<SEC-DOCUMENT>0000950103-25-012565.txt : 20250930
<SEC-HEADER>0000950103-25-012565.hdr.sgml : 20250930
<ACCEPTANCE-DATETIME>20250930161833
ACCESSION NUMBER:		0000950103-25-012565
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		14
FILED AS OF DATE:		20250930
DATE AS OF CHANGE:		20250930

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:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-290502
		FILM NUMBER:		251360700

	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>424B2
<SEQUENCE>1
<FILENAME>dp235224_424b2-emerainc.htm
<DESCRIPTION>FORM 424B2
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Filed pursuant to Rule 424(b)(2)<BR>
Registration No. 333-290501</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.25in"><B>Registration No. 333-290502</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">Prospectus Supplement<BR>
(To Prospectus Dated September 26, 2025</FONT>)</P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>US$750,000,000</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>EUSHI FINANCE, INC.</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 66px; width: 192px"></FONT></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>6.250% Fixed-to-Fixed Reset
Rate Junior Subordinated Notes Due 2056</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>fully and unconditionally guaranteed on a subordinated
basis by </B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EMERA INCORPORATED</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EMERA US HOLDINGS INC.</B></P>

<P STYLE="font: 14pt 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: justify; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">EUSHI
Finance, Inc. (the &ldquo;Issuer&rdquo;) is offering US$750,000,000 aggregate principal amount of 6.250% Fixed-to-Fixed Reset Rate Junior
Subordinated Notes due 2056 (the &ldquo;Notes&rdquo;). The Notes will bear interest (i) from and including the original issue date (as
defined herein) 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 herein), at a rate per annum equal to the Five-year U.S. Treasury
Rate (as defined herein) as of the most recent Reset Interest Determination Date (as defined herein), plus a spread of 2.509% to be reset
on each Reset Date (as defined herein); provided, that the interest rate during any Reset Period will not reset below 6.250% (which equals
the initial interest rate on the Notes). The Notes will mature on April 1, 2056. Interest on the Notes will accrue from and including
October 3, 2025 and will be payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2026.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">So
long as no Event of Default (as defined herein) with respect to the Notes has occurred and is continuing, we may, at our 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 herein) each. During any 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 deferral period in accordance with the terms of
the Notes) and, in addition, interest on 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 deferral period in accordance with the terms of the Notes), compounded semi-annually,
to the extent permitted by applicable law. See &ldquo;Description of the Notes&mdash;Option to Defer Interest Payments.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">The
Notes will be fully and unconditionally guaranteed, on a joint, several and subordinated basis (the &ldquo;Guarantees&rdquo;), by Emera
Incorporated, a Nova Scotia company (&ldquo;Emera&rdquo;), and Emera US Holdings Inc., a Delaware corporation (&ldquo;EUSHI,&rdquo; and
together with Emera, the &ldquo;Guarantors&rdquo;). See &ldquo;Description of the Notes&ndash;Guarantees.&rdquo; EUSHI is a direct and
indirect wholly-owned subsidiary of Emera and the Issuer is a direct, wholly-owned subsidiary of EUSHI.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">The
Issuer may redeem the Notes, in whole or in part at the times and the redemption prices described in this prospectus supplement under
the caption &ldquo;Description of the Notes&mdash;Redemption.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">The
Notes and the Guarantees will be the Issuer&rsquo;s and the Guarantors&rsquo; unsecured and subordinated obligations and will (a) be
subordinate and rank junior in right of payment to all existing and future Senior Indebtedness (as defined in &ldquo;Description of the
Notes&mdash;Subordination&rdquo;) of the Issuer or the relevant Guarantor, (b) rank equally in right of payment with all existing and
future unsecured and subordinated indebtedness that each of the Issuer and the Guarantors may incur from time to time if the terms of
such indebtedness provide that it ranks equally with the Notes and the Guarantees in right of payment, (c) be effectively subordinated
to all existing and future secured indebtedness of the Issuer or the Guarantors, to the extent of the value of the assets securing such
indebtedness, and (d) be structurally subordinated in right of payment to all existing and future indebtedness and other liabilities
(including trade payables) of Emera&rsquo;s direct and indirect subsidiaries (other than EUSHI and the Issuer).&nbsp;&nbsp;See &ldquo;Description
of the Notes&mdash;Subordination.&rdquo; The indenture under which the Notes will be issued (the &ldquo;Indenture&rdquo;) contains no
restrictions on the amount of Senior Indebtedness or additional secured or unsecured indebtedness the Issuer and the Guarantors may incur
or the amount of indebtedness (whether secured or unsecured) that their respective subsidiaries may incur.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">There
is no established trading market for the Notes, and we have no plans to list the Notes on a securities exchange.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 9pt"><B>Investing
in the Notes involves risks. See &ldquo;Risk Factors&rdquo; beginning on page S-9 of this prospectus supplement.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>THE NOTES HAVE NOT BEEN
APPROVED OR DISAPPROVED BY THE U.S. SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES REGULATOR NOR HAS THE U.S. SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES REGULATOR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS SUPPLEMENT OR THE ACCOMPANYING
PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">We
are permitted, under a multijurisdictional disclosure system adopted by the United States and Canada, to prepare this prospectus supplement
and the accompanying prospectus in accordance with Canadian disclosure requirements. Prospective investors should be aware that such
requirements are different from those of the United States. The financial statements of Emera and its consolidated subsidiaries included
or incorporated by reference in this prospectus supplement have been prepared in accordance with U.S. Generally Accepted Account Principles
(&ldquo;GAAP&rdquo;). Our financial statements are audited in accordance with the standards of the Public Company Accounting Oversight
Board (PCAOB). Ernst &amp; Young LLP, Emera&rsquo;s independent registered public accounting firm, has advised that they comply with
the auditor independence rules of the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) and the requirements of the PCAOB.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">The
ability of investors to enforce civil liabilities under U.S. federal securities laws may be affected adversely by the fact that Emera
is incorporated under the laws of Nova Scotia, some of the officers and directors of Emera, EUSHI and EUSHI Finance and some of the experts
named in this prospectus supplement and the documents incorporated by reference herein are non-U.S. residents, and some of Emera&rsquo;s
assets and some of the assets of those officers, directors and experts are located outside of the United States.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">Prospective
investors should be aware that, during any period in which offers and sales of the Notes are being made, the registrants or their respective
affiliates, directly or indirectly, may bid for or make purchases of the Notes or certain related debt securities, as permitted by applicable
laws or regulations of Canada, or its provinces or territories.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 9pt"><B>Affiliates
of RBC Capital Markets, LLC, Scotia Capital (USA) Inc., BMO Capital Markets Corp., CIBC World Markets Corp. and TD Securities (USA) LLC
are lenders under a committed revolving credit facility (the &ldquo;Revolving Facility&rdquo;) in respect of which Emera and EUSHI, are
borrowers and an affiliate of RBC Capital Markets, LLC is a lender under an unsecured non-revolving credit facility (the &ldquo;Non-Revolving
Facility&rdquo;) in respect of which Emera is a borrower. Accordingly, the Issuer may be considered a &ldquo;connected issuer&rdquo;
of the underwriters and their affiliates for purposes of securities regulations in certain provinces of Canada. Please see the section
entitled &ldquo;Underwriting&rdquo;.</B></FONT></P>

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


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Per Note</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 56%; text-align: left">Public offering price&#9;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">100.000</TD><TD STYLE="width: 1%; text-align: left">%</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right"><FONT STYLE="font-size: 10pt">US$</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">750,000,000</TD><TD STYLE="width: 1%; text-align: left">(1)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Underwriting discount&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.000</TD><TD STYLE="text-align: left">%</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">US$</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Proceeds to us (before expenses)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.000</TD><TD STYLE="text-align: left">%</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">US$</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">742,500,000</TD><TD STYLE="text-align: left">(1)</TD></TR>
  </TABLE>



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

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<P STYLE="margin-top: 0; margin-bottom: 0"></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"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Plus accrued
                                            interest, if any, from October 3, 2025, if settlement occurs after that date.</FONT></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-align: justify; text-indent: 0.25in">The underwriters expect to
deliver the Notes to the purchasers in book-entry form through the facilities of The Depository Trust Company (&ldquo;DTC&rdquo;) and
its direct and indirect participants, including Clearstream Banking S.A. and Euroclear Bank SA/SV, as operator of the Euroclear System,
against payment in New York, New York on or about October 3, 2025.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Joint Book-Running Managers</I></P>

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

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Wells Fargo Securities </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>MUFG </B></P></TD>
    <TD STYLE="width: 30%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>J.P. Morgan </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>RBC Capital Markets</B></P></TD>
    <TD STYLE="width: 35%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Morgan Stanley </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>Scotiabank</B></P></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; text-align: center; font-size: 10pt"><B>BMO Capital Markets</B></TD>
    <TD STYLE="text-align: center; width: 20%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>BofA Securities</B></P></TD>
    <TD STYLE="width: 20%; text-align: center; font-size: 10pt"><B>CIBC Capital Markets</B></TD>
    <TD STYLE="width: 20%; text-align: center; font-size: 10pt"><B>TD Securities</B></TD>
    <TD STYLE="width: 20%; text-align: center; font-size: 10pt"><B>Truist Securities</B></TD></TR>
  </TABLE>

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<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">September 29, 2025</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TABLE OF CONTENTS</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">Prospectus Supplement</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: right"><FONT STYLE="font-variant: small-caps"><U>Page</U></FONT></P>

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



<TABLE CELLPADDING="2" CELLSPACING="2" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_001" STYLE="color: Blue; text-decoration: underline">About This Prospectus</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_001" STYLE="color: Blue; text-decoration: underline">S-ii</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_002" STYLE="color: Blue; text-decoration: underline">Special Note Regarding Forward-Looking Statements</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_002" STYLE="color: Blue; text-decoration: underline">S-iii</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_003" STYLE="color: Blue; text-decoration: underline">Where You Can Find More Information</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_003" STYLE="color: Blue; text-decoration: underline">S-v</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_004" STYLE="color: Blue; text-decoration: underline">Documents Incorporated by Reference</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_004" STYLE="color: Blue; text-decoration: underline">S-v</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_005" STYLE="color: Blue; text-decoration: underline">Third Party Sources and Industry Data</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_005" STYLE="color: Blue; text-decoration: underline">S-vi</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_006" STYLE="color: Blue; text-decoration: underline">Currency</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_006" STYLE="color: Blue; text-decoration: underline">S-vii</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_007" STYLE="color: Blue; text-decoration: underline">Summary</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_007" STYLE="color: Blue; text-decoration: underline">S-1</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_008" STYLE="color: Blue; text-decoration: underline">The Offering</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_008" STYLE="color: Blue; text-decoration: underline">S-3</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_009" STYLE="color: Blue; text-decoration: underline">Risk Factors</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_009" STYLE="color: Blue; text-decoration: underline">S-9</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_010" STYLE="color: Blue; text-decoration: underline">Guaranteed Debt</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_010" STYLE="color: Blue; text-decoration: underline">S-17</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_011" STYLE="color: Blue; text-decoration: underline">Use of Proceeds</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_011" STYLE="color: Blue; text-decoration: underline">S-18</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_012" STYLE="color: Blue; text-decoration: underline">Description of the Notes</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_012" STYLE="color: Blue; text-decoration: underline">S-19</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_013" STYLE="color: Blue; text-decoration: underline">Material Income Tax Considerations</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_013" STYLE="color: Blue; text-decoration: underline">S-37</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_014" STYLE="color: Blue; text-decoration: underline">Underwriting</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_014" STYLE="color: Blue; text-decoration: underline">S-43</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_015" STYLE="color: Blue; text-decoration: underline">Legal Matters</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_015" STYLE="color: Blue; text-decoration: underline">S-49</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_016" STYLE="color: Blue; text-decoration: underline">Experts</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_016" STYLE="color: Blue; text-decoration: underline">S-50</A></TD></TR>
</TABLE>

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

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Prospectus</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: right"><FONT STYLE="font-variant: small-caps"><U>Page</U></FONT></P>

