21 | 
|Report of Independent Registered Public Accounting Firm |  |      | 35 | 



| |                                                                                                                     
| | --------------------------------------------------------------------------------------------------------------------
| | The following financial statements of our equity investments are
    included on the following pages of this report:

|                                                        |  |      |    | 
|------------------------------------------------------- |  | ---- | -- | 
|                                                        |  | Page |   
|                                                        |  |      |   
|Great Lakes Gas Transmission Limited Partnership        |  |      |    | 
|Report of Independent Registered Public Accounting Firm |  |      | 39 | 
|Consolidated Statements of Income and Partners Capital |  |      | 40 | 
|Consolidated Balance Sheets                             |  |      | 41 | 
|Consolidated Statements of Cash Flows                   |  |      | 42 | 
|Notes to Consolidated Financial Statements              |  |      | 43 | 



|                                                |  |  |    | 
|----------------------------------------------- |  |  | -- | 
|Schedule II  Valuation and Qualifying Accounts |  |  | 36 | 



| |                                                                                                                                                                     
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | All other schedules are omitted because they are not applicable,
    or the required information is disclosed in the financial
    statements or accompanying notes.

|                 |  |  |    | 
|---------------- |  |  | -- | 
|3. Exhibits list |  |  | 47 | 

38



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Report of Independent Registered Public Accounting Firm



















39



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GREAT LAKES GAS TRANSMISSION LIMITED PARTNERSHIP


CONSOLIDATED STATEMENTS OF INCOME AND PARTNERS
CAPITAL


|                        |                                                              |                         |         |          |      |  |         |          |   |  |         |          |  
|----------------------- | ------------------------------------------------------------ | ----------------------- | ------- | -------- | ---- |  | ------- | -------- | - |  | ------- | -------- | -
|                        |                                                              | Years Ended December 31 |        
|                        |                                                              |                         |        
|                        |                                                              | 2005                    |         |          | 2004 |  |         | 2003     |  
|                        |                                                              |                         |         |          |      |  |         |          |  
|                        |                                                              | (Thousands of Dollars)  |        
|Transportation Revenues |                                                              | $                       | 280,743 |          |      |  | 284,327 |          |   |  | 279,208 |         
|Operating Expenses      |                                                              |                         |         |          |      |  |         |          |   |  |         |         
|                        | Operation and Maintenance                                    |                         |         | 41,312   |      |  |         | 34,723   |   |  |         | 43,052   |  
|                        | Depreciation                                                 |                         |         | 57,693   |      |  |         | 57,756   |   |  |         | 57,238   |  
|                        | Income Taxes Payable by Partners                             |                         |         | 43,253   |      |  |         | 47,058   |   |  |         | 40,530   |  
|                        | Property and Other Taxes                                     |                         |         | 26,756   |      |  |         | 23,265   |   |  |         | 24,929   |  
|                        |                                                              |                         |         |          |      |  |         |          |  
|                        |                                                              |                         | 169,014 |          |      |  | 162,802 |          |   |  | 165,749 |         
|                        |                                                              |                         |         |          |      |  |         |          |  
|Operating Income        |                                                              |                         | 111,729 |          |      |  | 121,525 |          |   |  | 113,459 |         
|Other Income (Expense)  |                                                              |                         |         |          |      |  |         |          |   |  |         |         
|                        | Interest on Long Term Debt                                   |                         |         | (36,844  | )    |  |         | (37,718  | ) |  |         | (40,239  | )
|                        | Other, Net                                                   |                         |         | 1,917    |      |  |         | 1,373    |   |  |         | 1,102    |  
|                        |                                                              |                         |         |          |      |  |         |          |  
|                        |                                                              |                         | (34,927 | )        |      |  | (36,345 | )        |   |  | (39,137 | )       
|                        |                                                              |                         |         |          |      |  |         |          |  
|Net Income              |                                                              | $                       | 76,802  |          |      |  | 85,180  |          |   |  | 74,322  |         
|                        |                                                              |                         |         |          |      |  |         |          |  
|Partners Capital       |                                                              |                         |         |          |      |  |         |          |   |  |         |         
|                        | Balance at Beginning of Year                                 |                         | $       | 420,501  |      |  |         | 452,007  |   |  |         | 445,512  |  
|                        | Contributions by General Partners                            |                         |         | 30,976   |      |  |         | 29,398   |   |  |         | 22,459   |  
|                        | Net Income                                                   |                         |         | 76,802   |      |  |         | 85,180   |   |  |         | 74,322   |  
|                        | Current Income Taxes Payable by Partners Charged to Earnings |                         |         | 33,237   |      |  |         | 31,536   |   |  |         | 24,238   |  
|                        | Distributions to Partners                                    |                         |         | (184,803 | )    |  |         | (177,620 | ) |  |         | (114,524 | )
|                        |                                                              |                         |         |          |      |  |         |          |  
|                        | Balance at End of Year                                       |                         | $       | 376,713  |      |  |         | 420,501  |   |  |         | 452,007  |  
|                        |                                                              |                         |         |          |      |  |         |          |  

