X0202 4 2006-01-22 0 0000909281 NORTHERN BORDER PARTNERS LP NBP 0001237636 PETERS JERRY L 13710 FNB PARKWAY OMAHA NE 68154-5200 0 1 0 0 Chief Financial & Acctg. Off. Common Units 2006-01-22 4 X 0 4132 0.00 A 0 D Common Units 2006-01-22 4 J 0 4132 45.26 D 7734 D Phantom Units 0.00 2006-01-22 4 X 0 842 0.00 D 2006-01-22 2006-01-22 Common Units 4132 0 D Number of Common Units acquired upon settlement of phantom stock issued pursuant to a deferred compensation plan. The Administrative Committee of the Northern Border Phantom Unit Plan voted to settle grants with a January 2006 release date in cash, therefore, the units are deemed to be sold back to the issuer. The number of Common Units to be received upon conversion will be based on the General Partner's Distribution Rate (as defined in the Amended and Restated Northern Border Phantom Unit Plan) divided by the Distribution Yield (as defined in the Amended and Restated Northern Border Phantom Unit Plan) in effect on the day before the conversion. /s/ Jerry L. Peters 2006-01-23