NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The Company holds a 33.4 per cent interest in TC PipeLines, LP, which holds a 30.0 per cent interest in Northern Border Pipeline Company. At December 31, 2001, the Company holds a 33.3 per cent interest (2000 – 21.4 per cent) in Portland Natural Gas Transmission System Partnership. Consolidated retained earnings at December 31, 2001 include undistributed earnings from these equity investments of $40 mil- lion (2000 – $37 million). TRANSCANADA 50 2001 2000 Equity Investments Northern Border 132 123 Portland 66 51 Other 70 61 268 235 December 31  (millions of dollars) NOTE 6 – LONG-TERM INVESTMENTS SUMMARIZED FINANCIAL INFORMATION OF JOINT VENTURES December 31  (millions of dollars) Year ended December 31  (millions of dollars) Year ended December 31  (millions of dollars) 2001 2000 1999 Income Revenues 592 603 606 Operating expenses (172) (155) (139) Depreciation (119) (132) (138) Financial charges and other (81) (100) (103) Proportionate share of income before income taxes of joint ventures 220 216 226 2001 2000 1999 Cash Flows Operations 236 321 298 Investing activities (39) (80) (274) Financing activities (246) (240) (61) Proportionate share of (decrease)/increase in cash and  short-term investments of joint ventures (49) 1 (37) 2001 2000 Balance Sheet Cash and short-term investments 75 66 Other current assets 92 75 Unrealized gains on energy trading contracts 110 – Long-term investments 132 123 Plant, property and equipment 2,490 2,492 Other assets and deferred amounts 25 (33) Current liabilities (118) (167) Non-recourse debt (1,295) (1,296) Future income taxes (64) (70) Proportionate share of net assets of joint ventures 1,447 1,190