The accompanying notes are an integral part of these
statements.


40



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##### Table of Contents



GREAT LAKES GAS TRANSMISSION LIMITED PARTNERSHIP


CONSOLIDATED BALANCE SHEETS


|                                |                                             |                        |           |           |      |  |           |           | 
|------------------------------- | ------------------------------------------- | ---------------------- | --------- | --------- | ---- |  | --------- | --------- | 
|                                |                                             | As of December 31      |          
|                                |                                             |                        |          
|                                |                                             | 2005                   |           |           | 2004 | 
|                                |                                             |                        |           |           |      | 
|                                |                                             | (Thousands of Dollars) |          
|ASSETS                         
|Current Assets                  |                                             |                        |           |           |      |  |           |          
|                                | Cash and Cash Equivalents                   |                        | $         | 59,280    |      |  |           | 59,034    | 
|                                | Accounts Receivable                         |                        |           | 50,525    |      |  |           | 44,137    | 
|                                | Materials and Supplies, at Average Cost     |                        |           | 9,664     |      |  |           | 10,043    | 
|                                | Prepayments and Other                       |                        |           | 3,107     |      |  |           | 5,146     | 
|                                |                                             |                        |           |           |      | 
|                                |                                             |                        | 122,576   |           |      |  | 118,360   |          
|Gas Utility Plant               |                                             |                        |           |           |      |  |           |          
|                                | Property, Plant and Equipment               |                        |           | 2,025,196 |      |  |           | 2,015,202 | 
|                                | Less Accumulated Depreciation               |                        |           | 970,737   |      |  |           | 919,287   | 
|                                |                                             |                        |           |           |      | 
|                                |                                             |                        | 1,054,459 |           |      |  | 1,095,915 |          
|                                |                                             |                        |           |           |      | 
|                                |                                             | $                      | 1,177,035 |           |      |  | 1,214,275 |          
|                                |                                             |                        |           |           |      | 
|                               
|LIABILITIES & PARTNERS CAPITAL
|Current Liabilities             |                                             |                        |           |           |      |  |           |          
|                                | Current Maturities of Long Term Debt        |                        | $         | 10,000    |      |  |           | 10,000    | 
|                                | Accounts Payable                            |                        |           | 35,426    |      |  |           | 27,984    | 
|                                | Property and Other Taxes                    |                        |           | 24,448    |      |  |           | 24,107    | 
|                                | Accrued Interest and Other                  |                        |           | 13,411    |      |  |           | 13,580    | 
|                                |                                             |                        |           |           |      | 
|                                |                                             |                        | 83,285    |           |      |  | 75,671    |          
|Long Term Debt                  |                                             |                        | 450,000   |           |      |  | 460,000   |          
|Other Liabilities               |                                             |                        |           |           |      |  |           |          
|                                | Amounts Equivalent to Deferred Income Taxes |                        |           | 266,192   |      |  |           | 256,959   | 
|                                | Other                                       |                        |           | 845       |      |  |           | 1,144     | 
|                                |                                             |                        |           |           |      | 
|                                |                                             |                        | 267,037   |           |      |  | 258,103   |          
|                                |                                             |                        |           |           |      | 
|Partners Capital               |                                             |                        | 376,713   |           |      |  | 420,501   |          
|                                |                                             |                        |           |           |      | 
|                                |                                             | $                      | 1,177,035 |           |      |  | 1,214,275 |          
|                                |                                             |                        |           |           |      | 

The accompanying notes are an integral part of these
statements.