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



<TABLE CELLPADDING="2" CELLSPACING="2" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_017" STYLE="color: Blue; text-decoration: underline">About This Prospectus</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_017" STYLE="color: Blue; text-decoration: underline">1</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_018" STYLE="color: Blue; text-decoration: underline">Where You Can Find More Information</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_018" STYLE="color: Blue; text-decoration: underline">2</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_019" STYLE="color: Blue; text-decoration: underline">Service of Process and Enforceability of Civil Liabilities</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_019" STYLE="color: Blue; text-decoration: underline">3</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_020" STYLE="color: Blue; text-decoration: underline">Documents Incorporated by Reference</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_020" STYLE="color: Blue; text-decoration: underline">4</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_021" STYLE="color: Blue; text-decoration: underline">Special Note Regarding Forward-Looking Statements</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_021" STYLE="color: Blue; text-decoration: underline">6</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_022" STYLE="color: Blue; text-decoration: underline">Financial Information and Currency</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_022" STYLE="color: Blue; text-decoration: underline">8</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_023" STYLE="color: Blue; text-decoration: underline">Business</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_023" STYLE="color: Blue; text-decoration: underline">9</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_024" STYLE="color: Blue; text-decoration: underline">Risk Factors</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_024" STYLE="color: Blue; text-decoration: underline">10</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_025" STYLE="color: Blue; text-decoration: underline">Guaranteed Debt</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_025" STYLE="color: Blue; text-decoration: underline">11</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_026" STYLE="color: Blue; text-decoration: underline">Use of Proceeds</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_026" STYLE="color: Blue; text-decoration: underline">12</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_027" STYLE="color: Blue; text-decoration: underline">Consolidated Capitalization</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_027" STYLE="color: Blue; text-decoration: underline">13</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_028" STYLE="color: Blue; text-decoration: underline">Description of Debt Securities and Guarantees</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_028" STYLE="color: Blue; text-decoration: underline">14</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_029" STYLE="color: Blue; text-decoration: underline">Plan of Distribution</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_029" STYLE="color: Blue; text-decoration: underline">23</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_030" STYLE="color: Blue; text-decoration: underline">Certain Income Tax Considerations</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_030" STYLE="color: Blue; text-decoration: underline">25</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_031" STYLE="color: Blue; text-decoration: underline">Legal Matters</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_031" STYLE="color: Blue; text-decoration: underline">26</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_032" STYLE="color: Blue; text-decoration: underline">Experts</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_032" STYLE="color: Blue; text-decoration: underline">26</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_033" STYLE="color: Blue; text-decoration: underline">Documents Filed As Part of the Registration Statement</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_033" STYLE="color: Blue; text-decoration: underline">27</A></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-transform: uppercase; text-align: center"><A NAME="a_001"></A>About This Prospectus</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This document is in two parts.
The first part is this prospectus supplement, which describes the specific terms of the Notes. The second part, the accompanying prospectus,
gives more general information, some of which may not apply to the Notes. This prospectus supplement and the accompanying prospectus are
collectively referred to as the &ldquo;prospectus&rdquo; in this prospectus supplement. This prospectus is part of the registration statements
on Forms F-10 and F-3 relating to the Notes and the Guarantees that we filed with the U.S. Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;).
This prospectus does not contain all of the information contained in the registration statements, certain parts of which are omitted in
accordance with the rules and regulations of the SEC. You should refer to the registration statements and the exhibits to the registration
statements for further information with respect to us and the Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>We have not authorized
anyone to provide you with any information other than that contained or incorporated by reference in this prospectus supplement, the accompanying
prospectus or in any free writing prospectus prepared by or on behalf of us or to which we have referred you. We take no responsibility
for, and can provide no assurance as to the reliability of, any other information that others may give you. We are offering the Notes
in jurisdictions where such offers are permitted. The information contained in this prospectus supplement is accurate only as of the date
hereof, regardless of the time of delivery of this prospectus supplement or the accompanying prospectus or any sale or delivery of the
Notes offered hereby.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In this prospectus supplement,
all capitalized terms and acronyms used and not otherwise defined herein have the meanings provided in the accompanying prospectus. Unless
otherwise indicated by the context, the terms (i) &ldquo;we,&rdquo; &ldquo;our,&rdquo; and &ldquo;us&rdquo; refer to Emera Incorporated,
EUSHI Finance, Inc., Emera US Holdings Inc., and, if the context requires, Emera Incorporated&rsquo;s subsidiaries, (ii) &ldquo;Emera&rdquo;
refers to Emera Incorporated and, if the context requires, its subsidiaries, (iii) the &ldquo;Issuer&rdquo; refers to EUSHI Finance, Inc.,
(iv) the &ldquo;Guarantors&rdquo; refers collectively to Emera Incorporated and Emera US Holdings Inc., and (v)&nbsp;&ldquo;EUSHI&rdquo;
refers to Emera US Holdings Inc. In this prospectus supplement, unless otherwise specified or the context otherwise requires, all dollar
amounts are expressed in Canadian dollars. References to &ldquo;dollars,&rdquo; &ldquo;$,&rdquo; &ldquo;CAD&rdquo; or &ldquo;Cdn$&rdquo;
are to lawful currency of Canada. References to &ldquo;U.S. dollars,&rdquo; &ldquo;USD&rdquo; or &ldquo;US$&rdquo; are to lawful currency
of the United States of America.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_002"></A>Special Note Regarding
Forward-Looking Statements</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This prospectus supplement,
including the documents incorporated herein by reference, 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;). The words
&ldquo;anticipates,&rdquo; &ldquo;believes,&rdquo; &ldquo;budget,&rdquo; &ldquo;could,&rdquo; &ldquo;estimates,&rdquo; &ldquo;expects,&rdquo;
&ldquo;forecast,&rdquo; &ldquo;intends,&rdquo; &ldquo;may,&rdquo; &ldquo;might,&rdquo; &ldquo;plans,&rdquo; &ldquo;projects,&rdquo; &ldquo;schedule,&rdquo;
&ldquo;should,&rdquo; &ldquo;targets,&rdquo; &ldquo;will,&rdquo; &ldquo;would&rdquo; and similar expressions are often intended to identify
forward-looking information, although not all forward-looking information contains these identifying words.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The forward-looking information
in this prospectus supplement, including the documents incorporated herein by reference, includes statements which reflect the current
view of Emera&rsquo;s management with respect to Emera&rsquo;s expectations regarding future growth, results of operations, performance,
the expected timing and outcome of the pending sale of New Mexico Gas Company, Inc., the scope of the cybersecurity incident (the &ldquo;Cybersecurity
Incident&rdquo;) involving unauthorized access into certain parts of the Emera&rsquo;s Canadian network and its expected impact on the
Emera&rsquo;s financial position and results of operations, IT systems restoration, insurance recoveries, and business continuity processes
as well as other matters relating to the Cybersecurity Incident, business prospects and opportunities. The forward-looking information
reflects management&rsquo;s current beliefs and is based on information currently available to Emera&rsquo;s management and should not
be read as guarantees of future events, performance or results, and will not necessarily be accurate indications of whether, or the time(s)
at which, such events, performance or results will be achieved. All such forward-looking information in this prospectus supplement is
provided pursuant to safe harbor provisions contained in applicable securities laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The forward-looking information
in this prospectus supplement, including the documents incorporated by reference, is based on reasonable assumptions and is subject to
risks, uncertainties and other factors that could cause actual results to differ materially from historical results or results anticipated
by the forward-looking information. Factors which could cause results or events to differ from current expectations are discussed in the
&ldquo;Business Overview and Outlook&rdquo; section of Emera&rsquo;s Management&rsquo;s Discussion and Analysis for the three-month and
six month periods ended June 30, 2025, filed as Exhibit 99.1 to Emera&rsquo;s Form 6-K furnished August 8, 2025 and may also include,
without limits, statements regarding: Emera&rsquo;s revenue, earnings and cash flow; the growth and diversification of Emera&rsquo;s business
and earnings base; future annual net income and dividend growth; expansion of Emera&rsquo;s business; the expected compliance by Emera
with the regulation of its operations; the expected timing of regulatory decisions; forecasted capital investment; the nature, timing
and costs associated with certain capital projects; the expected impact on Emera of challenges in the global economy; estimated energy
consumption rates; expectations related to annual operating cash flows; the expectation that Emera will continue to have reasonable access
to capital in the near to medium term; expected debt maturities, repayments and renewals; expectations about increases in interest expense
and/or fees associated with debt securities and credit facilities; no material adverse credit rating actions expected in the near term;
the successful development of relationships with various stakeholders, the impact of currency fluctuations; expected changes in electricity
rates; and the impacts of planned investment by the industry of gas transportation infrastructure within the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The forecasts and projections
that make up the forward-looking information are based on reasonable assumptions which include, but are not limited to: the receipt of
applicable regulatory approvals and requested rate decisions; no significant operational disruptions or environmental liability due to
a catastrophic event or environmental upset caused by severe weather or global climate change, other acts of nature or other major events;
seasonal weather patterns remaining stable; no significant cyber or physical attacks or disruptions to Emera&rsquo;s systems (other than
the Cybersecurity Incident); the continued ability to maintain transmission and distribution systems to ensure their continued performance;
continued investment in solar, wind and hydro generation; continued natural gas activity; no severe and/or prolonged downturn in economic
conditions; sufficient liquidity and capital resources; the continued ability to hedge exposures to fluctuations in interest rates, foreign
exchange rates and commodity prices; no significant variability in interest rates; expectations regarding the nature, timing and costs
of capital investment of Emera and its subsidiaries; expectations regarding rate base growth; the continued competitiveness of electricity
pricing when compared with other alternative sources of energy; the continued availability of commodity supply; the absence of significant
changes in government energy plans and environmental laws and regulations that may materially affect Emera&rsquo;s operations and cash
flows; maintenance of adequate insurance coverage; the ability to obtain and maintain licenses and permits; no material decrease in market
energy sales prices; favorable labor relations; and sufficient human resources to deliver service and execute Emera&rsquo;s capital investment
plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The forward-looking information
is based on reasonable assumptions and is subject to risks, uncertainties and other factors that could cause actual results to differ
materially from historical results or results anticipated by the forward-looking information. Factors that could cause results or events
to differ from current expectations include, without limitation: regulatory and political risk; change in law risk; operating and maintenance
risks; changes in economic conditions; commodity price and</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">availability risk; liquidity
and capital markets risk; changes in credit ratings; future dividend growth, rate base growth, and adjusted earnings per common share
growth; timing and costs associated with certain capital investments; expected impacts on Emera of challenges in the global economy; potential
impacts of trade disputes and tariffs; estimated energy consumption rates; maintenance of adequate insurance coverage and receipt of proceeds;
changes in customer energy usage patterns; developments in technology that could reduce demand for electricity; climate change risk; weather
risk, including higher frequency and severity of weather events; risk of wildfires; unanticipated maintenance and other expenditures;
system operating and maintenance risk; derivative financial instruments and hedging; interest rate risk; inflation risk; counterparty
risk; disruption of fuel supply; country risks; supply chain risk; environmental risks; foreign exchange; regulatory and government decisions,
including changes to environmental legislation, financial reporting and tax legislation; risks associated with pension plan performance
and funding requirements; loss of service area; risks and costs associated with failure of information technology (&ldquo;IT&rdquo;) infrastructure
and cybersecurity incidents including IT systems restoration and business continuity processes; uncertainties associated with infectious
diseases, pandemics and similar public health threats; market energy sales prices; labor relations; and availability of labor and management
resources.</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: 0.25in">Readers are cautioned not
to place undue reliance on forward-looking information as actual results could differ materially from the plans, expectations, estimates
or intentions and statements expressed in the forward-looking information. All forward-looking information in this prospectus and in the
documents incorporated herein by reference is qualified in its entirety by the above cautionary statements and, except as required by
law, Emera undertakes no obligation to revise or update any forward-looking information as a result of new information, future events
or otherwise.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_003"></A>Where You Can Find
More Information</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Emera is a reporting issuer
in Canada, and as such Emera is subject to continuous disclosure and other obligations applicable to Canadian reporting issuers under
applicable Canadian provincial securities laws. Emera files annual and quarterly reports, management&rsquo;s discussion and analysis,
management information circulars, annual information forms and other information with the various securities commissions or other securities
regulatory authorities in the provinces of Canada (the &ldquo;CSA&rdquo;). The filings that Emera makes with the CSA may be retrieved,
accessed and printed, free of charge, through SEDAR+, the secure web-based system used by all market participants to file, disclose and
search for information in Canada's capital markets maintained on behalf of the CSA. The URL of that website is http://www.sedarplus.ca.
In addition, the SEC maintains an Internet site at http://www.sec.gov (&ldquo;EDGAR&rdquo;) that contains reports, proxy and information
statements and other information Emera has filed or furnished electronically with the SEC. Emera also makes this and other information
available on its corporate website at http://www.emera.com. The information found on its corporate website and the information that it
files on SEDAR+ or files or furnishes on EDGAR does not, except as specifically set forth below, form part of this prospectus and is not
incorporated by reference herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have filed with the SEC
registration statements on Forms F-3 and F-10 relating to certain securities, including the Notes and the Guarantees offered by this prospectus
supplement. This prospectus supplement and the accompanying prospectus are a part of the registration statement and do not contain all
the information in the registration statement. Whenever a reference is made in this prospectus supplement or the accompanying prospectus
to a contract or other document, the reference is only a summary and you should refer to the exhibits that are a part of the registration
statement for a copy of the contract or other document. You may review a copy of the registration statement through the SEC&rsquo;s website.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_004"></A>Documents Incorporated
by Reference</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following documents,
which have been filed with the securities regulatory authorities in Canada and filed with, or furnished to, the SEC, are specifically
incorporated by reference in this prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: justify">Emera&rsquo;s annual information form dated February 21, 2025 for the year ended December 31, 2024, filed
as Exhibit 99.1 to Emera&rsquo;s Form 40-F filed on February 21, 2025;</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 STYLE="text-align: justify">Emera&rsquo;s management&rsquo;s discussion and analysis for the year ended December 31, 2024, filed as
Exhibit 99.2 to Emera&rsquo;s Form 40-F filed on February 21, 2025;</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 STYLE="text-align: justify">Emera&rsquo;s audited consolidated financial statements for the years ended December 31, 2024 and December
31, 2023 and the accompanying auditor&rsquo;s report thereon, filed as Exhibit 99.3 to Emera&rsquo;s Form 40-F filed on February 21, 2025;</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 STYLE="text-align: justify">Emera&rsquo;s management&rsquo;s discussion and analysis of financial position and results of operations
as at and for the three month and six month periods ended June 30, 2025, filed as Exhibit 99.1 to Emera&rsquo;s Form 6-K furnished on
August 8, 2025;</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 STYLE="text-align: justify">Emera&rsquo;s unaudited condensed consolidated interim financial statements for the three and six month
periods ended June 30, 2025, filed as Exhibit 99.2 to Emera&rsquo;s Form 6-K furnished on August 8, 2025; and&#9;</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 STYLE="text-align: justify">Emera&rsquo;s management information circular distributed in connection with Emera&rsquo;s annual meeting
of shareholders held on May 22, 2025, furnished as Exhibit 99.5 to Emera&rsquo;s Form 6-K dated April 8, 2025</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-align: justify; text-indent: 0.25in"><B>Any statement contained
in the accompanying prospectus or in a document incorporated or deemed to be incorporated by reference in this prospectus supplement shall
be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained herein or in a document
incorporated or deemed to be incorporated by reference herein or in any other subsequently filed or furnished document which also is incorporated
or is deemed to be incorporated by reference herein modifies or supersedes such statement. The modifying or superseding statement need
not state that it has modified or superseded a prior statement or include any other information set forth in the document that it modifies
or supersedes. The making of such a modifying or superseding statement shall not be deemed an admission for any purposes that the modified
or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a
material fact that is required to be stated or that is necessary to make a statement not misleading in the light of the circumstances
in which it was made. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute
a part of this prospectus.</B></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Any documents of the type
required by National Instrument 44-101 Short Form Prospectus Distributions to be incorporated by reference in this prospectus, including
any material change reports (excluding confidential material change reports), unaudited interim consolidated financial statements, annual
consolidated financial statements and the auditors&rsquo; report thereon, management&rsquo;s discussion and analysis, information circulars,
annual information forms and business acquisition reports filed by us with the securities commissions or similar authorities in Canada
subsequent to the date of this prospectus supplement and prior to the termination of the offering of the Notes shall be deemed to be incorporated
by reference in this prospectus. To the extent that any document or information incorporated by reference into this prospectus is included
in a report that is filed with or furnished to the SEC on Form 40-F, 20-F, 10-K, 10-Q, 8-K or 6-K (or any respective successor form),
such document or information shall also be deemed to be incorporated by reference as an exhibit to the registration statement of which
this prospectus forms a part. In addition, any document or information filed with or furnished to the SEC on Form 6-K should be deemed
to be incorporated by reference as an exhibit to the registration statement of which this prospectus forms a part if the Form 6-K expressly
so states.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Copies of the documents incorporated
herein by reference (other than exhibits to such documents, unless such exhibits are specifically incorporated by reference in such documents)
may be obtained on request without charge from the Corporate Secretary of Emera at 5151 Terminal Road, Halifax, Nova Scotia B3J 1A1 (telephone
902-233-4084). These documents are also available through the internet on Emera&rsquo;s website at www.emera.com or on SEDAR+ which can
be accessed at www.sedarplus.ca. These documents are also available through the internet on EDGAR, which can be accessed at www.sec.gov.
The information contained on, or accessible through, any of these websites is not incorporated by reference into this prospectus and is
not, and should not be considered to be, a part of this prospectus, unless it is explicitly so incorporated.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_005"></A>Third Party Sources
and Industry Data</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This prospectus contains
or incorporates by reference information from publicly available third-party sources as well as industry data prepared by Emera&rsquo;s
management on the basis of its knowledge of the regulated electric and gas utility industry in which Emera operates (including management&rsquo;s
estimates and assumptions relating to the industry based on that knowledge). Emera&rsquo;s management&rsquo;s knowledge of the regulated
utility industry has been developed through its experience and participation in the industry. Emera&rsquo;s management believes that its
industry data is accurate and that its estimates and assumptions are reasonable. Third-party sources generally state that the information
contained therein has been obtained from sources believed to be reliable. Although Emera&rsquo;s management believes the information contained
in the third-party sources is reliable, Emera has not independently verified any of the data from third-party sources referred to in this
prospectus or the documents incorporated by reference herein or analyzed or verified the underlying studies or surveys relied upon or
referred to by such sources, or ascertained the underlying economic assumptions relied upon or referred to by such sources.</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_006"></A>Currency</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In this prospectus, unless
otherwise specified or the context otherwise requires, all dollar amounts are expressed in Canadian dollars. References to &ldquo;Canadian
dollars&rdquo;, &ldquo;$&rdquo;, &ldquo;CAD&rdquo; or &ldquo;Cdn$&rdquo; are to lawful currency of Canada. References to &ldquo;U.S. dollars&rdquo;,
&ldquo;USD&rdquo;, &ldquo;US$&rdquo; or &ldquo;U.S.$&rdquo; are to lawful currency of the United States of America.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table sets
forth, for each of the periods indicated, the daily average exchange rate, the average of the daily average exchange rates and the high
and low daily average exchange rates of one U.S. dollar in exchange for Canadian dollars as reported by the Bank of Canada.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six months ended June 30</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 29%; text-align: left">High&#9;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1.4603</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1.3821</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1.4416</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1.3875</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1.3856</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Low&#9;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3558</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3316</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3316</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3128</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.2451</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Average&#9;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.4094</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3586</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3698</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3497</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3013</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Period End&#9;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3643</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3687</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.4389</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3226</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3544</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On September 25, 2025, the
daily average exchange rate as reported by the Bank of Canada was US$1.00 = $1.3927.</P>

