<SEC-DOCUMENT>0000950103-25-012820.txt : 20251003
<SEC-HEADER>0000950103-25-012820.hdr.sgml : 20251003
<ACCEPTANCE-DATETIME>20251003160937
ACCESSION NUMBER:		0000950103-25-012820
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20251003
FILED AS OF DATE:		20251003
DATE AS OF CHANGE:		20251003

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EMERA INC
		CENTRAL INDEX KEY:			0001127248
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				868143132
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-42631
		FILM NUMBER:		251373855

	BUSINESS ADDRESS:	
		STREET 1:		1223 LOWER WATER ST., B-6TH FLOOR
		STREET 2:		P.O. BOX 910
		CITY:			HALIFAX
		STATE:			A5
		ZIP:			B3J 3S8
		BUSINESS PHONE:		902-428-6494

	MAIL ADDRESS:	
		STREET 1:		1223 LOWER WATER ST., B-6TH FLOOR
		STREET 2:		P.O. BOX 910
		CITY:			HALIFAX
		STATE:			A5
		ZIP:			B3J 3S8
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>dp235496_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
</B></FONT><B>Washington, D.C. 20549 </B></P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K</B></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER<BR>
PURSUANT TO RULE 13a-16 OR 15d-16<BR>
UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the month of October, 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 001-42631</B></P>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 24pt"><B>Emera Incorporated<BR>
</B></FONT><B><FONT STYLE="font-size: 10pt">(Exact name of registrant as specified in its charter)</FONT></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>5151 Terminal Road<BR>
Halifax NS B3J 1A1<BR>
Canada<BR>
(Address of principal executive offices) </B></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form 20-F&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form
40-F&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&thorn;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This report on Form 6-K, except for Exhibit 99.1 hereto, shall be deemed
to be filed and incorporated by reference in the Registration Statements (as defined herein) and to be a part thereof from the date on
which this report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.</P>