41



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##### Table of Contents



GREAT LAKES GAS TRANSMISSION LIMITED PARTNERSHIP


CONSOLIDATED STATEMENTS OF CASH FLOWS


|                                                                                            |                                                              |                                                                 |                                              |                          |        |        |          |          |        |        |          |          |        |        |        |  
|------------------------------------------------------------------------------------------- | ------------------------------------------------------------ | --------------------------------------------------------------- | -------------------------------------------- | ------------------------ | ------ | ------ | -------- | -------- | ------ | ------ | -------- | -------- | ------ | ------ | ------ | -
|                                                                                            |                                                              | Years Ended December 31                                         |                                             
|                                                                                            |                                                              |                                                                 |                                             
|                                                                                            |                                                              | 2005                                                            |                                              |                          | 2004   |        |          | 2003     |       
|                                                                                            |                                                              |                                                                 |                                              |                          |        |        |          |          |       
|                                                                                            |                                                              | (Thousands of Dollars)                                          |                                             
|Cash Flow Increase (Decrease) from:                                                         |                                                              |                                                                 |                                              |                          |        |        |          |          |        |        |          |         
|Operating Activities                                                                        |                                                              |                                                                 |                                              |                          |        |        |          |          |        |        |          |         
|                                                                                            | Net Income                                                   |                                                                 | $                                            | 76,802                   |        |        |          | 85,180   |        |        |          | 74,322   |       
|                                                                                            | Adjustments to Reconcile Net Income to                       |                                                                 |                                              |                          |        |        |          |          |        |        |          |          |       
|                                                                                            |                                                              | Operating Cash Flows:                                           |                                              |                          |        |        |          |          |        |        |          |          |        |       
|                                                                                            |                                                              |                                                                 | Depreciation                                 |                          |        | 57,693 |          |          |        | 57,756 |          |          |        | 57,238 |       
|                                                                                            |                                                              |                                                                 | Amounts Equivalent to Deferred Income Taxes  |                          |        | 9,233  |          |          |        | 15,678 |          |          |        | 16,983 |       
|                                                                                            |                                                              |                                                                 | Allowance for Funds Used During Construction |                          |        | (135   | )        |          |        | (157   | )        |          |        | (398   | )     
|                                                                                            |                                                              |                                                                 | Changes in Current Assets and Liabilities:   |                          |        |        |          |          |        |        |          |          |        |        |       
|                                                                                            |                                                              |                                                                 |                                              | Accounts Receivable      |        |        | (6,388   | )        |        |        | (9,390   | )        |        |        | 1,529  |  
|                                                                                            |                                                              |                                                                 |                                              | Accounts Payable         |        |        | 7,442    |          |        |        | 13,134   |          |        |        | (1,642 | )
|                                                                                            |                                                              |                                                                 |                                              | Property and Other Taxes |        |        | 341      |          |        |        | (970     | )        |        |        | (1,687 | )
|                                                                                            |                                                              |                                                                 |                                              | Other                    |        |        | 1,950    |          |        |        | (3,076   | )        |        |        | (337   | )
|                                                                                            |                                                              |                                                                 |                                              |                          |        |        |          |          |       
|                                                                                            |                                                              |                                                                 | 146,938                                      |                          |        |        | 158,155  |          |        |        | 146,008  |         
|Investment in Utility Plant                                                                 |                                                              |                                                                 | (16,102                                      | )                        |        |        | (12,591  | )        |        |        | (27,277  | )       
|Financing Activities                                                                        |                                                              |                                                                 |                                              |                          |        |        |          |          |        |        |          |         
|                                                                                            | Repayment of Long Term Debt                                  |                                                                 |                                              | (10,000                  | )      |        |          | (10,000  | )      |        |          | (41,500  | )     
|                                                                                            | Contributions by General Partners                            |                                                                 |                                              | 30,976                   |        |        |          | 29,398   |        |        |          | 22,459   |       
|                                                                                            | Current Income Taxes Payable by Partners Charged to Earnings |                                                                 |                                              | 33,237                   |        |        |          | 31,536   |        |        |          | 24,238   |       
|                                                                                            | Distribution to Partners                                     |                                                                 |                                              | (184,803                 | )      |        |          | (177,620 | )      |        |          | (114,524 | )     
|                                                                                            |                                                              |                                                                 |                                              |                          |        |        |          |          |       
|                                                                                            |                                                              |                                                                 | (130,590                                     | )                        |        |        | (126,686 | )        |        |        | (109,327 | )       
|Change in Cash and Cash Equivalents                                                         |                                                              |                                                                 | 246                                          |                          |        |        | 18,878   |          |        |        | 9,404    |         
|Cash and Cash Equivalents:                                                                  |                                                              |                                                                 |                                              |                          |        |        |          |          |        |        |          |         
|                                                                                            | Beginning of Year                                            |                                                                 |                                              | 59,034                   |        |        |          | 40,156   |        |        |          | 30,752   |       
|                                                                                            |                                                              |                                                                 |                                              |                          |        |        |          |          |       
|                                                                                            | End of Year                                                  |                                                                 | $                                            | 59,280                   |        |        |          | 59,034   |        |        |          | 40,156   |       
|                                                                                            |                                                              |                                                                 |                                              |                          |        |        |          |          |       
|Supplemental Disclosure of Cash Flow Information Cash Paid
    During the Year for Interest |                                                              |                                                                 |                                              |                          |        |        |          |          |        |        |          |         
|                                                                                            |                                                              | (Net of Amounts Capitalized of $47, $48 and $150, Respectively) |                                              | $                        | 37,018 |        |          |          | 37,903 |        |          |          | 40,576 |       
|                                                                                            |                                                              |                                                                 |                                              |                          |        |        |          |          |       