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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_007"></A>Summary</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>This summary highlights
the information contained elsewhere in this prospectus or incorporated by reference herein. Because this is only a summary, it does not
contain all of the information that may be important to you. For a more complete understanding of this offering and the Notes, we encourage
you to read this entire prospectus and the documents incorporated by reference herein. You should read the following summary together
with the more detailed information and consolidated financial statements and the Notes to those statements incorporated by reference into
this prospectus. Unless otherwise indicated, financial information included or incorporated by reference in this prospectus is presented
on an historical basis.</I></P>

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

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

<P STYLE="font: bold 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: 0.25in">Emera Incorporated (&ldquo;Emera&rdquo;)
was incorporated in the Province of Nova Scotia in 1998 and is the direct or indirect owner of all of the shares in Emera US Holdings
Inc. (&ldquo;EUSHI&rdquo;). Emera&rsquo;s principal executive office is located at 5151 Terminal Road, P.O. Box 910, Halifax, NS B3J 1A1,
Canada, and Emera&rsquo;s telephone number is (902) 233-4084. Emera&rsquo;s website address is www.emera.com. Material contained on Emera&rsquo;s
website is not part of and is not incorporated by reference in this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">EUSHI Finance, Inc. (the
&ldquo;Issuer&rdquo;) is a Delaware corporation that was formed on May 20, 2016. The Issuer is owned indirectly by Emera through EUSHI.
The Issuer was formed for the purpose of Emera&rsquo;s intercompany financings and does not have any operations or assets other than interests
in other financing-related entities, and it does not have any operating revenues.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">EUSHI is a Delaware corporation
that was incorporated on June 14, 2001. EUSHI is a direct and indirect, wholly owned subsidiary of Emera. EUSHI does not have any operations
and serves as the holding company for certain of Emera&rsquo;s assets located in the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Emera is a geographically
diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately CAD$43 billion in assets as at December
31, 2024 and 2024 revenues of approximately CAD$7.2 billion. The company primarily invests in regulated electricity generation and electricity
and gas transmission and distribution. Emera&rsquo;s strategic focus continues to be safely delivering cleaner, affordable and reliable
energy to its customers. Emera has investments in the United States, Canada and the Caribbean.</P>

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

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

<P STYLE="font: bold 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: 0.25in">The following chart provides
a summary of Emera&rsquo;s organizational structure as of December 31, 2024. The chart depicts (i) Emera&rsquo;s reportable segments (including
consolidated and non-consolidated investments) and (ii) selected subsidiaries of Emera, including EUSHI and the Issuer.</P>

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

</DIV>

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

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="image_002.jpg" ALT="" STYLE="width: 623px; height: 330px"></P>

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

<P STYLE="margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0"></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"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">On August 5,
                                            2024, Emera entered into an agreement to sell New Mexico Gas Company, Inc. See &ldquo;Significant
                                            Items Affecting Earnings&rdquo; and &ldquo;Other Developments&rdquo; in Emera&rsquo;s management
                                            discussion and analysis of financial position and results of operations as of and for the
                                            three-month and six-month periods ended June 30, 2025 filed as Exhibit 99.1 to Emera&rsquo;s
                                            Form 6-K furnished on August 8, 2025 and incorporated by reference herein.</FONT></TD></TR></TABLE>

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

</DIV>

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


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<DIV STYLE="padding: 4pt; border: Black 1pt solid">

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_008"></A>The Offering</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>The summary below describes
the principal terms of the Notes. The &ldquo;Description of the Notes&rdquo; section of this prospectus contains a more detailed description
of the terms and conditions of the Notes.</I></P>

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

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 50%; text-align: justify">Issuer&#9;</TD>
    <TD STYLE="vertical-align: bottom; width: 50%; text-align: justify">EUSHI Finance, Inc.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">Guarantors&#9;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">Emera Incorporated and Emera US Holdings Inc.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">Notes Offered&#9;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">US$750,000,000 aggregate principal amount of 6.250% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">Guarantees&#9;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">Emera Incorporated and Emera US Holdings Inc. will fully and unconditionally guarantee, on a joint, several and subordinated basis, the due and punctual payment of the principal of, premium, if any, and interest on the Notes and any other obligations of the Issuer under the Notes and the Indenture when and as they become due and payable, whether at stated maturity, upon redemption (including with respect to a Tax Event or a Rating Agency Event (each as defined in &ldquo;Description of the Notes&mdash;Redemption&mdash;Redemption Following a Tax Event&rdquo; and &ldquo;Description of the Notes&mdash;Redemption&mdash;Redemption Following a Rating Agency Event&rdquo;, respectively)), by acceleration or otherwise if the Issuer is unable to satisfy these obligations.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">Maturity Date&#9;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">The Notes will mature on April 1, 2056, subject to earlier redemption at the Issuer&rsquo;s option described under &ldquo;Description of the Notes&mdash;Redemption.&rdquo;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">Interest Payment Dates&#9;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">Subject to the Issuer&rsquo;s right to defer interest payments as described under &ldquo;Optional Interest Deferral&rdquo; below, interest on the Notes will be payable semi-annually in arrears on April 1 and October 1 of each year, commencing on April 1, 2026, and on the maturity date.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">Interest Rates&#9;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">The Notes will bear interest (i) from and including the original issue date to but excluding the First Reset Date, at the rate of&nbsp;&nbsp;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&nbsp;&nbsp;2.509% to be reset on each Reset Date; provided, that the interest rate during any Reset Period will not reset below&nbsp;&nbsp;6.250% (which equals the initial interest rate on the Notes). 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</TD></TR>
  </TABLE>

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

</DIV>

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

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

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 50%; text-align: justify">calculation of interest on the Notes, see &ldquo;Description of the Notes&mdash;Maturity, Interest and Payment.&rdquo;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">First Reset Date&#9;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">April 1, <FONT STYLE="color: #231F20">2031 </FONT>(the &ldquo;First Reset Date&rdquo;).</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">Reset Period&#9;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">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.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">Optional Interest Deferral&#9;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">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 (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. In other words, the Issuer may declare at its discretion up to a ten-year interest payment moratorium on the Notes and may choose to do that on one or more occasions. 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,</TD></TR>
  </TABLE>

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

</DIV>

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

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

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: justify">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. For the definition of the term &ldquo;Event of Default,&rdquo; see &ldquo;Description of the Notes&mdash;Events
    of Default&rdquo;, and for the definition of the term &ldquo;Interest Payment Period&rdquo; and other important information concerning
    the Issuer&rsquo;s right to defer interest payments on the Notes, see &ldquo;Description of the Notes&mdash;Option to Defer Interest Payments.&rdquo;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: justify">If the Issuer defers payments of
interest on the Notes, the Notes will be treated at that time, solely for purposes of the original issue discount rules, as having been
retired and reissued with original issue discount for U.S. federal income tax purposes. This means that if you are subject to U.S. federal
income taxation on a net income basis, you would be required to include in your gross income for U.S. federal income tax purposes the
deferred interest payments on your Notes before you receive any cash, regardless of your regular method of accounting for U.S. federal
income tax purposes. For more information concerning the tax consequences you may have if payments of interest are deferred, see &ldquo;Risk
Factors&mdash;Holders of the Notes subject to U.S. federal income taxation may have to pay taxes on interest before they receive payments
from us&rdquo; and &ldquo;Material U.S. Federal Income Tax Considerations&mdash;Exercise of Deferral Option.&rdquo;</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Certain Restrictions during an Optional Interest Deferral&#9;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: justify"><BR>
    During an Optional Deferral Period, the Issuer and the Guarantors may not do any of the following (subject to exceptions):</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.15in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT>&nbsp;&nbsp;declare
    or pay any dividends or distributions on any Capital Stock (as defined in &ldquo;Description of the Notes&mdash;Option to Defer Interest
    Payments&rdquo;) of Emera or the Issuer;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.15in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.15in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT>&nbsp;&nbsp;redeem,
    purchase, acquire or make a liquidation payment with respect to any Capital Stock of Emera or the Issuer;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.15in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.15in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT>&nbsp;&nbsp;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 0.25in; text-align: justify; text-indent: -0.15in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.15in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT>&nbsp;&nbsp;make
any payments with respect to any Guarantees by the Issuer or the Guarantors of any indebtedness</P></TD></TR>
  </TABLE>

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

</DIV>

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

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

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">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 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: justify">For further important information,
including information concerning the exceptions referred to above, see &ldquo;Description of the Notes&mdash;Option to Defer Interest
Payments.&rdquo;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">Subordination&#9;</TD>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: justify">The Notes and the related Guarantees
    will:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.15in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT>&nbsp;&nbsp;be
    subordinate and rank junior in right of payment to all existing and future Senior Indebtedness (as defined in &ldquo;Description of the
    Notes&mdash;Subordination&rdquo;) of the Issuer or the relevant Guarantors;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.15in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.15in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT>&nbsp;&nbsp;rank
    equally in right of payment with all existing and future unsecured and subordinated indebtedness that each of the Issuer and the Guarantors
    may incur from time to time if the terms of such indebtedness provide that it ranks equally with the Notes and the Guarantees;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.15in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.15in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT>&nbsp;&nbsp;in
    right of payment, be effectively subordinated to all existing and future secured indebtedness of the Issuer or the Guarantors, to the
    extent of the value of the assets securing such indebtedness; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.15in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.15in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT>&nbsp;&nbsp;be
    structurally subordinated in right of payment to all existing and future indebtedness and other liabilities (including trade payables)
    of Emera&rsquo;s direct and indirect subsidiaries (other than EUSHI and the Issuer).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.15in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: justify">The Indenture contains no restrictions
on the amount of additional Senior Indebtedness or secured or unsecured indebtedness that the Issuer and the Guarantors may incur or
the amount of indebtedness (whether secured or unsecured) that their respective subsidiaries may incur.</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">Optional Redemption&#9;</TD>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: justify">At its option, the Issuer may redeem
    some or all of the Notes, as applicable, before their maturity, as follows:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.15in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT>&nbsp;&nbsp;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; accrued</P></TD></TR>
  </TABLE>