<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On October 3, 2025, EUSHI Finance, Inc. (the &ldquo;Issuer&rdquo;)
completed an offering of US$750,000,000 aggregate principal amount of its 6.250% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due
2056 (the &ldquo;Notes&rdquo;). The Notes are fully and unconditionally guaranteed by Emera Incorporated (&ldquo;Emera&rdquo;) and Emera
US Holdings Inc. (&ldquo;EUSHI&rdquo;, and together with Emera, the &ldquo;Guarantors&rdquo;). EUSHI is a direct and indirect wholly-owned
subsidiary of Emera and the Issuer is a direct, wholly-owned subsidiary of EUSHI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Notes were sold pursuant to an underwriting agreement dated September
29, 2025 (the &ldquo;Underwriting Agreement&rdquo;) among the Issuer, the Guarantors and Wells Fargo Securities, LLC, J.P. Morgan Securities
LLC, Morgan Stanley &amp; Co. LLC, MUFG Securities Americas Inc., RBC Capital Markets, LLC and Scotia Capital (USA) Inc., as representatives
of the several underwriters named therein. The Notes were issued pursuant to an indenture, dated as of June&nbsp;18, 2024 (the &ldquo;Base
Indenture&rdquo;), as supplemented by a&nbsp;&nbsp;first supplemental indenture dated as of June 18, 2018 (the &ldquo;First Supplemental
Indenture&rdquo;) and a second supplemental indenture, dated as of October&nbsp;3, 2025 (the &ldquo;Second Supplemental Indenture&rdquo;,
and together with the First Supplemental Indenture and the Base Indenture, the &ldquo;Indenture&rdquo;), with Equiniti Trust Company,
LLC as trustee (the &ldquo;Trustee&rdquo;). The Notes were offered pursuant to registration statements on Form F-3 (File No. 333-290501)
filed by the Issuer and EUSHI with the Securities and Exchange Commission on September 26, 2025 (the &ldquo;Form F-3 Registration Statement&rdquo;)
and Form F-10 (File No. 333-290502) filed by Emera with the Securities Exchange Commission on September 26, 2025 (the &ldquo;Form F-10
Registration Statement&rdquo;, and together with the Form F-3 Registration Statement, the &ldquo;Registration Statements&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Notes bear interest (i) from and including October 3, 2025 to but
excluding April 1, 2031 (the &ldquo;First Reset Date&rdquo;), at the rate of 6.250% per annum and (ii) from and including the First Reset
Date, during each Reset Period (as defined in the Indenture), at a rate per annum equal to the Five-year U.S. Treasury Rate (as defined
in the Indenture) as of the most recent Reset Interest Determination Date (as defined in the Indenture), plus a spread of 2.509% to be
reset on each Reset Date (as defined in the Indenture); provided, that the interest rate during any Reset Period will not reset below
6.250% (which equals the initial interest rate on the Notes). Interest is payable on April 1 and October 1 of each year, commencing on
April 1, 2026. The Issuer may defer interest payments during one or more deferral periods for up to 20 consecutive semi-annual interest
payment periods as described in the Indenture. The Notes will mature on April 1, 2056, unless earlier redeemed. The Notes are unsecured
and subordinated obligations of the Issuer. The Guarantees are unsecured and subordinated obligations of the Guarantors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The preceding is a summary of the terms of the Underwriting Agreement,
the Indenture and the Notes, and is qualified in its entirety by reference to the Underwriting Agreement attached hereto as Exhibit 1.1,
the Base Indenture attached as Exhibits 7.1 and 4.1 to the Form F-10 Registration Statement and the Form F-3 Registration Statement, respectively,
the Second Supplemental Indenture attached hereto as Exhibit 4.1 and the form of the Notes attached hereto as Exhibit 4.2, each of which
is incorporated herein by reference as though they were fully set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>EMERA INCORPORATED</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Date: October 3, 2025</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ Brian C. Curry&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;Brian C. Curry</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;&nbsp;Corporate Secretary</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><B>Exhibit&nbsp;No.&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Description</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; width: 9%; padding-bottom: 2pt"><A HREF="dp235496_ex0101.htm"><FONT STYLE="font-size: 10pt">1.1</FONT></A></TD>
    <TD STYLE="padding-top: 2pt; width: 1%; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; width: 90%; padding-bottom: 2pt"><A HREF="dp235496_ex0101.htm"><FONT STYLE="font-size: 10pt">Underwriting Agreement, dated September 29, 2025, between the Issuer, the Guarantors and the underwriters party thereto</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><A HREF="dp235496_ex0401.htm"><FONT STYLE="font-size: 10pt">4.1</FONT></A></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><A HREF="dp235496_ex0401.htm"><FONT STYLE="font-size: 10pt">Second Supplemental Indenture relating to the 6.250% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056, dated as of October 3, 2025, among the Issuer, the Guarantors and Equiniti Trust Company, LLC., as trustee</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><A HREF="dp235496_ex0401.htm"><FONT STYLE="font-size: 10pt">4.2</FONT></A></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><A HREF="dp235496_ex0401.htm"><FONT STYLE="font-size: 10pt">Form of Global Note representing the 6.250% Fixed-to-Fixed Reset Rate Junior Subordinated Notes (included in Exhibit 4.1)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><A HREF="dp235496_ex0501.htm"><FONT STYLE="font-size: 10pt">5.1</FONT></A></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><A HREF="dp235496_ex0501.htm"><FONT STYLE="font-size: 10pt">Opinion of Davis Polk &amp; Wardwell LLP, as to the validity of the 6.250% Fixed-to-Fixed Reset Rate Junior Subordinated Notes</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><A HREF="dp235496_ex0501.htm"><FONT STYLE="font-size: 10pt">23.1</FONT></A></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><A HREF="dp235496_ex0501.htm"><FONT STYLE="font-size: 10pt">Consent of Davis Polk &amp; Wardwell LLP (included in Exhibit 5.1)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><A HREF="dp235496_ex9901.htm"><FONT STYLE="font-size: 10pt">99.1</FONT></A></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><A HREF="dp235496_ex9901.htm"><FONT STYLE="font-size: 10pt">Emera Incorporated Media Release dated October 3, 2025</FONT></A></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<TYPE>EX-1.1
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<DESCRIPTION>EXHIBIT 1.1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 1.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>EUSHI
Finance, Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>fully and unconditionally guaranteed by the
Guarantors (as defined herein)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">USD $750,000,000 6.250% Fixed-to-Fixed Reset Rate
Junior Subordinated Notes due 2056</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Underwriting Agreement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0pt; text-align: right; text-indent: 4.5in">September 29, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 4.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">Wells Fargo Securities, LLC<BR>
550 South Tryon Street<BR>
Charlotte, North Carolina 28202</TD>
    <TD STYLE="width: 50%">MUFG Securities Americas Inc.<BR>
1221 Avenue of the Americas, 6th Floor<BR>
New York, New York 10020</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>J.P. Morgan Securities LLC<BR>
383 Madison Avenue<BR>
New York, New York 10179</TD>
    <TD>RBC Capital Markets, LLC<BR>
Brookfield Place<BR>
200 Vesey Street, 8th Floor<BR>
New York, New York 10281</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Morgan Stanley &amp; Co. LLC<BR>
1585 Broadway<BR>
New York, New York 10036</TD>
    <TD>Scotia Capital (USA) Inc.<BR>
250 Vesey Street<BR>
New York, New York 10281</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>As Representatives of the<BR>
several Underwriters listed<BR>
in Schedule 1 hereto</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>c/o Wells Fargo Securities, LLC<BR>
550 South Tryon Street<BR>
Charlotte, North Carolina 28202</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">EUSHI Finance, Inc., a Delaware corporation (the
&ldquo;<U>Issuer</U>&rdquo;), an indirect wholly-owned subsidiary of Emera Incorporated, a Nova Scotia company (&ldquo;<U>Emera</U>&rdquo;),
proposes to issue and sell to the several Underwriters listed in Schedule 1 hereto (the &ldquo;<U>Underwriters</U>&rdquo;), for whom you
are acting as representatives (the &ldquo;<U>Representatives</U>&rdquo;), USD $750,000,000 in aggregate principal amount of its 6.250%
Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056 (the &ldquo;<U>Notes</U>&rdquo;).&nbsp;&nbsp;The Notes will be issued pursuant
to an Indenture dated as of June 18, 2024 (the &ldquo;<U>Base Indenture</U>&rdquo;), among the Issuer and Emera US Holdings Inc., a Delaware
corporation (&ldquo;<U>EUSHI Holdco</U>&rdquo;), and Emera, as guarantors (each a &ldquo;<U>Guarantor</U>&rdquo; and, collectively, the
&ldquo;<U>Guarantors</U>&rdquo;) and Equiniti Trust Company, LLC, as trustee (the &ldquo;<U>Trustee</U>&rdquo;), to be supplemented by
a supplemental indenture to be dated as of October 3, 2025 (the &ldquo;<U>Supplemental Indenture</U>&rdquo; and, together with the Base
Indenture, the &ldquo;<U>Indenture</U>&rdquo;) and will be fully and unconditionally guaranteed, on a joint, several and subordinated
basis by each of the Guarantors (the &ldquo;<U>Guarantees</U>&rdquo;).&nbsp;&nbsp;The Notes and the Guarantees</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">are hereby collectively referred to as the &ldquo;<U>Securities</U>.&rdquo;&nbsp;&nbsp;The
Issuer and the Guarantors are hereby collectively referred to as the &ldquo;<U>Obligors</U>.&rdquo;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Obligors hereby confirm
their agreement with the several Underwriters concerning the purchase and resale of the Securities, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Representations and Warranties of the Obligors</U>.&nbsp;&nbsp;The Obligors jointly and severally represent and warrant to each
Underwriter (it being understood and agreed that all representations and warranties of the Obligors with respect to the subsidiaries of
Emera are to their subsidiaries whose financial statements are consolidated or combined (&ldquo;<U>consolidated subsidiaries</U>&rdquo;)
with those of Emera):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Shelf Procedure Eligibility.</I>&nbsp;&nbsp;The Issuer meets the eligibility requirements under the&nbsp;<I>Securities Act</I>&nbsp;(Nova
Scotia) and the rules, regulations and national, multijurisdictional or local instruments and published policy statements applicable in
the Province of Nova Scotia (collectively, as applied and interpreted, the &ldquo;<U>Nova Scotia Securities Laws</U>&rdquo;) adopted by
the Nova Scotia Securities Commission (the &ldquo;<U>NSSC</U>&rdquo;), including the rules and procedures established pursuant to National
Instrument 44-101 &ndash;<I>&nbsp;Short Form Prospectus Distributions</I>&nbsp;and National Instrument 44-102 &ndash;<I>&nbsp;Shelf Distributions</I>&nbsp;that
would have been applicable to the transactions contemplated hereby if the Issuer were to have filed a short form base shelf prospectus
with the NSSC for distribution of the Securities in the Province of Nova Scotia (the &ldquo;<U>Shelf Procedures</U>&rdquo;). The Obligors
selected the Province of Nova Scotia as review jurisdiction for the Registration Statement (as defined below) and filed the Registration
Statement with the NSSC; the Obligors obtained a notification of clearance from the NSSC in respect of the Registration Statement; no
order having the effect of ceasing or suspending the distribution of the Securities has been issued by NSSC and no proceeding for that
purpose has been initiated or, to the best of the Obligors&rsquo; knowledge, is pending or threatened by the NSSC; there are no reports
or other information that in accordance with the requirements of the NSSC must be made publicly available in connection with the offering
of the Securities that have not been made publicly available as required; there are no documents required to be filed with the NSSC in
connection with the Registration Statement that have not been filed as required (other than the reports or information required to be
filed or made public after the date hereof in conformity with the Shelf Procedures); there are no contracts, documents or other materials
required to be described or referred to in the Registration Statement (as defined below) or the Prospectus (as defined below) or to be
filed or incorporated by reference as exhibits to the Registration Statement that are not described, referred to or filed or incorporated
by reference as required and, in the case of those documents filed, delivered to the Representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Registration Requirement Compliance.&nbsp;&nbsp;</I>Emera meets the general eligibility requirements for use of Form&nbsp;F-10
(&ldquo;<U>Form&nbsp;F-10</U>&rdquo;) under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;), and the
rules and regulations of the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) thereunder, and each of the Issuer
and EUSHI Holdco meets the general eligibility requirements for use of Form&nbsp;F-3 (&ldquo;<U>Form&nbsp;F-3</U>&rdquo;) under the Securities
Act and the rules and regulations of the Commission thereunder, and each have prepared and filed with the Commission a combined registration
statement on Forms F-3 and F-10 (File Nos. 333-290501 and 333-290502, respectively) providing for the registration of debt securities
of the Issuer and guarantees of the Issuer&rsquo;s debt securities by Emera and EUSHI Holdco (collectively, the &ldquo;<U>Shelf </U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>Securities</U>&rdquo;)&nbsp;&nbsp;with
such deletions therefrom and additions or changes thereto as are permitted or required by Form F-10 or F-3, as applicable, and the applicable
rules and regulations of the Commission and an appointment of agent for service of process on Form F-X (the &ldquo;<U>Form F-X</U>&rdquo;)
relating to such registration statement (the registration statement as amended as of the Effective Date (as defined below), including
the prospectus constituting a part thereof, all exhibits thereto (but excluding the Form T-1 (as defined below)) and the documents incorporated
by reference therein at the time such registration statement became effective, is hereinafter called the &ldquo;<U>Registration Statement</U>&rdquo;);
the Obligors have caused the Trustee to prepare and file with the Commission a Form T-1 Statement of Eligibility and Qualification of
the Trustee (the &ldquo;<U>Form T-1</U>&rdquo;) under the Trust Indenture Act of 1939, as amended (the &ldquo;<U>Trust Indenture Act</U>&rdquo;);
the &ldquo;<U>Effective Date</U>&rdquo; means the effective date of the Registration Statement under the Securities Act for purposes of
liability under Section 11 of the Securities Act of the Underwriters with respect to the offering of the Securities; and (ii) the base
prospectus relating to the Shelf Securities filed as part of the Registration Statement, in the form in which it has most recently been
filed with the Commission on or prior to the date of this Agreement, is hereinafter called the &ldquo;<U>Base Prospectus</U>&rdquo;; the
Base Prospectus, as supplemented by the preliminary prospectus supplement specifically relating to the Securities, in the form in which
it has most recently been filed with the Commission on or prior to the date of this Agreement, is hereinafter referred to as the &ldquo;<U>Preliminary
Prospectus</U>&rdquo;. For purposes of this Agreement, &ldquo;<U>free writing prospectus</U>&rdquo; has the meaning set forth in Rule
405 under the Securities Act, &ldquo;<U>Time of Sale Information</U>&rdquo; means the Preliminary Prospectus together with each free writing
prospectus listed on Annex A hereto, and &ldquo;<U>Prospectus</U>&rdquo; means the final prospectus supplement relating to the offering
of the Securities that discloses the public offering price and other final terms of the Securities, together with the Base Prospectus,
filed with the Commission pursuant to Rule 424(b) under the Securities Act or General Instruction II.L. of Form F-10, as applicable, in
accordance with Section 3(a) hereof. As used herein, the terms &ldquo;Base Prospectus,&rdquo; &ldquo;Preliminary Prospectus,&rdquo; &ldquo;Time
of Sale Information&rdquo; and &ldquo;Prospectus&rdquo; shall include the documents, if any, included or incorporated by reference therein.&nbsp;&nbsp;The
terms &ldquo;<U>supplement</U>,&rdquo; &ldquo;<U>amendment</U>,&rdquo; and &ldquo;<U>amend</U>&rdquo; as used herein with respect to the
Registration Statement, the Base Prospectus, the Preliminary Prospectus, the Time of Sale Information, any free writing prospectus or
the Prospectus shall include any document subsequently filed by the Obligors pursuant to the Securities Exchange Act of 1934, as amended
(the &ldquo;<U>Exchange Act</U>&rdquo;) or pursuant to Nova Scotia Securities Laws, as the case may be, that are deemed to be incorporated
by reference therein.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Obligors have prepared a preliminary offering
memorandum (the <FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Preliminary Canadian Offering Memorandum</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT>)
and will prepare an offering memorandum dated the date hereof (the <FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Final
Canadian Offering Memorandum</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT>, and together with the Preliminary
Canadian Offering Memorandum, the <FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Canadian Offering Memorandum</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT>)
setting forth information concerning the Obligors and the Securities. References herein to the Preliminary Canadian Offering Memorandum
and the Canadian Offering Memorandum shall be deemed to refer to and include any document incorporated by reference therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Incorporated Documents</I>.&nbsp;&nbsp;Each document, if any, filed or to be filed with the NSSC and incorporated by reference
in any Preliminary Prospectus, the Preliminary Canadian Offering Memorandum, the Prospectus or the Canadian Offering Memorandum, as amended
or supplemented, if applicable, when such documents were or are filed with the NSSC, conformed or will conform when so filed in all material
respects to the requirements of the Nova Scotia Securities Laws, and none of such documents, as of their respective dates, contained or
will contain any</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">untrue statement of a material
fact or omitted or will omit to state a material fact required to be stated therein or necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading; each document, if any, filed or to be filed pursuant to the Exchange
Act and incorporated by reference in the Registration Statement, the Time of Sale Information or the Prospectus complied or will comply
when so filed in all material respects with the Exchange Act and the applicable rules and regulations of the Commission thereunder, and
none of such documents, as of their respective dates, contained or will contain any untrue statement of a material fact or omitted or
will omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; <I>provided, however</I>, that this representation and warranty shall not apply to any statements
or omissions contained in the Preliminary Canadian Offering Memorandum, the Final Canadian Offering Memorandum, the Registration Statement,
the Time of Sale Information or the Prospectus, as amended or supplemented, if applicable, made in reliance upon and in conformity with
information furnished to the Obligors in writing by any Underwriter through the Representatives expressly for use therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Disclosure Conformity</I>.&nbsp;&nbsp;Except for the omission of disclosure that (x) is not applicable to the offering and sale
of the Securities in the United States or (y) is permitted to be omitted from a prospectus contained in Part I of a registration statement
on Form F-10 (collectively, the &ldquo;<U>Omitted Disclosure</U>&rdquo;), the Base Prospectus, at the time the NSSC issued its notification
of clearance for the Registration Statement, conformed in all material respects with the applicable requirements of Nova Scotia Securities
Laws (including the Shelf Procedures) that would have applied if the Prospectus was qualifying as a public offering of the Securities
in the Province of Nova Scotia.&nbsp;&nbsp;The Preliminary Canadian Offering Memorandum, as of its date, did not, and the Canadian Offering
Memorandum, as amended or supplemented, if applicable, as of its date and as of the closing date, will not, contain any untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading; <I>provided, however</I>, that this representation and warranty shall not apply to any statements
or omissions contained in the Preliminary Canadian Offering Memorandum or the Canadian Offering Memorandum, as amended or supplemented,
if applicable, made in reliance upon and in conformity with information relating to any Underwriter furnished to the Obligors in writing
by such Underwriter through the Representatives expressly for use therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Registration Statement and Prospectus.&nbsp;&nbsp;</I>(i) The Registration Statement has been declared effective by the Commission;
no stop order suspending the effectiveness of the Registration Statement is in effect, and no proceedings for such purpose are pending
before, or to the knowledge of the Obligors, threatened by the Commission; (ii) the Registration Statement, as of the Effective Date,
did not contain, and, as amended or supplemented, if applicable, will not contain any untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the statements therein not misleading; (iii) the Registration Statement,
as of the Effective Date, the Preliminary Prospectus, as of its date, and the Time of Sale Information, as of the Time of Sale (which
shall be defined to be 3:30 p.m. New York City time on the date hereof), complied, and the Prospectus, as of the date of the final prospectus
supplement specifically relating to the Securities, and as amended or supplemented on or prior to the Closing Date, if applicable, will
comply, in all material respects with the Securities Act and the applicable rules and regulations of the Commission thereunder and, except
for the omission of the Omitted</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Disclosure, with the applicable
disclosure requirements of Nova Scotia Securities Law (including the Shelf Procedures) that would have applied if the Prospectus was qualifying
a public offering of securities in the Province of Nova Scotia, (iii) the Time of Sale Information, as of the Time of Sale, did not, and
at the Closing Date, will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to
make the statements therein, in the light of the circumstances under which they were made, not misleading, (iv) on the Effective Date
and on the Closing Date, the Indenture did or will comply in all material respects with the applicable requirements of the Trust Indenture
Act and the rules and regulations thereunder, and (v) the Prospectus, as amended or supplemented, if applicable, as of the date of the
final prospectus supplement specifically relating to the Securities and as of the Closing Date, will not contain any untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading, except that the representations and warranties set forth in this paragraph do not apply to
(A) any statements or omissions made in reliance upon and in conformity with information relating to any Underwriter furnished to the
Obligors in writing by such Underwriter through the Representatives expressly for use therein or (B) that part of the Registration Statement
that constitutes the Form T-1.&nbsp;&nbsp;The Form F-X conforms in all material respects with the requirements of the Securities Act and
the rules and regulations of the Commission under the Securities Act.&nbsp;&nbsp;No statement of material fact included in the Canadian
Offering Memorandum or the Prospectus has been omitted from the Time of Sale Information and no statement of material fact included in
the Time of Sale Information that is required to be included in the Canadian Offering Memorandum and the Prospectus has been omitted therefrom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>&#8239;Issuer Free Writing Prospectus</I>.&nbsp;&nbsp;The Obligors (including their respective agents and representatives, other
than the Underwriters in their capacity as such) have not prepared, made, used, authorized, approved or referred to and will not prepare,
make, use, authorize, approve or refer to any &ldquo;<U>written communication</U>&rdquo; (as defined in Rule 405 under the Securities
Act) that constitutes an offer to sell or solicitation of an offer to buy the Securities (each such communication by the Obligors or their
respective agents and representatives (other than a communication referred to in clauses (i), (ii) and (iii) below) an &ldquo;<U>Issuer
Free Writing Prospectus</U>&rdquo;) other than (i) any document not constituting a prospectus pursuant to Section 2(a)(10)(a) of the Securities
Act or Rule 134 under the Securities Act, (ii) the Preliminary Prospectus, (iii) the Prospectus, (iv) the documents listed on Annex A
hereto as constituting part of the Time of Sale Information and (v) any electronic road show or other written communications, including
any documents listed on Annex C hereto, in each case approved in writing in advance by the Representatives.&nbsp;&nbsp;Each such Issuer
Free Writing Prospectus complies in all material respects with the Securities Act, has been or will be (within the time period specified
in Rule 433) filed in accordance with the Securities Act (to the extent required thereby) and, when taken together with the Preliminary
Prospectus accompanying, or delivered prior to delivery of such Issuer Free Writing Prospectus, did not at the Time of Sale, and at the
Closing Date will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading; <I>provided</I> that the Obligors make
no representation or warranty with respect to any statements or omissions made in each such Issuer Free Writing Prospectus in reliance
upon and in conformity with information relating to any Underwriter furnished to the Obligors in writing by such Underwriter through the
Representatives expressly for use in any Issuer Free Writing Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Financial Statements of Emera.</I> The consolidated financial statements and the related notes thereto of Emera and its subsidiaries
included or incorporated by reference in each of the Registration Statement, the Time of Sale Information, the Canadian Offering Memorandum
and the Prospectus comply in all material respects with the applicable requirements of the securities laws, rules, regulations and published
policy statements, blanket orders, orders, national and local instruments and notices applicable in each of the provinces of Canada (&ldquo;<U>Canadian
Securities Laws</U>&rdquo;), the Securities Act and the Exchange Act, as applicable and present fairly the financial position of Emera
and its subsidiaries, taken as a whole, as of the dates indicated and the results of operations and cash flows for the periods specified;
and such financial statements have been prepared in conformity with United States generally accepted accounting principles (&ldquo;<U>GAAP</U>&rdquo;)
applied on a consistent basis throughout the periods covered thereby (except as otherwise noted therein), and the other financial information
included or incorporated by reference in each of the Registration Statement, the Time of Sale Information, the Canadian Offering Memorandum
and the Prospectus has been derived from the accounting records of Emera and its subsidiaries, and present fairly the information shown
thereby therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>No Material Adverse Change.</I>&nbsp;&nbsp;Except as has been or will be disclosed in or contemplated by the Registration Statement,
the Time of Sale Information, the Canadian Offering Memorandum and the Prospectus, subsequent to June 30, 2025, there has not been any
material adverse change, actual or to the knowledge of the Obligors, after reasonable inquiry of senior officers of the Obligors, pending,
in the capital, assets, liabilities (absolute, accrued, contingent or otherwise), earnings, business, operations or condition (financial
or otherwise) or results of the operations of the Obligors and the Subsidiaries (as defined below), taken as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Organization and Good Standing.</I>&nbsp;&nbsp;The Obligors and each of the entities set forth in Schedule 2 to this Agreement
have been duly organized and are validly existing and in good standing under the laws of their respective jurisdictions of organization,
are duly qualified to do business and are in good standing in each jurisdiction in which their respective ownership or lease of property
or the conduct of their respective businesses requires such qualification, and have all power and authority necessary to own or hold their
respective properties and to conduct the businesses in which they are engaged, except where the failure to be so qualified, in good standing
or have such power or authority would not, individually or in the aggregate, have a material adverse effect on the earnings, business,
or properties of the Obligors and the Subsidiaries (as defined below) taken as a whole (a &ldquo;<U>Material Adverse Effect</U>&rdquo;).&nbsp;&nbsp;The
subsidiaries listed in Schedule 2 to this Agreement are the only consolidated subsidiaries which meet the definition of &ldquo;significant
subsidiaries&rdquo; of Emera (the &ldquo;<U>Subsidiaries</U>&rdquo;), as that term is defined in Regulation S-X.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Capitalization.</I>&nbsp;&nbsp;Except as disclosed in the Registration Statement, the Time of Sale Information, the Canadian
Offering Memorandum and the Prospectus, all the outstanding shares of capital stock or other equity interests of each subsidiary of Emera,
which are owned directly or indirectly by Emera: (A)&nbsp;&nbsp;have been duly and validly authorized and issued, are fully paid and non-assessable
and (B) are free and clear of any lien, charge, encumbrance, security interest, restriction on voting or any other claim of any third
party, except as set forth in Schedule 3 hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Due Authorization.</I>&nbsp;&nbsp;The Obligors have full right, power and authority to execute and deliver this Agreement, the
Securities and the Indenture (including each Guarantee set forth therein) (collectively, the &ldquo;<U>Transaction Documents</U>&rdquo;)
and to perform their respective obligations</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">hereunder and thereunder; and
all action required to be taken by the Obligors for the due and proper authorization, execution and delivery of each of the Transaction
Documents and the consummation of the transactions contemplated thereby has been duly and validly taken.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>The Base Indenture and the Supplemental Indenture</I>.&nbsp;&nbsp;Each of the Base Indenture and the Supplemental Indenture
has been duly authorized by the Obligors, the Base Indenture has been duly executed and delivered by the Obligors and on the Closing Date,
the Supplemental Indenture will be duly executed and delivered by the Obligors and the Indenture, when duly executed and delivered in
accordance with their terms by each of the parties thereto, will constitute valid and legally binding agreements of the Obligors enforceable
against the Obligors in accordance with their terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar
laws affecting the enforcement of creditors&rsquo; rights generally or by equitable principles relating to enforceability (collectively,
the &ldquo;<U>Enforceability Exceptions</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>The Notes and the Guarantees</I>.&nbsp;&nbsp;The Notes have been duly authorized by the Issuer and, when duly executed, authenticated,
issued and delivered as provided in the Indenture and paid for as provided herein, will be duly and validly issued and outstanding and
will constitute valid and legally binding obligations of the Issuer enforceable against the Issuer in accordance with their terms, subject
to the Enforceability Exceptions, and will be entitled to the benefits of the Indenture; and the Guarantees have been duly authorized
by each of the Guarantors and, when the Securities have been duly executed, authenticated, issued and delivered as provided in the Indenture
and paid for as provided herein, will be valid and legally binding obligations of each of the Guarantors, enforceable against each of
the Guarantors in accordance with their terms, subject to the Enforceability Exceptions, and will be entitled to the benefits of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Underwriting Agreement.&nbsp;&nbsp;</I>This Agreement has been duly authorized, executed and delivered by the Obligors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Descriptions of the Transaction Documents</I>.&nbsp;&nbsp;The statements in the Registration Statement, the Time of Sale Information,
the Canadian Offering Memorandum and the Prospectus under the headings &ldquo;Description of Debt Securities and Guarantees&rdquo; and
&ldquo;Description of the Notes&rdquo; insofar as such statements summarize agreements, documents or proceedings discussed therein, are
accurate and fair summaries of such agreements, documents or proceedings in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>No Violation or Default.</I>&nbsp;&nbsp;Neither Emera nor any of its Subsidiaries is (i) in violation of its charter, by-laws,
certificate of formation, limited liability agreement, partnership agreement or other formation or organizational documents; (ii) in default,
and no event has occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance or observance
of any term, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument
to which Emera or any of its Subsidiaries is a party or by which Emera or any of its Subsidiaries is bound or to which any property, right
or asset of Emera or any of its Subsidiaries is subject; or (iii) in violation of any law or statute or any judgment, order, rule or regulation
of any court or arbitrator or governmental or regulatory authority, except, in the case of clauses (ii) and (iii) above, for any such
default or violation that could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>No Conflicts</I>.&nbsp;&nbsp;The execution, delivery and performance by the Obligors of each of the Transaction Documents to
which it is a party, the issuance and sale of the Securities and compliance by the Obligors with the terms thereof and the consummation
of the transactions contemplated by the Transaction Documents will not (i) conflict with or result in a breach or violation of any of
the terms or provisions of, or constitute a default under, result in the termination, modification or acceleration of, or result in the
creation or imposition of any lien, charge or encumbrance upon any property, right or asset of the Issuer, Emera or any of its Subsidiaries
pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which Emera or any of its Subsidiaries
is a party or by which Emera or any of its Subsidiaries is bound or to which any property, right or asset of Emera or any of its Subsidiaries
is subject, (ii) result in any violation of the provisions of the charter, by-laws, certificate of formation, limited liability agreement,
partnership agreement or other formation or organizational documents of Emera or any of its Subsidiaries or (iii) result in the violation
of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except,
in the case of clauses (i) and (iii) above, for any such conflict, breach, violation, default, lien, charge or encumbrance that could
not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect and, in the case of clause (i) above,
for any conflict, breach, violation, default, lien, charge or encumbrance that will cease to be a conflict, breach, violation, default,
lien, charge or encumbrance on or prior to the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(r)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>No Consents Required</I>.&nbsp;&nbsp;No consent, approval, authorization, order, registration or qualification of or with any
court or arbitrator or governmental or regulatory authority will be required for the execution, delivery and performance by the Obligors
of each of the Transaction Documents to which each is a party, the creation, issuance and sale of the Notes and the issuance of the Guarantees
by the Issuer and the Guarantors, as applicable, and compliance by the Obligors with the terms thereof and the consummation of the transactions
contemplated by the Transaction Documents, except for (i) the registration of the Securities under the Securities Act and such governmental
authorization as may be required under Nova Scotia Securities Laws, (ii) the qualification of the Indenture under the Trust Indenture
Act, (iii) such consents, approvals, authorizations, orders and registrations or qualifications as may be required under applicable state
or provincial securities laws in connection with the purchase and distribution of the Securities by the Underwriters, (iv) such consents,
approvals, authorizations, orders and registrations or qualifications which have been, or will on or prior to the Closing Date be, obtained,
and (v) the filing with applicable securities regulatory authorities in each of the provinces of Canada (the &ldquo;<U>Canadian Securities
Regulators&rdquo;</U>) of one or more reports of exempt distribution under NI 45-106, together with delivery or filing, as applicable,
of a copy of the Canadian Final Offering Memorandum with the applicable Canadian Securities Regulators, together with the payment of any
requisite filing fees related thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(s)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Legal Proceedings.</I>&nbsp;&nbsp;Except as disclosed in the Registration Statement, the Time of Sale Information and the Prospectus,
there is no action, suit or proceeding (whether or not purportedly by or on behalf of, Emera or any of its Subsidiaries) or order made
or, to the knowledge of Emera and the Issuer, pending or threatened against or affecting Emera or any of its Subsidiaries at law or in
equity or before or by any federal, state, municipal or other governmental department, commission, board, regulatory agency or stock exchange
having jurisdiction over Emera or any of its Subsidiaries,&nbsp;&nbsp;domestic or foreign, or preventing or suspending trading in any
securities of</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Emera or any of its Subsidiaries,
except for any such action, suit, proceeding or order that, individually or in the aggregate, could reasonably be expected to have a Material
Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(t)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Independent Accountants.</I>&nbsp;&nbsp;Ernst &amp; Young LLP, who have audited certain consolidated financial statements of
Emera and its subsidiaries are an independent public accounting firm within the applicable rules and regulations adopted by the Commission
and the Public Company Accounting Oversight Board (United States) as required by the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(u)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Reporting Issuer</I>.&nbsp;&nbsp;Emera is a reporting issuer in each of the provinces of Canada and each of the Obligors is
in compliance with or is exempt from its timely disclosure obligations under the applicable securities laws in all of the provinces of
Canada and the Exchange Act, as applicable, except where such noncompliance would not, singly or in the aggregate, be expected to have
a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Investment Company Act.</I>&nbsp;&nbsp;Neither the Issuer nor any of the Guarantors is, and, after giving effect to the offering
and sale of the Securities and the application of the proceeds thereof as described in each of the Registration Statement, the Time of
Sale Information, the Canadian Offering Memorandum and the Prospectus, none of them will be, an &ldquo;investment company&rdquo; or an
entity &ldquo;controlled&rdquo; by an &ldquo;investment company&rdquo; within the meaning of the Investment Company Act of 1940, as amended,
and the rules and regulations of the Commission thereunder (collectively, the &ldquo;<U>Investment Company Act</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(w)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Taxes.</I>&nbsp;&nbsp;Each of Emera and the Subsidiaries has, on a timely basis, filed all material tax returns and notices
and has paid or made provision for all applicable taxes to the date hereof to the extent such taxes are shown to be due and payable, except
any such taxes that are being contested in good faith by appropriate proceedings and for which Emera and the Subsidiaries, to the extent
required by GAAP, have set aside on its books adequate reserves and except to the extent that the failure to do any of the foregoing could
not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; and Emera is not aware of any material
tax deficiencies or material interest or penalties accrued or accruing thereon with respect to itself or any of the Subsidiaries which
have had or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Compliance With Environmental Laws</I>.&nbsp;&nbsp;Except&nbsp;&nbsp;as&nbsp;&nbsp;set&nbsp;&nbsp;forth&nbsp;&nbsp;in&nbsp;&nbsp;or&nbsp;&nbsp;contemplated&nbsp;&nbsp;in&nbsp;&nbsp;the&nbsp;&nbsp;Registration
Statement, the Time of Sale Information, the Canadian Offering Memorandum and the Prospectus, Emera and its Subsidiaries are (i) in substantial
compliance with all applicable foreign, federal, provincial, state and local laws and regulations, as well as any obligations or requirements
arising under the common law, relating to occupational health and safety applicable to employees of Emera and its Subsidiaries or relating
to hazardous or toxic substances or wastes, pollutants or contaminants or to the protection of the environment (&ldquo;<U>Environmental
Laws</U>&rdquo;), (ii) have received and are in substantial compliance with all permits, licenses or other approvals required of them
under applicable Environmental Laws to conduct their respective businesses and (iii) have not received notice of any actual or potential
liability for the investigation or remediation of any disposal or release of hazardous or toxic substances or wastes, pollutants&nbsp;&nbsp;or&nbsp;&nbsp;contaminants,&nbsp;&nbsp;except&nbsp;&nbsp;where&nbsp;&nbsp;such&nbsp;&nbsp;non-compliance&nbsp;&nbsp;with
Environmental Laws, failure to receive required permits, licenses or other approvals, or liability could not reasonably be expected, individually
or in the aggregate, to have a Material Adverse Effect. Except as set forth in the Registration</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Statement, the Time of Sale
Information, the Canadian Offering Memorandum and the Prospectus, none of Emera or any of its Subsidiaries has been named as a &ldquo;potentially
responsible party&rdquo; under the United States Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(y)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Disclosure Controls. </I>Emera and its Subsidiaries maintain an effective system of &ldquo;disclosure controls and procedures&rdquo;
as required by Rule 13a-15 or Rule 15d-15 under the Exchange Act and as contemplated by the certifications required under Form 52-109F1
and Form 52-109F2 under National Instrument &ndash; <I>Certification of Disclosure in Issuers&rsquo; Annual and Interim Filings </I>(&ldquo;<U>NI
52-109</U>&rdquo;) that is designed to ensure that information required to be disclosed by Emera in reports that it files with Canadian
Securities Regulators, is recorded, processed, summarized and reported within the time periods specified in the Commission&rsquo;s or
the NSSC&rsquo;s rules and forms, including controls and procedures designed to ensure that such information is accumulated and communicated
to Emera&rsquo;s management as appropriate to allow timely decisions regarding required disclosure.&nbsp;&nbsp;Emera and its Subsidiaries
have carried out evaluations of the effectiveness of their disclosure controls and procedures as contemplated by NI 52-109.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(z)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Accounting Controls.&nbsp;&nbsp;</I>Emera and its Subsidiaries maintain a system of internal accounting controls sufficient
to provide reasonable assurances that (i) transactions are executed in accordance with management&rsquo;s general or specific authorizations;
(ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset
accountability; (iii) access to assets is permitted only in accordance with management&rsquo;s general or specific authorization; (iv)
the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with
respect to any differences; and (v) material information relating to it is made known to those within Emera or such Subsidiary responsible
for the preparation of the financial statements during the period in which the financial statements have been prepared and that such material
information is disclosed to the public within the time periods required by applicable Canadian Securities Laws and the Exchange Act.&nbsp;&nbsp;Emera
and its Subsidiaries&rsquo; internal control over financial reporting is effective and Emera is not aware of (a) any material weaknesses
in the design or operation of internal control over financial reporting (as such term is defined by Rules 13a-15(f) and 15d-15(f) under
the Exchange Act and, in Canada, under NI 52-109) which are reasonably likely to adversely affect Emera&rsquo;s ability to record, process,
summarize and report financial information or (b) any fraud, whether or not material, that involves management or other employees who
have a significant role in Emera&rsquo;s internal controls over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(aa)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>No Unlawful Payments.</I>&nbsp;&nbsp;None of Emera or any of its Subsidiaries nor, to the knowledge of the Obligors, any director,
officer, agent, employee, affiliate or other person associated with or acting on behalf of Emera or any of its Subsidiaries has (i) used
any funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made or taken
an act in furtherance of an offer, promise or authorization of any direct or indirect unlawful payment or benefit to any foreign or domestic
government or regulatory official or employee, including of any government-owned or controlled entity or of a public international organization,
or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate
for political office; (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or
the <I>Corruption of Foreign Public Officials Act</I> (Canada), or any applicable law or regulation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">implementing the OECD Convention
on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed an offence under the Bribery Act
2010 of the United Kingdom, or any other applicable anti-bribery or anti-corruption laws; or (iv) made, offered, agreed, requested or
taken an act in furtherance of any unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence
payment, kickback or other unlawful or improper payment or benefit.&nbsp;&nbsp;Emera and its Subsidiaries have instituted, and maintain
and enforce, policies and procedures designed to promote and ensure compliance with all applicable anti-bribery and anti-corruption laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(bb)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Compliance with Anti-Money Laundering Laws</I>.&nbsp;&nbsp;The operations of Emera and its Subsidiaries are and have been conducted
at all times in compliance with applicable financial recordkeeping and reporting requirements, including those of the Currency and Foreign
Transactions Reporting Act of 1970, as amended, the <I>Proceeds of Crime (Money Laundering) and Terrorist Financing Act</I> (Canada),
the applicable money laundering statutes of all jurisdictions where Emera and its Subsidiaries conduct business, the rules and regulations
thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental or regulatory
agency (collectively, the &ldquo;<U>Anti-Money Laundering Laws</U>&rdquo;) and no action, suit or proceeding by or before any court or
governmental or regulatory agency, authority or body or any arbitrator involving Emera or any of its Subsidiaries with respect to the
Anti-Money Laundering Laws is, to the best knowledge of the Obligors, pending or threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(cc)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>No Conflicts with Sanctions Laws</I>.&nbsp;&nbsp;None of Emera or any of its Subsidiaries or, to the knowledge of the Obligors,
any agent, or affiliate or other person associated with or acting on behalf of Emera or any of its Subsidiaries is currently the subject
or the target of any sanctions administered or enforced by the U.S. Government (including, without limitation, the Office of Foreign Assets
Control of the U.S. Department of the Treasury, the U.S. Department of State, the Canadian Office of the Superintendent of Financial Institutions
and including, without limitation, the designation as a &ldquo;specially designated national&rdquo; or &ldquo;blocked person&rdquo;),
the United Nations Security Council, the European Union, His Majesty&rsquo;s Treasury, or other relevant sanctions authority (collectively,
&ldquo;<U>Sanctions</U>&rdquo;), nor is Emera or any of its Subsidiaries located, organized or resident in a country or territory that
is the subject or the target of Sanctions, including, without limitation, Cuba, Iran, North Korea, the Crimea region of Ukraine, the so-called
Donetsk People&rsquo;s Republic, the so-called Luhansk People&rsquo;s Republic, the non-government controlled areas of the Zaporizhzhia
and Kherson Regions of Ukraine and any other &ldquo;Covered Region&rdquo; of Ukraine identified pursuant to Executive Order 14065 (each,
a &ldquo;<U>Sanctioned Country</U>&rdquo;); and the Issuer will not directly or indirectly use the proceeds of the offering of the Securities
hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity
(i) to fund or facilitate any activities of or business with any person that, at the time of such funding or facilitation, is the subject
or the target of Sanctions, (ii) to fund or facilitate any activities of or business in any Sanctioned Country or (iii) in any other manner
that will result in a violation by any person (including any person participating in the transaction, whether as underwriter, advisor,
investor or otherwise) of Sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(dd)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>No Broker&rsquo;s Fees.</I>&nbsp;&nbsp;There is no person, firm or corporation which has been engaged by the Issuer to act for
the Issuer and which is entitled to any brokerage or finder&rsquo;s fee in connection with the issuance and sale of the Securities (other
than pursuant to this Agreement), and in the event any such person, firm or corporation establishes a claim for any fee from the Underwriters,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">the Issuer covenants to indemnify
and hold harmless the Underwriters with respect thereto and with respect to all costs reasonably incurred in the defense thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ee)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>No Stabilization.</I>&nbsp;&nbsp;None of the Obligors has taken, directly or indirectly, and will not take any action designed
to or that would constitute or that might reasonably be expected to cause or result in, under the Securities Act or Nova Scotia Securities
Laws or otherwise, stabilization or manipulation of the price of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ff)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Status under the Securities Act</I>.&nbsp;&nbsp;Each of the Obligors is not an ineligible issuer as defined under the Securities
Act, at the times specified in the Securities Act in connection with the offering of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(gg)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Cybersecurity; Data Protection.</I>&nbsp;&nbsp;(i)(x) Except as disclosed in the Registration Statement, the Time of Sale Information,
the Canadian Offering Memorandum and the Prospectus, there has been no security breach or other compromise of or relating to any of Emera's
or its Subsidiaries&rsquo; information technology and computer systems, networks, hardware, software, data (including the data of their
respective customers, employees, suppliers and vendors and any third party data maintained by or on behalf of them), equipment or technology
(collectively, &ldquo;<U>IT Systems and Data</U>&rdquo;) and (y) Emera and its Subsidiaries have not been notified of, and have no knowledge
of any event or condition that would reasonably be expected to result in, any security breach or other compromise to their IT Systems
and Data, except that could not reasonably be expected, in the case of this clause (i), individually or in the aggregate, to have a Material
Adverse Effect; (ii) Emera and its Subsidiaries are presently in compliance with all applicable laws and statutes, all judgments, orders,
rules and regulations of any court or arbitrator or governmental or regulatory authority, all internal policies and all contractual obligations
relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access,
misappropriation or modification, except that could not reasonably be expected, in the case of this clause (ii), individually or in the
aggregate, to have a Material Adverse Effect; and (iii) except as would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect, Emera and its Subsidiaries have implemented backup and disaster recovery technology reasonably consistent
with industry standards and practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(hh)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>FINRA Exemption</I>.&nbsp;&nbsp;Emera qualifies as an &ldquo;experienced issuer&rdquo; (within the meaning of Financial Industry
Regulatory Authority, Inc. Rule 5110(j)(6).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Purchase of the Securities by the Underwriters</U>.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>(i)&nbsp;&nbsp;The Issuer agrees to issue and sell the Securities to the several Underwriters as provided in this Agreement, and
each Underwriter, on the basis of the representations, warranties and agreements set forth herein and subject to the conditions set forth
herein, agrees, severally and not jointly, to purchase from the Issuer the respective principal amount of Securities set forth opposite
such Underwriter's name in Schedule 1 hereto at a price equal to 99.00% of the principal amount thereof plus accrued interest, if any,
from October 3, 2025 to the Closing Date (as defined below).&nbsp;&nbsp;The Issuer will not be obligated to deliver any of the Securities
except upon payment for all the Securities to be purchased as provided herein.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>&nbsp;&nbsp;The Issuer understands that the Underwriters intend to make a public offering of the Securities in the United
States and an offering in certain provinces of Canada on a private placement basis under one or more exemptions from the prospectus requirement
under the securities laws of the applicable provinces of Canada, either directly or through their respective U.S. or Canadian affiliates
upon the terms set forth in the Prospectus and Canadian Offering Memorandum, as soon after the effectiveness of this Agreement as in the
judgment of the Representatives is advisable, and initially to offer the Securities on the terms set forth in the Time of Sale Information
and in the Prospectus and the Canadian Offering Memorandum.&nbsp;&nbsp;The Issuer acknowledges and agrees that the Underwriters may offer
and sell Securities to or through any affiliate of an Underwriter and that any such affiliate may offer and sell Securities purchased
by it to or through any Underwriter.</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>Payment for and delivery of the Securities will be made at the offices of Davis Polk &amp; Wardwell LLP at 10:00 A.M., New York
City time, on October 3, 2025, or at such other time or place on the same or such other date, not later than the fifth business day thereafter,
as the Representatives and the Obligors may agree upon in writing.&nbsp;&nbsp;The time and date of such payment and delivery is referred
to herein as the &ldquo;<U>Closing Date</U>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>Payment for the Securities shall be made by wire transfer in immediately available funds to the account(s) specified by the Issuer
to the Representatives against delivery to the nominee of The Depository Trust Company (&ldquo;<U>DTC</U>&rdquo;), for the account of
the Underwriters, of one or more global notes representing the Securities (collectively, the &ldquo;<U>Global Note</U>&rdquo;), with any
transfer taxes payable in connection with the sale of the Securities duly paid by the Issuer in accordance with Section 10 of this Agreement.&nbsp;&nbsp;The