The accompanying notes are an integral part of these
statements.


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##### Table of Contents



GREAT LAKES GAS TRANSMISSION LIMITED PARTNERSHIP


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


1     Organization and Management




|                         |                                                                                               |             |  |       |      |  |  |       | 
|------------------------ | --------------------------------------------------------------------------------------------- | ----------- |  | ----- | ---- |  |  | ----- | 
|                         |                                                                                               | Ownership % | 
|                         |                                                                                               |             | 
|Partner (Parent Company) |                                                                                               | 2005        |  |       | 2004 | 
|                         |                                                                                               |             |  |       |      | 
|General Partners:        |                                                                                               |             |  |       |      |  |  |      
|                         | El Paso Great Lakes, Inc. (El Paso Corporation)                                               |             |  | 46.60 |      |  |  | 46.61 | 
|                         | TransCanada GL, Inc. (TransCanada PipeLines Ltd.)                                             |             |  | 46.60 |      |  |  | 46.61 | 
|Limited Partner:         |                                                                                               |             |  |       |      |  |  |      
|                         | Great Lakes Gas Transmission Company (TransCanada PipeLines Ltd.
    and El Paso Corporation) |             |  | 6.80  |      |  |  | 6.78  | 

day-to




|  |                                           
|- | ------------------------------------------
|2 | Summary of Significant Accounting Policies

Principles of Consolidation and Basis of Presentation










Regulation


Accounting for the Effects of
Certain Types of Regulation.


Revenue and Accounts Receivable




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Gas Utility Plant and Depreciation






Asset Retirement Obligations


Accounting for Conditional Asset
Retirement Obligations. Accounting for Asset
Retirement Obligations,