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</DIV>

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<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">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 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.15in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT>&nbsp;&nbsp;in
    whole but not in part, at any time following the occurrence and during the continuance of a Tax Event (as defined in &ldquo;Description
    of the Notes&mdash;Redemption&mdash;Redemption Following a Tax Event&rdquo;) 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
    Procedures; Cancellation of Redemption,&rdquo; accrued and unpaid interest on the Notes to but excluding the redemption date; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.15in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: justify">in whole but not in part, at any
time following the occurrence and during the continuance of a Rating Agency Event (as defined in &ldquo;Description of the Notes&mdash;Redemption&mdash;Redemption
Following a Rating Agency Event&rdquo;) 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; accrued and unpaid interest on the Notes to but excluding the redemption date.</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">Additional Amounts&#9;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">Subject to certain exceptions and limitations described under the heading &ldquo;Description of the Notes&ndash;Additional Amounts,&rdquo; the Issuer will pay such Additional Amounts (as defined herein) on the Notes as will result in the receipt by the holders of the Notes of such amounts as would have been received by them had no withholding or deduction (that is required by law) been required. For more information regarding Additional Amounts with respect to the Notes, see &ldquo;Description of the Notes&ndash;Additional Amounts.&rdquo;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">Denominations&#9;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">The Notes will be issued in minimum denominations of US$2,000 and integral multiples of US$1,000 in excess thereof.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">Trustee&#9;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">Equiniti Trust Company, LLC.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">Governing Law&#9;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">The Notes and the related Guarantees will be, and the Indenture is, governed by the laws of the State of New York.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">No Listing&#9;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">The Notes are a new issue of securities and no established trading market for the Notes exists. The Notes will not be listed on any automated dealer quotation system, and we do not intend to apply for listing of the Notes on any securities exchange. We have been advised that the underwriters intend to make a market in the Notes. However, they are not obligated</TD></TR>
  </TABLE>

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

</DIV>

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

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

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  <TR>
    <TD STYLE="vertical-align: top; width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 50%; text-align: justify">to do so, and they may discontinue any market-making activities with respect to the Notes at any time without notice. No assurance can be given as to the liquidity of the trading market for the Notes or that an active public market for the Notes will develop. If an active public trading market for the Notes does not develop, the market price and liquidity of the Notes may be adversely affected.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">Use of Proceeds&#9;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">We estimate that the net proceeds from the offering of the Notes, after deducting the underwriting discount and our estimated offering expenses, will be approximately US$740.0 million. We intend to use the net proceeds from this offering for general corporate purposes, including, without limitation, to repay existing indebtedness. See &ldquo;Use of Proceeds&rdquo; in this prospectus supplement.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">Risk Factors&#9;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">Investing in the Notes involves risks. See &ldquo;Risk Factors&rdquo; beginning on page S-9 of this prospectus supplement for a discussion of factors that you should refer to and carefully consider before deciding to invest in these Notes.</TD></TR>
  </TABLE>

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</DIV>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_009"></A>Risk Factors</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>An investment in the Notes
involves certain risks. A prospective purchaser of the Notes should carefully consider the risk factors set forth below as well as the
other information contained in this prospectus supplement and the documents incorporated by reference herein before you decide to purchase
the Notes, including, without limitation, the risk factors discussed under (i) the heading &ldquo;Risk Factors&rdquo; in the Emera&rsquo;s
Annual Information Form dated February 21, 2025 for the year ended December 31, 2024 (filed on EDGAR as Exhibit 99.1 to Emera&rsquo;s
Form 40-F filed February 21, 2025 and incorporated by reference herein); (ii) the heading &ldquo;Principal Financial Risks and Uncertainties&rdquo;
in note 28 to Emera&rsquo;s audited consolidated financial statements as at and for the years ended December 31, 2024 and 2023 filed on
Exhibit 99.3 to Emera&rsquo;s Form 40-F filed February 21, 2025; (iii) the heading &ldquo;Enterprise Risk and Risk Management&rdquo; in
Emera&rsquo;s Management&rsquo;s Discussion and Analysis for the year ended December 31, 2024; and (iv) the heading &ldquo;Principal Financial
Risks and Uncertainties&rdquo; in note 20 to Emera&rsquo;s unaudited condensed consolidated interim financial statements as at and for
the three and six months ended June 30, 2025 and June 30, 2024 filed on Exhibit 99.2 to Emera&rsquo;s Form 6-K furnished on August 8,
2025. The risks described below are not the only risks that may affect us. Additional risks and uncertainties not currently known to us
or those we currently view to be immaterial may also materially and adversely affect our business, financial condition or results of operations.
Any of the following risks could materially and adversely affect our business, financial condition or results of operations. In such a
case, you may lose all or a part of your investment.</I></P>

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

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">Emera has a substantial
amount of indebtedness which may adversely affect its cash flow and ability to operate its business.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Emera has incurred a significant
amount of debt. As of June 30, 2025, Emera has approximately Cdn$20,995 million of total debt outstanding. The implications of such indebtedness
include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: justify">a portion of Emera&rsquo;s cash flow from operations is dedicated to debt service and may not be available
for other purposes;</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 STYLE="text-align: justify">limiting Emera&rsquo;s flexibility in planning for, or reacting to, changes in its business and the industry
in which it operates;</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 STYLE="text-align: justify">limiting Emera&rsquo;s ability to obtain financing in the future for working capital, capital expenditures
and general corporate purposes;</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 STYLE="text-align: justify">making Emera more vulnerable to economic downturns and industry conditions and possibly limiting its ability
to withstand competitive pressures;</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 STYLE="text-align: justify">making it more difficult for Emera to satisfy its indebtedness; and</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 STYLE="text-align: justify">increasing Emera&rsquo;s cost of borrowing.</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-align: justify; text-indent: 0.25in">If new debt is added to Emera&rsquo;s
current debt levels, the risks that it now faces would intensify. Emera&rsquo;s ability to generate sufficient cash flow from operations
to make scheduled payments on its debt will depend on a range of economic, competitive and business factors, many of which are outside
of its control. There can be no assurance that Emera&rsquo;s business will generate sufficient cash flow from operations to make these
payments, including with respect to the Notes. If Emera is unable to meet its expenses and debt obligations, Emera may need to refinance
all or a portion of its indebtedness before maturity. Emera may not be able to refinance any of its indebtedness on commercially reasonable
terms or at all, which could cause it to default on its obligations and impair its liquidity.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">The Notes are obligations
of the Issuer and the Guarantors and not of the Issuer&rsquo;s or the Guarantors&rsquo; subsidiaries and will be subordinated to all other
indebtedness of the Issuer and the Guarantors (other than any unsecured indebtedness the Issuer or the Guarantors may incur in the future
that ranks junior to or pari passu</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">with the Notes) and structurally
subordinated to the claims of the Issuer&rsquo;s and the Guarantors&rsquo; subsidiaries&rsquo; creditors.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Notes will be subordinated
in right of payment to all of the Issuer&rsquo;s and the Guarantors&rsquo; existing and future Senior Indebtedness. This means that, in
the event of (a) the Issuer&rsquo;s or the Guarantors&rsquo; dissolution, winding-up, liquidation or reorganization, (b) the Issuer&rsquo;s
or the Guarantors&rsquo; failure to pay any interest, principal or other monetary amounts due on any of its Senior Indebtedness when due
(and continuance of that default beyond any applicable grace period) or (c) acceleration of the maturity of any of the Issuer&rsquo;s
or the Guarantors&rsquo; Senior Indebtedness as a result of a default, the Issuer will not be permitted to make any payments on the Notes
until, in the case of clause (a), all amounts due or to become due on all of its Senior Indebtedness have been paid in full, or, in the
case of clauses (b) and (c), all amounts due on its Senior Indebtedness have been paid in full. For additional information about the subordination
of the Notes to our Senior Indebtedness, see &ldquo;Description of the Notes&mdash;Subordination&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Notes will also be structurally
subordinated to any indebtedness and other liabilities of Emera&rsquo;s subsidiaries (other than EUSHI and the Issuer). As of June 30,
2025, the Issuer and the Guarantors had Cdn$1,430 million of indebtedness, none of which was secured, and Emera&rsquo;s subsidiaries (other
than EUSHI and the Issuer) had approximately Cdn$17,245 million in indebtedness.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Due to the subordination
of the Notes to the Senior Indebtedness and the effective subordination of the Notes to any secured indebtedness of the Issuer and the
Guarantors, if either the Issuer&rsquo;s or the Guarantors&rsquo; assets are distributed upon their respective dissolution, winding-up,
liquidation or reorganization, holders of their Senior Indebtedness and any secured indebtedness would likely recover more, ratably, than
the holders of the Notes, and it is possible that no payments would be made to the holders of the Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Notes will rank equally
in right of payment with any existing and future unsecured and subordinated indebtedness that the Issuer or the Guarantors may incur from
time to time if the terms of such indebtedness provide that it ranks equally with the Notes in right of payment.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">The Issuer can defer interest
payments on the Notes for one or more Optional Deferral Periods of up to 20 consecutive semi-annual Interest Payment Periods each.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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 Optional Deferral Periods of up to 20 consecutive semi-annual Interest Payment Periods 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. In other words, the Issuer may declare at its discretion up to a ten-year interest payment moratorium on the
Notes and may choose to do that on one or more occasions. Moreover, following the end of any Optional Deferral Period, if all amounts
then due on the Notes are paid, the Issuer could immediately start a new Optional Deferral Period of up to 20 consecutive semi-annual
Interest Payment Periods. No interest will be paid or payable on the Notes during any 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 a 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. Instead, interest on the Notes would be deferred but would 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 would 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. If the Issuer exercises this interest deferral right, the Notes may trade at a price that does not reflect the value of accrued and
unpaid interest on the Notes or that is otherwise substantially less than the price at which the Notes would have traded if the Issuer
had not exercised such deferral right. If the Issuer exercises this interest deferral right and you sell your Notes during an Optional
Deferral Period, you may not receive the same return on your investment as a holder that continues to hold its Notes until the Issuer
pays the deferred interest following the end of such Optional Deferral Period. In addition, as a result of the Issuer&rsquo;s right to
defer interest payments, the market price of the Notes may be more volatile than other securities that do not have these rights.</P>