Global Note will be made available for inspection by the Representatives not later than 1:00 P.M., New York City time, on the business
day prior to the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>The Obligors acknowledge and agree that each Underwriter is acting solely in the capacity of an arm&rsquo;s-length contractual
counterparty to the Obligors with respect to the offering of Securities contemplated hereby (including in connection with determining
the terms of the offering) and not as a financial advisor or a fiduciary to, or an agent of, any Obligor or any other person.&nbsp;&nbsp;Additionally,
neither the Representatives nor any other Underwriter is advising the Obligors or any other person as to any legal, tax, investment, accounting
or regulatory matters in any jurisdiction.&nbsp;&nbsp;The Obligors shall consult with their own respective advisors concerning such matters
and shall be responsible for making their own independent investigation and appraisal of the transactions contemplated hereby, and the
Underwriter shall have no responsibility or liability to the Obligors with respect thereto.&nbsp;&nbsp;Any review by the Representatives
or any Underwriter of the Obligors, and the transactions contemplated hereby or other matters relating to such transactions will be performed
solely for the benefit of the Representatives or such Underwriter, as the case may be, and shall not be on behalf of the Obligors or any
other person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>Each Underwriter that is not resident in Canada for the purposes of the Income Tax Act (Canada) severally and not jointly represents
and warrants to the Issuer that such Underwriter has not rendered nor will it render any services hereunder physically in Canada and no
portion of the discounts, fees or commissions payable to such Initial Purchaser will relate to services rendered physically in Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Further Agreements of the Issuer and the Guarantors</U>.&nbsp;&nbsp;The Issuer and the Guarantors jointly and severally covenant
and agree with each Underwriter that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Required Filings.</I>&nbsp;&nbsp;The Issuer will prepare the Prospectus and the Final Canadian Offering Memorandum setting forth
the principal amount of Securities covered thereby, the terms not otherwise specified in the Base Prospectus and the Preliminary Canadian
Offering Memorandum, as applicable, pursuant to which the Securities are being issued, the names of the Underwriters participating in
the offering and the principal amount of Securities which each severally has agreed to purchase, the names of the Underwriters acting
as co-managers in connection with the offering, the price at which the Securities are to be purchased by the Underwriters from the Issuer,
the public offering price, and the selling concession and reallowance, if any, in a form approved by the Representatives and shall file
such Prospectus with the Commission pursuant to Rule 424(b) under the Securities Act or General Instruction II.L. of Form F-10, as applicable,
not later than the Commission&rsquo;s close of business on the second business day following the date of this Agreement.&nbsp;&nbsp;The
Obligors will promptly file all reports required to be filed by them with the Canadian Securities Regulators pursuant to Canadian Securities
Laws, and the Commission pursuant to Section 13(a), 13(c) or 15(d) of the Exchange Act for so long as the delivery of a prospectus is
required (including in circumstances where such requirement may be satisfied pursuant to Rule 172) in connection with the offering or
sale of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Delivery of Copies.</I>&nbsp;&nbsp;The Obligors will deliver, without charge, (i) to the Representatives upon request, two signed
copies of the Registration Statement as originally filed and each amendment thereto, in each case including all exhibits and consents
filed therewith and documents incorporated by reference therein; and (ii) to each Underwriter upon request (A) a conformed copy of the
Registration Statement as originally filed with the NSSC and the Commission and each amendment thereto, in each case including all exhibits
and consents filed therewith and (B) during the Prospectus Delivery Period (as defined below), as many copies of the Prospectus and the
Canadian Offering Memorandum (including all amendments and supplements thereto and documents incorporated by reference therein) and each
Issuer Free Writing Prospectus as the Representatives may reasonably request, <I>provided, however, </I>that the Obligors shall not be
required to deliver copies of documents publicly available on Commission's Electronic Data Gathering, Analysis and Retrieval (EDGAR) system,
the Canadian Securities Administrators&rsquo; System for Electronic Document Analysis and Retrieval (SEDAR+) or any successor system.
As used herein, the term &ldquo;<U>Prospectus Delivery Period</U>&rdquo; means such period of time after the first date of the public
offering of the Securities as in the opinion of counsel for the Underwriters a prospectus relating to the Securities is required by law
to be delivered (or required to be delivered but for Rule 172 under the Securities Act) in connection with sales of the Securities by
any Underwriter or dealer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Amendments or Supplements; Issuer Free Writing Prospectuses.</I>&nbsp;&nbsp;Before making, preparing, using, authorizing, approving,
referring to or filing or delivering, as applicable, any Issuer Free Writing Prospectus, and before filing any amendment or supplement
to the Registration Statement, the Canadian Offering Memorandum or the Prospectus, the Obligors will furnish to the Representatives and
counsel for the Underwriters a copy of the proposed Issuer Free Writing Prospectus, amendment or supplement for review and will not make,
prepare, use, authorize, approve, refer to or file any such Issuer Free Writing Prospectus or file any such proposed amendment or supplement
to which the Representatives reasonably objects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Notice to the Representatives.</I>&nbsp;&nbsp;The Obligors will advise the Representatives promptly, and confirm such advice
in writing, (i) when any amendment to the Registration Statement has been filed or becomes effective; (ii) when any supplement to the
Prospectus or any amendment to the Prospectus or any Issuer Free Writing Prospectus has been filed; (iii) of any request by the NSSC or
the Commission for any amendment to the Registration Statement or any amendment or supplement to the Prospectus or the receipt of any
comments from the Commission relating to the Registration Statement or any other request by the NSSC or the Commission for any additional
information; (iv) of the issuance by the NSSC or the Commission of any order suspending the distribution of the Securities or the effectiveness
of the Registration Statement or preventing or suspending the use of any Preliminary Prospectus or the Prospectus or the initiation or
threatening of any proceeding for that purpose or pursuant to Section 8A of the Securities Act; (v) of the occurrence of any event within
the Prospectus Delivery Period as a result of which the Prospectus, the Canadian Offering Memorandum, the Time of Sale Information or
any Issuer Free Writing Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances
existing when the Prospectus, the Time of Sale Information or any such Issuer Free Writing Prospectus is delivered to a purchaser, not
misleading; and (vi) of the receipt by the Obligors of any notice with respect to any suspension of the qualification of the Securities
for offer and sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and the Obligors will use
their commercially reasonable efforts to prevent the issuance of any such order suspending the distribution of the Securities or the effectiveness
of the Registration Statement, preventing or suspending the use of any Preliminary Prospectus or any Prospectus or suspending any such
qualification of the Securities and, if any such order is issued, will obtain as soon as possible the withdrawal thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Time of Sale Information.&nbsp;&nbsp;</I>If at any time prior to the Closing Date (i) any event shall occur or condition shall
exist as a result of which any of the Time of Sale Information as then amended or supplemented would include any untrue statement of a
material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading or (ii) it is necessary to amend or supplement the Time of Sale Information to comply with
law, the Obligors will immediately notify the Underwriters thereof and forthwith prepare and, subject to paragraph (d) above, file with
the Commission (to the extent required) and furnish to the Underwriters and to such dealers as the Representatives may designate, such
amendments or supplements to the Time of Sale Information (or any document to be filed with the NSSC or the Commission and incorporated
by reference therein) as may be necessary so that the statements in any of the Time of Sale Information as so amended or supplemented
(including such documents to be incorporated by reference therein) will not, in the light of the circumstances under which they were made,
be misleading or so that any of the Time of Sale Information will comply with law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Ongoing Compliance.</I>&nbsp;&nbsp;If during the Prospectus Delivery Period (i) any event shall occur or condition shall exist
as a result of which the Prospectus or the Canadian Offering Memorandum as then amended or supplemented would include any untrue statement
of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein,
in the light of the circumstances existing when the Prospectus or the Canadian Offering Memorandum is delivered to a purchaser, not misleading
or (ii) it is necessary to amend or supplement such Prospectus or the Canadian Offering Memorandum to comply with</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">law, the Obligors will immediately
notify the Underwriters thereof and forthwith prepare and, subject to paragraph (b) above, file with the NSSC or the Commission, as applicable,
and furnish to the Underwriters and to such dealers as the Representatives may designate, such amendments or supplements to such Prospectus
or the Canadian Offering Memorandum (or any document to be filed with the NSSC or the Commission and incorporated by reference therein)
as may be necessary so that the statements in such Prospectus or the Canadian Offering Memorandum as so amended or supplemented (including
such documents to be incorporated by reference therein) will not, in the light of the circumstances existing when such Prospectus or the
Canadian Offering Memorandum is delivered to a purchaser, be misleading or so that such Prospectus or the Canadian Offering Memorandum
will comply with law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Blue Sky Compliance.</I>&nbsp;&nbsp;The Issuer will qualify the Securities for offer and sale under the securities or Blue Sky
laws of such states, possessions or territories of the United States as the Representatives shall reasonably request and will continue
such qualifications in effect so long as required for the offering and resale of the Securities; <U>provided</U> that neither the Issuer
nor any of the Guarantors shall be required to (i) qualify as a foreign corporation or other entity or as a dealer in securities in any
such jurisdiction where it would not otherwise be required to so qualify, (ii) file any general consent to service of process in any such
jurisdiction, (iii) subject itself to taxation in any such jurisdiction if it is not otherwise so subject, or (iv) file any prospectus,
registration statement or similar document to register or qualify the Securities or offers and sales thereof under such Blue Sky laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Earning Statement.&nbsp;&nbsp;</I>Emera will make generally available to its security holders and the Representatives as soon
as practicable an earning statement that satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 of the Commission
promulgated thereunder covering a period of at least twelve months beginning with the first fiscal quarter of Emera occurring after the
&ldquo;effective date&rdquo; (as defined in Rule 158) of the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Clear Market.</I>&nbsp;&nbsp;During the period from the date hereof through and including the Closing Date, the Issuer and each
of the Guarantors will not, without the prior written consent of the Representatives, offer, sell, contract to sell or otherwise dispose
of any debt securities issued or guaranteed by the Issuer or any of the Guarantors and having a tenor of more than one year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Use of Proceeds.</I>&nbsp;&nbsp;The Issuer will apply the net proceeds from the sale of the Securities as described in each
of the Registration Statement, the Time of Sale Information, the Canadian Offering Memorandum and the Prospectus under the heading &ldquo;Use
of Proceeds.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>DTC.&nbsp;&nbsp;</I>The Issuer will assist the Underwriters in arranging for the Securities to be eligible for clearance and
settlement through DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>No Stabilization.</I>&nbsp;&nbsp;Neither the Issuer nor any of the Guarantors will take, directly or indirectly, any action
designed to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Record Retention</I>.&nbsp;&nbsp;The Obligors will, pursuant to reasonable procedures developed in good faith, retain copies
of each Issuer Free Writing Prospectus that is not filed with the Commission in accordance with Rule 433 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Certain Agreements of the Underwriters</U>.&nbsp;&nbsp;Each Underwriter hereby represents and agrees that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>It has not and will not use, authorize use of, refer to, or participate in the planning for use of, any &ldquo;<U>free writing
prospectus</U>&rdquo;, as defined in Rule 405 under the Securities Act (which term includes use of any written information furnished to
the Commission by the Obligors and not incorporated by reference into the Registration Statement and any press release issued by the Obligors)
other than (i) a free writing prospectus that, solely as a result of use by such Underwriter, would not trigger an obligation to file
such free writing prospectus with the Commission pursuant to Rule 433, (ii) any Issuer Free Writing Prospectus listed on Annex A or prepared
pursuant to Section 1(f) or Section 3(d) above (including any electronic road show), or (iii) any free writing prospectus prepared by
such Underwriter and approved by the Obligors in advance in writing (each such free writing prospectus referred to in clauses (i) or (iii),
an &ldquo;<U>Underwriter Free Writing Prospectus</U>&rdquo;).&nbsp;&nbsp;Notwithstanding the foregoing, the Underwriters may use the Pricing
Term Sheet referred to in Annex B hereto without the consent of the Obligors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>It is not subject to any pending proceeding under Section 8A of the Securities Act with respect to the offering (and will promptly
notify the Obligors if any such proceeding against it is initiated during the Prospectus Delivery Period).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Conditions of Underwriters&rsquo; Obligations.</U>&nbsp;&nbsp;The obligation of each Underwriter to purchase Securities on the
Closing Date as provided herein is subject to the performance by the Obligors of their respective covenants and other obligations hereunder
and to the following additional conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Registration Compliance; No Stop Order.</I>&nbsp;&nbsp;Each prospectus supplement relating to the Securities that supplements
the Base Prospectus&nbsp;&nbsp;shall have been filed with the Commission pursuant to Rule 424(b) under the Securities Act or General Instruction
II.L. of Form F-10 under the Securities Act, as applicable, in each case, within the applicable time period prescribed for such filing
and in accordance with Section 3(a) hereof; no order preventing or suspending the distribution of the Securities or the effectiveness
of the Registration Statement shall be in effect, and no proceeding for such purpose or pursuant to Section 8A under the Securities Act
shall be pending before or threatened by the Commission or the NSSC; and the Prospectus and each Issuer Free Writing Prospectus shall
have been timely filed with the NSSC and the Commission under the Securities Act (in the case of an Issuer Free Writing Prospectus, to
the extent required by Rule 433 under the Securities Act), as applicable, and in accordance with Section 3(a) hereof; and all requests
by the Commission or the NSSC for additional information shall have been complied with to the reasonable satisfaction of the Representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Representations and Warranties.</I>&nbsp;&nbsp;The representations and warranties of the Obligors contained herein shall be
true and correct on the date hereof and on and as of the Closing Date; and the statements of the Obligors and their respective officers
made in any certificates delivered pursuant to this Agreement shall be true and correct on and as of the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>No Downgrade.</I>&nbsp;&nbsp;Subsequent to the earlier of (A) the Time of Sale and (B) the execution and delivery of this Agreement,
(i) no downgrading shall have occurred in the rating accorded the Securities or any other debt securities or preferred stock issued or
guaranteed by</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Emera or any of the Subsidiaries
by any &ldquo;nationally recognized statistical rating organization,&rdquo; as such term is defined under Section 3(a)(62) under the Exchange
Act and (ii) no such organization shall have publicly announced that it has under surveillance or review, or has changed its outlook with
respect to, its rating of the Securities or of any other debt securities or preferred stock issued or guaranteed by Emera or any of the
Subsidiaries (other than an announcement with positive implications of a possible upgrading).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>No Material Adverse Change.</I>&nbsp;&nbsp;Subsequent to the execution and delivery of this Agreement, no event or condition
of a type described in Section 1(h) hereof shall have occurred or shall exist, which event or condition is not described in each of the
Time of Sale Information (excluding any amendment or supplement thereto) and the Canadian Offering Memorandum and the Prospectus (excluding
any amendment or supplement thereto) the effect of which in the reasonable judgment of the Representatives makes it impracticable or inadvisable
to proceed with the offering, sale or delivery of the Securities on the terms and in the manner contemplated by this Agreement, the Time
of Sale Information, the Canadian Offering Memorandum and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Officer&rsquo;s Certificate.</I>&nbsp;&nbsp;The Representatives shall have received on and as of the Closing Date a certificate
of an executive officer of the Issuer and of each Guarantor who has specific knowledge of the Issuer&rsquo;s or such Guarantor&rsquo;s
financial matters and is satisfactory to the Representatives (i) confirming that such officer has carefully reviewed the Time of Sale
Information, the Canadian Offering Memorandum and the Prospectus and, to the best knowledge of such officer, the representations set forth
in Sections 1(e) and 1(f) hereof are true and correct, (ii) confirming that, to the best knowledge of such officer, the other representations
and warranties of the Obligors in this Agreement are true and correct and that, to the best knowledge of such officer, the Obligors have
complied with all agreements and satisfied all conditions on their part to be performed or satisfied hereunder at or prior to the Closing
Date and (iii) to the effect set forth in paragraphs (a), (c) and (d) above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Comfort Letters.</I>&nbsp;&nbsp;On the date of this Agreement and on the Closing Date, Ernst &amp; Young LLP shall have furnished
to the Representatives, at the request of the Obligors, letters, dated the respective dates of delivery thereof and addressed to the Underwriters,
in form and substance reasonably satisfactory to the Representatives, containing statements and information of the type customarily included
in accountants&rsquo; &ldquo;comfort letters&rdquo; to Underwriters with respect to the financial statements and certain financial information
of the Obligors contained or incorporated by reference in each of the Time of Sale Information, the Canadian Offering Memorandum and the
Prospectus; <U>provided</U>, that the letter delivered on the Closing Date shall use a &ldquo;cut-off&rdquo; date no more than three business
days prior to the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Opinion and 10b-5 Statement of United States Counsel for the Obligors.</I>&nbsp;&nbsp;Davis Polk &amp; Wardwell LLP, United
States counsel for the Obligors, shall have furnished to the Representatives, at the request of the Obligors, their written opinion and
10b-5 statement, dated the Closing Date and addressed to the Underwriters, in form and substance reasonably satisfactory to the Representatives,
to the effect set forth in Annex D hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Opinion of Internal Counsel for the Obligors. </I>Brian Curry, internal counsel for the Obligors, shall have furnished to the
Representatives, at the request of the Obligors, his written</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">opinion, dated the Closing Date
and addressed to the Underwriters, in form and substance reasonably satisfactory to the Representatives, to the effect set forth in Annex
E hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Opinion and 10b-5 Statement of United States Counsel for the Underwriters.</I>&nbsp;&nbsp;The Representatives shall have received
on and as of the Closing Date an opinion and 10b-5 statement, addressed to the Underwriters, of Hunton Andrews Kurth LLP, counsel for
the Underwriters, with respect to such matters as the Representatives may reasonably request, and such counsel shall have received such
documents and information as they may reasonably request to enable them to pass upon such matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>No Legal Impediment to Issuance.</I>&nbsp;&nbsp;No action shall have been taken and no statute, rule, regulation or order shall
have been enacted, adopted or issued by any federal, state or foreign governmental or regulatory authority that would, as of the Closing
Date, prevent the issuance or sale of the Notes or the issuance of the Guarantees; and no injunction or order of any federal, state or
foreign court shall have been issued that would, as of the Closing Date, prevent the issuance or sale of the Notes or the issuance of
the Guarantees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Good Standing</I>.&nbsp;&nbsp;The Representatives shall have received on and as of the Closing Date satisfactory evidence of
the good standing of the Obligors in their respective jurisdictions of organization and their good standing in such other jurisdictions
as the Representatives may reasonably request, in each case in writing or any standard form of telecommunication from the appropriate
governmental authorities of such jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Post-Trade Distribution Filings.</I>&nbsp;&nbsp;The Issuer will file (or deliver, as applicable) or cause to be filed (or delivered,
as applicable) all documents required to be filed or delivered by the Issuer under applicable Canadian Securities Laws, within the time
period prescribed thereby, in connection with the transactions contemplated by this Agreement so that the offering, issuance, sale and
delivery of the Securities to the Underwriters or their respective affiliates and the offer and sale of the Securities to purchasers in
Canada may be effected in a manner exempt from the prospectus requirements of Canadian Securities Laws pursuant to the &ldquo;accredited
investor exemption&rdquo; (as defined in NI 45-106), including any required reports on Form 45-106F1 &ndash; <I>Report of Exempt Distribution
</I>(&ldquo;<U>Form 45-106F1</U>&rdquo;) pursuant to NI 45-106 and the Canadian Final Offering Memorandum, and will pay all filing or
other fees applicable in connection therewith. The Representatives shall deliver to the Issuer, as soon as practicable and, in any event,
in sufficient time to allow the Issuer to comply with all Canadian Securities Laws and other regulatory requirements applicable in any
province or territory of Canada, all information pertaining to purchasers in Canada necessary to complete Form 45-106F1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>DTC.</I>&nbsp;&nbsp;The Securities shall be eligible for clearance and settlement through DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Indenture and Securities</I>.&nbsp;&nbsp;The Indenture shall have been duly executed and delivered by a duly authorized officer
of the Issuer, each of the Guarantors and the Trustee, and the Securities shall have been duly executed and delivered by a duly authorized
officer of the Issuer and duly authenticated by the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Additional Documents.</I>&nbsp;&nbsp;On or prior to the Closing Date, the Obligors shall have furnished to the Representatives
such further certificates and documents as the Representatives may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All opinions, letters, certificates
and evidence mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if they
are in form and substance reasonably satisfactory to counsel for the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification and Contribution</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Indemnification of the Underwriters.</I>&nbsp;&nbsp;The Obligors jointly and severally agree to indemnify and hold harmless
each Underwriter, its affiliates, directors and officers and each person, if any, who controls such Underwriter within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities
(including, without limitation, legal fees and other expenses reasonably incurred in connection with any suit, action or proceeding or
any claim asserted, as such fees and expenses are incurred), joint or several, to which any of them may become subject, under the Securities
Act, the Exchange Act, any Canadian Securities Laws or otherwise, insofar as such losses, claims, damages and liabilities arise out of,
or are based upon, (i) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or
caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make
the statements therein, not misleading, (ii) or any untrue statement or alleged untrue statement of a material fact contained in the Canadian
Offering Memorandum or the Prospectus (or any amendment or supplement thereto), any Issuer Free Writing Prospectus or any Time of Sale
Information, or caused by any omission or alleged omission to state therein a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading, in each case except insofar as such losses, claims,
damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made
in reliance upon and in conformity with any information relating to any Underwriter furnished to the Obligors in writing by such Underwriter
through the Representatives expressly for use therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Indemnification of the Issuer and the Guarantors.</I>&nbsp;&nbsp;Each Underwriter agrees, severally and not jointly, to indemnify
and hold harmless the Obligors, each of their respective directors and officers who signed the Registration Statement and each person,
if any, who controls the Obligors within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same
extent as the indemnity set forth in paragraph (a) above, but only with respect to any losses, claims, damages or liabilities that arise
out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity
with any information relating to such Underwriter furnished to the Obligors in writing by such Underwriter through the Representatives
expressly for use in the Registration Statement, the Prospectus (or any amendment or supplement thereto), the Canadian Offering Memorandum
(or any amendment or supplement thereto), any Issuer Free Writing Prospectus or any Time of Sale Information, it being understood and
agreed that the only such information consists of the following paragraphs in any Preliminary Prospectus, the Preliminary Canadian Offering
Memorandum, the Final Canadian Offering Memorandum and the Prospectus:&nbsp;&nbsp;the statements regarding delivery of the Securities
set forth on the cover page and the concession and reallowance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">figures and the statement regarding
the offering price of the Securities and the paragraph relating to stabilization by the Underwriters appearing under the caption &ldquo;Underwriting.&rdquo;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Notice and Procedures.</I>&nbsp;&nbsp;If any suit, action, proceeding (including any governmental or regulatory investigation),
claim or demand shall be brought or asserted against any person in respect of which indemnification may be sought pursuant to either paragraph
(a) or (b) above, such person (the &ldquo;<U>Indemnified Person</U>&rdquo;) shall promptly notify the person against whom such indemnification
may be sought (the &ldquo;Indemnifying Person&rdquo;) in writing; <U>provided</U> that the failure to notify the Indemnifying Person shall
not relieve it from any liability that it may have under paragraph (a) or (b) above except to the extent that it has been materially prejudiced
(through the forfeiture of substantive rights or defenses) by such failure; and <U>provided</U>, <U>further</U>, that the failure to notify
the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise than under paragraph
(a) or (b) above.&nbsp;&nbsp;If any such proceeding shall be brought or asserted against an Indemnified Person and it shall have notified
the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person (who shall
not, without the consent of the Indemnified Person, be counsel to the Indemnifying Person) to represent the Indemnified Person and any
others entitled to indemnification pursuant to this Section 6 that the Indemnifying Person may designate in such proceeding and shall
pay the fees and expenses of such proceeding and shall pay the fees and expenses of such counsel related to such proceeding, as incurred.&nbsp;&nbsp;In
any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel
shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed
to the contrary; (ii) the Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified
Person; (iii)&nbsp;the Indemnified Person shall have reasonably concluded that there may be legal defenses available to it that are different
from or in addition to those available to the Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded
parties) include both the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would
be inappropriate due to actual or potential differing interests between them.&nbsp;&nbsp;It is understood and agreed that the Indemnifying
Person shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and expenses
of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall
be paid or reimbursed as they are incurred.&nbsp;&nbsp;Any such separate firm for any Underwriter, its affiliates, directors and officers
and any control persons of such Underwriter shall be designated in writing by Wells Fargo Securities, LLC and any such separate firm for
the Obligors, their respective directors and officers who signed the Registration Statement and any control persons of the Obligors shall
be designated in writing by the Obligors.&nbsp;&nbsp;The Indemnifying Person shall not be liable for any settlement of any proceeding
effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying
Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason of such settlement or judgment.&nbsp;&nbsp;Notwithstanding
the foregoing sentence, if at any time an Indemnified Person shall have requested that an Indemnifying Person reimburse the Indemnified
Person for fees and expenses of counsel as contemplated by this paragraph, the Indemnifying Person shall be liable for any settlement
of any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by the Indemnifying
Person of such request and (ii) the Indemnifying Person shall not have reimbursed the Indemnified Person in accordance with such request
prior to the date of such settlement.&nbsp;&nbsp;No</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Indemnifying Person shall, without
the written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified
Person is or could have been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement
(x) includes an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person,
from all liability on claims that are the subject matter of such proceeding and (y) does not include any statement as to or any admission
of fault, culpability or a failure to act by or on behalf of any Indemnified Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Contribution.</I>&nbsp;&nbsp;If the indemnification provided for in paragraph (a) or (b) above is unavailable to an Indemnified
Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under
such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified
Person as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits
received by the Obligors on the one hand and the Underwriters on the other from the offering of the Securities or (ii) if the allocation
provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i) but also the relative fault of the Obligors on the one hand and the Underwriters on the other in connection
with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable
considerations.&nbsp;&nbsp;The relative benefits received by the Obligors on the one hand and the Underwriters on the other shall be deemed
to be in the same respective proportions as the net proceeds (before deducting expenses) received by the Issuer from the sale of the Securities
and the total underwriting discounts and commissions received by the Underwriters in connection therewith, in each case as set forth in
the table on the cover of the Prospectus, bear to the aggregate offering price of the Securities.&nbsp;&nbsp;The relative fault of the
Obligors on the one hand and the Underwriters on the other shall be determined by reference to, among other things, whether the untrue
or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied
by the Obligors or by the Underwriters and the parties&rsquo; relative intent, knowledge, access to information and opportunity to correct
or prevent such statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Limitation on Liability.</I>&nbsp;&nbsp;The Obligors and the Underwriters agree that it would not be just and equitable if contribution
pursuant to this Section 6 were determined by <U>pro rata</U> allocation (even if the Underwriters were treated as one entity for such
purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in paragraph (d)
above.&nbsp;&nbsp;The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred
to in paragraph (d) above shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred
by such Indemnified Person in connection with any such action or claim.&nbsp;&nbsp;Notwithstanding the provisions of this Section 6, in
no event shall an Underwriter be required to contribute any amount in excess of the amount by which the total underwriting discounts and
commissions received by such Underwriter with respect to the offering of the Securities exceeds the amount of any damages that such Underwriter
has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission.&nbsp;&nbsp;No
person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation.&nbsp;&nbsp;The Underwriters&rsquo;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">obligations to contribute pursuant
to this Section 6 are several in proportion to their respective purchase obligations hereunder and not joint.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Non-Exclusive Remedies.</I>&nbsp;&nbsp;The remedies provided for in this Section 6 are not exclusive and shall not limit any
rights or remedies that may otherwise be available to any Indemnified Person at law or in equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Effectiveness of Agreement</U>. This Agreement shall become effective as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Termination</U>.&nbsp;&nbsp;This Agreement may be terminated in the absolute discretion of the Representatives, by notice to
Emera, if after the execution and delivery of this Agreement and on or prior to the Closing Date (i) trading generally shall have been
suspended or materially limited on the New York Stock Exchange, the Toronto Stock Exchange or the over-the-counter market; (ii) trading
of any securities issued or guaranteed by the Obligors shall have been suspended on any exchange or in any over-the-counter market; (iii)
a general moratorium on commercial banking activities shall have been declared by authorities in the United States, Canada or New York
State; or (iv) there shall have occurred any outbreak or escalation of hostilities or any change in financial markets or any calamity
or crisis, either within or outside the United States, Canada, or elsewhere, that, in the judgment of the Representatives, is material
and adverse and makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Securities on the terms and
in the manner contemplated by this Agreement, the Time of Sale Information, the Canadian Offering Memorandum and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Defaulting Underwriter</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>If, on the Closing Date, any Underwriter defaults on its obligation to purchase the Securities that it has agreed to purchase hereunder,
the non-defaulting Underwriters may in their discretion arrange for the purchase of such Securities by other persons satisfactory to the
Obligors on the terms contained in this Agreement.&nbsp;&nbsp;If, within 36 hours after any such default by any Underwriter, the non-defaulting
Underwriters do not arrange for the purchase of such Securities, then the Obligors shall be entitled to a further period of 36 hours within
which to procure other persons satisfactory to the non-defaulting Underwriters to purchase such Securities on such terms.&nbsp;&nbsp;If
other persons become obligated or agree to purchase the Securities of a defaulting Underwriter, either the non-defaulting Underwriters
or the Obligors may postpone the Closing Date for up to five full business days in order to effect any changes that in the opinion of
counsel for the Obligors or counsel for the Underwriters may be necessary in the Registration Statement, the Time of Sale Information,
the Canadian Offering Memorandum, the Prospectus or in any other document or arrangement, and the Obligors agree to promptly prepare any
amendment or supplement to the Registration Statement, the Time of Sale Information, the Canadian Offering Memorandum or the Prospectus
that effects any such changes.&nbsp;&nbsp;As used in this Agreement, the term &ldquo;Underwriter&rdquo; includes, for all purposes of
this Agreement unless the context otherwise requires, any person not listed in Schedule 1 hereto that, pursuant to this Section 9, purchases
Securities that a defaulting Underwriter agreed but failed to purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>If, after giving effect to any arrangements for the purchase of the Securities of a defaulting Underwriter or Underwriters by the
non-defaulting Underwriters and the Obligors as</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">provided in paragraph (a) above,
the aggregate principal amount of such Securities that remains unpurchased does not exceed one-eleventh of the aggregate principal amount
of all the Securities, then the Obligors shall have the right to require each non-defaulting Underwriter to purchase the principal amount
of Securities that such Underwriter agreed to purchase hereunder plus such Underwriter&rsquo;s <U>pro rata</U> share (based on the principal
amount of Securities that such Underwriter agreed to purchase hereunder) of the Securities of such defaulting Underwriter or Underwriters
for which such arrangements have not been made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>If, after giving effect to any arrangements for the purchase of the Securities of a defaulting Underwriter or Underwriters by the
non-defaulting Underwriters and the Obligors as provided in paragraph (a) above, the aggregate principal amount of such Securities that
remains unpurchased exceeds one-eleventh of the aggregate principal amount of all the Securities, or if the Obligors shall not exercise
the right described in paragraph (b) above, then this Agreement shall terminate without liability on the part of the non-defaulting Underwriters.&nbsp;&nbsp;Any
termination of this Agreement pursuant to this Section 9 shall be without liability on the part of the Obligors, except that the Obligors
will continue to be liable for the payment of expenses as set forth in Section&nbsp;10(b) hereof and except that the provisions of Section
6 hereof shall not terminate and shall remain in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>Nothing contained herein shall relieve a defaulting Underwriter of any liability it may have to the Obligors or any non-defaulting
Underwriter for damages caused by its default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Payment of Expenses</U><I>.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>Whether or not the transactions contemplated by this Agreement are consummated or this Agreement is terminated, the Obligors jointly
and severally agree to pay or cause to be paid all reasonable costs and expenses incident to the performance of their respective obligations
hereunder, including without limitation, (i)&nbsp;the costs incident to the authorization, issuance, sale, preparation and delivery of
the Securities and any transfer taxes and any stamp or other duties payable upon the sale, issuance and delivery of the Securities to
the Underwriters, and any filing fees payable to Canadian securities regulatory authorities; (ii)&nbsp;the costs incident to the preparation,
printing and filing under the Securities Act of the Registration Statement, any Preliminary Prospectus, the Preliminary Canadian Offering
Memorandum, any Issuer Free Writing Prospectus, any Time of Sale Information, the Final Canadian Offering Memorandum and any Prospectus
(including all exhibits, amendments and supplements thereto) and the distribution thereof; (iii)&nbsp;the costs of reproducing and distributing
each of the Transaction Documents; (iv) the fees and expenses of the Obligors&rsquo; counsels and independent accountants; (v) the fees
and expenses incurred in connection with the qualification of the Securities under the securities or Blue Sky laws of such states, possessions
or territories of the United States as the Representatives shall reasonably request in accordance with the provisions of Section 3(h)
hereof, including the preparation, printing and distribution of a Blue Sky Memorandum (including the related fees and expenses of counsel
for the Underwriters); (vi)&nbsp;the fees and expenses of the Trustee and any paying agent (including related fees and expenses of any
counsel to such parties); (vii) all expenses and application fees incurred in connection with the approval of the Securities for book-entry
transfer by DTC; and (viii) all expenses incurred by the Issuer in connection with any &ldquo;road show&rdquo; presentation to potential
investors, including, without limitation, travel and lodging expenses of the representatives and officers of the Guarantors; <I>provided</I>,
<I>however</I>, that with respect to the cost of aircraft chartered in</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">connection with any &ldquo;road
show&rdquo; to the extent that such aircraft was jointly used by the representatives and officers of the Obligors and the Underwriters
in connection with any &ldquo;road show,&rdquo; the Underwriters shall be responsible for 50% of the cost of such chartered aircraft.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>If this Agreement is terminated pursuant to Section 8, the Obligors for any reason fails to tender the Securities for delivery
to the Underwriters or the Underwriters decline to purchase the Securities for any reason permitted under this Agreement, the Obligors
jointly and severally agree to reimburse the Underwriters for all out-of-pocket costs and expenses (including the fees and expenses of
their counsel) reasonably incurred by the Underwriters in connection with this Agreement and the offering contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Persons Entitled to Benefit of Agreement</U>.&nbsp;&nbsp;This Agreement shall inure to the benefit of and be binding upon the
parties hereto and their respective successors and the officers and directors and any controlling persons referred to herein, and the
affiliates of each Underwriter referred to in Section 6 hereof.&nbsp;&nbsp;Nothing in this Agreement is intended or shall be construed
to give any other person any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained
herein.&nbsp;&nbsp;No purchaser of Securities from any Underwriter shall be deemed to be a successor merely by reason of such purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Survival</U>.&nbsp;&nbsp;The respective indemnities, rights of contribution, representations, warranties and agreements of the
Obligors and the Underwriters contained in this Agreement or made by or on behalf of the Obligors or the Underwriters pursuant to this
Agreement or any certificate delivered pursuant hereto shall survive the delivery of and payment for the Securities and shall remain in
full force and effect, regardless of any termination of this Agreement or any investigation made by or on behalf of the Obligors or the
Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Certain Defined Terms</U>.&nbsp;&nbsp;For purposes of this Agreement, (a) except where otherwise expressly provided, the term
&ldquo;<U>affiliate</U>&rdquo; has the meaning set forth in Rule 405 under the Securities Act; (b) the term &ldquo;<U>business day</U>&rdquo;
means any day other than a day on which banks are permitted or required to be closed in New York City, New York or Halifax, Nova Scotia;
(c) the term &ldquo;<U>subsidiary</U>&rdquo; has the meaning set forth in Rule 405 under the Securities Act; and (d) the term &ldquo;<U>significant
subsidiary</U>&rdquo; has the meaning set forth in Rule 1-02 of Regulation S-X under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with USA Patriot Act</U>.&nbsp;&nbsp;In accordance with the requirements of the USA Patriot Act (Title III of Pub.
L. 107-56 (signed into law October 26, 2001)), the Underwriters are required to obtain, verify and record information that identifies
their respective clients, including the Issuer, which information may include the name and address of their respective clients, as well
as other information that will allow the Underwriters to properly identify their respective clients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Miscellaneous</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Authority of the Representatives.</I>&nbsp;&nbsp;Any action by the Underwriters hereunder may be taken by the Representatives
on behalf of the Underwriters, and any such action taken by the Representatives shall be binding upon the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Notices.&nbsp;&nbsp;</I>All notices and other communications hereunder shall be in writing and shall be deemed to have been
duly given if mailed or transmitted and confirmed by any standard form of telecommunication.&nbsp;&nbsp;Notices to the Underwriters shall
be given to the Representatives c/o Wells Fargo Securities, LLC, 550 South Tryon Street, 5th Floor, Charlotte, North Carolina 28202, Attention:
Transaction Management Department, E-mail: tmgcapitalmarkets@wellsfargo.com; J.P. Morgan Securities LLC, 383 Madison Avenue, New York,
New York 10179, Attention: Investment Grade Syndicate Desk, 3rd Floor, Fax No.: (212) 834-6081; Morgan Stanley &amp; Co. LLC, 1585 Broadway,
New York, New York 10036, Attention: Investment Banking Division, Fax No.: (212) 507-8999; MUFG Securities Americas Inc., 1221 Avenue
of the Americas, 6th Floor, New York, New York 10020, Attention: Capital Markets Group, Fax No.: (646) 434-3455; RBC Capital Markets,
LLC, Brookfield Place, 200 Vesey Street, 8th Floor, New York, New York 10281, Attention: DCM Transaction Management/Scott Primrose, Telephone:
(212) 618-7706, E-mail: TMGUS@rbccm.com; and Scotia Capital (USA) Inc., 250 Vesey Street, New York, New York 10281, Attention: Debt Capital
Markets, U.S., E-mail: US.legal@scotiabank.com and TAG@scotiabank.com. Notices to the Issuer and the Guarantors shall be given to them
at Emera Incorporated, 5151 Terminal Road, Halifax, Nova Scotia B3J 1A1, (fax: (902) 428-6171); Attention: Brian C. Curry, Corporate Secretary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Governing Law.</I>&nbsp;&nbsp;This Agreement and any claim, controversy or dispute arising under or related to this Agreement
shall be governed by and construed in accordance with the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Submission to Jurisdiction; Agent for Service; Waiver of Immunity</I>.&nbsp;&nbsp;The Obligors hereby submit to the exclusive
jurisdiction of the U.S. federal and New York state courts in the Borough of Manhattan in The City of New York in any suit or proceeding
arising out of or relating to this Agreement or the transactions contemplated hereby.&nbsp;&nbsp;The Obligors waive any objection which
it may now or hereafter have to the laying of venue of any such suit or proceeding in such courts.&nbsp;&nbsp;The Obligors agree that
final judgment in any such suit, action or proceeding brought in such court shall be conclusive and binding upon the Obligors and may
be enforced in any court to the jurisdiction of which the Obligors, as applicable, is subject by a suit upon such judgment.&nbsp;&nbsp;The
Obligors have appointed the Issuer as its authorized agent (the &ldquo;<U>Authorized Agent</U>&rdquo;) upon whom process may be served
in any such action arising out of or based on this Agreement or the transactions contemplated hereby which may be instituted in any New
York Court by any Underwriter or by any person who controls any Underwriter, expressly consents to the jurisdiction of any such court
in respect of any such action, and waives any other requirements of or objections to personal jurisdiction with respect thereto.&nbsp;&nbsp;Such
appointment shall be irrevocable and in full force and effect so long as any securities are outstanding. The Obligors represent and warrant
that the Authorized Agent has agreed to act as such agent for service of process and agrees to take any and all action, including the
filing of any and all documents and instruments, that may be necessary to continue such appointment in full force and effect as aforesaid.&nbsp;&nbsp;Service
of process upon the Authorized Agent and written notice of such service to the Obligors shall be deemed, in every respect, effective service
of process upon the Obligors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent that the Issuer
or any Guarantor has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service
of notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">to itself or its property, it
hereby irrevocably waives such immunity in respect of its obligations under the above-referenced documents, to the extent permitted by
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The provisions of this Section
15(d) shall survive any termination of this Agreement, in whole or in part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Judgment Currency.</I>&nbsp;&nbsp;In respect of any judgment or order given or made for any amount due hereunder that is expressed
and paid in a currency (the &ldquo;<U>judgment currency</U>&rdquo;) other than United States dollars, the Obligors, joint and severally,
will indemnify each Underwriter against any loss incurred by such Underwriter as a result of any variation as between (i) the rate of
exchange at which the United States dollar amount is converted into the judgment currency for the purpose of such judgment or order and
(ii) the rate of exchange at which an Underwriter is able to purchase United States dollars with the amount of judgment currency actually
received by such Underwriter. The foregoing indemnity shall constitute a separate and independent obligation of the Obligors and shall
continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term &ldquo;<U>rate of exchange</U>&rdquo;
shall include any premiums and costs of exchange payable in connection with the purchase of or conversion into United States dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="text-transform: uppercase"><I>Waiver of Jury Trial.&nbsp;&nbsp;</I>Each of the parties hereto hereby waives any right
to trial by jury in any suit or proceeding arising out of or relating to this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Counterparts; Electronic Signatures.</I>&nbsp;&nbsp;This Agreement may be signed in counterparts (which may include counterparts
delivered by any standard form of telecommunication), each of which shall be an original and all of which together shall constitute one
and the same instrument.&nbsp;&nbsp;The words &ldquo;execution,&rdquo; &ldquo;executed,&rdquo; &ldquo;signed,&rdquo; signature,&rdquo;
and words of like import in this Agreement or in any other certificate, agreement or document related to this Agreement shall include
images of manually executed signatures transmitted by facsimile, email or other electronic format (including, without limitation, &ldquo;pdf,&rdquo;
&ldquo;tif&rdquo; or &ldquo;jpg&rdquo;) and other electronic signatures (including, without limitation, DocuSign and AdobeSign). The use
of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent,
communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed
signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic
Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law,
including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Amendments or Waivers</I>.&nbsp;&nbsp;No amendment or waiver of any provision of this Agreement, nor any consent or approval
to any departure therefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Headings.</I>&nbsp;&nbsp;The headings herein are included for convenience of reference only and are not intended to be part
of, or to affect the meaning or interpretation of, this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Recognition of the U.S. Special Resolution Regimes</U>.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>In the event that any Underwriter that is a Covered Entity (as defined below) becomes subject to a proceeding under a U.S. Special
Resolution Regime (as defined below), the transfer from such Underwriter of this Agreement, and any interest and obligation in or under
this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this
Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate (as defined below) of such Underwriter becomes
subject to a proceeding under a U.S. Special Resolution Regime, Default Rights (as defined below) under this Agreement that may be exercised
against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S.
Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">As used in this Section
16:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&ldquo;BHC Act Affiliate&rdquo;
has the meaning assigned to the term &ldquo;affiliate&rdquo; in, and shall be interpreted in accordance with, 12 U.S.C. &sect; 1841(k).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&ldquo;Covered Entity&rdquo;
means any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(i)&nbsp;&nbsp;&nbsp;a
&ldquo;covered entity&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(ii)&nbsp;&nbsp;&nbsp;a
&ldquo;covered bank&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iii)&nbsp;&nbsp;&nbsp;a
&ldquo;covered FSI&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;Default Right&rdquo; has the meaning assigned to that
term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect; 252.81, 47.2 or 382.1, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;U.S. Special Resolution Regime&rdquo; means each of
(i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform
and Consumer Protection Act and the regulations promulgated thereunder</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the foregoing is in accordance with your understanding,
please indicate your acceptance of this Agreement by signing in the space provided below.</P>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Very truly yours,</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">EUSHI FINANCE, INC.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Gregory W. Blunden</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;Gregory W. Blunden</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title:&nbsp;&nbsp;&nbsp;Chief Financial Officer&nbsp;</P></TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Brian C. Curry</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;Brian C. Curry</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;&nbsp;Corporate Secretary</TD></TR>
  </TABLE>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">EMERA INCORPORATED, as Guarantor</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Gregory W. Blunden</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;Gregory W. Blunden</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title:&nbsp;&nbsp;&nbsp;Chief Financial Officer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Brian C. Curry</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;Brian C. Curry</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;&nbsp;Corporate Secretary</TD></TR>
  </TABLE>