Accounting for Pipeline Integrity Costs


Accounting for
Pipeline Assessment Costs


Income Taxes






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##### Table of Contents



3     Affiliated Company
Transactions




|                         |                                           |                |        |         |      |  |        |         |  |  |        |         | 
|------------------------ | ----------------------------------------- | -------------- | ------ | ------- | ---- |  | ------ | ------- |  |  | ------ | ------- | 
|                         |                                           | 2005           |        |         | 2004 |  |        | 2003    | 
|                         |                                           |                |        |         |      |  |        |         | 
|                         |                                           | (In Thousands) |       
|Accounts receivable      |                                           | $              | 14,755 |         |      |  | 12,827 |         |  |  | 16,062 |        
|Accounts payable         |                                           |                | 2,794  |         |      |  | 1,845  |         |  |  | 1,135  |        
|Transportation revenues: |                                           |                |        |         |      |  |        |         |  |  |        |        
|                         | TransCanada PipeLines Ltd. and affiliates |                |        | 156,561 |      |  |        | 164,810 |  |  |        | 166,578 | 
|                         | El Paso Corporation and affiliates        |                |        | 17,235  |      |  |        | 20,581  |  |  |        | 23,877  | 









|                |  |                |      |   |      |  |      |      |  |  |        |  
|--------------- |  | -------------- | ---- | - | ---- |  | ---- | ---- |  |  | ------ | -
|                |  | 2005           |      |   | 2004 |  |      | 2003 | 
|                |  |                |      |   |      |  |      |      | 
|                |  | (In Thousands) |     
|Pension         |  | $              | (297 | ) |      |  | (743 | )    |  |  | (2,600 | )
|Post-Retirement |  |                | 179  |   |      |  | 202  |      |  |  | 204    |  



|  |     
|- | ----
|4 | Debt

|                                                                                  |                                              |                                |         |         |         |  |         |         |         | 
|--------------------------------------------------------------------------------- | -------------------------------------------- | ------------------------------ | ------- | ------- | ------- |  | ------- | ------- | ------- | 
|                                                                                  |                                              | 2005                           |         |         | 2004    | 
|                                                                                  |                                              |                                |         |         |         | 
|                                                                                  |                                              | (In Thousands)                 |        
|Senior Notes, unsecured, interest due semiannually, principal
    due as follows: |                                              |                                |         |         |         |  |         |        
|                                                                                  |                                              | 8.74% series, due 2006 to 2011 |         | $       | 60,000  |  |         |         | 70,000  | 
|                                                                                  |                                              | 9.09% series, due 2012 to 2021 |         |         | 100,000 |  |         |         | 100,000 | 
|                                                                                  |                                              | 6.73% series, due 2009 to 2018 |         |         | 90,000  |  |         |         | 90,000  | 
|                                                                                  |                                              | 6.95% series, due 2019 to 2028 |         |         | 110,000 |  |         |         | 110,000 | 
|                                                                                  |                                              | 8.08% series, due 2021 to 2030 |         |         | 100,000 |  |         |         | 100,000 | 
|                                                                                  |                                              |                                |         |         |         | 
|                                                                                  |                                              |                                | 460,000 |         |         |  | 470,000 |        
|                                                                                  | Less current maturities                      |                                |         | 10,000  |         |  |         | 10,000  |        
|                                                                                  |                                              |                                |         |         |         | 
|                                                                                  | Total long term debt less current maturities |                                | $       | 450,000 |         |  |         | 460,000 |        
|                                                                                  |                                              |                                |         |         |         | 





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|  |                                 
|- | --------------------------------
|5 | Income Taxes Payable by Partners



|         |         |                |        |        |      |  |        |        |  |  |        |        | 
|-------- | ------- | -------------- | ------ | ------ | ---- |  | ------ | ------ |  |  | ------ | ------ | 
|         |         | 2005           |        |        | 2004 |  |        | 2003   | 
|         |         |                |        |        |      |  |        |        | 
|         |         | (In Thousands) |       
|Current  |         |                |        |        |      |  |        |        |  |  |        |       
|         | Federal |                | $      | 31,815 |      |  |        | 30,187 |  |  |        | 23,201 | 
|         | State   |                |        | 1,422  |      |  |        | 1,349  |  |  |        | 1,037  | 
|         |         |                |        |        |      |  |        |        | 
|         |         |                | 33,237 |        |      |  | 31,536 |        |  |  | 24,238 |       
|         |         |                |        |        |      |  |        |        | 
|Deferred |         |                |        |        |      |  |        |        |  |  |        |       
|         | Federal |                |        | 9,588  |      |  |        | 14,833 |  |  |        | 15,556 | 
|         | State   |                |        | 428    |      |  |        | 689    |  |  |        | 736    | 
|         |         |                |        |        |      |  |        |        | 
|         |         |                | 10,016 |        |      |  | 15,522 |        |  |  | 16,292 |       
|         |         |                |        |        |      |  |        |        | 
|         |         | $              | 43,253 |        |      |  | 47,058 |        |  |  | 40,530 |       
|         |         |                |        |        |      |  |        |        | 