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


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">The Issuer or the Guarantors
could enter into various transactions that could increase the amount of its outstanding indebtedness, or adversely affect their capital
structure or credit ratings, or otherwise adversely affect holders of the Notes.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The terms of the Notes will
not prevent the Issuer or the Guarantors from entering into a variety of acquisition, refinancing, recapitalization or other highly-leveraged
transactions. As a result, the Issuer or the Guarantors may enter into a transaction even though the transaction could increase the total
amount of their outstanding indebtedness, adversely affect their capital structure or credit ratings or otherwise adversely affect the
holders of the Notes.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">Each Guarantor&rsquo;s
Guarantee of the Notes could be voided or subordinated by applicable federal bankruptcy law and insolvency laws in the United States or
Canada.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Issuer&rsquo;s obligations
under the Notes will be guaranteed by the Guarantors. In the United States, under federal bankruptcy law and comparable provisions of
state fraudulent transfer laws, each Guarantor&rsquo;s Guarantee could be voided, or claims in respect of such Guarantee could be subordinated
to all other debts of such Guarantor if, among other things, such Guarantor, at the time it incurred the indebtedness evidenced by its
Guarantee, received less than reasonably equivalent value or fair consideration for the incurrence of such Guarantee; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: justify">was insolvent or rendered insolvent by reason of such incurrence;</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 STYLE="text-align: justify">was engaged in a business or transactions for which its remaining assets constituted unreasonably small
capital; 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: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">intended to incur, or believed that it would incur, debts beyond its ability to pay such debts as they
mature.</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-align: justify; text-indent: 0.25in">In addition, any payment
by a Guarantor pursuant to its Guarantee could be voided and required to be returned to the Guarantor or to a fund for the benefit of
the creditors of the Guarantor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As one of the Guarantors,
Emera, is organized under the laws of the province of Nova Scotia, Canada and a portion of its assets are located in Canada, applicable
Canadian statutes may also allow courts to void the Notes and/or the Guarantees. The Issuer&rsquo;s creditors or creditors of the Guarantors
could challenge the Guarantees as fraudulent transfers, conveyances, preferences, transfers at undervalue or on other grounds under applicable
Canadian federal or provincial law. Payments made to the holders of the Notes may be required to be returned or the Guarantees may be
avoided or set aside under Canadian federal or provincial legislation if it is judicially determined that, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: justify">at the time of the payment or of the making of the Guarantee, the payor or Guarantor, as the case may
be, was insolvent and the payment had the effect of or was given with a view to giving a preference to, or conferred a fraudulent or unjust
preference on, the recipient or another Guarantor;</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 STYLE="text-align: justify">the payment or making of the Guarantee was a transfer at undervalue and at the time of the repayment or
the making of the Guarantee the payor or the Guarantor, as the case may be, was insolvent or was rendered insolvent by the payment or
the making of the Guarantee;</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 STYLE="text-align: justify">the payment or making of the Guarantee was intended to defeat, hinder, delay or defraud creditors; 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: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the payment or making of the Guarantee was oppressive to creditors.</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-align: justify; text-indent: 0.25in">The measure of insolvency
for purposes of these fraudulent transfer laws will vary depending upon the law applied in any proceeding to determine whether a fraudulent
transfer has occurred. Generally, however, a guarantor would be considered insolvent if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: justify">the sum of its debts, including contingent liabilities, was greater than the fair saleable value of all
of its assets;</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 STYLE="text-align: justify">the present fair saleable value of its assets was less than the amount that would be required to pay its
probable liability on its existing debts, including contingent liabilities, as they become absolute and mature; 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: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">it could not pay its debts as they become due.</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: justify; text-indent: 0.25in">We cannot be sure as to the
standards that a court would use to determine whether or not each Guarantor was solvent at the relevant time, or, regardless of the standard
that the court uses, that the issuance of each Guarantee of the Notes would not be voided or each Guarantee of the Notes would not be
subordinated to each Guarantor&rsquo;s other debt.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If a Guarantee were legally
challenged, such Guarantee could also be subject to the claim that, since the Guarantee was incurred for the Issuer&rsquo;s benefit, and
only indirectly for the benefit of the Guarantor, the obligations of the Guarantor were incurred for less than fair consideration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A court could thus void the
obligations under each Guarantee or subordinate each Guarantee to each Guarantor&rsquo;s other debt or take other action detrimental to
holders of the Notes.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">Canadian bankruptcy and
insolvency laws may impair the Trustee&rsquo;s ability to enforce remedies under the Notes.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Emera is a company governed
by the laws of the Province of Nova Scotia, Canada, and a portion of its assets are located in Canada. Therefore, Canadian bankruptcy
and insolvency laws will apply in the event of Emera&rsquo;s bankruptcy or insolvency.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Canadian bankruptcy, insolvency,
winding-up, reorganization and other restructuring or similar corporate arrangement legislation (collectively, &ldquo;Canadian insolvency
laws&rdquo;), may impair, delay, stay, compromise, or otherwise restrict the rights of the Trustee, as applicable, to enforce remedies
under the Indenture governing the Notes or the Guarantees, or the Notes or the Guarantees if the benefit of applicable Canadian insolvency
laws is sought with respect to Emera. For example, the <I>Bankruptcy and Insolvency Act</I> (Canada) and the <I>Companies&rsquo; Creditors
Arrangement Act </I>(Canada), the <I>Winding-Up and Restructuring Act</I> (Canada) and other corporate arrangement legislation each contain
provisions enabling a debtor to obtain a stay of proceedings or other rights and remedies in favor of itself and its property against
its creditors and others and to prepare and file a restructuring proposal, a plan of arrangement or a plan of compromise or arrangement
to be voted on by the various classes of its affected creditors. A restructuring proposal, plan of arrangement or plan of compromise or
arrangement, as applicable, if accepted by the requisite majorities of each affected class of creditors, and if approved by the relevant
Canadian court and implemented, would be binding on all affected creditors within each affected class, including those affected creditors
that did not vote to accept the proposal, plan of arrangement or plan of compromise or arrangement. In addition, the relevant Canadian
court may, subject to certain conditions, create court-ordered charges on the assets of the debtor to secure interim financing, professional
fees, post-filing amounts owing to critical suppliers, director liabilities or other obligations, in priority to the security interests
that secure the Notes and the Guarantees. Moreover, Canadian insolvency laws, in certain instances, permit the debtor (or its court appointed
receiver) to retain possession and administration of its property (including property that constitutes collateral), subject to court oversight,
even though it may be in default under the applicable debt instrument or security document during the applicable proceedings and notwithstanding
the ability of its creditors to enforce their rights upon such default are impaired, delayed, stayed, compromised, or otherwise restricted,.
In addition, it may be possible to restructure certain debt obligations, including Guarantees, under the applicable governing federal
or provincial corporate statute without commencing formal insolvency proceedings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In this regard, any approval
threshold requirements provided in the Indenture governing the Notes for modification of certain rights of the holders of Notes may be
disregarded in a restructuring of Emera&rsquo;s debt under applicable law or the order or decree of a court having jurisdiction. In an
insolvency, bankruptcy corporate arrangement in respect of a compromise of the debt of the debtors or similar proceeding, the applicable
statute or the court will establish the approval threshold. The approval threshold requirements under the Indenture governing the Notes
may also be disregarded in a restructuring by way of a court approved arrangement under a Canadian corporate statute. Stays of proceedings
have also been granted in connection with these corporate debt restructurings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The powers of the court under
Canadian insolvency laws, and particularly the Companies&rsquo; Creditors Arrangement Act (Canada), have been interpreted and exercised
broadly and remedially so as to preserve the enterprise value of a restructuring entity and protect such entity and its assets from actions
taken by creditors and other parties. Accordingly, the Issuer cannot predict whether payments under the Notes or the Guarantees thereof
would be made during any bankruptcy, insolvency, corporate arrangement in respect of a compromise of the debt of the debtors or other
restructuring proceedings, whether (and to what extent) or when the Trustee could exercise its rights under the Indenture governing the
Notes or the Guarantees during any such proceedings, or whether (and to what extent) holders of the Notes would be compensated for any
delays in payment of principal, interest and costs, including the fees and</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">disbursements of the Trustee.
Accordingly, if Emera were to become subject to any bankruptcy, insolvency, corporate arrangement in respect of a compromise of the debt
of the debtors or other restructuring proceedings, Emera may cease making payments on the Guarantees and the Trustee may not be able to
exercise its rights under the Indenture governing the Notes and Guarantees, respectively, following commencement of or during such proceedings,
without leave of the court.</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: 0.25in">In addition, under Canadian
insolvency laws, courts have jurisdiction over a debtor&rsquo;s property wherever it is located, including property situated in other
countries. However, courts outside of Canada may not recognize the Canadian court&rsquo;s jurisdiction. Accordingly, absent recognition
of the Canadian proceeding in the foreign jurisdiction, there may be difficulty administering a Canadian bankruptcy or insolvency proceeding
involving the Issuer or the Guarantors in respect of property located outside of Canada, and any orders or judgments of a Canadian court
may not be enforceable against the Issuer or the Guarantors with respect to their property located outside Canada.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">Investors in the Notes
located outside of Canada may have difficulties enforcing civil liabilities.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Emera is organized under
the laws of Nova Scotia, Canada. Moreover, some of the directors and officers of Emera, EUSHI and EUSHI Finance and some of the experts
named in this prospectus and documents incorporated by reference herein are non-U.S. residents, and some of Emera&rsquo;s assets and some
of the assets of those officers, directors and experts are located outside of the United States. We will agree, in accordance with the
terms of the Indenture, to accept service of process in any suit, action or proceeding with respect to the Indenture or the Notes brought
in any federal or state court located in New York City by an agent designated for such purpose, and to submit to the jurisdiction of such
courts in connection with such suits, actions or proceedings. Nevertheless, it may be difficult for holders of the Notes to effect service
of process within the United States upon directors, officers and experts who are not residents of the United States or to realize in the
United States upon judgments of courts of the United States predicated upon civil liability under U.S. federal or state securities laws
or other laws of the United States. In addition, there is doubt as to the enforceability in Canada against Emera or against Emera&rsquo;s
directors, officers and experts who are not residents of the United States, in original actions or in actions for enforcement of judgments
of courts of the United States, of liabilities predicated solely upon U.S. federal or state securities laws.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">The Issuer&rsquo;s cash
flow is dependent on the operating cash flows of Emera and its other subsidiaries and their ability to pay cash to the Issuer.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Issuer&rsquo;s cash flow
is dependent on the operating cash flows of Emera and its subsidiaries and their ability to pay cash to the Issuer. As a result, distributions
or advances from Emera and its subsidiaries are the principal source of funds necessary to meet the debt service obligations of the Issuer.
Contractual provisions or laws, as well as Emera&rsquo;s and its subsidiaries&rsquo; financial condition and operating requirements, may
limit the ability of the Issuer to obtain cash from Emera and its subsidiaries that it requires to pay its debt service obligations, and
may also limit the ability of the Guarantors to meet their obligations under their respective Guarantees, including any payments required
to be made under the Notes. In addition, certain of Emera&rsquo;s businesses are regulated by entities that possess broad oversight powers
to ensure that the needs of utility customers are being met. While Emera is not currently aware of any plans to do so, such regulators
could attempt to impose restrictions on the ability of Emera or its subsidiaries to pay cash to the Issuer pursuant to these broad powers.
Other than EUSHI and the Issuer, the subsidiaries of Emera are legally distinct and have no obligations to pay amounts due on the indebtedness
of the Issuer or the Guarantors, or to make funds available for such payment. In addition, non-guarantor subsidiaries of Emera will be
permitted under the terms of the Indenture to incur additional indebtedness that may restrict or prohibit the making of distributions,
the payment of dividends or the making of loans by such subsidiaries to the Issuer and the Guarantors. The agreements governing current
and future indebtedness of Emera&rsquo;s subsidiaries may not permit such subsidiaries to provide Emera with sufficient dividends, distributions
or loans to fund payments on the Notes when due.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">The Guarantors are holding
companies.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Guarantors are holding
companies and depend on dividends and other distributions from their subsidiaries. Each of Emera and EUSHI conducts substantially all
its operations through subsidiaries, and those subsidiaries generate substantially all of its operating income and cash flow. As a result,
distributions or advances from those subsidiaries are the principal source of funds necessary to meet the debt service obligations of
the Guarantors. Contractual provisions or laws, as well as the subsidiaries&rsquo; financial condition and operating requirements, may
limit the ability of the Guarantors to obtain cash from their subsidiaries that they require to pay their debt service obligations, including
any payments required to be made under the Notes.</P>