<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">EMERA US HOLDINGS INC., as Guarantor</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Gregory W. Blunden</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;Gregory W. Blunden</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title:&nbsp;&nbsp;&nbsp;Chief Financial Officer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Brian C. Curry</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;Brian C. Curry</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;&nbsp;Secretary</TD></TR>
  </TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">[<I>Signature Page&mdash;Underwriting Agreement</I>]</P>

<P STYLE="margin: 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Accepted: As of the date first written above</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">J.P. MORGAN SECURITIES LLC</TD>
    <TD STYLE="width: 50%">RBC CAPITAL MARKETS, LLC</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>By: <U>/s/ Som Bhattacharyya</U><BR>
Name: Som Bhattacharyya<BR>
Title: Executive Director</TD>
    <TD>By: <U>/s/ John M. Sconzo<BR>
</U>Name: John M. Sconzo<BR>
Title: Authorized Signatory</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>MORGAN STANLEY &amp; CO. LLC</TD>
    <TD>SCOTIA CAPITAL (USA) INC.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>By: <U>/s/ Natalie Smithson<BR>
</U>Name: Natalie Smithson<BR>
Title: Vice President</TD>
    <TD>By: <U>/s/ Michael Ravanesi<BR>
</U>Name: Michael Ravanesi<BR>
Title: Managing Director and Head,<BR>
U.S. Debt Origination</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>MUFG SECURITIES AMERICAS INC.</TD>
    <TD>WELLS FARGO SECURITIES, LLC</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>By: <U>/s/ Lee Schreibstein<BR>
</U>Name: Lee Schreibstein<BR>
Title: Managing Director</TD>
    <TD>By: <U>/s/ Carolyn Hurley<BR>
</U>Name: Carolyn Hurley<BR>
Title: Managing Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>For themselves and on behalf of the<BR>
several Underwriters listed in Schedule 1 hereto</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">[<I>Signature Page&mdash;Underwriting Agreement</I>]</P>

<P STYLE="margin: 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 2pt; margin-bottom: 0pt; text-align: right; text-indent: 0in">Schedule 1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.5in; text-align: justify; text-indent: 0in">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; text-align: left; width: 43%; border-bottom: Black 1pt solid; vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Underwriter&nbsp;</B></P></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; width: 57%; border-bottom: Black 1pt solid; vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>Aggregate<BR>
Principal&nbsp;<BR>
Amount of<BR>
Notes to be<BR>
Purchased</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">Wells Fargo Securities, LLC</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right">USD $93,750,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">J.P. Morgan Securities LLC</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right">USD $86,250,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">Morgan Stanley &amp; Co. LLC</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right">USD $86,250,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">MUFG Securities Americas Inc.</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right">USD $86,250,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">RBC Capital Markets, LLC</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right">USD $86,250,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">Scotia Capital (USA) Inc.</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right">USD $86,250,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">BMO Capital Markets Corp.</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right">USD $45,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">BofA Securities, Inc.</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right">USD $45,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">CIBC World Markets Corp.</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right">USD $45,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">TD Securities (USA) LLC</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right">USD $45,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">Truist Securities, Inc.</TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: right">USD $45,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">&nbsp;&nbsp;&nbsp; Total</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right">USD $750,000,000</TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 2pt; margin-bottom: 0pt; text-align: right; text-indent: 0in">Schedule 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Emera Subsidiaries</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Nova Scotia Power Incorporated</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Tampa Electric Company</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Peoples Gas System, Inc.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 2pt; margin-bottom: 0pt; text-align: right; text-indent: 0in">Schedule 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">Exceptions to Section 1(j)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;to
the extent that the failure to be so authorized, issued, fully paid and non-assessable or free and clear of any lien, charge, encumbrance,
security interest, restriction on voting or any other claim of any third party could not reasonably be expected, individually or in the
aggregate, to have a Material Adverse Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;the
equity of Emera Brunswick Pipeline Company Ltd. (&ldquo;EBPC&rdquo;) which is pledged to secure a limited recourse guarantee (with recourse
thereunder limited to such equity of EBPC) in connection with existing third-party financing of EBPC; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;the
equity of NSP Maritime Link Incorporated (&ldquo;NSPML&rdquo;) which is pledged under a certificated securities limited recourse pledge
agreement to secure the payment and performance of all secured obligations of NSPML in connection with the amended and restated credit
agreement dated December 16, 2024 and the equity of any subsidiary of NSPML which is charged under a debenture to secure such credit agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right; text-indent: 0in">ANNEX A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B><U>Time of Sale Information</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.&nbsp;&nbsp;&nbsp;Pricing Term Sheet, dated
September 29, 2025, containing the terms of the Securities, substantially in the form of Annex B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">ANNEX B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Form of Pricing Term Sheet<BR>
</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EUSHI FINANCE, INC. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">6.250% Fixed-to-Fixed Reset
Rate Junior Subordinated Notes due 2056</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">The information in this pricing
term sheet relates to the offering by EUSHI Finance, Inc. of its 6.250% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056 (the
&ldquo;<B>Offering</B>&rdquo;) and should be read together with the preliminary prospectus supplement dated September 29, 2025 relating
to the Offering (the &ldquo;<B>Preliminary Prospectus Supplement</B>&rdquo;), filed pursuant to Rule 424(b) under the Securities Act of
1933, as amended, including the documents incorporated by reference therein, and the related base prospectus dated September 26, 2025,
included in the Registration Statement Nos. 333-290501 and 333-290502. The information in this pricing term sheet supersedes the information
in the Preliminary Prospectus Supplement and the accompanying prospectus to the extent it is inconsistent with the information in the
Preliminary Prospectus Supplement or the accompanying prospectus. Terms not defined in this pricing term sheet have the meanings given
to such terms in the Preliminary Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">___</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%"><FONT STYLE="font-size: 10pt">Issuer:</FONT></TD>
    <TD STYLE="width: 75%"><FONT STYLE="font-size: 10pt">EUSHI Finance, Inc. (the &ldquo;<B>Issuer</B>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Guarantors:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Emera Incorporated (&ldquo;<B>Emera</B>&rdquo;) and Emera US Holdings Inc. (together, with Emera, the &ldquo;<B>Guarantors</B>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Legal Format:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">SEC registered</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Expected Ratings (Moody&rsquo;s/S&amp;P/Fitch)*:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><BR>
[Intentionally Omitted]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Security:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">6.250% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056 (the &ldquo;<B>Notes</B>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Principal Amount:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">U.S. $750,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Offering Price:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">100% of the principal amount</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Interest Rate:</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Notes will bear interest (i) from and including October 3, 2025
    to but excluding April 1, 2031 (the &ldquo;First Reset Date&rdquo;), at the rate of 6.250% per annum and (ii) from and including the First
    Reset Date, during each Reset Period (as defined in the Preliminary Prospectus), at a rate per annum equal to the Five-year U.S. Treasury
    Rate (as defined in the Preliminary Prospectus) as of the most recent Reset Interest Determination Date (as defined in the Preliminary
    Prospectus), plus a spread of 2.509% to be reset on each Reset Date (as defined in the Preliminary Prospectus); provided, that the interest
    rate during any Reset Period will not reset below 6.250% (which equals the initial interest rate on the Notes).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the definitions of the terms &ldquo;Reset Period,&rdquo; &ldquo;Five-year
U.S. Treasury Rate,&rdquo; &ldquo;Reset Interest Determination Date&rdquo; and &ldquo;Reset Date,&rdquo; and for other important information
concerning the calculation of interest on the Notes, see &ldquo;Description of the Notes&mdash;Interest Rate and Maturity&rdquo; in the
Preliminary Prospectus.&nbsp;</P></TD></TR>
  </TABLE>


<P STYLE="margin: 0">&nbsp;</P>



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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; font-size: 12pt"><FONT STYLE="font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="width: 75%; font-size: 12pt"><FONT STYLE="font-size: 10pt">April 1 and October 1 of each year, beginning April 1, 2026 (subject to the Issuer&rsquo;s right to defer interest payments as described under &ldquo;Optional Interest Deferral&rdquo; below)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Optional Interest Deferral:</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">So long as no Event of Default (as defined in the Preliminary Prospectus)
    with respect to the Notes has occurred and is continuing, the Issuer may, at its option, defer interest payments on the Notes, from time
    to time, for one or more deferral periods of up to 20 consecutive semi-annual Interest Payment Periods (as defined in the Preliminary
    Prospectus) each, except that no such Optional Deferral Period may extend beyond the final maturity date of the Notes or end on a day
    other than the day immediately preceding an interest payment date. No interest will be due or payable on the Notes during any such Optional
    Deferral Period unless the Issuer elects, at its option, to redeem Notes during such Optional Deferral Period, in which case accrued and
    unpaid interest to, but excluding, the redemption date will be due and payable on such redemption date only on the Notes being redeemed,
    or unless the principal of and interest on the Notes shall have been declared due and payable as the result of an Event of Default with
    respect to the Notes, in which case all accrued and unpaid interest on the Notes shall become due and payable. The Issuer may elect, at
    its option, to extend the length of any Optional Deferral Period that is shorter than 20 consecutive semi-annual Interest Payment Periods
    (so long as the entire Optional Deferral Period does not exceed 20 consecutive semi-annual Interest Payment Periods or extend beyond the
    final maturity date of the Notes) and to shorten the length of any Optional Deferral Period. The Issuer cannot begin a new Optional Deferral
    Period until the Issuer or the Guarantors have paid all accrued and unpaid interest on the Notes from any previous Optional Deferral Period.
    During any Optional Deferral Period, interest on the Notes will continue to accrue at the then applicable interest rate on the Notes (as
    reset from time to time on any Reset Date occurring during such Optional Deferral Period in accordance with the terms of the Notes). In
    addition, during any Optional Deferral Period, interest on the deferred interest will accrue at the then-applicable interest rate on the
    Notes (as reset from time to time on any Reset Date occurring during such Optional Deferral Period in accordance with the terms of the
    Notes), compounded semi-annually, to the extent permitted by applicable law.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">For additional information
and the definitions of the terms Event of Default, Optional Deferral Period and Interest Payment Period, see &ldquo;Description of the
Notes&mdash;Events of Default&rdquo; and &ldquo;Description of the Notes&mdash;Option to Defer Interest Payments&rdquo; in the </FONT>Preliminary
Prospectus<FONT STYLE="background-color: white">.&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Maturity Date:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">April 1, 2056</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Optional Redemption Terms:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">At its option, the Issuer may redeem some or all of the Notes, as applicable, before their maturity, as follows:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&middot;&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -11pt 0pt 0pt 0.4in">in whole or in part (i) on any day in the period commencing
    on the date falling 90 days prior to the First Reset Date and ending on and including the First Reset Date and (ii) after the First Reset
    Date, on any interest payment date, at a redemption price in cash equal to 100% of the principal amount of the Notes being redeemed, plus,
    subject to the terms described in the first paragraph under &ldquo;Description of the Notes&mdash; Redemption&mdash;Redemption Procedures;
    Cancellation of Redemption&rdquo; in the Preliminary Prospectus, accrued and unpaid interest on the Notes to be redeemed to, but excluding,
    the redemption date;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&middot;&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -11pt 0pt 0pt 0.4in">in whole but not in part, at any time following
the occurrence and during the continuance of a Tax Event (as defined in the Preliminary Prospectus) at a redemption price in cash equal
to 100% of the principal amount of the Notes, plus, subject to the terms described in the first paragraph under &ldquo;Description of
the Notes&mdash;Redemption&mdash;Redemption&nbsp;</P></TD></TR>
  </TABLE>


<P STYLE="margin: 0">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 75%; padding-left: 0.5in; font-size: 12pt"><FONT STYLE="font-size: 10pt">Procedures; Cancellation of Redemption&rdquo; in the Preliminary Prospectus, accrued and unpaid interest on the Notes to, but excluding, the redemption date; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.5in; font-size: 12pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&middot;&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -11pt 0pt 0pt 0.4in">in whole but not in part, at any time following
the occurrence and during the continuance of a Rating Agency Event (as defined in the Preliminary Prospectus) at a redemption price in
cash equal to 102% of the principal amount of the Notes, plus, subject to the terms described in the first paragraph under &ldquo;Description
of the Notes&mdash;Redemption&mdash;Redemption Procedures; Cancellation of Redemption&rdquo; in the Preliminary Prospectus, accrued and
unpaid interest on the Notes to, but excluding, the redemption date.&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">For additional information and the definitions of the terms &ldquo;Tax Event&rdquo; and &ldquo;Rating Agency Event,&rdquo; see &ldquo;Description of the Notes&mdash;Redemption&rdquo; in the Preliminary Prospectus.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">CUSIP / ISIN:</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">29882D AC7 / US29882DAC74&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Denominations:</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">$2,000 and integral multiples of $1,000 in excess thereof&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Pricing Date:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">September 29, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Expected Settlement Date:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">October 3, 2025 (T+4)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Joint Book-Running Managers:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">J.P. Morgan Securities LLC<BR>
Morgan Stanley &amp; Co. LLC<BR>
MUFG Securities Americas Inc.<BR>
RBC Capital Markets, LLC<BR>
Scotia Capital (USA) Inc.<BR>
Wells Fargo Securities, LLC<BR>
BMO Capital Markets Corp.<BR>
BofA Securities, Inc.<BR>
CIBC World Markets Corp.<BR>
TD Securities (USA) LLC<BR>
Truist Securities, Inc.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">_______________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Issuer expects that delivery
of the Notes will be made against payment therefor on or about October 3, 2025, which will be the fourth business day following the date
of pricing of the Notes (this settlement cycle being herein referred to as &ldquo;T+4&rdquo;). Under Rule 15c6-1 of the Securities Exchange
Act of 1934, as amended, trades in the secondary market generally are required to settle in one business day, unless the parties to any
such trade expressly agree otherwise. Accordingly, purchasers who wish to trade Notes more than one business day prior to the scheduled
settlement date will be required, by virtue of the fact that the Notes initially will settle in T+4, to specify an alternate settlement
cycle at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to make such trades should consult
their own advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Issuer and the Guarantors have filed a joint registration statement
on Forms F-3 / F-10 (including a prospectus) and a preliminary prospectus supplement with the SEC for the Offering to which this communication
relates. Before you invest, you should read the prospectus in that registration statement, the preliminary prospectus supplement and other
documents the Issuer and the Guarantors have filed with the SEC for more complete information about the Issuer, the Guarantors and this
offering.&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>You may get these documents for free by visiting EDGAR on the SEC
website at www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to send you
the prospectus if you request it by contacting each of: J.P. Morgan Securities LLC collect at (212) 834-4533, Morgan Stanley &amp; Co.
LLC toll-free at (866) 718-1649, MUFG Securities Americas Inc. toll-free at (877) 649-6848, RBC Capital Markets, LLC toll-free at (866)
375-6829, Scotia Capital (USA) Inc. toll-free at (800) 372-3930 or Wells Fargo Securities, LLC toll-free at (800) 645-3751.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any disclaimer or other notice that may appear below is not applicable
to this communication and should be disregarded.&nbsp;&nbsp;Such disclaimer or notice was automatically generated as a result of this
communication being sent by Bloomberg or another email system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in">ANNEX C</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>None</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="text-transform: uppercase">Annex D</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Form of Opinion and 10b-5 Statement of Davis
Polk &amp; Wardwell LLP</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="text-transform: uppercase">Annex E</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Form of Opinion of Brian Curry, Internal
Counsel for the Obligors</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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</HTML>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>dp235496_ex0401.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit 4.1</B></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EUSHI FINANCE, INC.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as Issuer</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EMERA INCORPORATED<BR>
EMERA US HOLDINGS INC.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as Guarantors</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EQUINITI TRUST COMPANY, LLC</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as Trustee</P>