|                                         |  |                |          |   |      |  |          |  
|---------------------------------------- |  | -------------- | -------- | - | ---- |  | -------- | -
|                                         |  | 2005           |          |   | 2004 | 
|                                         |  |                |          |   |      | 
|                                         |  | (In Thousands) |         
|Deferred tax assets  other              |  | $              | 4,674    |   |      |  | 4,889    |  
|Deferred tax liabilities  utility plant |  |                | (254,752 | ) |      |  | (245,786 | )
|Deferred tax liabilities  other         |  |                | (16,114  | ) |      |  | (16,062  | )
|                                         |  |                |          |   |      | 
|Net deferred tax liability               |  | $              | (266,192 | ) |      |  | (256,959 | )
|                                         |  |                |          |   |      | 



|  |                
|- | ---------------
|6 | Severance Costs



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##### Table of Contents



ANR PIPELINE COMPANY


EXHIBIT LIST


December 31, 2005




|        |       |  |             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|------- | ----- |  | ----------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |       |  |            
|Number  |       |  | Description
|        |       |  |            
|        | 3.A   |  |             | Amended and Restated Certificate of Incorporation dated
    March 7, 2002 (Exhibit 3.A to our 2001 Form 10-K).                                                                                                                                                                                                                                                                                                                                                                                                                 
|        | 3.B   |  |             | By-laws dated June 24, 2002 (Exhibit 3.B to our 2002
    Form 10-K).                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|        | 4.A   |  |             | Indenture dated as of February 15, 1994 and First
    Supplemental Indenture dated as of February 15, 1994
    (Exhibit 4.A to our 2004 Form 10-K).                                                                                                                                                                                                                                                                                                                                                                            
|        | 4.B   |  |             | Indenture dated as of March 5, 2003 between ANR Pipeline
    Company and The Bank of New York Trust Company, N.A.,
    successor to The Bank of New York, as Trustee (Exhibit 4.1
    to our Form 8-K filed March 5, 2003).                                                                                                                                                                                                                                                                                                    
|        | 10.A  |  |             | Amended and Restated Credit Agreement dated as of
    November 23, 2004, among El Paso Corporation, ANR
    Pipeline Company, Colorado Interstate Gas Company, El Paso
    Natural Gas Company, Tennessee Gas Pipeline Company, the several
    banks and other financial institutions from time to time parties
    thereto and JPMorgan Chase Bank, N.A., as administrative agent
    and as collateral agent (Exhibit 10.A to our Form 8-K
    filed November 29, 2004).                                                    
|        | 10.B  |  |             | Amended and Restated Security Agreement dated as of
    November 23, 2004, among El Paso Corporation, ANR Pipeline
    Company, Colorado Interstate Gas Company, El Paso Natural Gas
    Company, Tennessee Gas Pipeline Company, the Subsidiary Grantors
    and certain other credit parties thereto and JPMorgan Chase
    Bank, N.A., not in its individual capacity, but solely as
    collateral agent for the Secured Parties and as the depository
    bank (Exhibit 10.B to our Form 8-K filed
    November 29, 2004).
|        | 21    |  |             | Omitted pursuant to the reduced disclosure format permitted by
    General Instruction I to Form 10-K.                                                                                                                                                                                                                                                                                                                                                                                                                         
|        | *31.A |  |             | Certification of Chief Executive Officer pursuant to
    Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                                                        
|        | *31.B |  |             | Certification of Chief Financial Officer pursuant to
    Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                                                        
|        | *32.A |  |             | Certification of Chief Executive Officer pursuant to
    Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                                                        
|        | *32.B |  |             | Certification of Chief Financial Officer pursuant to
    Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                                                        