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


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">An increase in interest
rates could result in a decrease in the relative value of the Notes.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In general, as market interest
rates rise, Notes bearing interest at a fixed rate generally decline in value because the premium, if any, over market interest rates
will decline. Consequently, if you purchase Notes and market interest rates increase, the market value of your Notes may decline. We cannot
predict future levels of market interest rates.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">The trading prices for
the Notes will be directly affected by many factors, including our credit rating.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Credit rating agencies continually
revise their ratings for companies they follow or discontinue rating companies, which could include the Issuer. Any ratings downgrade
or decisions by a credit rating agency to discontinue rating us could adversely affect the trading price of the Notes, or the trading
market for the Notes, to the extent a trading market for the Notes develops. The condition of the financial and credit markets and prevailing
interest rates have fluctuated in the past and are likely to fluctuate in the future and any fluctuation may impact the trading price
of the Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We expect the Notes to be
rated by &ldquo;nationally recognized statistical rating organizations&rdquo; within the meaning of the U.S. Securities Exchange Act of
1934, as amended (the &ldquo;Exchange Act&rdquo;). The Notes may in the future be rated by additional rating agencies. We cannot assure
you that any rating so assigned will remain for any given period of time or that a rating will not be lowered or withdrawn entirely by
a rating agency if, in that rating agency&rsquo;s judgment, circumstances relating to the basis of the rating, such as adverse changes
to our business, so warrant. Any lowering or withdrawal of a rating by a rating agency could reduce the liquidity or market value of the
Notes.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">Rating agencies may change
their practices for rating the Notes, which change may affect the market price of the Notes. In addition, the Issuer may redeem the Notes
if a rating agency makes certain changes in the equity credit methodology for securities such as the Notes.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The rating agencies that
currently or may in the future publish a rating for the Issuer, including Moody&rsquo;s Investors Service, Inc., S&amp;P Global Ratings
and Fitch Ratings, Inc., each of which is expected to publish a rating of the Notes, may, from time to time in the future, change the
way they analyze securities with features similar to the Notes. This may include, for example, changes to the relationship between ratings
assigned to an issuer&rsquo;s senior securities and ratings assigned to subordinated securities with features similar to the Notes. If
any rating agencies change their practices for rating these types of securities in the future, and the ratings of the Notes are subsequently
lowered, the trading price of the Notes could be negatively affected. In addition, the Issuer may redeem the Notes, at its option, in
whole but not in part, if a rating agency makes certain changes in the equity credit methodology for securities such as the Notes. See
&ldquo;Description of the Notes&mdash;Redemption&mdash;Redemption Following a Rating Agency Event.&rdquo;</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">Your ability to transfer
the Notes may be limited by the absence of a trading market for the Notes.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">There is no established trading
market for the Notes, and we have no plans to list the Notes on a securities exchange. We have been advised by each underwriter of the
Notes that it presently intends to make a market for the Notes; however, no underwriter of the Notes is obligated to do so. Any market
making activity, if initiated, may be discontinued at any time, for any reason, without notice. If the underwriters of the Notes cease
to act as market makers for the Notes for any reason, we cannot assure you that another firm or person will make a market in such Notes.
The liquidity of any market for the Notes will depend upon the number of holders of such Notes, our results of operations and financial
condition, the market for similar securities, the interest of securities dealers in making a market in the Notes and other factors. An
active or liquid trading market may not develop for the Notes.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">The Issuer can defer interest
payments on the Notes for one or more Optional Deferral Periods of up to 20 consecutive semi-annual Interest Payment Periods each. This
may affect the market price of the Notes.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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 Optional Deferral Periods of up to 20 consecutive semi-annual Interest Payment Periods 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. In other words, the Issuer may declare at its discretion up to a ten-year interest payment moratorium on the
Notes and may choose to do that on one or more occasions. Moreover, following the end of any Optional Deferral Period, if all amounts
then due on the Notes are paid, the Issuer could immediately start a new Optional Deferral Period of up to 20 consecutive semi-annual
Interest Payment Periods. No interest will be paid or payable on the Notes during any 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</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">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 a 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.
Instead, interest on the Notes would be deferred but would 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 would 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. If the Issuer exercises this interest deferral right, the Notes may
trade at a price that does not reflect the value of accrued and unpaid interest on the Notes or that is otherwise substantially less than
the price at which the Notes would have traded if the Issuer had not exercised such deferral right. If the Issuer exercises this interest
deferral right and you sell your Notes during an Optional Deferral Period, you may not receive the same return on your investment as a
holder that continues to hold its Notes until the Issuer pays the deferred interest following the end of such Optional Deferral Period.
In addition, as a result of the Issuer&rsquo;s right to defer interest payments, the market price of the Notes may be more volatile than
other securities that do not have these rights.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">Holders of the Notes subject
to U.S. federal income taxation may have to pay taxes on interest before they receive payments from us.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the Issuer defers interest
payments on the Notes, a holder of the Notes subject to U.S. federal income tax on a net income basis will be required to accrue interest
income for U.S. federal income tax purposes in respect of such holder&rsquo;s proportionate share of the accrued but unpaid interest on
the Notes, even if such holder normally reports income when received. As a result, a holder will be required to include the accrued interest
in such holder&rsquo;s gross income for U.S. federal income tax purposes even though such holder will not have received any cash. A holder&rsquo;s
adjusted tax basis in a Note generally will be increased by such amounts that it was required to include in gross income. In addition,
unpaid interest accrued on the Notes during an Optional Deferral Period will be payable on the interest payment date immediately following
the last day of such Optional Deferral Period. If a holder sells its Notes on or before the record date for such interest payment date,
then all of the interest accrued on such Notes during the Optional Deferral Period will be paid to the person who is the registered owner
of those Notes at the close of business on such record date, and the holder who sold those Notes will not receive from the Issuer any
of the interest that accrued on those Notes during the Optional Deferral Period and that such holder reported as income for tax purposes.
Holders should consult with their tax advisors regarding the tax consequences of an investment in the Notes. For more information regarding
the tax consequences of purchasing, owning and disposing of the Notes, see &ldquo;Material Income Tax Considerations.&rdquo;</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">The Issuer may choose to
redeem the Notes prior to maturity.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Issuer may at its option
redeem the Notes in whole or in part at the times and the applicable redemption price described herein. See &ldquo;Description of the
Notes&mdash;Redemption.&rdquo; The Issuer may choose to redeem your Notes at a time when prevailing interest rates are lower than the
interest rate paid on your Notes. If prevailing interest rates are lower at the time of redemption, you may not be able to reinvest the
redemption proceeds in a comparable security at an effective interest rate as high as the interest rate of the Notes being redeemed.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">The historical Five-year
U.S. Treasury Rates are not an indication of future Five-year U.S. Treasury Rates.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The annual interest rate
on the Notes for each Reset Period will be set by reference to the Five-year U.S. Treasury Rate as of the most recent Reset Interest Determination
Date (provided, that the interest rate during any Reset Period will not reset below the initial interest rate). In the past, U.S. Treasury
rates have experienced significant fluctuations. You should note that historical levels, fluctuations and trends of U.S. Treasury rates
are not necessarily indicative of future levels. Any historical upward or downward trend in U.S. Treasury rates is not an indication that
U.S. Treasury rates are more or less likely to increase or decrease at any time in the future and you should not take historical U.S.
Treasury rates as an indication of future U.S. treasury Rates.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">While it is not possible
for the interest rate on the Notes to decrease below the initial interest rate, the interest rate on the Notes may fluctuate over time.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">While it is not possible
for the interest rate on the Notes to decrease below the initial interest rate, the interest rate for a given Reset Period subsequent
to the initial Reset Period may decrease as compared to the interest rate for the</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">prior Reset Period. We have
no control over the factors that may affect U.S. Treasury rates, including geopolitical, economic, financial, political, regulatory, judicial
or other conditions or events.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_010"></A>Guaranteed Debt</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of June 30, 2025, Emera
had US$2.95 billion (as of December 31, 2024 &ndash; US$2.95 billion) senior unsecured notes issued by Emera US Finance LP and junior
subordinated notes issued by EUSHI Finance (collectively referred to as the &ldquo;US Notes&rdquo;) outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The US Notes are fully and
unconditionally guaranteed, on a joint and several basis, and in the case of the fixed-to-fixed reset rate junior subordinated notes due
2054 only, on a joint, several and subordinated basis, by Emera and EUSHI (in such capacity, the &ldquo;Guarantor Subsidiaries&rdquo;).
Emera owns, directly or indirectly, all of the limited and general partnership interests in Emera US Finance LP. EUSHI Finance is owned
indirectly by Emera through EUSHI. Other subsidiaries of Emera do not guarantee the US Notes (such subsidiaries are referred to as the
&ldquo;Non-Guarantor Subsidiaries&rdquo;); however, Emera has unrestricted access to the assets of consolidated entities. In compliance
with Rule 13-01 of Regulation S-X, Emera is including summarized financial information for Emera, EUSHI and EUSHI Finance (together, the
&ldquo;Obligor Group&rdquo;), on a combined basis after transactions and balances between the combined entities have been eliminated.
Investments in and equity earnings of the Non-Guarantor Subsidiaries have been excluded from the summarized financial information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Obligor Group was not
determined using geographic, service line or other similar criteria and, as a result, the summarized financial information includes portions
of Emera&rsquo;s domestic and international operations. Accordingly, this basis of presentation is not intended to present Emera&rsquo;s
financial condition or results of operations for any purpose other than to comply with the specific requirements for guarantor reporting.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Summarized Statement of Income (Loss)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">In millions of dollars</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the six months ended June 30, 2025</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the year ended December 31, 2024</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 56%; text-align: justify">Loss from operations&#9;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">(98</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">(279</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Net (losses) gains<SUP>(1)</SUP>&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(24</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">437</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


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


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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></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"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Includes $344
                                            million (2024 &ndash; $1,352 million) in interest and dividend income, net, from non-guarantor
                                            subsidiaries.</FONT></TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Summarized Balance Sheet</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">In millions of dollars</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As at June 30, 2025</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As at December 31, 2024</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 56%; text-align: justify">Current assets<SUP>(1)</SUP>&#9;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">537</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">393</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Goodwill&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,554</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,858</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Other assets<SUP>(2)</SUP>&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,840</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,946</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt">Total assets<SUP>(3)</SUP>&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">8,931</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9,197</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: justify">Current liabilities<SUP>(4)</SUP>&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">689</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">405</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Long-term liabilities<SUP>(5)</SUP>&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,303</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,838</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total liabilities&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9,992</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">10,243</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>



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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></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"></TD><TD STYLE="font-size: 9pt; width: 0.25in">(1)</TD><TD STYLE="font-size: 9pt; text-align: justify">Includes $281 million (2024 &ndash; $220 million) in amounts due from non-guarantor subsidiaries.</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 9pt; vertical-align: top">
<TD STYLE="font-size: 9pt; width: 0"></TD><TD STYLE="font-size: 9pt; width: 0.25in">(2)</TD><TD STYLE="font-size: 9pt; text-align: justify">Includes $2,347 million (2024 &ndash; $2,345 million) in amounts due from non-guarantor subsidiaries.</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 9pt; vertical-align: top">
<TD STYLE="font-size: 9pt; width: 0"></TD><TD STYLE="font-size: 9pt; width: 0.25in">(3)</TD><TD STYLE="font-size: 9pt; text-align: justify">Excludes investments in non-guarantor subsidiaries. Emera&rsquo;s total consolidated assets are $42,531
million (2024 &ndash; $42,951 million).</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 9pt; vertical-align: top">
<TD STYLE="font-size: 9pt; width: 0"></TD><TD STYLE="font-size: 9pt; width: 0.25in">(4)</TD><TD STYLE="font-size: 9pt; text-align: justify">Includes $180 million (2024 &ndash; $184 million) in amounts due from non-guarantor subsidiaries.</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 9pt; vertical-align: top">
<TD STYLE="font-size: 9pt; width: 0"></TD><TD STYLE="font-size: 9pt; width: 0.25in">(5)</TD><TD STYLE="font-size: 9pt; text-align: justify">Includes $5,727 million (2024 &ndash; $5,980 million) in amounts due from non-guarantor subsidiaries.</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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_011"></A>Use of Proceeds</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We estimate that the net
proceeds from this offering of the Notes, after deducting the underwriting discount and our estimated offering expenses, will be approximately
US$740.0&nbsp;million. We intend to use the net proceeds from this offering for general corporate purposes, including, without limitation,
to repay existing indebtedness. We may invest funds that we do not immediately use in short-term marketable securities.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_012"></A>Description of
the Notes</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>As used below, the terms
(i) &ldquo;we,&rdquo; &ldquo;our,&rdquo; and &ldquo;us&rdquo; refer to Emera Incorporated, EUSHI Finance, Inc., Emera US Holdings Inc.,
and, if the context requires, Emera Incorporated&rsquo;s subsidiaries, (ii) &ldquo;Emera&rdquo; refers to Emera Incorporated and, if the
context requires, its subsidiaries, (iii) the &ldquo;Issuer&rdquo; refers to EUSHI Finance, Inc., (iv) the &ldquo;Guarantors&rdquo; refers
collectively to Emera Incorporated and Emera US Holdings Inc., and (v) &ldquo;EUSHI&rdquo; refers to Emera US Holdings Inc.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>We are offering US$750,000,000
6.250% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056 (the &ldquo;Notes&rdquo;), which will be registered under the Securities
Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>The Notes will be issued,
under an indenture dated as of June 18, 2024 as to be amended and supplemented by a supplemental indenture (collectively, the &ldquo;Indenture&rdquo;),
among us, the Guarantors and Equiniti Trust Company, LLC, as trustee (the &ldquo;Trustee&rdquo;). The Notes will be fully and unconditionally
guaranteed, on a joint, several and subordinated basis, by the Guarantors (the &ldquo;Guarantees&rdquo;). The Indenture is subject to
the Trust Indenture Act of 1939, as amended (the &ldquo;Trust Indenture Act&rdquo;). The terms of the Notes will include those expressly
set forth in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act. </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>The following description
of the particular terms and provisions on the Notes and the Guarantees, supplements and, to the extent inconsistent therewith, replaces
the description of the Debt Securities and the guarantees set forth in the accompanying prospectus under &ldquo;Description of the Debt
Securities and Guarantees&rdquo; to which reference is made.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>This description of the
Notes is intended to be a useful overview of the material provisions of the Notes, the Guarantees and the Indenture. Since this description
is only a summary, you should refer to the Indenture, a copy of which is available from us upon request, for a complete description of
the obligations of the Issuer and the Guarantors and your rights. We urge you to read the Indenture carefully because it, and not the
following description, will govern your rights as a holder of the Notes.</I></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Maturity, Interest and Payment</P>

<P STYLE="font: bold 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: 0.25in">The Notes will mature on&nbsp;April
1, 2056, subject to earlier redemption at the Issuer&rsquo;s option as described under &ldquo;&mdash;Redemption.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Notes will bear interest
(i) from and including October 3, 2025 (the &ldquo;original issue date&rdquo;) to but excluding April 1, <FONT STYLE="color: #231F20">2031
</FONT>(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 below) at a rate per annum equal to the Five-year U.S. Treasury Rate (as defined below) as of the most recent
Reset Interest Determination Date (as defined below), plus a spread of 2.509% to be reset on each Reset Date (as defined below); 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
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 the holders of
record 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 <FONT STYLE="color: #231F20">(ii) the
15th calendar day preceding such interest payment (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 our right to defer interest payments as described below under &ldquo;&mdash;Option
to Defer Interest Payments.&rdquo; Interest on the Notes will be computed on the basis of a 360-day year of twelve 30-day months.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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 the following provisions:</P>

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

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">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 <FONT STYLE="color: #231F20">(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
(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. 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 </FONT>6.250<FONT STYLE="color: #231F20">% 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.</FONT></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: 0.25in">&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-align: justify; text-indent: 0.25in">&nbsp;</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As used under this caption
&ldquo;Description of the Notes,&rdquo; the term &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-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The term &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 Emera or an affiliate of Emera as calculation agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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 us of the interest rate for the Reset Period and the Issuer will promptly
notify, or cause the calculation agent to promptly notify, 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 (as defined below under
&ldquo;&mdash;Option to Defer Interest Payments&rdquo;) 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-align: justify; text-indent: 0.25in">&nbsp;</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No Listing</P>

<P STYLE="font: bold 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: 0.25in">The Notes are a new issue
of securities with no established trading market. The Issuer does not intend to apply for the listing or trading of the Notes on any securities
exchange or trading facility or for inclusion of the Notes in any automated quotation system.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Agreement by Holders to Tax Treatment</P>

<P STYLE="font: bold 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: 0.25in">Each holder (and beneficial
owner) of the Notes will, by accepting any Notes (or a beneficial interest therein), be deemed to have agreed to treat the Notes as indebtedness
and interest thereon as U.S. source, and will treat the Notes and interest accordingly, for U.S. federal, state and local tax purposes.
For a discussion of the tax treatment of the Notes, see &ldquo;Material U.S. Federal Income Tax Considerations.&rdquo;</P>

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

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

<P STYLE="font: bold 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: 0.25in">Each Guarantor will fully
and unconditionally guarantee, on a joint, several and subordinated basis, the due and punctual payment of the principal of, premium,
if any, and interest on the Notes and any other obligations of the Issuer under the Notes when and as they become due and payable, whether
at stated maturity, upon redemption (including with respect to a Tax Event or a Rating Agency Event), by acceleration or otherwise if
the Issuer is unable to satisfy these obligations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Emera is a holding company
and conducts substantially all of its business through its direct and indirect operating subsidiaries. EUSHI, a direct and indirect wholly
owned subsidiary of Emera, serves as a holding company for Emera&rsquo;s current assets located in the United States. The principal sources
of income of Emera and EUSHI are the dividends and distributions they receive from their subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Guarantees will be the
joint, several and subordinated obligations exclusively of Emera and EUSHI and will rank junior and subordinated in right of payment to
the prior payment in full of the Guarantor&rsquo;s Senior Indebtedness. Furthermore, none of Emera&rsquo;s direct and indirect subsidiaries
(other than EUSHI) will guarantee or otherwise be responsible for the payment of principal of, any premium or interest or other payments
required to be made by the Guarantors under the Guarantees. Accordingly, obligations of the Guarantors under the Guarantees will be structurally
subordinated to all existing and future indebtedness and other liabilities (including trade payables) of Emera&rsquo;s direct and indirect
subsidiaries (other than EUSHI).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Indenture provides that
upon a default in payment of principal or any premium or interest on a Note, the holder of the Notes may institute legal proceedings directly
against the Guarantors to enforce the Guarantees without first proceeding against the Issuer. The obligations of each Guarantor under
the Guarantees will be limited as necessary to prevent such Guarantees from constituting a fraudulent conveyance or fraudulent transfer
under applicable law.</P>