<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECOND SUPPLEMENTAL INDENTURE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated as of October 3, 2025</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">to</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indenture</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated as of June 18, 2024</P>



<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Creating one series of Securities designated
as<BR>
6.250% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056<BR>
<BR>
</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps bold 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in">Article One <BR>
INTERPRETATIONS AND AMENDMENTS</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; text-indent: -0.95in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.95in">Section 101.&nbsp;&nbsp;&nbsp;Second Supplemental Indenture</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0in">2</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.95in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.95in">Section 102.&nbsp;&nbsp;&nbsp;Definitions in Second Supplemental Indenture</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">2</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.95in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.95in">Section 103.&nbsp;&nbsp;&nbsp;Interpretation not Affected by Headings</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">2</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps bold 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in">Article Two <BR>
DEFINITIONS</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.95in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.95in">Section 201.&nbsp;&nbsp;&nbsp;Certain Definitions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">2</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps bold 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in">Article Three <BR>
6.250% FIXED-TO-FIXED RESET RATE JUNIOR SUBORDINATED NOTES DUE 2056</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.95in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.95in">Section 301.&nbsp;&nbsp;&nbsp;Form and Terms of the Notes</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.95in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.95in">Section 302.&nbsp;&nbsp;&nbsp;Issuance of the Notes</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">7</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps bold 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in">Article Four <BR>
SUBORDINATION</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.95in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.95in">Section 401.&nbsp;&nbsp;&nbsp;Notes Subordinated to Senior Indebtedness</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">7</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.95in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.95in">Section 402.&nbsp;&nbsp;&nbsp;Disputes with Holders of Certain Senior Indebtedness</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.95in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.95in">Section 403.&nbsp;&nbsp;&nbsp;Subrogation</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.95in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.95in">Section 404.&nbsp;&nbsp;&nbsp;Obligation of the Issuer and the Guarantors Unconditional</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.95in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.95in">Section 405.&nbsp;&nbsp;&nbsp;Payments on the Notes Permitted</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">10</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.95in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.95in">Section 406.&nbsp;&nbsp;&nbsp;Effectuation of Subordination by Trustee</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">10</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.95in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.95in">Section 407.&nbsp;&nbsp;&nbsp;Rights of Holders of Senior Indebtedness Not Impaired</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">10</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps bold 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in">Article Five <BR>
OPTION TO DEFER INTEREST AND COVENANTS</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.95in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.95in">Section 501.&nbsp;&nbsp;&nbsp;Option to Defer Interest Payments</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">11</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.95in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.95in">Section 502.&nbsp;&nbsp;&nbsp;Covenants</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">11</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.95in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.95in">Section 503.&nbsp;&nbsp;&nbsp;Notice</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">12</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps bold 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in">Article Six <BR>
OPTIONAL REDEMPTION</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.95in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.95in">Section 601.&nbsp;&nbsp;&nbsp;Optional Redemption</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">12</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.95in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.95in">Section 602.&nbsp;&nbsp;&nbsp;Redemption Following a Tax Event</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">12</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.95in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.95in">Section 603.&nbsp;&nbsp;&nbsp;Redemption Following a Rating Agency Event</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">12</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.95in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.95in">Section 604.&nbsp;&nbsp;&nbsp;Payments of Interest</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">13</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.95in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.95in">Section 605.&nbsp;&nbsp;&nbsp;Securities Called for Redemption</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">13</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.95in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.95in">Section 606.&nbsp;&nbsp;&nbsp;Notice of Redemption</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">13</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.95in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.95in">Section 607.&nbsp;&nbsp;&nbsp;Deposit of Redemption Price</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">13</TD></TR>
</TABLE>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps bold 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in">Article <BR>
Seven GENERAL</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; text-indent: -0.95in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.95in">Section 701.&nbsp;&nbsp;&nbsp;Effectiveness</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0in">14</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.95in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.95in">Section 702.&nbsp;&nbsp;&nbsp;Ratification of Original Indenture</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">14</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.95in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.95in">Section 703.&nbsp;&nbsp;&nbsp;Governing Law</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">14</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.95in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.95in">Section 704.&nbsp;&nbsp;&nbsp;Severability</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">14</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.95in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.95in">Section 705.&nbsp;&nbsp;&nbsp;Acceptance of Trust</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">14</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.95in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.95in">Section 706.&nbsp;&nbsp;&nbsp;Benefits of Second Supplemental Indenture</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">14</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.95in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.95in">Section 707.&nbsp;&nbsp;&nbsp;Multiple Originals</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">14</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.95in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.95in">Section 708.&nbsp;&nbsp;&nbsp;Agent for Service</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">14</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Schedule A - Form of 6.250% Fixed-to-Fixed Reset
Rate Junior Subordinated Note due 2056</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">THIS SECOND SUPPLEMENTAL INDENTURE (this &ldquo;<U>Second
Supplemental Indenture</U>&rdquo;) dated as of October 3, 2025, by and among EUSHI FINANCE, INC., a corporation duly organized and existing
under the laws of the State of Delaware (the &ldquo;<U>Issuer</U>&rdquo;), EMERA INCORPORATED, a company duly organized and existing under
the laws of the Province of Nova Scotia (the &ldquo;<U>Company</U>&rdquo;), EMERA US HOLDINGS INC., a corporation organized and existing
under the laws of the State of Delaware (&ldquo;<U>EUSHI</U>&rdquo; and, together with the Company in their capacity as guarantors of
the Securities, the &ldquo;<U>Guarantors</U>&rdquo; and each a &ldquo;<U>Guarantor</U>&rdquo;) and EQUINITI TRUST COMPANY, LLC, as Trustee
(the &ldquo;<U>Trustee</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RECITALS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">WHEREAS, each of the Issuer and the Guarantors
has heretofore executed and delivered to the Trustee an Indenture, dated as of June 18, 2024, (the &ldquo;<U>Original Indenture</U>&rdquo;)
as supplemented by a first supplemental indenture dated June 18, 2024 (the &ldquo;<U>First Supplemental Indenture</U>&rdquo;), providing
for the issuance from time to time of its debentures, notes or other evidences of indebtedness (the &ldquo;<U>Securities</U>&rdquo;) in
one or more series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">WHEREAS, the Original Indenture is incorporated
herein by reference and the Original Indenture, as supplemented by the First Supplemental Indenture and this Second Supplemental Indenture,
is herein called the &ldquo;<U>Indenture</U>&rdquo;;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">WHEREAS, Sections 2.01, 3.01 and 9.01(x) of the
Original Indenture provide that the Issuer and the Trustee may from time to time enter into one or more indentures supplemental thereto
to establish the form or terms of Securities of a new series issued pursuant to the Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">WHEREAS, the Issuer desires to issue one series
of Securities under the Indenture to be designated as 6.250% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056 (the &ldquo;<U>Notes</U>&rdquo;)
;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">WHEREAS, in accordance with Sections 2.04 and
Article Nine of the Original Indenture, each Guarantor shall fully and unconditionally guarantee the Notes (the &ldquo;<U>Guarantee</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">WHEREAS, Section 9.01(xiii) of the Original Indenture
permits execution of supplemental indentures without the consent of any Holders to make any change that does not adversely affect the
rights of any Holder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">WHEREAS, the Issuer has requested that the Trustee
execute and deliver this Second Supplemental Indenture.&nbsp;&nbsp;The Issuer has delivered to the Trustee an Issuer&rsquo;s Certificate
and an Opinion of Counsel pursuant to Sections 1.02 and 9.03 of the Original Indenture to the effect, among other things, that all conditions
precedent provided for in the Original Indenture to the Trustee&rsquo;s execution and delivery of this Second Supplemental Indenture have
been complied with.&nbsp;&nbsp;All acts and things necessary have been done and performed to make this Second Supplemental Indenture enforceable
in accordance with its terms, and the execution and delivery of this Second Supplemental Indenture has been duly authorized in all respects;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">WHEREAS, all things necessary on the part of the
Issuer to make this Second Supplemental Indenture, when executed by the Issuer, the legal, valid and binding obligation of the Issuer
in accordance with the terms hereof, have been done; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">WHEREAS, all things necessary on the part of the
Issuer to make the Notes, when executed by the Issuer, and authenticated and delivered hereunder and duly issued by the Issuer, the legal,
valid and binding obligations of the Issuer in accordance with the terms of the Notes and this Second Supplemental Indenture, have been
done.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">NOW, THEREFORE, THIS SECOND SUPPLEMENTAL INDENTURE
WITNESSETH: For and in consideration of the premises and the purchase of the Notes by the Holders thereof, it is mutually covenanted and
agreed, for the equal and proportionate benefit of all Holders of the Notes, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-variant: normal; text-transform: uppercase">Article
One</FONT><FONT STYLE="font-weight: normal"><BR>
</FONT>INTERPRETATIONS AND AMENDMENTS</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 101.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Second Supplemental Indenture</U>.&nbsp;&nbsp;As used herein &ldquo;<U>Second Supplemental Indenture</U>&rdquo;, &ldquo;<U>hereto</U>&rdquo;,
&ldquo;<U>herein</U>&rdquo;, &ldquo;<U>hereof</U>&rdquo;, &ldquo;<U>hereby</U>&rdquo;, &ldquo;<U>hereunder</U>&rdquo; and similar expressions
refer to this Second Supplemental Indenture and not to any particular Article, Section or other portion hereof and include any and every
instrument supplemental or ancillary hereto or in implementation hereof, and further include the terms of the Notes set forth in the forms
of Notes annexed as Schedules hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 102.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Definitions in Second Supplemental Indenture</U>.&nbsp;&nbsp;All terms contained in this Second Supplemental Indenture which
are defined in the Original Indenture and not defined herein shall, for all purposes hereof, have the meanings given to such terms in
the Original Indenture, unless the context otherwise specifies or requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 103.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Interpretation not Affected by Headings</U>.&nbsp;&nbsp;The division of this Second Supplemental Indenture into Articles and
Sections, the provision of the table of contents hereto and the insertion of headings are for convenience of reference only and shall
not affect the construction or interpretation of this Second Supplemental Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-variant: normal; text-transform: uppercase">Article
Two</FONT><BR>
DEFINITIONS</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 201.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Certain Definitions</U>.&nbsp;&nbsp;The following additional terms are hereby established for the purposes of this Second Supplemental
Indenture and shall have the meanings set forth in this Second Supplemental Indenture solely for the purposes of this Second Supplemental
Indenture:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Business Day&rdquo; means, unless otherwise
expressly stated, any day other than (i) a Saturday or Sunday or (ii) a day on which banks and trust companies in The City of New York
are authorized or obligated by law, regulation or executive order to remain closed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;compound interest&rdquo; has the meaning
set forth in Section 501.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;calculation agent&rdquo; means, at any
time, the entity appointed by the Issuer and serving as such agent with respect to the Notes at such time. Unless the Issuer has validly
called all of the outstanding Notes for redemption on a redemption date occurring prior to the First Reset Date, the Issuer will appoint
a calculation agent for the Notes prior to the Reset Interest Determination Date immediately preceding the First Reset Date; provided
that, if the Issuer has called all of the outstanding Notes for redemption on a redemption date occurring prior to the First Reset Date
but the Issuer does not redeem all of the outstanding Notes on such redemption date, the Issuer will appoint a calculation agent for the
Notes as promptly as practicable after such proposed redemption date. The Issuer may terminate any such appointment and may appoint a
successor calculation agent at any time and from time to time (so long as there shall always be a calculation agent in respect of the
Notes when so required). The Issuer may appoint the Company or an affiliate of the Company as calculation agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Capital Stock&rdquo; means (i) in the case
of a corporation or a company, corporate stock or shares; (ii) in the case of an association or business entity, any and all shares, interests,
participations, rights or other equivalents (however designated) of corporate stock; (iii) in the case of a partnership or limited liability
company, partnership or membership interests (whether general or limited); and (iv) any other interest or participation that confers on
a person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Five-year U.S. Treasury Rate&rdquo; means,
as of any Reset Interest Determination Date, (i) an interest rate (expressed as a decimal) determined to be the per annum rate equal to
the arithmetic mean of the yields to maturity for U.S. Treasury securities adjusted to constant maturity with a maturity of five years
from the next Reset Date and trading in the public securities markets, for the five consecutive business days immediately prior to the
respective Reset Interest Determination Date as published (or, if fewer than five consecutive business days are so published on the applicable Reset Interest Determination Date, for such number of business days published)
in the most recent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">H.15, or (ii) if there is no such published U.S.
Treasury security with a maturity of five years from the next Reset Date and trading in the public securities markets, then the rate will
be determined by interpolation between the arithmetic mean of the yields to maturity for each of the two series of U.S. Treasury securities
adjusted to constant maturity trading in the public securities markets, (A) one maturing as close as possible to, but earlier than, the
Reset Date following the next succeeding Reset Interest Determination Date, and (B) the other maturing as close as possible to, but later
than, the Reset Date following the next succeeding Reset Interest Determination Date, in each case for the five consecutive business days
immediately prior to the respective Reset Interest Determination Date as published in the most recent H.15. If the Five-year U.S. Treasury
Rate cannot be determined pursuant to the methods described in clause (i) or (ii) above, then the Five-year U.S. Treasury Rate will be
the same interest rate determined for the prior Reset Interest Determination Date or, if the Five-year U.S. Treasury Rate cannot be so
determined as of the Reset Interest Determination Date preceding the First Reset Date, then the interest rate applicable for the Reset
Period beginning on and including the First Reset Date will be deemed to be 6.250% per annum, which is the same interest rate as in effect
from and including the Original Issue Date to but excluding the First Reset Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;First Reset Date&rdquo; has the meaning
set forth in Section 301.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;H.15&rdquo; means the statistical release
designated as such, or any successor publication, published by the Board of Governors of the U.S. Federal Reserve System (or any successor
thereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;interest payment date&rdquo; has the meaning
set forth in Section 301.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Interest Payment Period&rdquo; means the
semi-annual period from and including an interest payment date to but excluding the next succeeding interest payment date, except for
the first Interest Payment Period which shall be the period from and including the Original Issue Date to but excluding April 1, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;most recent H.15&rdquo; means the H.15
published closest in time but prior to the close of business on the second business day prior to the applicable Reset Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Optional Deferral Period&rdquo; has the
meaning set forth in Section 501.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Original Issue Date&rdquo; means October
3, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Rating Agency Event&rdquo; means, as of
any date, a change, clarification or amendment in the methodology published by any nationally recognized statistical rating organization
within the meaning of Section 3(a)(62) of the Securities Exchange Act of 1934, as amended (or any successor provision thereto), that then
publishes a rating for the Issuer (together with any successor thereto, a &ldquo;rating agency&rdquo;) in assigning equity credit to securities
such as the Notes, (a) as such methodology was in effect on September 29, 2025, in the case of any rating agency that published a rating
for the Issuer as of September 29, 2025, or (b) as such methodology was in effect on the date such rating agency first published a rating
for the Issuer, in the case of any rating agency that first publishes a rating for the Issuer after September 29, 2025 (in the case of
either clause (a) or (b), the &ldquo;current methodology&rdquo;), that results in (i) any shortening of the length of time for which a
particular level of equity credit pertaining to the Notes by such rating agency would have been in effect had the current methodology
not been changed or (ii) a lower equity credit (including up to a lesser amount) being assigned by such rating agency to the Notes as
of the date of such change, clarification or amendment than the equity credit that would have been assigned to the Notes by such rating
agency had the current methodology not been changed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;record date&rdquo; has the meaning set
for the in Section 301.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;redemption date&rdquo; when used with respect
to any Notes to be redeemed, means the date fixed for such redemption pursuant to this Second Supplemental Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Reset Date&rdquo; means the First Reset
Date and April 1 of every fifth year after 2031.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Reset Interest Determination Date&rdquo;
means, in respect of any Reset Period, the day falling two business days prior to the first day of such Reset Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Reset Period&rdquo; means the period from
and including the First Reset Date to but excluding the next following Reset Date and thereafter each period from and including a Reset
Date to but excluding the next following Reset Date, or the maturity date or date of redemption or repayment, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Rights Plan&rdquo; has the meaning set
forth in Section 502.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Tax Event&rdquo; means that the Issuer
has received an opinion of counsel experienced in such matters to the effect that, as a result of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>any amendment to, clarification of, or change, including any announced prospective change, in the laws or treaties of the United
States or any of its political subdivisions or taxing authorities, or any regulations under those laws or treaties;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT> an administrative action, which means any judicial decision or any official administrative pronouncement, ruling, regulatory procedure,
notice or announcement, including any notice or announcement of intent to issue or adopt any administrative pronouncement, ruling, regulatory
procedure or regulation;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>any amendment to, clarification of, or change in the official position or the interpretation of any administrative action or judicial
decision or any interpretation or pronouncement that provides for a position with respect to an administrative action or judicial decision
that differs from the previously generally accepted position, in each case by any legislative body, court, governmental authority or regulatory
body, regardless of the time or manner in which that amendment, clarification or change is introduced or made known; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>a threatened challenge asserted in writing in connection with a tax audit of the Issuer or any of its affiliates or subsidiaries,
or a publicly-known threatened challenge asserted in writing against any other taxpayer that has raised capital through the issuance of
securities that are substantially similar to the Notes,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">which amendment, clarification or change is effective
or the administrative action is taken or judicial decision, interpretation or pronouncement is issued or threatened challenge is asserted
or becomes publicly-known after September 29, 2025, there is more than an insubstantial risk that interest payable by the Issuer on the
Notes is not deductible, or within 90 days would not be deductible, in whole or in part, by the Issuer (or a member of the U.S. consolidated
group of which the Issuer is a member) for United States federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-variant: normal; text-transform: uppercase">Article
Three</FONT><BR>
6.250% FIXED-TO-FIXED RESET RATE JUNIOR SUBORDINATED NOTES DUE 2056</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 301.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>Form and Terms of the Notes.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>There shall be and there is hereby created for issuance under the Original Indenture, as supplemented by this Second Supplemental
Indenture, a series of Securities which shall be designated the &ldquo;6.250% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due
2056&rdquo; and shall consist of an aggregate principal amount of US$750,000,000; <U>provided</U>, <U>however</U>, that if the Issuer
shall, at any time after the date hereof, increase the principal amount of the Notes which may be issued and issue such increased principal
amount (or any portion thereof), then any such additional Notes so issued shall have the same form and terms (other than the issue price,
the date of issuance and, under certain circumstances, the date from which interest thereon shall begin to accrue and the first interest
payment date), and shall carry the same right to receive accrued and unpaid interest, as the Notes theretofore issued; <U>provided further</U> that, if the additional
Notes are not fungible with the then outstanding Notes for U.S. federal income tax purposes, the additional Notes shall have a separate
CUSIP and/or ISIN number.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>The Notes will mature, and the principal of the Notes and accrued and unpaid interest thereon shall be due and payable, on April
1, 2056 (the &ldquo;<U>2056 Stated Maturity</U>&rdquo;), or such earlier date as the principal of any of the Notes may become due and
payable in accordance with the provisions of the Original Indenture and this Second Supplemental Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>The Notes will bear interest (i) from and including the Original Issue Date to but excluding April 1, 2031 (the &ldquo;First Reset
Date&rdquo;), at the rate of 6.250% per annum and (ii) from and including the First Reset Date, during each Reset Period at a rate per
annum equal to the Five-year U.S. Treasury Rate as of the most recent Reset Interest Determination Date plus a spread of 2.509%, to be
reset on each Reset Date; provided, that the interest rate during any Reset Period will not reset below 6.250%. Interest on the Notes
will accrue from the Original Issue Date and will be payable semi-annually in arrears on April 1 and October 1 (each, an &ldquo;interest
payment date&rdquo;) of each year until maturity or earlier redemption, beginning on April 1, 2026, to Holders at the close of business
on the record date for the applicable interest payment date, which will be (i) the business day immediately preceding such interest payment
date so long as all of the Notes remain in book-entry only form or (ii) the 15th calendar day preceding such interest payment date (whether
or not a business day) if any of the Notes do not remain in book-entry only form (each, a &ldquo;record date&rdquo;), subject to the Issuer&rsquo;s
right to defer interest payments as described in Article Five below. Interest on the Notes will be computed on the basis of a 360-day
year of twelve 30-day months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The applicable interest rate for each Reset Period
will be determined by the calculation agent, as of the applicable Reset Interest Determination Date. Promptly upon such determination,
the calculation agent will notify the Issuer of the interest rate for the Reset Period and the Issuer will promptly notify, or cause the
calculation agent to promptly notify, in writing, the Trustee and each paying agent of such interest rate. The calculation agent&rsquo;s
determination of any interest rate, and its calculation of the amount of interest for any Interest Payment Period beginning on or after
the First Reset Date, will be on file at the Issuer&rsquo;s principal offices, will be made available to any Holder or beneficial owner
of the Notes upon request and will be final and binding in the absence of manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If an interest payment date, redemption date,
or maturity date falls on a day that is not a business day, payment will be made on the next succeeding business day with the same force
and effect as if made on such payment date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any such interest on the Notes not so punctually
paid or provided for on any Interest Payment Date shall be payable, as applicable, as provided in the form of Note annexed hereto as Schedule
A to this Second Supplemental Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>Wherever in this Second Supplemental Indenture there is mentioned, in any context, the payment of principal (and premium, if any),
interest or any other amount payable under or with respect to the Notes, such mention will be deemed to include mention of the payment
of Additional Amounts to the extent that, in such context, Additional Amounts are, were or would be payable in respect of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>All payments of principal of, premium, if any, and interest on the Notes will be made in such coin or currency of the United States
of America as at the time of payment is legal tender for payment of public and private debts, and all references herein to &ldquo;<U>United
States dollars</U>&rdquo;, &ldquo;US$&rdquo; or &ldquo;<U>U.S. dollars</U>&rdquo; shall be deemed to refer to such coin or currency of
the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>The principal of, premium, if any, and interest on the Notes shall be payable, and the Notes may be surrendered for exchange, registration,
transfer or discharge from registration, at the Corporate Trust Office of the Trustee in The City of New York, New York, and in such other
places as the Issuer may from time to time designate in accordance with the Original Indenture.&nbsp;&nbsp;The Trustee is hereby appointed
as the initial Paying Agent and Security Registrar for the Notes in The City of New York, New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>The Notes shall be issued only as registered Global Securities, without coupons, in denominations of US$2,000 and any integral
multiples of US$1,000 in excess thereof.&nbsp;&nbsp;The Notes initially will be represented by one or more Global Notes (the &ldquo;<U>Global Notes</U>&rdquo;) registered
in the name of The Depository Trust Company, as Depositary or its nominee, or a successor depositary or its nominee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>All Global Notes shall also bear the legends set forth in Section 3.14(f)(ii) of the Original Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>The Notes and the certificate of authentication of the Trustee endorsed thereon shall be in the form set out in Schedule A to this
Second Supplemental Indenture with such appropriate insertions, omissions, substitutions and variations as the Trustee may approve and
shall be numbered in such manner as the Trustee may approve, such approvals of the Trustee concerning any Note to be conclusively evidenced
by its authentication of such Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>The Security Register referred to in Section 3.05 of the Original Indenture shall, with respect to the Notes, be kept at the office
or agency in The City of New York, New York that the Issuer may from time to time designate for such purpose (which shall initially be
the Corporate Trust Office of the Trustee in The City of New York, New York), and at such other place or places as the Issuer, with the
approval of the Trustee may hereafter designate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>The Notes shall be subject to redemption as provided in Article Six of this Second Supplemental Indenture and Article Eleven of
the Original Indenture.&nbsp;&nbsp;The Issuer shall not otherwise be required to redeem, purchase or repay the Notes pursuant to any mandatory
redemption, sinking fund or analogous provision or at the option of the Holders thereof.&nbsp;&nbsp;The Notes will not be convertible
into or exchangeable for securities of any Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>Sections 14.02 and 14.03 of the Original Indenture shall be applicable to the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>For all purposes of the Indenture, the Notes shall act as a single series (including, but not limited to, for voting, waiver and
providing direction and requests), and shall not be subject to class voting provisions, including, but not limited to, in respect of Sections
5.01, 5.02, 5.03, 5.07, 5.12, 5.13, 6.02, 9.02 and 10.10 of the Original Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>Section 10.05 of the Original Indenture shall be applicable to the Notes, except the second paragraph thereof, which shall be replaced
in its entirety as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;If the Issuer or a Guarantor, as the case
may be, is so required to withhold or deduct any amount for or on account of Canadian Taxes from any payment made under or with respect
to the Notes or the Guarantee, the Issuer or the Guarantor, as the case may be, will pay to each Holder of such Notes as additional interest
such additional amounts (&ldquo;Additional Amounts&rdquo;) as may be necessary so that the net amount received by each such Holder after
such withholding or deduction (and after deducting any Canadian Taxes on such Additional Amounts) will not be less than the amount such
Holder would have received if such Canadian Taxes had not been withheld or deducted, except as described in this&nbsp;<U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#8206;</B></FONT>10.05</U>.
However, no Additional Amounts will be payable with respect to a payment made to a recipient or beneficial owner of such payment:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>with which the Issuer or a Guarantor, as the case may be, does not deal at arm&rsquo;s length (within the meaning of the Income
Tax Act (Canada) (the &ldquo;Tax Act&rdquo;)) at the time of making such payment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>&nbsp;which is subject to such Canadian Taxes by reason of the recipient or beneficial owner being a &ldquo;specified non-resident
shareholder&rdquo; of the Company for purposes of the Tax Act or a non-resident person not dealing at arm&rsquo;s length with a &ldquo;specified
shareholder&rdquo; (within the meaning of subsection 18(5) of the Tax Act) of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>which is subject to such Canadian Taxes by reason of the recipient or beneficial owner being an entity in respect of which the
Company is a &ldquo;specified entity&rdquo; as defined in subsection 18.4(1) of the Tax Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>which is subject to such Canadian Taxes by reason of the recipient or beneficial owner being a resident, domicile or national of,
or engaged in business or maintaining a permanent establishment or other physical presence in or otherwise having some connection
with Canada or any province or territory thereof otherwise than by the mere holding of Notes or the receipt of payments thereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>&nbsp;which is subject to such Canadian Taxes by reason of the failure of the recipient or beneficial owner to comply with any
certification, identification, documentation or other reporting requirements if compliance is required by law, regulation, administrative
practice or an applicable treaty as a precondition to exemption from, or a reduction in the rate of deduction or withholding of, such
Canadian Taxes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(6)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>which is subject to such Canadian Taxes by reason of the legal nature of the recipient or beneficial owner disentitling such recipient
or beneficial owner to the benefit of an applicable treaty if and to the extent that the application of such treaty would have resulted
in the reduction or elimination of any Canadian Taxes as to which Additional Amounts would have otherwise been payable to a Holder on
behalf of such beneficial owner;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(7)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>which failed to duly and timely comply with a timely request by the Issuer or a Guarantor, as the case may be, to provide information,
documents, certification or other evidence concerning such recipient or beneficial owner&rsquo;s nationality, residence, entitlement to
treaty benefits, identity or connection with Canada or any political subdivision or authority thereof, if and to the extent that due and
timely compliance with such request would have resulted in the reduction or elimination of any Canadian Taxes as to which Additional Amounts
would have otherwise been payable to a recipient or beneficial owner but for this clause;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(8)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>which is a fiduciary, limited liability company, partnership or any person other than the sole beneficial owner, to the extent
that, any beneficiary or settlor of such fiduciary, any member of such limited liability company, any partner in such partnership or the
beneficial owner of such payment (as the case may be) would not have been entitled to receive Additional Amounts with respect to such
payment if such beneficiary, settlor, member, partner or beneficial owner had been the recipient of such payment; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(9)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>which is subject to such Canadian Taxes by reason of any combination of the above.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>The Notes shall have the other terms and provisions set forth in the form of Note attached hereto as Schedule A to this Second
Supplemental Indenture with the same force and effect as if such terms and provisions were set forth in full herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 302.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Issuance of the Notes</U>.&nbsp;&nbsp;The Notes in the aggregate principal amount of US$750,000,000 shall be executed by the
requisite authorized officers of the Issuer and delivered by the Issuer to the Trustee on the date of issue for authentication and delivery
pursuant to and in accordance with the provisions of Section 3.03 of the Original Indenture and, upon the requirements of such provisions
being complied with, the Notes shall be authenticated by or on behalf of the Trustee and delivered by it to or upon the Issuer Order of
the Issuer without any further act or formality on the part of the Issuer.&nbsp;&nbsp;The Trustee shall not have any duty or responsibility
with respect to the use or application of any of the Notes so certified and delivered or the proceeds thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-variant: normal; text-transform: uppercase">Article
Four</FONT><BR>
SUBORDINATION</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following subordination provisions for the
Notes are established pursuant to Section 12.01 of the Original Indenture and are in addition to the provision of Article Twelve of the
Original Indenture, which shall apply to the Notes, except that Section 403 of this Second Supplemental Indenture replaces in its entirety
Section 12.04 of the Original Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 401.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Notes Subordinated to Senior Indebtedness</U>.&nbsp;&nbsp;Each of the Issuer and the&nbsp;&nbsp;Guarantors covenants and agrees,
and each Holder of the Notes and the Guarantees, by his acceptance thereof, likewise covenants and agrees, that (a) the indebtedness represented
by the Notes and the payment of the principal of and any premium or interest on each and all of the Notes of such series is subordinate,
to the extent and in the manner hereinafter set forth, in right of payment to the prior payment in full of all Senior Indebtedness; and
(b) Senior Indebtedness shall continue to be Senior Indebtedness with respect
to the Notes irrespective of any amendment, </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">modification or waiver of any term of the Notes or extension or renewal of the Notes (other
than any such amendment, modification or waiver that makes the Notes subordinated or equal in right of payment to the Notes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With respect to the Notes, in the event (a) of any payment by, or distribution
of assets of, the Issuer or the Guarantors of any kind or character, whether in cash, property or securities, to creditors upon any dissolution,
winding-up, liquidation or reorganization of the Issuer or the Guarantors, whether voluntary or involuntary or in bankruptcy, insolvency,
receivership or other similar proceedings, or (b) subject to the provisions of Section 402, that (i) a default shall have occurred and
be continuing with respect to the payment of principal, interest or any other monetary amounts due and payable on any Senior Indebtedness
and such default shall have continued beyond the period of grace, if any, specified in the instrument evidencing such Senior Indebtedness
(and the Trustee shall have received written notice thereof from the Issuer or the Guarantors or one or more holders of such Senior Indebtedness
or their representative or representatives or the trustee or trustees under any indenture pursuant to which any such Senior Indebtedness
may have been issued), or (ii) the maturity of any such Senior Indebtedness shall have been accelerated because of a default in respect
of such Senior Indebtedness (and the Trustee shall have received written notice thereof from the Issuer or the Guarantors or one or more
holders of such Senior Indebtedness or their representative or representatives or the trustee or trustees under any indenture pursuant
to which any such Senior Indebtedness may have been issued), then:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>the holders of all such Senior Indebtedness shall first be entitled to receive, in the case of clause (a) above, payment of all
amounts due or to become due upon all such Senior Indebtedness or, in the case of subclauses (i) and (ii) of clause (b) above, payment
of all amounts due upon all such Senior Indebtedness, or provision shall be made for such payment in money or money&rsquo;s worth, before
the Holders of any of the Notes are entitled to receive any payment on account of the principal of or any premium or interest on the indebtedness
evidenced by the Notes, including, without limitation, any payments made pursuant to Article Eleven or Article Fourteen of the Original
Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>so long as any of the events in clause (a) or subclauses (i) or (ii) of clause (b) above has occurred and is continuing, any payment
by, or distribution of assets of, the Issuer or the Guarantors of any kind or character, whether in cash, property or securities, to which
the Holders of any of the Notes would be entitled except for the provisions of this Article Four, including any such payment or distribution
which may be payable or deliverable by reason of the payment of any other indebtedness of the Issuer or the Guarantors being subordinated
to the payment of the Notes, shall be paid or distributed, as the case may be, by the Person making such payment or distribution, whether
a trustee in bankruptcy, receiver or liquidating trustee or otherwise, directly to the holders of such Senior Indebtedness or their representative
or representatives or to the trustee or trustees under any indenture under which any instruments evidencing any such Senior Indebtedness
may have been issued, ratably according to aggregate amounts remaining unpaid on account of such Senior Indebtedness held or represented
by each, to the extent necessary to make payment, in the case of clause (a) above, of all amounts due and to become due upon all such
Senior Indebtedness, or, in the case of subclauses (i) and (ii) of clause (b) above, of all amounts due upon all such Senior Indebtedness,
in each case remaining unpaid after giving effect to any concurrent payment or distribution (or provision therefor) to the holders of
such Senior Indebtedness, before any payment or distribution is made to the Holders of the indebtedness evidenced by the Notes; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>so long as any of the events in clause (a) or subclauses (i) or (ii) of clause (b) above has occurred and is continuing, in the
event that, notwithstanding the foregoing, any payment by, or distribution of assets of, the Issuer or the Guarantors of any kind or character,
whether in cash, property or securities, including any such payment or distribution which may be payable or deliverable by reason of the
payment of any other indebtedness of the Issuer or the Guarantors being subordinated to the payment of the Notes, in respect of principal
of or any premium or interest on any of the Notes or in connection with the repurchase by the Issuer or the Guarantors of any of the Notes,
shall be received by the Trustee or the Holders of any of the Notes before, in the case of clause (a) above, all amounts due or to become
due upon all such Senior Indebtedness or, in the case of subclauses (i) or (ii) of clause (b) above, all amounts due upon all such Senior
Indebtedness is paid in full (or provision is made for such payment), then such payment or distribution shall be paid over to the holders
of such Senior Indebtedness or their representative or representatives or to the trustee or trustees under any indenture pursuant to which
any instruments evidencing any such Senior Indebtedness may have been issued,
ratably as aforesaid, for application to the </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">payment of, in the case of clause (a) above, all amounts due and to become due upon all such
Senior Indebtedness or, in the case of subclauses (i) or (ii) of clause (b) above, all amounts due upon all such Senior Indebtedness,
in each case until all such amounts shall have been paid in full, after giving effect to any concurrent payment or distribution (or provision
therefor) to the holders of such Senior Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For purposes of this Article Four, the words &ldquo;cash,
property or securities&rdquo; shall not be deemed to include shares of stock of the Issuer or the Guarantors as reorganized or readjusted,
or securities of the Issuer or the Guarantors or any other Person provided for by a plan of reorganization or readjustment, the payment
of which is subordinated at least to the extent provided in this Article Four with respect to the Notes to the payment of all Senior Indebtedness
which may at the time be outstanding; provided that (i) all such Senior Indebtedness is assumed by the Person, if any, resulting from
any such reorganization or readjustment, and (ii) the rights of the holders of such Senior Indebtedness are not, without the consent of
each such holder adversely affected thereby, altered by such reorganization or readjustment. The consolidation of the Issuer with, or
the merger of the Issuer into, another Person or the liquidation or dissolution of the Issuer following the conveyance or transfer of
its properties and assets as an entirety, or substantially as an entirety, to any winding-up, liquidation or reorganization for the purposes
of this Section if such other Person shall, as part of such consolidation, merger, conveyance or transfer, comply with the conditions
stated in Article Eight of the Original Indenture. Nothing in this Section 401 shall apply to claims of, or payments to, the Trustee under
or pursuant to Section 6.07 of the Original Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 402.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Disputes with Holders of Certain Senior Indebtedness</U>.&nbsp;&nbsp;Any failure of the Issuer or the Guarantors to make any
payment of or on or perform any other obligation under any Senior Indebtedness, other than any Senior Indebtedness incurred by the Issuer
or the Guarantors or assumed or guaranteed, directly or indirectly, by the Issuer or the Guarantors for money borrowed (or any deferral,
renewal, extension or refunding thereof) or any indebtedness or obligation as to which the provisions of this Section shall have been
waived by the Issuer or the Guarantors in the instrument or instruments by which the Issuer or the Guarantors incurred, assumed, guaranteed
or otherwise created such indebtedness or obligation, shall not be deemed a default or event of default with respect to such Senior Indebtedness
under clause (b) of the second paragraph of Section 401 if (i) the Issuer or the Guarantors shall be disputing its obligation to make
such payment or perform such obligation and (ii) either (A) no final judgment relating to such dispute shall have been issued against
the Issuer or the Guarantors which is in full force and effect and is not subject to further review, including a judgment that has become
final by reason of the expiration of the time within which a party may seek further appeal or review, or (B) in the event of a judgment
that is subject to further review or appeal has been issued, the Issuer or the Guarantors shall in good faith be prosecuting an appeal
or other proceeding for review and a stay of execution shall have been obtained pending such appeal or review.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 403.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Subrogation</U>.&nbsp;&nbsp;Subject to the payment in full, in the case of clause (a) of the second paragraph of Section 401,
of all amounts due and to become due on all Senior Indebtedness or, in the case of subclauses (i) or (ii) of clause (b) of the second
paragraph of Section 401, of all amounts due on all such Senior Indebtedness, as the case may be, the Holders of the Notes shall be subrogated
(equally and ratably with the holders of all obligations of the Issuer or the Guarantors which are subordinated in right of payment to
Senior Indebtedness of the Issuer or the Guarantors to the same extent as the Notes are subordinated, or which by their express terms
rank equally in right of payment with the Notes with regard to Senior Indebtedness, and which in each case are entitled to like rights
of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments or distributions of cash, property or securities
of the Issuer or the Guarantors applicable to such Senior Indebtedness. Such subrogation shall continue until all amounts owing on the
Notes shall be paid in full, and as between the Issuer or the Guarantors, and their respective creditors other than holders of such Senior
Indebtedness and the Holders of the Notes, no such payment or distribution made to the holders of such Senior Indebtedness by virtue of
this Article Four that otherwise would have been made to the Holders of the Notes shall be deemed to be a payment by the Issuer or the
Guarantors on account of such Senior Indebtedness. The provisions of this Article Four are and are intended solely for the purpose of
defining the relative rights of the Holders of the Notes, on the one hand, and the holders of Senior Indebtedness, on the other hand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 404.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Obligation of the Issuer and the Guarantors Unconditional</U>.&nbsp;&nbsp;Nothing contained in this Article Four or elsewhere
in this Second Supplemental Indenture, in the Notes or in the Guarantees is intended to or shall impair, as among the Issuer or the Guarantors,
or their respective creditors other than the holders of Senior Indebtedness and the Holders of the Notes, the obligation of the Issuer
or the Guarantors, which is absolute and </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">unconditional, to pay to such Holders the principal of and any premium and interest on the Notes
as and when the same shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights
of such Holders and the creditors of the Issuer or the Guarantors other than the holders of such Senior Indebtedness, nor shall anything
herein or therein prevent the Trustee or any Holder of the Notes from exercising all remedies otherwise permitted by the Indenture or
applicable law upon default under this Second Supplemental Indenture, subject to the rights, if any, under this Article Four of the holders
of such Senior Indebtedness in respect of cash, property or securities of the Issuer or the Guarantors received by the Trustee or the
holders of the Notes upon the exercise of any such remedy and the rights of the holders of such Senior Indebtedness to enforce the provisions
of subparagraph (iii) of the second paragraph of Section 401 against the Trustee and the Holders of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon payment or distribution of assets of the Issuer or the Guarantors
referred to in this Article Four, the Trustee and the Holders of the Notes shall be entitled to rely upon any order or decree made by
any court of competent jurisdiction in which any such dissolution, winding-up, liquidation or reorganization proceeding affecting the
affairs of the Issuer or the Guarantors is pending or upon a certificate of the trustee in bankruptcy, receiver, assignee for the benefit
of creditors, liquidating trustee or agent or other person making any payment or distribution, delivered to the Trustee or to the Holders
of the Notes, for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of the
Senior Indebtedness and other indebtedness of the Issuer or the Guarantors, the amount thereof or payable thereon, the amount or amounts
paid or distributed thereon and all other facts pertinent thereto or to this Article Four.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trustee shall be entitled to rely on the delivery to it of a written
notice by a Person representing itself to be a holder of Senior Indebtedness (or a trustee or representative on behalf of such holder)
to establish that such notice has been given by a holder of Senior Indebtedness or a trustee or representative on behalf of any such holder
or holders. In the event that the Trustee determines in good faith that further evidence is required with respect to the right of any
Person as a holder of Senior Indebtedness to participate in any payment or distribution pursuant to this Article Four, the Trustee may
request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held by
such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent
to the rights of such Person under this Article Four, and, if such evidence is not furnished, the Trustee may defer payment to such Person
pending judicial determination as to the right of such Person to receive such payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 405.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Payments on the Notes Permitted</U>.&nbsp;&nbsp;Nothing contained in this Article Four or elsewhere in this Second Supplemental
Indenture, in the Notes or in the Guarantees shall affect the obligations of the Issuer or the Guarantors to make, or prevent the Issuer
or the Guarantors from making, payment of the principal of or any premium or interest on the Notes in accordance with the provisions hereof
and thereof, except as otherwise provided in this Article Four.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 406.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Effectuation of Subordination by Trustee</U>.&nbsp;&nbsp;Each Holder of the Notes, by his acceptance thereof, authorizes and
directs the Trustee in his, her or its behalf to take such action as may be necessary or appropriate to effectuate the subordination provided
in this Article Four and appoints the Trustee his, her or its attorney-in-fact, as the case maybe, for any and all such purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 407.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Rights of Holders of Senior Indebtedness Not Impaired</U>.&nbsp;&nbsp;No right of any present or future holder of any Senior
Indebtedness shall at any time or in any way be prejudiced or impaired by any act or failure to act on the part of the Issuer or the Guarantors
or by any noncompliance by the Issuer or the Guarantors with the terms, provisions and covenants of the Indenture, regardless of any knowledge
thereof which any such holder may have or be otherwise charged with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With respect to the holders of Senior Indebtedness, (i) the duties
and obligations of the Trustee shall be determined solely by the express provisions of the Indenture; (ii) the Trustee shall not be liable
except for the performance of such duties and obligations as are specifically set forth in the Indenture; (iii) no implied covenants or
obligations shall be read into the Indenture against the Trustee; and (iv) the Trustee shall not be deemed to be a fiduciary as to such
holders of Senior Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>