Undertaking


S-K,


47



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##### Table of Contents






SIGNATURES






| |                     
| | --------------------
| | ANR PIPELINE COMPANY



| |     |                       
| | --- | ----------------------
| | By: | /s/ Stephen C. Beasley

| |                                    
| | -----------------------------------
| |                                    
| | Stephen C. Beasley                 
| | Chairman of the Board and President



|                                         |  |                                                                                                                    |  |              
|---------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------ |  | -------------
|Signature                                |  | Title                                                                                                              |  | Date         
|                                         |  |                                                                                                                    |  |              
|                                        
|/s/ Stephen C. BeasleyStephen C. Beasley |  | Chairman of the Board and President
    (Principal Executive Officer)                                              |  | March 3, 2006
|                                        
|/s/ John R. SultJohn R. Sult             |  | Senior Vice President,
    Chief Financial Officer and Controller
    (Principal Accounting and Financial Officer) |  | March 3, 2006
|                                        
|/s/ Daniel B. MartinDaniel B. Martin     |  | Senior Vice President and Director                                                                                 |  | March 3, 2006
|                                        
|/s/ Gary C. CharetteGary C. Charette     |  | Vice President and Director                                                                                        |  | March 3, 2006

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ANR PIPELINE COMPANY


EXHIBIT INDEX


December 31, 2005




|        |       |  |             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|------- | ----- |  | ----------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |       |  |            
|Number  |       |  | Description
|        |       |  |            
|        | 3.A   |  |             | Amended and Restated Certificate of Incorporation dated
    March 7, 2002 (Exhibit 3.A to our 2001 Form 10-K).                                                                                                                                                                                                                                                                                                                                                                                                                 
|        | 3.B   |  |             | By-laws dated June 24, 2002 (Exhibit 3.B to our 2002
    Form 10-K).                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|        | 4.A   |  |             | Indenture dated as of February 15, 1994 and First
    Supplemental Indenture dated as of February 15, 1994
    (Exhibit 4.A to our 2004 Form 10-K).                                                                                                                                                                                                                                                                                                                                                                            
|        | 4.B   |  |             | Indenture dated as of March 5, 2003 between ANR Pipeline
    Company and The Bank of New York Trust Company, N.A.,
    successor to The Bank of New York, as Trustee (Exhibit 4.1
    to our Form 8-K filed March 5, 2003).                                                                                                                                                                                                                                                                                                    
|        | 10.A  |  |             | Amended and Restated Credit Agreement dated as of
    November 23, 2004, among El Paso Corporation, ANR Pipeline
    Company, Colorado Interstate Gas Company, El Paso Natural Gas
    Company, Tennessee Gas Pipeline Company, the several banks and
    other financial institutions from time to time parties thereto
    and JPMorgan Chase Bank, N.A., as administrative agent and as
    collateral agent (Exhibit 10.A to our Form 8-K filed
    November 29, 2004).                                                    
|        | 10.B  |  |             | Amended and Restated Security Agreement dated as of
    November 23, 2004, among El Paso Corporation, ANR Pipeline
    Company, Colorado Interstate Gas Company, El Paso Natural Gas
    Company, Tennessee Gas Pipeline Company, the Subsidiary Grantors
    and certain other credit parties thereto and JPMorgan Chase
    Bank, N.A., not in its individual capacity, but solely as
    collateral agent for the Secured Parties and as the depository
    bank (Exhibit 10.B to our Form 8-K filed
    November 29, 2004).
|        | 21    |  |             | Omitted pursuant to the reduced disclosure format permitted by
    General Instruction I to Form 10-K.                                                                                                                                                                                                                                                                                                                                                                                                                         
|        | *31.A |  |             | Certification of Chief Executive Officer pursuant to
    Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                                                        
|        | *31.B |  |             | Certification of Chief Financial Officer pursuant to
    Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                                                        
|        | *32.A |  |             | Certification of Chief Executive Officer pursuant to
    Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                                                        
|        | *32.B |  |             | Certification of Chief Financial Officer pursuant to
    Section 906 of the Sarbanes-Oxley Act of 2002.