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

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

<P STYLE="font: bold 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: 0.25in">The payment of the principal
of, premium, if any, and interest on the Notes and the payment of the Guarantees will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: justify">be subordinate and rank junior in right of payment to all existing and future Senior Indebtedness (as
defined below);</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 STYLE="text-align: justify">rank equally in right of payment with all existing and future unsecured and subordinated indebtedness
that each of the Issuer and the Guarantors may incur from time to time if the terms of such indebtedness provide that it ranks equally
with the Notes and Guarantees in right of payment;</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 STYLE="text-align: justify">be effectively subordinated to all existing and future secured indebtedness of the Issuer or the Guarantors,
to the extent of the value of the assets securing such indebtedness; and</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 STYLE="text-align: justify">be structurally subordinated in right of payment to all existing and future indebtedness and other liabilities
(including trade payables) of Emera&rsquo;s direct and indirect subsidiaries (other than EUSHI and the Issuer).</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-align: justify; text-indent: 0.25in">The Notes and the Guarantees
will be subordinated in right of payment to the prior payment in full of all Senior Indebtedness. This means that upon:</P>

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


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<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">(a)</TD><TD STYLE="text-align: justify">any payment by, or distribution of the assets of, the Issuer or the Guarantors upon their dissolution,
winding-up, liquidation or reorganization, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other proceedings;
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: 0.25in">(b)</TD><TD STYLE="text-align: justify">a failure to pay any interest, principal or other monetary amounts due on any of the Issuer&rsquo;s and
the Guarantors&rsquo; Senior Indebtedness when due and continuance of that default beyond any applicable grace period; 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: 0.25in">(c)</TD><TD STYLE="text-align: justify">acceleration of the maturity of any Senior Indebtedness as a result of a default;</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-align: justify">the holders of the Senior Indebtedness will be
entitled to receive:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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 STYLE="text-align: justify">in the case of clause (a) above, payment of all amounts due or to become due on all Senior Indebtedness;
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: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in the case of clauses (b) and (c) above, payment of all amounts due on all Senior Indebtedness, before
the holders of the Notes are entitled to receive any payment. So long as any of the events in clauses (a), (b), or (c) above has occurred
and is continuing, any amounts payable or assets distributable on the Notes will instead be paid or distributed, as the case may be, directly
to the holders of Senior Indebtedness to the extent necessary to pay, in the case of clause (a) above, all amounts due or to become due
upon all such Senior Indebtedness, or, in the case of clauses (b) and (c) above, all amounts due on all such Senior Indebtedness, and,
if any such payment or distribution is received by the Trustee under the Indenture or the holders of any of the Notes before all Senior
Indebtedness due and to become due or due, as applicable, is paid, such payment or distribution must be paid over to the holders of the
unpaid Senior Indebtedness. Subject to paying the Senior Indebtedness due and to become due in the case of clause (a) or the Senior Indebtedness
due in the case of clauses (b) and (c), the holders of the Notes will be subrogated to the rights of the holders of the Senior Indebtedness
to receive payments applicable to the Senior Indebtedness until the Notes are paid in full.</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-align: justify; text-indent: 0.25in">&ldquo;Senior Indebtedness&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 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. As of June 30, 2025, the Issuer and the Guarantors had approximately Cdn$1,430 million of indebtedness,
none of which was secured, and Cdn$2,320 million of which was subordinated. As of June 30, 2025 Emera&rsquo;s subsidiaries (other than
EUSHI and the Issuer) had approximately Cdn$17,245 million in indebtedness.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the event of an insolvency,
liquidation or other reorganization of any of Emera&rsquo;s subsidiaries (other than EUSHI and the Issuer), the creditors of such subsidiaries
would generally be entitled to payment in full from such assets before any assets are made available for distribution to the Guarantors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Due to the subordination
of the Notes and the Guarantees, if assets of the Issuer or the Guarantors are distributed upon their respective dissolution, winding-up,
liquidation or reorganization, holders of their Senior Indebtedness and other indebtedness and obligations that are not equal or junior
to each of the Notes and the Guarantees in right of payment will likely recover more, ratably, than holders of the Notes and the Guarantees,
and it is possible that no payments will be made to the holders of the Notes and the Guarantees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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-align: justify; text-indent: 0.25in">None of the Notes, the Guarantees
or the Indenture will limit the amount of indebtedness, including Senior Indebtedness, that the Issuer and the Guarantors may issue, guarantee
or otherwise incur or the amount of liabilities, including debt or preferred stock, that the Issuer, the Guarantors' and their respective
subsidiaries may issue, guarantee or otherwise incur.</P>

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

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

<P STYLE="font: bold 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: 0.25in">So long as no Event of Default
(as defined below under &ldquo;&mdash;Events of Default&rdquo;) 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 below) (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 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-align: justify; text-indent: 0.25in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During any Optional Deferral
Period, the Issuer and the Guarantors will not do any of the following (subject to the exceptions set forth in the next succeeding paragraph):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: justify">declare or pay any dividends or distributions on any Capital Stock (as defined below) of Emera or the
Issuer;</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 STYLE="text-align: justify">redeem, purchase, acquire or make a liquidation payment with respect to any Capital Stock of Emera or
the Issuer;</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 STYLE="text-align: justify">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</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 STYLE="text-align: justify">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.</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-align: justify; text-indent: 0.25in">However, during an Optional
Deferral Period, the Issuer and the Guarantors may (a) declare and pay dividends or distributions payable solely in shares of Emera&rsquo;s
or the Issuer&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</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Emera&rsquo;s or the Issuer&rsquo;s
common stock, (b) declare and pay <FONT STYLE="color: #231F20">any dividend in connection with the implementation of a plan (a &ldquo;Rights
Plan&rdquo;) providing for the issuance by Emera or the Issuer to all holders of </FONT>Emera&rsquo;s or the Issuer&rsquo;s <FONT STYLE="color: #231F20">common
stock of rights entitling them to subscribe for or purchase common stock or any class or series of Emera&rsquo;s or the Issuer&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 </FONT>Emera&rsquo;s or the Issuer&rsquo;s <FONT STYLE="color: #231F20">common
stock, (c) issue any of shares </FONT>Emera&rsquo;s or the Issuer&rsquo;s <FONT STYLE="color: #231F20">Capital Stock under any Rights
Plan or redeem or repurchase any rights distributed pursuant to a Rights Plan, (d) reclassify </FONT>Emera&rsquo;s or the Issuer&rsquo;s
<FONT STYLE="color: #231F20">Capital Stock or exchange or convert one class or series of </FONT>Emera&rsquo;s or the Issuer&rsquo;s&rsquo;
<FONT STYLE="color: #231F20">Capital Stock for another class or series of </FONT>Emera&rsquo;s or the Issuer&rsquo;s&rsquo; <FONT STYLE="color: #231F20">Capital
Stock, (e) purchase fractional interests in shares of </FONT>Emera&rsquo;s or the Issuer&rsquo;s <FONT STYLE="color: #231F20">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 </FONT>Emera&rsquo;s or the Issuer&rsquo;s <FONT STYLE="color: #231F20">common stock related to the issuance
of </FONT>Emera&rsquo;s or the Issuer&rsquo;s <FONT STYLE="color: #231F20">common stock or rights under any dividend reinvestment plan
or related to any of </FONT>Emera&rsquo;s or the Issuer&rsquo;s <FONT STYLE="color: #231F20">benefit plans for Emera&rsquo;s and </FONT>the
Issuer&rsquo;s <FONT STYLE="color: #231F20">directors, officers, employees, consultants or advisors, including any employment contract,
and (g) for the avoidance of doubt, convert convertible Capital Stock of</FONT> Emera&rsquo;s or the Issuer&rsquo;s <FONT STYLE="color: #231F20">into
other Capital Stock of Emera or </FONT>the Issuer <FONT STYLE="color: #231F20">in accordance with the terms of such convertible Capital
Stock (together, for the avoidance of doubt, with cash in lieu of any fractional share).</FONT></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: 0.25in">Notwithstanding the foregoing,
the Indenture does not restrict in any manner the ability of any of Emera&rsquo;s subsidiaries (other than the Issuer) to pay dividends
or make any distributions to Emera or to any of Emera&rsquo;s other subsidiaries.</P>

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

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

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

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

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">Optional Redemption</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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 terms described in
the first paragraph under &ldquo;&mdash;Redemption Procedures; Cancellation of Redemption&rdquo; below, 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-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">Redemption Following a
Tax Event</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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 terms described in the first
paragraph under &ldquo;&mdash;Redemption Procedures; Cancellation of Redemption&rdquo; below, 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-align: justify; text-indent: 0.25in">&nbsp;</P>

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


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<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: 0.3in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify">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: 0.3in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify">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: 0.3in"></TD><TD STYLE="width: 0.25in">c.</TD><TD STYLE="text-align: justify">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: 0.3in"></TD><TD STYLE="width: 0.25in">d.</TD><TD STYLE="text-align: justify">a threatened challenge asserted in writing in connection with a tax audit of us or any of our 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-align: justify">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 the date of this prospectus supplement, 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 U.S. federal income tax purposes.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">Redemption Following a
Rating Agency Event</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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 terms described
in the first paragraph under &ldquo;&mdash;Redemption Procedures; Cancellation of Redemption&rdquo; below, 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-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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 Exchange Act (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 the date of this prospectus supplement, in the case of any rating agency that published
a rating for the Issuer as of the date of this prospectus supplement, or <FONT STYLE="color: #231F20">(b) as such methodology was in effect
on the date such rating agency first published a rating for </FONT>the Issuer<FONT STYLE="color: #231F20">, in the case of any rating
agency that first publishes a rating for </FONT>the Issuer <FONT STYLE="color: #231F20">after the date of this </FONT>prospectus supplement
<FONT STYLE="color: #231F20">(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.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">Redemption Procedures;
Cancellation of Redemption</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Notwithstanding any statement
under this caption &ldquo;&mdash;Redemption&rdquo; 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 <FONT STYLE="color: #231F20">Notes will be payable on that
interest payment date to the registered 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
(as defined below under &ldquo;&mdash;Option to Defer Interest Payments&rdquo;), accrued and unpaid interest (including, to the extent
permitted by applicable law, any compound interest (as defined below under &ldquo;&mdash;Option to Defer Interest Payments&rdquo;)) 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 </FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; color: #231F20">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-align: justify; text-indent: 0in; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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. 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 the immediately preceding paragraph, 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 the next succeeding paragraph and (b) such redemption shall have been canceled in accordance with the provisions
of the next succeeding paragraph 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If, at the time a notice
of redemption is given, (i) the Issuer has not effected satisfaction and discharge of the Notes as described under &ldquo;&mdash;Satisfaction
and Discharge&rdquo; 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 our 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 registered 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-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless the Issuer or the
Guarantor defaults in payment of the redemption price or the proposed redemption is canceled in accordance with the provisions set forth
in the immediately preceding paragraph, 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-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our actions and determinations
in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Trustee shall have no
duty to determine, or verify the calculation of, the redemption price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the Issuer redeems less
than all of the Notes on any redemption date, the Trustee will select the Notes to be redeemed by lot or, in the case of Notes in book-entry
form represented by one or more global Notes, by such other customary method prescribed by the depositary, which may be made on a pro
rata pass-through distribution of principal basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless the Issuer or the
Guarantors default 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-align: justify; text-indent: 0.25in">&nbsp;</P>