<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-variant: normal; text-transform: uppercase">Article
Five</FONT><BR>
OPTION TO DEFER INTEREST AND COVENANTS</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 501.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Option to Defer Interest Payments</U>.&nbsp;&nbsp;So long as no Event of Default with respect to the Notes has occurred and
is continuing, the Issuer may, at its option, defer interest payments on the Notes, from time to time, for one or more deferral periods
of up to 20 consecutive semi-annual Interest Payment Periods (each such deferral period, commencing on the interest payment date on which
the first such deferred interest payment otherwise would have been made, an &ldquo;Optional Deferral Period&rdquo;), except that no such
Optional Deferral Period may extend beyond the final maturity date of the Notes or end on a day other than the day immediately preceding
an interest payment date. During any Optional Deferral Period, interest on the Notes will continue to accrue at the then-applicable interest
rate on the Notes (as reset from time to time on any Reset Date occurring during such Optional Deferral Period in accordance with the
terms of the Notes). In addition, during any Optional Deferral Period, interest on the deferred interest (&ldquo;compound interest&rdquo;)
will accrue at the then-applicable interest rate on the Notes (as reset from time to time on any Reset Date occurring during such Optional
Deferral Period in accordance with the terms of the Notes), compounded semi-annually, to the extent permitted by applicable law. No interest
will be due or payable on the Notes during an Optional Deferral Period, except upon a redemption of any Notes on any redemption date during
such Optional Deferral Period (in which case all accrued and unpaid interest (including, to the extent permitted by applicable law, any
compound interest) on the Notes to be redeemed to but excluding such redemption date will be due and payable on such redemption date),
or unless the principal of and interest on the Notes shall have been declared due and payable as the result of an Event of Default with
respect to the Notes (in which case all accrued and unpaid interest, including, to the extent permitted by applicable law, any compound
interest, on the Notes shall become due and payable). All references in the Notes and, insofar as it relates to the Notes, the Indenture,
to &ldquo;interest&rdquo; on the Notes shall be deemed to include any such deferred interest and, to the extent permitted by applicable
law, any compound interest, unless otherwise expressly stated or the context otherwise requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Before the end of any Optional Deferral Period that is shorter than
20 consecutive semi-annual Interest Payment Periods, the Issuer may elect, at its option, to extend such Optional Deferral Period, so
long as the entire Optional Deferral Period does not exceed 20 consecutive semi-annual Interest Payment Periods or extend beyond the final
maturity date of the Notes. The Issuer may also elect, at its option, to shorten the length of any Optional Deferral Period. No Optional
Deferral Period (including as extended or shortened) may end on a day other than the day immediately preceding an interest payment date.
At the end of any Optional Deferral Period, if all amounts then due on the Notes, including all accrued and unpaid interest thereon (including,
without limitation and to the extent permitted by applicable law, any compound interest), are paid, the Issuer may elect to begin a new
Optional Deferral Period; provided, however, that, without limitation of the foregoing, the Issuer may not begin a new Optional Deferral
Period unless the Issuer has paid all accrued and unpaid interest on the Notes (including, without limitation and to the extent permitted
by applicable law, any compound interest) from any previous Optional Deferral Periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the avoidance of doubt, deferral of interest payments on the Notes
pursuant to this Section 501 shall not constitute an Event of Default under Section 5.01(1) of the Original Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 502.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Covenants</U>.&nbsp;&nbsp;During any Optional Deferral Period, the Issuer will not do any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>declare or pay any dividends or distributions on any Capital Stock of the Issuer or the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>redeem, purchase, acquire or make a liquidation payment with respect to any Capital Stock of the Issuer or the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>pay any principal, interest or premium on, or repay, repurchase or redeem, any indebtedness of the Issuer or the Guarantors that
ranks equally with or junior to the Notes or the Guarantees in right of payment; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT> make any payments with respect to any guarantees by the Issuer or the Guarantors of any indebtedness if such guarantees rank equally
with or junior to the Notes or the Guarantees in right of payment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">provided; however, during an Optional Deferral
Period, the Issuer or the Guarantors may (a) declare and pay dividends or distributions payable solely in shares of the Issuer&rsquo;s
or the Guarantors&rsquo; common stock (together, for the avoidance of doubt, with cash in lieu of any fractional share) or options, warrants
or rights to subscribe for or purchase shares of the Issuer&rsquo;s or the Guarantors&rsquo; common stock, (b) declare and pay any dividend
in connection with the implementation of a plan (a &ldquo;Rights Plan&rdquo;) providing for the issuance by the Issuer or the Guarantors
to all holders of the Issuer&rsquo;s or the Guarantors&rsquo; common stock of rights entitling them to subscribe for or purchase common
stock or any class or series of the Issuer&rsquo;s or the Guarantors&rsquo; preferred stock, which rights (1) are deemed to be transferred
with such common stock, (2) are not exercisable until the occurrence of a specified event or events and (3) are also issued in respect
of future issuances of the Issuer&rsquo;s or the Guarantors&rsquo; common stock, (c) issue any of shares of the Issuer&rsquo;s or the
Guarantors&rsquo; Capital Stock under any Rights Plan or redeem or repurchase any rights distributed pursuant to a Rights Plan, (d) reclassify
the Issuer&rsquo;s or the Guarantors&rsquo; Capital Stock or exchange or convert one class or series of the Issuer&rsquo;s or the Guarantors&rsquo;
Capital Stock for another class or series of the Issuer&rsquo;s or the Guarantors&rsquo; Capital Stock, (e) purchase fractional interests
in shares of the Issuer&rsquo;s or the Guarantors&rsquo; Capital Stock pursuant to the conversion or exchange provisions of such Capital
Stock or the security being converted or exchanged, (f) purchase, acquire or withhold shares of the Issuer&rsquo;s or the Guarantors&rsquo;
common stock related to the issuance of the Issuer&rsquo;s or the Guarantors&rsquo; common stock or rights under any dividend reinvestment
plan or related to any of the Issuer&rsquo;s or the Guarantors&rsquo; benefit plans for the Issuer&rsquo;s or the Guarantors&rsquo; directors,
officers, employees, consultants or advisors, including any employment contract, and (g) for the avoidance of doubt, convert convertible
Capital Stock of the Issuer or the Guarantors into other Capital Stock of the Issuer or the Guarantors in accordance with the terms of
such convertible Capital Stock (together, for the avoidance of doubt, with cash in lieu of any fractional share).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 503.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Notice.</U>&nbsp;&nbsp;The Issuer will give the Holders of the Notes and the Trustee written notice of its election of, or any
shortening or extension of, an Optional Deferral Period at least 10 business days prior to the earlier of (1) the next succeeding interest
payment date or (2) the date upon which the Issuer is required to give notice to any applicable self-regulatory organization or to Holders
of the Notes of the next succeeding interest payment date or the record date therefor. The record date for the payment of deferred interest
and, to the extent permitted by applicable law, any compound interest payable on the interest payment date immediately following the last
day of an Optional Deferral Period will be the regular record date with respect to such interest payment date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-variant: normal; text-transform: uppercase">Article
Six</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
</FONT>OPTIONAL REDEMPTION</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 601.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Optional Redemption</U>.&nbsp;&nbsp;The Issuer may redeem some or all of the Notes, at its option, in whole or in part (i) on
any day in the period commencing on the date falling 90 days prior to the First Reset Date and ending on and including the First Reset
Date and (ii) after the First Reset Date, on any interest payment date, at a redemption price in cash equal to 100% of the principal amount
of the Notes being redeemed, plus, (subject to the provisions set forth in Section 604 regarding the payment of installments of interest
on the Notes that are due and payable on any Interest Payment Date falling on or prior to a Redemption Date), accrued and unpaid interest
on the Notes to be redeemed to but excluding the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 602.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Redemption Following a Tax Event</U>.&nbsp;&nbsp;The Issuer may at its option redeem the Notes, in whole but not in part, at
any time following the occurrence and during the continuance of a Tax Event at a redemption price in cash equal to 100% of the principal
amount of the Notes, plus, (subject to the provisions set forth in Section 604 regarding the payment of installments of interest on the
Notes that are due and payable on any Interest Payment Date falling on or prior to a Redemption Date), accrued and unpaid interest on
the Notes to but excluding the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 603.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Redemption Following a Rating Agency Event</U>. The Issuer may at its option redeem the Notes, in whole but not in part, at
any time following the occurrence and during the continuance of a Rating Agency Event at a redemption price in cash equal to 102% of the
principal amount of the Notes, plus, (subject to the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">provisions set forth in Section 604 regarding the payment of installments
of interest on the Notes that are due and payable on any Interest Payment Date falling on or prior to a Redemption Date), accrued and
unpaid interest on the Notes to but excluding the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 604.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Payments of Interest</U>. Notwithstanding any statement in Article Six to the contrary, installments of interest on the Notes
that are due and payable on any interest payment date falling on or prior to a redemption date for the Notes will be payable on that interest
payment date to the Holders thereof as of the close of business on the relevant record date according to the terms of the Notes and the
Indenture, except that, if the redemption date for any Notes falls on any day during an Optional Deferral Period, accrued and unpaid interest
(including, to the extent permitted by applicable law, any compound interest) on such Notes will be paid on such redemption date to the
persons entitled to receive the redemption price of such Notes. For the avoidance of doubt, the interest payment date falling immediately
after the last day of an Optional Deferral Period shall not be deemed to fall on a day during such Optional Deferral Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 605.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Securities Called for Redemption</U>. Section 11.06 of the Original Indenture is replaced in its entirety as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Once notice of redemption is mailed, the
Notes called for redemption will become due and payable on the redemption date at the applicable redemption price, plus, subject to the
terms described in Section 604 of this Second Supplemental Indenture, accrued and unpaid interest to but excluding the redemption date,
and will be paid upon surrender thereof for redemption, unless (a) the notice of redemption provides that such redemption shall be subject
to the condition described in Section 606 of this Second Supplemental Indenture and (b) such redemption shall have been canceled in accordance
with the provisions of Section 606 of this Second Supplemental Indenture because such condition shall not have been satisfied. If only
part of a note is redeemed, the Trustee will issue in the name of the registered holder of the note and deliver to such holder a new note
in a principal amount equal to the unredeemed portion of the principal of the note surrendered for redemption. If the Issuer elects to
redeem all or a portion of the Notes, then, unless otherwise provided in such notice of redemption as described in the next succeeding
paragraph, the redemption will not be conditional upon receipt by the paying agent or the Trustee of monies sufficient to pay the redemption
price.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 606.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Notice of Redemption</U>.&nbsp;&nbsp;The following paragraph is appended as the last paragraph of Section 11.04 of the Original
Indenture:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;If, at the time a notice of redemption
is given, (i) the Issuer has not effected satisfaction and discharge of the Notes pursuant to Article Four of the Indenture and (ii) such
notice of redemption is not being given in connection with or in order to effect satisfaction and discharge of the Notes, then, if the
notice of redemption so provides and at the Issuer&rsquo;s option, the redemption may be subject to the condition that the Trustee shall
have received, on or before the applicable redemption date, monies in an amount sufficient to pay the redemption price and accrued and
unpaid interest on the Notes called for redemption to but excluding the redemption date. If monies in such amount are not received by
the Trustee on or before such redemption date, such notice of redemption shall be automatically canceled and of no force or effect, such
proposed redemption shall be automatically canceled and the Issuer shall not be required to redeem the Notes called for redemption on
such redemption date. In the event that a redemption is canceled, the Issuer will, not later than the business day immediately following
the proposed redemption date, deliver, or cause to be delivered, notice of such cancellation to the Holders of the Notes called for redemption
(which notice will also indicate that any Notes or portions thereof surrendered for redemption shall be returned to the applicable Holders),
and the Issuer will direct the Trustee to, and the Trustee will, promptly return any Notes or portions thereof that have been surrendered
for redemption to the applicable Holders.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 607.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Deposit of Redemption Price</U>.&nbsp;&nbsp;Section 11.05 of the Original Indenture is deleted in its entirety and does not
apply to the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-variant: normal; text-transform: uppercase">Article
Seven</FONT><BR>
GENERAL</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 701.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Effectiveness</U>.&nbsp;&nbsp;This Second Supplemental Indenture shall become effective upon its execution and delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 702.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Ratification of Original Indenture</U>.&nbsp;&nbsp;The Original Indenture as supplemented by the Second Supplemental Indenture
is in all respects ratified and confirmed, and this Second Supplemental Indenture shall be deemed part of the Original Indenture in the
manner and to the extent herein and therein provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 703.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law</U>.&nbsp;&nbsp;This Second Supplemental Indenture, the Original Indenture as supplemented hereby and the Securities
shall be governed by and construed in accordance with the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 704.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Severability</U>.&nbsp;&nbsp;In case any provision in this Second Supplemental Indenture, the Original Indenture as supplemented
hereby or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions
shall not in any way be affected or impaired thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 705.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Acceptance of Trust</U>.&nbsp;&nbsp;The Trustee hereby accepts the trusts in this Second Supplemental Indenture declared and
provided for and agrees to perform the same upon the terms and conditions herein before set forth in trust for the various Persons who
shall from time to time be Holders subject to all the terms and conditions herein set forth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 706.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Benefits of Seccond Supplemental Indenture</U>.&nbsp;&nbsp;Nothing in this Second Supplemental Indenture or in the Notes, express
or implied, shall give to any Person, other than the parties hereto, and their successors hereunder and the Holders, any benefit or any
legal or equitable right, remedy or claim under this Second Supplemental Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 707.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Multiple Originals</U>.&nbsp;&nbsp;The parties may sign any number of copies of this Second Supplemental Indenture.&nbsp;&nbsp;Each
signed copy shall be an original, but all of them together represent the same agreement.&nbsp;&nbsp;One signed copy is enough to prove
this Second Supplemental Indenture.&nbsp;&nbsp;Delivery of an executed counterpart of a signature page to this Second Supplemental Indenture
by telecopier, facsimile or other electronic transmission (i.e., a &ldquo;pdf&rdquo; or &ldquo;tif&rdquo;), Docusign or otherwise, shall
be effective as delivery as a manually executed counterpart thereof and may be used in lieu of the original Second Supplemental Indenture
for all purposes.&nbsp;&nbsp;The words &ldquo;execution,&rdquo; &ldquo;signed,&rdquo; &ldquo;signature,&rdquo; and words of like import
in this Second Supplemental Indenture or in any other certificate, agreement or document related to this Second Supplemental Indenture
or the Notes shall include images of manually executed signatures transmitted by facsimile or other electronic format (including, without
limitation, &ldquo;pdf&rdquo;, &ldquo;tif&rdquo; or &ldquo;jpg&rdquo;) and electronic signatures provided by DocuSign, AdobeSign or such
other digital signature provider as specified in writing to the Trustee by an authorized representative of the Issuer.&nbsp;&nbsp;For
the avoidance of doubt, any written communication to the Trustee hereunder may be signed manually and transmitted by facsimile or other
electronic format (including, without limitation, &ldquo;pdf&rdquo;, &ldquo;tif&rdquo; or &ldquo;jpg&rdquo;) or signed by way of an electronic
signature provided by DocuSign, AdobeSign or such other digital signature provider as specified in writing to the Trustee by an authorized
representative of the Company.&nbsp;&nbsp;The use of electronic signatures and electronic records (including, without limitation, any
contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect,
validity and enforceability as a manually executed signature or use of a paper-based recordkeeping system to the fullest extent permitted
by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures
and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions
Act or the Uniform Commercial Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 708.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Agent for Service</U>.&nbsp;&nbsp;By the execution and delivery of this Second Supplemental Indenture, the Company (i) irrevocably
designates and appoints, and acknowledges that it has irrevocably designated and appointed, the Issuer as its authorized agent upon which
process may be served in any suit, action or proceeding arising out of or relating to the Notes or this Second Supplemental Indenture
that may be instituted in any United States federal or New York state court in The City of New York or brought under federal or state
securities laws or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">brought by the Trustee (whether in its individual capacities or in
its capacity as Trustee) or, subject to Section 5.07 of the Original Indenture, any Holder of Notes in any United States federal or New
York state court in The City of New York, (ii) submits to the nonexclusive jurisdiction of any such court in any such suit, action or
proceeding, and (iii) agrees that service of process upon the Issuer and written notice of said service to the Issuer at its principal
office and in the manner specified in the Original Indenture, shall be deemed in every respect effective service of process upon the Issuer
in any such suit, action or proceeding.&nbsp;&nbsp;The Issuer further agrees to take any and all action, including the execution and filing
of any and all such documents and instruments, as may be necessary to continue such designation and appointment of the Issuer in full
force and effect so long as any of the Notes shall be Outstanding or any amounts shall be payable in respect of any Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in">[Signature Page to Follow]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">IN WITNESS WHEREOF, the parties hereof have caused
this Second Supplemental Indenture to be duly executed by their respective officers, directors or signatories duly authorized thereto,
all as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">EUSHI FINANCE, INC., as Issuer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Gregory W. Blunden</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;Gregory W. Blunden</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;&nbsp;Director</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Brian C. Curry</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;Brian C. Curry</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;&nbsp;Corporate Secretary</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">EMERA INCORPORATED, as Guarantor</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Gregory W. Blunden</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;Gregory W. Blunden</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;&nbsp;Director</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Brian C. Curry</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;Brian C. Curry</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;&nbsp;Corporate Secretary</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">EMERA US HOLDINGS INC., as Guarantor</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Gregory W. Blunden</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;Gregory W. Blunden</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;&nbsp;Director</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Brian C. Curry</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;Brian C. Curry</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;&nbsp;Corporate Secretary</TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Second Supplemental Indenture Signature Page]</P>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">IN WITNESS WHEREOF, the parties hereof have caused
this Second Supplemental Indenture to be duly executed by their respective officers, directors or signatories duly authorized thereto,
all as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">EQUINITI TRUST COMPANY, LLC, as Trustee</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Paul H. Kim</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;Paul H. Kim</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;&nbsp;Assistant General Counsel</TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Second Supplemental Indenture Signature Page]</P>

