1173911--2/23/2006--ENBRIDGE_ENERGY_MANAGEMENT_L_L

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{interest, director, officer}

{stock, price, share}

{investment, property, distribution}

{tax, income, asset}

{stock, price, operating}

The value of the quarterly distribution of an additional fractional share may be less than the quarterly distribution of cash that the Partnership s common unitholders will receive per common unit. The Partnership may issue additional common or other classes of units, and we may issue additional shares, which would dilute your ownership interest. Because our only assets are the Partnership s i-units that we own, our financial condition and results of operations depend solely upon the performance of the Partnership. Shares are subject to purchase provisions that could result in your having to sell your shares at a time or price that may be unfavorable to you. If we are not fully reimbursed or indemnified for obligations and liabilities we incur in managing the business and affairs of the Partnership, we may be unable to pay those liabilities and the value of our shares could decline. The shares you own are not entitled to vote to elect our directors, and, therefore, you will have little or no opportunity to influence or change our management. If in the future we cease to manage the business and affairs of the Partnership, we may be deemed to be an investment company under the Investment Company Act of 1940. The interests of Enbridge may differ from our interests, the interests of our shareholders and the interests of limited partners of the Partnership.

Full 10-K form ▸

1173911--2/23/2006--ENBRIDGE_ENERGY_MANAGEMENT_L_L_C