<P STYLE="margin: 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Schedule A</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM OF 6.250% SERIES NOTE DUE 2056<BR>
FACE OF NOTE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Depository Legend, if applicable]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EUSHI FINANCE, INC.<BR>
6.250% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No. [<FONT STYLE="font-family: Symbol">&middot;</FONT>]&#9;$[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CUSIP No.: 29882D AC7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ISIN No.: US29882DAC74</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">EUSHI FINANCE, INC., a corporation duly organized
and existing under the laws of the State of Delaware (such corporation, and its successors and assigns under the Indenture hereinafter
referred to, being herein called the &ldquo;Issuer&rdquo;), promises to pay to Cede &amp; Co., or registered assigns, the principal sum
of [&bull;] Million Dollars ($[&bull;]) on April 1, 2056 (the &ldquo;Maturity Date&rdquo;), and to pay interest thereon (i) from and including
October 3, 2025 (the &ldquo;Original Issue Date&rdquo;) to but excluding April 1, 2031 (the &ldquo;First Reset Date&rdquo;) at the rate
of 6.250% per annum and (ii) from and including the First Reset Date, during each Reset Period (as defined on the reverse hereof) at a
rate per annum equal to the Five-year U.S. Treasury Rate (as defined on the reverse hereof) as of the most recent Reset Interest Determination
Date (as defined on the reverse hereof) plus a spread of 2.509%, to be reset on each Reset Date (as defined on the reverse hereof); provided,
that the interest rate during any Reset Period will not reset below 6.250%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Interest Payment Dates: April 1 and October 1,
beginning April 1, 2026, subject to the Issuer&rsquo;s right to defer interest payments pursuant to the provisions set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Record Dates: (i) if all of the Notes are in book-entry
form represented by one or more Global Securities, the Business Day immediately preceding the applicable Interest Payment Date and (ii)
if any of the Notes are not in book-entry form represented by one or more Global Securities, the 15th calendar day preceding such Interest
Payment Date (whether or not a Business Day) (each such date in clauses (i) and (ii), a &ldquo;Regular Record Date&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless the certificate of authentication hereon
has been duly executed by the Trustee by manual signature, this Security shall not be entitled to any benefit under the Indenture, or
be valid or obligatory for any purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19pt">IN WITNESS WHEREOF, the Issuer has caused this Security
to be signed manually or by facsimile by one of its duly authorized officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: October 3, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">EUSHI FINANCE, INC.&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&#9;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&#9;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&#9;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&#9;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TRUSTEE&rsquo;S CERTIFICATE OF AUTHENTICATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This is one of the Securities of the series designated therein referred
to in the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">EQUINITI TRUST COMPANY, LLC, as Trustee</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Authorized Signatory</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REVERSE SIDE OF NOTE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This Security is one of a duly authorized issue
of securities of the Issuer designated as its 6.250% Fixed-to-Fixed Reset Rate Notes due 2056 (the &ldquo;<U>Securities</U>&rdquo;), initially
in aggregate principal amount of $[&#9;], which may be issued under the Indenture dated as of June 18, 2024 (the &ldquo;<U>Original Indenture</U>&rdquo;),
as supplemented by the First Supplemental Indenture dated as of June 18, 2024 (the &ldquo;<U>First Supplemental Indenture</U>&rdquo;)
and the Second Supplemental Indenture dated as of October 3, 2025 (the &ldquo;<U>Second Supplemental Indenture</U>&rdquo; and, the Original
Indenture as supplemented by the First Supplemental Indenture and the Second Supplemental Indenture, the &ldquo;<U>Indenture</U>&rdquo;),
by and among the Issuer, Emera Incorporated (the &ldquo;<U>Company</U>&rdquo;), Emera US Holdings Inc. (&ldquo;<U>EUSHI</U>&rdquo; and
together with the Company, the &ldquo;<U>Guarantors</U>&rdquo;), and Equiniti Trust Company, LLC, as trustee (the &ldquo;<U>Trustee</U>&rdquo;,
which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is
hereby made for a statement of the respective rights, limitations of rights, duties, obligations and immunities thereunder of the Issuer,
the Guarantors, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated
and delivered.&nbsp;&nbsp;This Security is a global Security initially representing $[&nbsp;&nbsp;&nbsp;] aggregate
principal amount of the Securities of this series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Interest on the Notes will accrue from the Original
Issue Date and will be payable semi-annually in arrears on April 1 and October 1 (each, an &ldquo;Interest Payment Date&rdquo;) of each
year, beginning on April 1, 2026, to Holders at the close of business on the Regular Record Date for the applicable Interest Payment Date,
subject to the Company&rsquo;s right to defer interest payments pursuant to the provisions set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Interest on the Notes will be computed on the
basis of a 360-day year of twelve 30-day months. The applicable interest rate for each Reset Period will be determined by the Calculation
Agent (as defined below), as of the applicable Reset Interest Determination Date, in accordance with following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As provided above, the applicable interest rate
for each Reset Period will be determined by the Calculation Agent, as of the applicable Reset Interest Determination Date. Promptly upon
such determination, the Calculation Agent will notify the Company of the interest rate for the Reset Period and the Company will promptly
notify, or cause the Calculation Agent to promptly notify, in writing, the Trustee and each Paying Agent of such interest rate. The Calculation
Agent&rsquo;s determination of any interest rate, and its calculation of the amount of interest for any Interest Payment Period beginning
on or after the First Reset Date, will be on file at the Company&rsquo;s principal offices, will be made available to any Holder or beneficial
owner of the Notes upon request and will be final and binding in the absence of manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If an Interest Payment Date, redemption date,
or maturity date falls on a day that is not a Business Day, payment will be made on the next succeeding Business Day with the same force
and effect as if made on such payment date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>Business Day</U>&rdquo; means, unless
otherwise expressly stated, any day other than (i) a Saturday or Sunday or (ii) a day on which banks and trust companies in The City of
New York are authorized or obligated by law, regulation or executive order to remain closed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>Calculation Agent</U>&rdquo; means,
at any time, the entity appointed by the Issuer and serving as such agent with respect to the Notes at such time. Unless the Issuer has
validly called all of the outstanding Notes for redemption on a redemption date occurring prior to the First Reset Date, the Issuer will
appoint a Calculation Agent for the Notes prior to the Reset Interest Determination Date immediately preceding the First Reset Date; provided
that, if the Issuer has called all of the outstanding Notes for redemption on a redemption date occurring prior to the First Reset Date
but the Issuer does not redeem all of the outstanding Notes on such redemption date, the Issuer will appoint a Calculation Agent for the
Notes as promptly as practicable after such proposed redemption date. The Issuer may terminate any such appointment and may appoint a
successor Calculation Agent at any time and from time to time (so long as there shall always be a Calculation Agent in respect of the
Notes when so required). The Issuer may appoint the Company or an affiliate of the Company as calculation agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>Five-year U.S. Treasury Rate</U>&rdquo;
means, as of any Reset Interest Determination Date, (i) an interest rate (expressed as a decimal) determined to be the per annum rate
equal to the arithmetic mean of the yields to maturity for U.S. Treasury securities adjusted to constant maturity with a maturity of five
years from the next Reset Date and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">trading in the public securities markets, for the
five consecutive Business Days immediately prior to the respective Reset Interest Determination Date as published (or, if fewer than five
consecutive Business Days are so published on the applicable Reset Interest Determination Date, for such number of Business Days published)
in the most recent H.15, or (ii) if there is no such published U.S. Treasury security with a maturity of five years from the next Reset
Date and trading in the public securities markets, then the rate will be determined by interpolation between the arithmetic mean of the
yields to maturity for each of the two series of U.S. Treasury securities adjusted to constant maturity trading in the public securities
markets, (A) one maturing as close as possible to, but earlier than, the Reset Date following the next succeeding Reset Interest Determination
Date, and (B) the other maturing as close as possible to, but later than, the Reset Date following the next succeeding Reset Interest
Determination Date, in each case for the five consecutive Business Days immediately prior to the respective Reset Interest Determination
Date as published in the most recent H.15. If the Five-year U.S. Treasury Rate cannot be determined pursuant to the methods described
in clause (i) or (ii) above, then the Five-year U.S. Treasury Rate will be the same interest rate determined for the prior Reset Interest
Determination Date or, if the Five-year U.S. Treasury Rate cannot be so determined as of the Reset Interest Determination Date preceding
the First Reset Date, then the interest rate applicable for the Reset Period beginning on and including the First Reset Date will be deemed
to be 6.250% per annum, which is the same interest rate as in effect from and including the Original Issue Date to but excluding the First
Reset Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>H.15</U>&rdquo; means the statistical
release designated as such, or any successor publication, published by the Board of Governors of the U.S. Federal Reserve System (or any
successor thereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>Interest Payment Period</U>&rdquo; means
the semi-annual period from and including an Interest Payment Date to but excluding the next succeeding Interest Payment Date, except
for the first Interest Payment Period which shall be the period from and including the Original Issue Date to but excluding April 1, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>most recent H.15</U>&rdquo; means the
H.15 published closest in time but prior to the close of business on the second Business Day prior to the applicable Reset Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>redemption date</U>&rdquo; when used
with respect to any Notes to be redeemed, means the date fixed for such redemption pursuant to the Second Supplemental Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>Reset Date</U>&rdquo; means the First
Reset Date and April 1 of every fifth year after 2031.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>Reset Interest Determination Date</U>&rdquo;
means, in respect of any Reset Period, the day falling two Business Days prior to the first day of such Reset Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>Reset Period</U>&rdquo; means the period
from and including the First Reset Date to but excluding the next following Reset Date and thereafter each period from and including a
Reset Date to but excluding the next following Reset Date, or the maturity date or date of redemption or repayment, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Payment of the principal of (and premium, if any)
and interest on this Security will be made at the office or agency of the Issuer maintained for that purpose in the Borough of Manhattan,
The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts; <U>provided</U>, <U>however</U>, that payment of interest may be made at the option of the Issuer (i) by check
mailed to the address of the Person entitled thereto as such address shall appear on the Security Register or (ii) by wire transfer to
an account maintained in the United States or Canada by the payee.&nbsp;&nbsp;Notwithstanding the foregoing, payments of principal, premium,
if any, and interest on a global Security registered in the name of a Depositary or its nominee will be made by wire transfer of immediately
available funds.&nbsp;&nbsp;Principal paid in relation to any Security of this series at Stated Maturity shall be paid to the Holder of
such Security only upon presentation and surrender of such Security to such office or agency referred to above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As provided for in the Indenture, the Issuer may
from time to time without notice to, or the consent of, the Holders of the Securities, create and issue additional Securities of this
series under the Indenture, equal in rank to the Outstanding Securities of this series in all respects (or in all respects except for
the payment of interest accruing prior to the issue date of the new Securities of this series or except for the first payment of interest
following the issue date of the new Securities of this series) so that the new Securities of this series shall be consolidated and form</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">a single series with the Outstanding Securities of
this series and have the same terms as to status, redemption or otherwise as the Outstanding Securities of this series; <U>provided</U>
that, if the additional Securities of this series are not fungible with the Outstanding Securities of this series for U.S. federal income
tax purposes, the additional Securities shall have a separate CUSIP and/or ISIN number.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Issuer shall pay to the Holder of this Security
such Additional Amounts and other amounts as may be payable under Section 10.05 of the Original Indenture. Whenever in this Security there
is mentioned, in any context, the payment of principal (or premium, if any), interest or any other amount payable under or with respect
to this Security, such mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context,
Additional Amounts are, were or would be payable in respect thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Optional Interest Deferral. So long as no Event
of Default with respect to the Notes has occurred and is continuing, the Issuer may, at its option, defer interest payments on the Notes,
from time to time, for one or more deferral periods of up to 20 consecutive semi-annual Interest Payment Periods (each such deferral period,
commencing on the interest payment date on which the first such deferred interest payment otherwise would have been made, an &ldquo;<U>Optional
Deferral Period</U>&rdquo;), except that no such Optional Deferral Period may extend beyond the final maturity date of the Notes or end
on a day other than the day immediately preceding an Interest Payment Date. During any Optional Deferral Period, interest on the Notes
will continue to accrue at the then-applicable interest rate on the Notes (as reset from time to time on any Reset Date occurring during
such Optional Deferral Period in accordance with the terms of the Notes). In addition, during any Optional Deferral Period, interest on
the deferred interest (&ldquo;<U>compound interest</U>&rdquo;) will accrue at the then-applicable interest rate on the Notes (as reset
from time to time on any Reset Date occurring during such Optional Deferral Period in accordance with the terms of the Notes), compounded
semi-annually, to the extent permitted by applicable law. No interest will be due or payable on the Notes during an Optional Deferral
Period, except upon a redemption of any Notes on any redemption date during such Optional Deferral Period (in which case all accrued and
unpaid interest (including, to the extent permitted by applicable law, any compound interest) on the Notes to be redeemed to but excluding
such redemption date will be due and payable on such redemption date), or unless the principal of and interest on the Notes shall have
been declared due and payable as the result of an Event of Default with respect to the Notes (in which case all accrued and unpaid interest,
including, to the extent permitted by applicable law, any compound interest, on the Notes shall become due and payable). All references
in the Notes and, insofar as it relates to the Notes, the Indenture, to &ldquo;interest&rdquo; on the Notes shall be deemed to include
any such deferred interest and, to the extent permitted by applicable law, any compound interest, unless otherwise expressly stated or
the context otherwise requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Before the end of any Optional Deferral Period
that is shorter than 20 consecutive semi-annual Interest Payment Periods, the Issuer may elect, at its option, to extend such Optional
Deferral Period, so long as the entire Optional Deferral Period does not exceed 20 consecutive semi-annual Interest Payment Periods or
extend beyond the final maturity date of the Notes. The Company may also elect, at its option, to shorten the length of any Optional Deferral
Period. No Optional Deferral Period (including as extended or shortened) may end on a day other than the day immediately preceding an
Interest Payment Date. At the end of any Optional Deferral Period, if all amounts then due on the Notes, including all accrued and unpaid
interest thereon (including, without limitation and to the extent permitted by applicable law, any compound interest), are paid, the Issuer
may elect to begin a new Optional Deferral Period; provided, however, that, without limitation of the foregoing, the Issuer may not begin
a new Optional Deferral Period unless the Issuer has paid all accrued and unpaid interest on the Notes (including, without limitation
and to the extent permitted by applicable law, any compound interest) from any previous Optional Deferral Periods. During any Optional
Deferral Period, the Issuer will not do any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>declare or pay any dividends or distributions on any Capital Stock of the Issuer or the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>redeem, purchase, acquire or make a liquidation payment with respect to any Capital Stock of the Issuer or the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>pay any principal, interest or premium on, or repay, repurchase or redeem, any indebtedness of the Issuer or the Guarantors that
ranks equally with or junior to the Notes or the Guarantees in right of payment; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT> make any payments with respect to any guarantees by the Issuer or the Guarantors of any indebtedness if such guarantees rank equally
with or junior to the Notes or the Guarantees in right of payment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">provided; however, during an Optional Deferral
Period, the Issuer and the Guarantors may (a) declare and pay dividends or distributions payable solely in shares of the Issuer&rsquo;s
or the Company&rsquo;s common stock (together, for the avoidance of doubt, with cash in lieu of any fractional share) or options, warrants
or rights to subscribe for or purchase shares of the Issuer&rsquo;s or the Company&rsquo;s common stock, (b) declare and pay any dividend
in connection with the implementation of a plan (a &ldquo;Rights Plan&rdquo;) providing for the issuance by the Issuer or the Company
to all holders of the Issuer&rsquo;s or the Company&rsquo;s common stock of rights entitling them to subscribe for or purchase common
stock or any class or series of the Issuer&rsquo;s or the Company&rsquo;s preferred stock, which rights (1) are deemed to be transferred
with such common stock, (2) are not exercisable until the occurrence of a specified event or events and (3) are also issued in respect
of future issuances of the Issuer&rsquo;s or the Company&rsquo;s common stock, (c) issue any of shares of the Issuer&rsquo;s or the Company&rsquo;s
Capital Stock under any Rights Plan or redeem or repurchase any rights distributed pursuant to a Rights Plan, (d) reclassify the Issuer&rsquo;s
or the Company&rsquo;s Capital Stock or exchange or convert one class or series of the Issuer&rsquo;s or the Company&rsquo;s Capital Stock
for another class or series of the Issuer&rsquo;s or the Company&rsquo;s Capital Stock, (e) purchase fractional interests in shares of
the Issuer&rsquo;s or the Company&rsquo;s Capital Stock pursuant to the conversion or exchange provisions of such Capital Stock or the
security being converted or exchanged, (f) purchase, acquire or withhold shares of the Issuer&rsquo;s or the Company&rsquo;s common stock
related to the issuance of the Issuer&rsquo;s or the Company&rsquo;s common stock or rights under any dividend reinvestment plan or related
to any of the Issuer&rsquo;s or the Company&rsquo;s benefit plans for the Issuer&rsquo;s or the Company&rsquo;s directors, officers, employees,
consultants or advisors, including any employment contract, and (g) for the avoidance of doubt, convert convertible Capital Stock of the
Issuer or the Company into other Capital Stock of the Issuer or the Company in accordance with the terms of such convertible Capital Stock
(together, for the avoidance of doubt, with cash in lieu of any fractional share).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Issuer will give the Holders of the Notes
and the Trustee notice of its election of, or any shortening or extension of, an Optional Deferral Period at least 10 Business Days prior
to the earlier of (1) the next succeeding Interest Payment Date or (2) the date upon which the Issuer is required to give notice to any
applicable self-regulatory organization or to Holders of the Notes of the next succeeding Interest Payment Date or the record date therefor.
The record date for the payment of deferred interest and, to the extent permitted by applicable law, any compound interest payable on
the Interest Payment Date immediately following the last day of an Optional Deferral Period will be the Regular Record Date with respect
to such Interest Payment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>Capital Stock</U>&rdquo; means (i) in
the case of a corporation or a company, corporate stock or shares; (ii) in the case of an association or business entity, any and all
shares, interests, participations, rights or other equivalents (however designated) of corporate stock; (iii) in the case of a partnership
or limited liability company, partnership or membership interests (whether general or limited); and (iv) any other interest or participation
that confers on a person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The indebtedness represented by the Notes and
the Guarantees and the payment of the principal of and any premium or interest on each and all of the Notes of such series is subordinate
in right of payment to the prior payment in full of all Senior Indebtedness (as defined below), to the extent set forth in the Indenture.
Senior Indebtedness shall continue to be Senior Indebtedness with respect to the Notes irrespective of any amendment, modification or
waiver of any term of the Notes or extension or renewal of the Notes (other than any such amendment, modification or waiver that makes
the Notes subordinated or equal in right of payment to the Notes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>Senior Indebtedness</U>&rdquo; means,
with respect to the Notes and the Guarantees, (i) indebtedness of the Issuer or the Guarantors, whether outstanding at the date of the
indenture or incurred, created or assumed after such date, (a) in respect of money borrowed by the Issuer or the Guarantors (including
any financial derivative, hedging or futures contract or similar instrument, to the extent any such item is primarily a financing transaction)
and (b) evidenced by debentures, bonds, notes, credit or loan agreements or other similar instruments or agreements issued or entered
into by the Issuer or the Guarantors; (ii) all finance lease obligations of the Issuer or the Guarantors; (iii) all obligations of the
Issuer or the Guarantors issued or assumed as the deferred purchase price of property, all conditional sale obligations of the Issuer
or the Guarantors and all obligations of the Issuer or the Guarantors under any title retention agreement (but excluding, for the avoidance
of doubt, trade accounts payable arising in the ordinary course of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">business and long-term purchase obligations); (iv)
all obligations of the Issuer or the Guarantors for the reimbursement of any letter of credit, banker&rsquo;s acceptance, security purchase
facility or similar credit transaction; and (v) all obligations of the type referred to in clauses (i) through (iv) above of other persons
for the payment of which the Issuer or the Guarantors are responsible or liable as obligor, guarantor or otherwise, except for any obligations,
instruments or agreements of the type referred to in any of clauses (i) through (v) above that, by the terms of the instruments or agreements
creating or evidencing the same or pursuant to which the same is outstanding, are subordinated or equal in right of payment to each of
the Notes and the Guarantees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19pt">The Issuer may redeem some or all of the Notes,
at its option, in whole or in part (i) on any day in the period commencing on the date falling 90 days prior to the First Reset Date and
ending on and including the First Reset Date and (ii) after the First Reset Date, on any interest payment date, at a redemption price
in cash equal to 100% of the principal amount of the Notes being redeemed, plus, (subject to the provisions set forth in the Indenture
regarding the payment of installments of interest on the Notes that are due and payable on any Interest Payment Date falling on or prior
to a redemption date), accrued and unpaid interest on the Notes to be redeemed to but excluding the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19pt">The Issuer may at its option redeem the Notes, in
whole but not in part, at any time following the occurrence and during the continuance of a Tax Event (as defined below) at a redemption
price in cash equal to 100% of the principal amount of the Notes, plus, (subject to the provisions set forth in the Indenture regarding
the payment of installments of interest on the Notes that are due and payable on any Interest Payment Date falling on or prior to a redemption
date), accrued and unpaid interest on the Notes to but excluding the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19pt">&ldquo;<U>Tax Event</U>&rdquo; means that the Issuer
has received an opinion of counsel experienced in such matters to the effect that, as a result of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>any amendment to, clarification of, or change, including any announced prospective change, in the laws or treaties of the United States
or any of its political subdivisions or taxing authorities, or any regulations under those laws or treaties;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>an administrative action, which means any judicial decision or any official administrative pronouncement, ruling, regulatory procedure,
notice or announcement, including any notice or announcement of intent to issue or adopt any administrative pronouncement, ruling, regulatory
procedure or regulation;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>any amendment to, clarification of, or change in the official position or the interpretation of any administrative action or judicial
decision or any interpretation or pronouncement that provides for a position with respect to an administrative action or judicial decision
that differs from the previously generally accepted position, in each case by any legislative body, court, governmental authority or regulatory
body, regardless of the time or manner in which that amendment, clarification or change is introduced or made known; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD>a threatened challenge asserted in writing in connection with a tax audit of the Issuer or any of its affiliates or subsidiaries,
or a publicly-known threatened challenge asserted in writing against any other taxpayer that has raised capital through the issuance of
securities that are substantially similar to the Notes,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19pt">which amendment, clarification or change is effective
or the administrative action is taken or judicial decision, interpretation or pronouncement is issued or threatened challenge is asserted
or becomes publicly known after September 29, 2025, there is more than an insubstantial risk that interest payable by the Issuer on the
Notes is not deductible, or within 90 days would not be deductible, in whole or in part, by the Issuer (or a member of the U.S. consolidated
group of which the Issuer is a member) for United States federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19pt">The Issuer may at its option redeem the Notes, in
whole but not in part, at any time following the occurrence and during the continuance of a Rating Agency Event (as defined below) at
a redemption price in cash equal to 102% of the principal amount of the Notes, plus, (subject to the provisions set forth in the Indenture
regarding the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">payment of installments of interest on the Notes that are due and payable
on any Interest Payment Date falling on or prior to a redemption date), accrued and unpaid interest on the Notes to but excluding the
redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19pt">&ldquo;Rating Agency Event&rdquo; means, as of any
date, a change, clarification or amendment in the methodology published by any nationally recognized statistical rating organization within
the meaning of Section 3(a)(62) of the Securities Exchange Act of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;) (or any successor
provision thereto), that then publishes a rating for the Issuer (together with any successor thereto, a &ldquo;rating agency&rdquo;) in
assigning equity credit to securities such as the Notes, (a) as such methodology was in effect on September 29, 2025, in the case of any
rating agency that published a rating for the Issuer as of September 29, 2025, or (b) as such methodology was in effect on the date such
rating agency first published a rating for the Issuer, in the case of any rating agency that first publishes a rating for the Issuer after
September 29, 2025 (in the case of either clause (a) or (b), the &ldquo;current methodology&rdquo;), that results in (i) any shortening
of the length of time for which a particular level of equity credit pertaining to the Notes by such rating agency would have been in effect
had the current methodology not been changed or (ii) a lower equity credit (including up to a lesser amount) being assigned by such rating
agency to the Notes as of the date of such change, clarification or amendment than the equity credit that would have been assigned to
the Notes by such rating agency had the current methodology not been changed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19pt">Notice of Redemption. Notice of any redemption will
be mailed or electronically delivered (or otherwise transmitted in accordance with the Depositary&rsquo;s procedures) at least 10 days
but not more than 60 days before the redemption date to each Holder of Notes to be redeemed in accordance with Section 1.06 of the Indenture.
In the case of a partial redemption, selection of the Notes for redemption will be made by lot or by such other customary method prescribed
by the Depositary. No Notes of a principal amount of $2,000 or less will be redeemed in part. If any Note is to be redeemed in part only,
the notice of redemption that relates to such Note will state the portion of the principal amount of the Note to be redeemed. A new Note
in a principal amount equal to the unredeemed portion of the original Note will be issued in the name of the Holder of the original Note
upon surrender for cancellation of the original Note. For so long as the Notes are held by the Depositary (or another depositary), the
redemption of the Notes shall be done in accordance with the policies and procedures of the Depositary, which may be on a pro rata pass-through
distribution of principal basis. Unless the Issuer defaults in payment of the redemption price, on and after the redemption date interest
will cease to accrue on the Notes or portions thereof called for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19pt">If, at the time a notice of redemption is given,
(i) the Issuer has not effected satisfaction and discharge of the Notes pursuant to Article Four of the Indenture and (ii) such notice
of redemption is not being given in connection with or in order to effect satisfaction and discharge of the Notes, then, if the notice
of redemption so provides and at the Issuer&rsquo;s option, the redemption may be subject to the condition that the Trustee shall have
received, on or before the applicable redemption date, monies in an amount sufficient to pay the redemption price and accrued and unpaid
interest on the Notes called for redemption to but excluding the redemption date. If monies in such amount are not received by the Trustee
on or before such redemption date, such notice of redemption shall be automatically canceled and of no force or effect, such proposed
redemption shall be automatically canceled and the Issuer shall not be required to redeem the Notes called for redemption on such redemption
date. In the event that a redemption is canceled, the Issuer will, not later than the business day immediately following the proposed
redemption date, deliver, or cause to be delivered, notice of such cancellation to the Holders of the Notes called for redemption (which
notice will also indicate that any Notes or portions thereof surrendered for redemption shall be returned to the applicable Holders),
and the Issuer will direct the Trustee to, and the Trustee will, promptly return any Notes or portions thereof that have been surrendered
for redemption to the applicable Holders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19pt">If an Event of Default shall occur and be continuing,
the principal of all the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Securities do not have the benefit of sinking
fund obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Sections 14.02 and 14.03 of the Original Indenture
shall be applicable to the Securities of this series, upon compliance by the Original Indenture with certain conditions set forth therein,
which provisions apply to this Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders
under the Indenture at any time by the Issuer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">and the Trustee with the consent of the Holders of
a majority in aggregate principal amount of the Securities at the time Outstanding affected by such amendment or modification.&nbsp;&nbsp;The
Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities at
the time Outstanding, on behalf of the Holders of all the Securities, to waive compliance by the Issuer with certain provisions of the
Indenture and also contains provisions permitting the Holders of a majority in aggregate principal amount of the Outstanding Securities
with respect to which a Default shall have occurred and shall be continuing, on behalf of the Holders of all Outstanding Securities, to
waive certain past defaults under the Indenture and their consequences.&nbsp;&nbsp;Any such consent or waiver by or on behalf of the Holder
of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued
upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is
made upon this Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Initially, the Trustee will act as Paying Agent
and Security Registrar. The Issuer may appoint and change any Paying Agent or Security Registrar without notice to the Holders. The Issuer
or any of the Issuer&rsquo;s subsidiaries may act as Paying Agent or Security Registrar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No reference herein to the Indenture and no provision
of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of (and premium, if any, on) and interest on this Security at the times, place, and rate, and in the coin or currency, herein
prescribed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Security is registrable on the Security Register of the Issuer, upon surrender of
this Security for registration of transfer at the office or agency of the Issuer maintained for such purpose in the Borough of Manhattan,
The City of New York duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Security
Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of
this series, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Securities of this series are issuable only
in registered form without coupons in denominations of $2,000 and any integral multiples of $1,000 in excess thereof.&nbsp;&nbsp;As provided
in the Indenture and subject to certain limitations therein set forth, the Securities of this series are exchangeable for a like aggregate
principal amount of Securities of this series of a different authorized denomination, as requested by the Holder surrendering the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No service charge shall be made for any registration
of transfer or exchange of Securities of this series, but the Company may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to the time of due presentment of this Security
for registration of transfer, the Issuer, the Trustee, and any agent of the Issuer or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all purposes, whether or not this Security is overdue, and neither the Issuer, the Trustee,
the Securities Administrator nor any agent shall be affected by notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If at any time, (i) the Depositary for the Securities
of this series notifies the Issuer that it is unwilling or unable or no longer qualified to continue as Depositary for the Securities
of this series or if at any time the Depositary for the Securities of this series shall no longer be a clearing agency registered or in
good standing under the Exchange Act, and a successor Depositary is not appointed by the Issuer within 90 days after the Issuer receives
such notice or becomes aware of such condition, as the case may be, (ii) the Issuer determines that the Securities of this series shall
no longer be represented by a global Security or Securities or (iii) any Event of Default shall have occurred and be continuing with respect
to the Securities of this series, then in such event the Issuer will execute and Trustee will authenticate and deliver Securities of this
series in definitive registered form, in authorized denominations, and in an aggregate principal amount equal to the principal amount
of this Security in exchange for this Security.&nbsp;&nbsp;Such Securities of this series in definitive registered form shall be registered
in such names and issued in such authorized denominations as the Depository, pursuant to instructions from its direct or indirect participants
or otherwise, shall instruct the Trustee.&nbsp;&nbsp;The Trustee shall deliver such Securities of this series to the Persons in whose
names such Securities of this series are so registered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Indenture and this Security shall be governed
by and construed in accordance with the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All references herein to &ldquo;dollars&rdquo;
or &ldquo;$&rdquo; means a dollar or other equivalent unit in such coin or currency of the United States of America as at the time should
be legal tender for the payment of public and private debts, and all terms used in this Security which are defined in the Indenture shall
have the meanings assigned to them in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">GUARANTEE<BR>
OF<BR>
EMERA INCORPORATED<BR>
and<BR>
EMERA US HOLDINGS INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The obligations of each Guarantor to the Holders
of the Securities of this series and to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth in <U>Article
Fifteen</U> of the Original Indenture, and reference is hereby made to such Article and Indenture for the precise terms of the Guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This Guarantee shall not be valid or obligatory
for any purpose until the certificate of authentication of such Security of this series, upon which this notation of the Guarantee is
endorsed, shall have been manually executed by the Trustee under such Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All terms used in this Guarantee which are defined
in such Indenture shall have the meanings assigned to them in such Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This Guarantee shall be governed by and construed
in accordance with the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19pt">Executed and dated the date on the face hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">EMERA INCORPORATED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&#9;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&#9;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&#9;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&#9;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">EMERA US HOLDINGS INC.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&#9;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&#9;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&#9;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&#9;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE OF EXCHANGES OF INTERESTS IN THE
GLOBAL SECURITY<SUP>**</SUP></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following increases or decreases in the principal
amount of this Global Security have been made:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; width: 20%; border: Black 1pt solid; text-align: center">Date of <BR>
Transaction</TD>
    <TD STYLE="padding-bottom: 1pt; width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Amount of <BR>
Decrease in <BR>
Principal Amount <BR>
of Global Security</TD>
    <TD STYLE="padding-bottom: 1pt; width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Amount of <BR>
Increase in <BR>
Principal Amount <BR>
of Global Security</TD>
    <TD STYLE="padding-bottom: 1pt; width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Principal Amount <BR>
of Global Security <BR>
Following Such <BR>
Decrease (or Increase)</TD>
    <TD STYLE="padding-bottom: 1pt; width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Signature of Authorized <BR>
Signatory or Trustee</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  </TABLE>



<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><SUP>**</SUP> This Schedule should be included only
if the Security is a Global Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>dp235496_ex0501.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Exhibit 5.1</B></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; font-size: 10pt; color: #140B7F"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 19px; width: 105px"></TD>
    <TD STYLE="width: 30%"><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Davis Polk &amp; Wardwell
    <FONT STYLE="font-variant: small-caps">llp&nbsp;</FONT></FONT></P>
    <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">450 Lexington Avenue<BR>
    New York, NY 10017&nbsp;</FONT></P>
    <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">davispolk.com&nbsp;</FONT></P></TD>
    <TD STYLE="width: 22%; font-size: 10pt; color: #140BE3">&nbsp;</TD>
    <TD STYLE="width: 28%; text-align: right; font-size: 10pt; text-transform: uppercase; font-weight: bold">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">October 3. 2025</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">EUSHI Finance, Inc.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Kittery Properties Suite 101<BR>
Kittery, ME 03904&#9;<BR>
37 Route 236<BR>
Kittery, ME 03904</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">EUSHI Finance, Inc., a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;),
as issuer, and Emera Incorporated, a Nova Scotia company (&ldquo;<B>Emera</B>&rdquo;) and Emera US Holdings, Inc., a Delaware corporation
(&ldquo;<B>EUSHI</B>&rdquo;), as guarantors (the &ldquo;<B>Guarantors</B>&rdquo;), have filed with the Securities and Exchange Commission
Registration Statements on Forms F-3 (File No. 333-290501) and F-10 (File No. 333-290502) (collectively, the &ldquo;<B>Registration Statement</B>&rdquo;)
for the purpose of registering under the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;), certain securities,
including $750,000,000 aggregate principal amount of the Company&rsquo;s Fixed-to-Fixed Reset Rate Junior Subordinated Notes Due 2056(the
&ldquo;<B>Notes</B>&rdquo;).&nbsp;&nbsp;The Notes will be guaranteed by each of the Guarantors (the &ldquo;<B>Guarantees</B>&rdquo; and,
together with the Notes, the &ldquo;<B>Securities</B>&rdquo;).&nbsp;&nbsp;The Securities are to be issued pursuant to the provisions of
the Indenture dated as of June 18, 2024 (the &ldquo;<B>Base Indenture&rdquo;</B>) among the Company, the Guarantors and Equiniti Trust
Company, LLC, as trustee (the &ldquo;<B>Trustee&rdquo;</B>), as supplemented by a second supplemental indenture dated as of October 3,
2025 (the &ldquo;<B>Second Supplemental Indenture</B>&rdquo; and, together with the Base Indenture, the &ldquo;<B>Indenture</B>&rdquo;).&nbsp;&nbsp;The
Securities are to be sold pursuant to the Underwriting Agreement dated September 29, 2025 (the &ldquo;<B>Underwriting Agreement</B>&rdquo;)
among the Company, the Guarantors and the several underwriters named therein (the &ldquo;<B>Underwriters</B>&rdquo;).&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We, as your counsel, have examined originals or copies of such documents,
corporate records, certificates of public officials and other instruments as we have deemed necessary or advisable for the purpose of
rendering this opinion.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In rendering the opinion expressed herein, we have, without independent
inquiry or investigation, assumed that (i) all documents submitted to us as originals are authentic and complete, (ii) all documents submitted
to us as copies conform to authentic, complete originals, (iii) all signatures on all documents that we reviewed are genuine, (iv) all
natural persons executing documents had and have the legal capacity to do so, (v) all statements in certificates of public officials and
officers of the Company and the Guarantors that we reviewed were and are accurate and (vi) all representations made by the Company and
the Guarantors as to matters of fact in the documents that we reviewed were and are accurate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Based upon the foregoing, and subject to the additional assumptions
and qualifications set forth below, we advise you that, in our opinion:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>When the Notes have been duly executed and authenticated in accordance with the provisions of the Indenture and delivered to and paid
for by the Underwriters pursuant to the Underwriting Agreement, the Notes will constitute valid and binding obligations of the Company,
enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 21%">&nbsp;<IMG SRC="image_002.jpg" ALT=""></TD><TD STYLE="width: 27%"> <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: rgb(20,11,227)">Emera Incorporated</P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3">&nbsp;</P></TD><TD STYLE="width: 22%">&nbsp;</TD><TD STYLE="text-align: right; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">creditors&rsquo; rights generally, concepts of reasonableness
and equitable principles of general applicability, and may be subject to possible judicial or regulatory actions giving effect to governmental
actions or foreign laws affecting creditors' rights, provided that we express no opinion as to, (w) the enforceability of any waiver of
rights under any usury or stay law, (x) the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law
on the conclusions expressed above or (y) the validity, legally binding effect or enforceability of any provision that permits holders
to collect any portion of stated principal amount upon acceleration of the Notes to the extent determined to constitute unearned interest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Assuming the due authorization of the Guarantee by Emera, the Guarantees, when the Notes have been duly executed and authenticated
in accordance with the provisions of the Indenture and delivered to and paid for by the Underwriters pursuant to the Underwriting Agreement,
will be valid and binding obligations of each Guarantor, enforceable in accordance with their terms, subject to applicable bankruptcy,
insolvency and similar laws affecting creditors&rsquo; rights generally, concepts of reasonableness and equitable principles of general
applicability, and may be subject to possible judicial or regulatory actions giving effect to governmental actions or foreign laws affecting
creditors' rights; provided that we express no opinion as to the (w) enforceability of any waiver of rights under any usury or stay law,
(x) (i) effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above
or (ii) any provision of the Guarantee that purports to avoid the effect of fraudulent conveyance, fraudulent transfer or similar provision
of applicable law or (y) validity, legally binding effect or enforceability of any provision that permits holders to collect any portion
of stated principal amount upon acceleration of the Notes to the extent determined to constitute unearned interest.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In connection with the opinion expressed above, we have assumed that
Emera is validly existing as a corporation in good standing under the laws of the Province of Nova Scotia.&nbsp;&nbsp;In addition, we
have assumed that the Indenture and the Securities (collectively, the &ldquo;<B>Documents</B>&rdquo;) are valid, binding and enforceable
agreements of each party thereto (other than as expressly covered above in respect of the Company and the Guarantors).&nbsp;&nbsp;We have
also assumed that the execution, delivery and performance by each party to each Document to which it is a party (a) are within its corporate
powers, (b) do not contravene, or constitute a default under, the certificate of incorporation or bylaws or other constitutive documents
of such party, (c) require no action by or in respect of, or filing with, any governmental body, agency or official and (d) do not contravene,
or constitute a default under, any provision of applicable law or regulation or any judgment, injunction, order or decree or any agreement
or other instrument binding upon such party, provided that we make no such assumption to the extent that we have specifically opined as
to such matters with respect to the Company and each Guarantor.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We are members of the Bar of the State of New York and the foregoing
opinions are limited to the laws of the State of New York and the General Corporation Law of the State of Delaware, except that we express
no opinion as to (i) any law, rule or regulation that is applicable to the Company or the Guarantors, the Documents or such transactions
solely because such law, rule or regulation is part of a regulatory regime applicable to any party to any of the Documents or any of its
affiliates due to the specific assets or business of such party or such affiliate or (ii) any law, rule or regulation relating to national
security.&nbsp;&nbsp;Insofar as the foregoing opinion involves matters governed by the laws of the Province of Nova Scotia, we have relied,
without inquiry or investigation, on the opinion of Brian C. Curry, Corporate Secretary of Emera, to be filed as an exhibit to a report
on Form 6-K to be filed by Emera on the date hereof.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>




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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 21%">&nbsp;<IMG SRC="image_002.jpg" ALT=""></TD><TD STYLE="width: 27%"> <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: rgb(20,11,227)">Emera Incorporated</P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3">&nbsp;</P></TD><TD STYLE="width: 22%">&nbsp;</TD><TD STYLE="text-align: right; width: 30%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We hereby consent to the filing of this opinion as an exhibit to a report
on Form 6-K to be filed by Emera on the date hereof and its incorporation by reference into the Registration Statement and further consent
to the reference to our name under the caption &ldquo;Legal Matters&rdquo; in the prospectus supplement which is a part of the Registration Statement.&nbsp;&nbsp;In giving this consent, we do not
admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Very truly yours,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">/s/ Davis Polk &amp; Wardwell LLP</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>dp235496_ex9901.htm
<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><IMG SRC="image_003.jpg" ALT="A blue and yellow logo&#10;&#10;Description automatically generated" STYLE="height: 42px; width: 126px"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Emera Incorporated announces the closing of the offering of US$750
million Aggregate Principal Amount of Fixed-to-Fixed Reset Rate Junior Subordinated Notes</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>October&nbsp;&nbsp;3, 2025</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Halifax Nova Scotia</B>&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Emera
Incorporated (&ldquo;Emera&rdquo; or the &ldquo;Company&rdquo;) (TSX/NYSE: EMA) announced today that EUSHI Finance, Inc. (the &ldquo;Issuer&rdquo;)
has completed the sale of US$750,000,000 aggregate principal amount of United States dollar denominated 6.25% fixed-to-fixed reset rate
junior subordinated notes due 2056 (the &ldquo;U.S. Notes&rdquo;), fully and unconditionally guaranteed by Emera and Emera US Holdings
Inc. (&ldquo;EUSHI and together with Emera, the &ldquo;Guarantors&rdquo;). EUSHI is a direct and indirect wholly-owned subsidiary of Emera
and the Issuer is a direct, wholly-owned subsidiary of EUSHI. Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, Morgan Stanley
&amp; Co. LLC, MUFG Securities Americas Inc., RBC Capital Markets, LLC, Scotia Capital (USA) Inc., BMO Capital Markets Corp., BofA Securities,
Inc., CIBC World Markets Corp., TD Securities (USA) LLC, and Truist Securities, Inc. acted as joint book-running managers in connection
with the U.S. Notes offering. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This press release does not constitute an offer to sell or the solicitation
of an offer to buy any of the U.S. Notes and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an
offer, solicitation or sale would be unlawful.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The U.S. Notes have not been qualified by prospectus for public distribution
under the securities laws of any province or territory of Canada. The U.S. Notes are not being, and may not be offered or sold, directly
or indirectly, in Canada or to any resident of Canada except under exemptions from prospectus requirements of those securities laws, and
either by an appropriately registered dealer or in circumstances where a dealer registration is not required.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The U.S. Notes will not be listed on any securities exchange, and the
Issuer and the Guarantors do not intend to arrange for the U.S. Notes to be included on any quotation system.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Use of Proceeds</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Emera intends to use the net proceeds for general corporate purposes
including, without limitation, to repay existing indebtedness.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Forward Looking Information&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This news release contains &ldquo;forward-looking information&rdquo;
and &ldquo;forward-looking statements&rdquo; within the meaning of applicable securities laws (collectively, &ldquo;forward-looking information&rdquo;),
including, without limitation,&nbsp;the intended use of the net proceeds</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">from the sale of the U.S. Notes.<B>&nbsp;&nbsp;</B>Undue reliance should
not be placed on this forward-looking information, which applies only as of the date hereof. By its nature, forward<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT>looking
information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera management&rsquo;s
current beliefs and are based on information currently available to Emera management. There is a risk that predictions, forecasts, conclusions
and projections that constitute forward<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT>looking information will not prove
to be accurate, that Emera&rsquo;s assumptions may not be correct and that actual results may differ materially from those expressed
or implied by such forward<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT>looking information. The forward-looking information
in this news release is made only as of the date hereof, and Emera disclaims any intention or obligation to update or revise any forward-looking
information. Additional detailed information about these assumptions, risks and uncertainties is included in Emera&rsquo;s securities
regulatory filings, including under the heading &ldquo; Enterprise Risk and Risk Management&rdquo; in Emera&rsquo;s annual Management&rsquo;s
Discussion and Analysis, and under the heading &ldquo;Principal Financial Risks and Uncertainties&rdquo; in the notes to Emera&rsquo;s
annual and interim financial statements, which can be found on SEDAR+ at&nbsp;<FONT STYLE="color: Blue"><U>www.sedarplus.ca</U></FONT>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>About Emera</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Emera (TSX/NYSE: EMA) is a leading North American provider of energy
services headquartered in Halifax, Nova Scotia, with investments in regulated electric and natural gas utilities, and related businesses
and assets. The Emera family of companies delivers safe, reliable energy to approximately 2.6 million customers in the United States,
Canada and the Caribbean. Our team of 7,600 employees is committed to our purpose of energizing modern life and delivering a cleaner
energy future for all. Emera&rsquo;s common and preferred shares are listed and trade on the Toronto Stock Exchange and its common shares
are listed and trade on the New York Stock Exchange. Additional information can be accessed at&nbsp;<FONT STYLE="color: Blue"><U>www.emera.com</U></FONT>,
on SEDAR+ at&nbsp;<FONT STYLE="color: Blue"><U>www.sedarplus.ca</U></FONT>&nbsp;and on EDGAR at&nbsp;<FONT STYLE="color: Blue"><U>www.sec.gov</U></FONT>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Investor Relations&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">David Bezanson&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Vice President Investor Relations &amp; Pensions, Emera Inc.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">902-474-2126&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: Blue"><U>dave.bezanson@emera.com</U></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Media &nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Emera Corporate Communications<BR>
<FONT STYLE="color: Blue"><U>media@emera.com</U></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