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

<P STYLE="font: bold 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: 0.25in">All payments made by or on
behalf of Emera, EUSHI or the Issuer under or with respect to the Notes or the Guarantees will be made free and clear of and without withholding
or deduction for or on account of any present or future tax, duty, levy, impost, assessment or other governmental charge imposed or levied
by or on behalf of the Government of Canada or any province or territory thereof or by any authority or agency therein or thereof having
power to tax (&ldquo;Canadian Taxes&rdquo;), unless Emera, EUSHI or the Issuer, as the case may be, is required to withhold or deduct
Canadian Taxes by law or by the interpretation or administration thereof. If Emera, EUSHI or the Issuer, as the case may be, is so required
to withhold or deduct any amount for or on account of Canadian Taxes from any</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">payment made under or with respect
to the Notes or the Guarantees, Emera, EUSHI or the Issuer, 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. 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-align: justify; 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: 18pt"></TD><TD STYLE="width: 27.35pt">(i)</TD><TD STYLE="text-align: justify">with which Emera, EUSHI or the Issuer, 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;</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: 18pt"></TD><TD STYLE="width: 27.35pt">(ii)</TD><TD STYLE="text-align: justify">which is subject to such Canadian Taxes by reason of the recipient or beneficial owner being a &ldquo;specified
non-resident shareholder&rdquo; of Emera 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 Emera;</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: 18pt"></TD><TD STYLE="width: 27.35pt">(iii)</TD><TD STYLE="text-align: justify">which is subject to such Canadian Taxes by reason of the recipient or beneficial owner being an entity
in respect of which Emera is a &ldquo;specified entity&rdquo; as defined in subsection 18.4(1) of the Tax Act;</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: 18pt"></TD><TD STYLE="width: 27.35pt">(iv)</TD><TD STYLE="text-align: justify">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;</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: 18pt"></TD><TD STYLE="width: 27.35pt">(v)</TD><TD STYLE="text-align: justify">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;</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: 18pt"></TD><TD STYLE="width: 27.35pt">(vi)</TD><TD STYLE="text-align: justify">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 notes holder on behalf of such beneficial owner;</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: 18pt"></TD><TD STYLE="width: 27.35pt">(vii)</TD><TD STYLE="text-align: justify">which failed to duly and timely comply with a timely request by Emera, EUSHI or the Issuer, 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;</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: 18pt"></TD><TD STYLE="width: 27.35pt">(viii)</TD><TD STYLE="text-align: justify">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</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: 18pt"></TD><TD STYLE="width: 27.35pt">(ix)</TD><TD STYLE="text-align: justify">which is subject to such Canadian Taxes by reason of any combination of the above.</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-align: justify; text-indent: 0.25in">In addition, no Additional
Amounts will be payable on account of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: justify">any tax, assessment or other governmental charge that is imposed otherwise than by withholding by the
Issuer or a paying agent from the payment;</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 STYLE="text-align: justify">any tax, assessment or other governmental charge that would not have been imposed but for a change in
law, regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or
is duly provided for, whichever occurs later;</TD></TR></TABLE>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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 STYLE="text-align: justify">any estate, inheritance, gift, sales, excise, transfer, wealth, capital gains or personal property tax
or similar tax, assessment or other governmental charge;</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 STYLE="text-align: justify">any tax, assessment or other governmental charge required to be withheld by any paying agent from any
payment of principal of or interest on any note, if such payment can be made without such withholding by at least one other paying agent;</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 STYLE="text-align: justify">any tax, assessment or other governmental charge that would not have been imposed but for the presentation
by the holder of any note, where presentation is required, for payment on a date more than 30 days after the date on which payment became
due and payable or the date on which payment thereof is duly provided for, whichever occurs later;</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 STYLE="text-align: justify">any tax, assessment or other governmental charge imposed under any fiscal or regulatory legislation, rules
or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of Sections 1471 through
1474 of the U.S. Internal Revenue Code of 1986 (the &ldquo;Code&rdquo;); 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: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any combination of any of the foregoing exceptions.</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-align: justify; text-indent: 0.25in">The Issuer will also (i)
make such withholding or deduction and (ii) remit the full amount deducted or withheld to the relevant authority in accordance with applicable
law. Notwithstanding the foregoing, Emera, EUSHI or the Issuer, as the case may be, will indemnify and hold harmless the recipient of
any payment made under the Notes or any Guarantee for the amount of any taxes under Regulation 803 of the Tax Act or any similar or successor
provision (other than taxes described in clauses (i) through (viii) above or taxes arising by reason of a transfer of the Note to a person
resident in Canada with whom the transferor does not deal at arm&rsquo;s length for the purposes of the Tax Act except where such non-arm&rsquo;s
length relationship arises as a result of the exercise or enforcement of rights under any Notes or any Guarantee) levied or imposed on
and paid by such recipient as a result of such payment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Issuer will furnish to
the holders of the Notes within 60 days after the date the payment of any Canadian Taxes is due pursuant to applicable law, certified
copies of tax receipts or other documents evidencing such payment by the Issuer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the event the Issuer fails
to remit any Canadian Taxes in respect of which Additional Amounts are payable, the Issuer will indemnify and hold harmless each holder
of Notes (other than, for certainty, a recipient or beneficial owner not entitled to receive Additional Amounts) and upon written request
reimburse each such holder for the amount, excluding any payment of Additional Amounts by the Issuer, of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: justify">any Canadian Taxes levied or imposed and paid by such holder as a result of payments made under or with
respect to the Notes;</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 STYLE="text-align: justify">any liability (including penalties, interest and expenses) arising therefrom or with respect thereto;
and</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 STYLE="text-align: justify">any Canadian Taxes imposed with respect to any reimbursement under the preceding two bullet points, but
excluding any such Canadian Taxes on such holder&rsquo;s net income.</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-align: justify; text-indent: 0.25in">Wherever in the Indenture
there is mentioned, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect
to the Notes or the Guarantees, 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-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Events of Default</P>

<P STYLE="font: bold 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: 0.25in">The Indenture provides, with
respect to the Notes, that any of the following events constitutes an Event of Default:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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">(1)</TD><TD STYLE="text-align: justify">the Issuer defaults in the payment of any interest on the Notes that becomes due and payable and the default
continues for 60 days (whether or not such payment is prohibited by the subordination provisions applicable to the Notes), except as the
result of a deferral of interest payments in accordance with the provisions discussed above under &ldquo;&mdash;Option to Defer Interest
Payments&rdquo;;</TD></TR></TABLE>

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


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    <!-- Field: /Page -->

<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">(2)</TD><TD STYLE="text-align: justify">the Issuer defaults in the payment of principal of or premium, if any, on the Notes when due and payable
(whether or not such payment is prohibited by the subordination provisions applicable to the Notes), at its maturity, upon redemption
(including with respect to a Tax Event or a Rating Agency Event), upon acceleration or otherwise;</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">(3)</TD><TD STYLE="text-align: justify">the Issuer, Emera or EUSHI, as applicable, defaults in the performance of, or breaches any other covenant
or warranty (excluding covenants and warranties solely applicable to one or more other series of subordinated debt securities issued under
the Indenture) in, the Indenture or the Notes and such default or breach continues for a period of 90 days after written notice of such
default or breach has been given to the Issuer, Emera and EUSHI, from the Trustee or to the Issuer, Emera, EUSHI, and the Trustee from
the holders of at least 25% in principal amount of the outstanding Notes;</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">(4)</TD><TD STYLE="text-align: justify">Indebtedness (as defined in the Indenture) of the Issuer, Emera or EUSHI, as applicable, is accelerated
by the holders thereof because of a default and the total amount of such Indebtedness unpaid or accelerated exceeds in the aggregate the
greater of US$800,000,000 and 3% of Emera&rsquo;s consolidated net assets;</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">(5)</TD><TD STYLE="text-align: justify">certain events of bankruptcy, insolvency or reorganization of the Issuer, Emera or EUSHI; and</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">(6)</TD><TD STYLE="text-align: justify">any Guarantee related to the Notes ceases to be in full force and effect (other than in accordance with
the terms of such guarantee) or Emera or EUSHI denies or disaffirms its obligations under its respective Guarantee.</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-align: justify; text-indent: 0.25in">No Event of Default with
respect to the Notes will necessarily constitute an Event of Default with respect to the subordinated debt securities of any other series
that may be issued under the Indenture, and no Event of Default with respect to any such other series of subordinated debt securities
that may be issued under the Indenture will necessarily constitute an Event of Default with respect to the Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If an Event of Default (other
than one described in clause (5) above) occurs and is continuing with respect to the Notes, either the Trustee or the holders of at least
25% in principal amount of the outstanding Notes may declare the principal of, premium, if any, and accrued and unpaid interest (including,
without limitation, any deferred interest and, to the extent permitted by applicable law, any compound interest) on the Notes to be due
and payable immediately (notwithstanding any deferral of interest payments in accordance with the provisions discussed above under &ldquo;&mdash;Option
to Defer Interest Payments&rdquo;). If any Event of Default described in clause (5) above occurs, the principal of, premium, if any, and
accrued and unpaid interest (including, without limitation, any deferred interest and, to the extent permitted by applicable law, any
compound interest) on the Notes will be automatically due and payable immediately (notwithstanding any deferral of interest payments in
accordance with the provisions discussed above under &ldquo;&mdash;Option to Defer Interest Payments&rdquo;), without any declaration,
notice or other act on the part of the Trustee or any holder. However, any time after an acceleration with respect to the Notes has occurred,
but before a judgment or decree based on such acceleration has been obtained, the holders of a majority in principal amount of outstanding
Notes may, under some circumstances, rescind and annul such acceleration. The majority-holders, however, may not annul or waive a continuing
default in payment of principal of, premium, if any, or interest on the Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Trustee will be entitled
to receive reasonable indemnification satisfactory to it from the holders of the Notes before the Trustee exercises any of its rights
or powers under the Indenture. This indemnification is subject to the Trustee&rsquo;s duty to act with the required standard of care during
a default.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The holders of a majority
in principal amount of the outstanding Notes may direct the time, method and place of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: justify">the conduct of any proceeding for any remedy available to the Trustee; 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: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the exercise of any trust or power conferred on the Trustee.</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-align: justify; text-indent: 0.25in">This right of the holders
of the Notes is, however, subject to the provisions in the Indenture providing for the indemnification of the Trustee and other specified
limitations. In general, the holders of Notes may institute an action against the Issuer or the Guarantors or any other obligor under
the Notes only if the following four conditions are fulfilled:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: justify">the holder previously has given to the Trustee written notice of default and the default continues;</TD></TR></TABLE>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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 STYLE="text-align: justify">the holders of at least 25% in principal amount of the Notes then outstanding have both requested the
Trustee to institute such action and offered the Trustee reasonable indemnity satisfactory to it;</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 STYLE="text-align: justify">the Trustee has not instituted this action within 60 days of receipt of such request and the furnishing
of such indemnity; and</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 STYLE="text-align: justify">the Trustee has not received a direction inconsistent with such written request by the holders of a majority
in principal amount of the Notes then outstanding.</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-align: justify; text-indent: 0.25in">The above four conditions
do not apply to actions by holders of the Notes against the Issuer or the Guarantors or any other obligor under the Notes for payment
of principal of, premium, if any, or interest on or after the due date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Indenture contains a
covenant that the Issuer, the Guarantors and any other obligor under the Notes will file annually with the Trustee a statement by an officer
as to whether or not the Issuer or the Guarantors, as the case may be, to his or her knowledge, is in default in the performance or observance
of any of the terms, provisions and conditions of the Indenture and, if so, specifying all such known defaults, provided, however, that
a failure to deliver such statement of a default shall not constitute a default under the Indenture, if such default is remedied within
any applicable cure period.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Consolidation, Merger, Conveyance or Transfer</P>

<P STYLE="font: bold 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: 0.25in">The Indenture limits the
ability of the Issuer and the Guarantors to enter into mergers, consolidations or transfers of all of their respective assets. Accordingly,
neither the Issuer nor the Guarantors are permitted to consolidate or merge with any other entity or convey, transfer or lease all or
substantially all of its assets or properties to any entity unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: justify">with respect to the Issuer or EUSHI, that entity is organized under the laws of the United States or any
state thereof or the District of Columbia, Canada or any province or territory thereof, or Bermuda or The Cayman Islands; provided, however,
that if that entity is organized under the laws of a jurisdiction other than the United States, any state thereof or the District of Columbia,
or the laws of Canada or any province or territory thereof, that entity assumes obligations of the Issuer or EUSHI, as the case may be,
to pay Additional Amounts, substituting the name of such successor jurisdiction for Canada in each place that Canada appears in &ldquo;Additional
Amounts&rdquo; below;</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 STYLE="text-align: justify">that entity assumes the obligations of the Issuer, Emera or EUSHI, as applicable, under the Indenture;</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 STYLE="text-align: justify">after giving effect to the transaction, the Issuer, Emera or EUSHI, as applicable, is not in default under
the Indenture; and</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 STYLE="text-align: justify">the Issuer, Emera or EUSHI, as applicable, delivers to the Trustee an officer&rsquo;s certificate and
an opinion of counsel to the effect that the transaction complies with the Indenture.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Provision of Financial Information</P>

<P STYLE="font: bold 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: 0.25in">Regardless of whether Emera
is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act or otherwise reports on an annual and quarterly basis
on forms provided for such annual and quarterly reporting pursuant to rules and regulations promulgated by the SEC, the Indenture requires
Emera to provide to the Trustee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: justify">within 140 days after the end of the fiscal year, the information required to be contained in reports
on Form 40-F or Form 20-F, as applicable, or any successor form, provided, however, that neither management&rsquo;s report on internal
control over financial reporting required by Section 13a-15(c) of the Exchange Act nor the annual disclosure of changes in internal control
over financial reporting required by Section 13a-15(d) of the Exchange Act for foreign private issuers (which, for the avoidance of doubt,
shall include the associated certifications of the principal executive and financial officers required by Sections 302 and 906 of the
Sarbanes-Oxley Act of 2002) shall be required to be included until Emera&rsquo;s second annual report on Form 40-F or Form 20-F, as applicable,
filed with the SEC; and</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 STYLE="text-align: justify">within 65 days after the end of each of the first three fiscal quarters of each fiscal year, the information
required to be contained in reports on Form 6-K (or any successor form), containing the information which,</TD></TR></TABLE>

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


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">regardless of applicable
requirements shall, at a minimum, contain such information required to be provided in quarterly reports under the laws of Nova Scotia,
including applicable securities laws and the rules of the Toronto Stock Exchange or any province thereof to security holders of a corporation
with securities listed on the Toronto Stock Exchange, whether or not Emera has any of our securities listed on such exchange.</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; text-align: justify; text-indent: 0.25in">Emera is a foreign private
issuer eligible to use the Multi-Jurisdictional Disclosure System available to certain issuers incorporated pursuant to the laws of a
Canadian province. As such, Emera is exempt from certain sections of the Exchange Act that U.S. issuers would otherwise be subject to,
including the requirement to provide information statements or proxy statements that comply with U.S. securities laws and to file reports
under Section 16 of the Exchange Act. For the avoidance of doubt, none of the above reporting requirements shall be construed to require
such statements or reports that would not otherwise be required to be filed by foreign private issuers subject to the Multi-Jurisdictional
Disclosure System.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Each such report, to the
extent permitted by the rules and regulations of the SEC, will be prepared in accordance with Canadian disclosure requirements, provided,
however, that Emera shall not be obligated to file such reports with the SEC if the SEC does not permit such filings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Nothing herein shall be construed
to require the registered public accounting firm that prepares or issues the audit report for Emera to attest to, and report on, the assessment
made by the management of Emera pursuant to the requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002, unless otherwise required
by the Exchange Act.</P>

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

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

<P STYLE="font: bold 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: 0.25in">Neither the Indenture, the
Guarantees nor the Notes will afford holders of the Notes protection in the event of a highly leveraged transaction involving the Issuer,
Emera or EUSHI, as applicable, or will contain any restrictions on the amount of additional indebtedness that the Issuer, Emera or EUSHI,
as applicable, may incur.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additional <FONT STYLE="color: #231F20">Notes</FONT></P>

<P STYLE="font: bold 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: 0.25in">The Issuer may &ldquo;reopen&rdquo;
the Notes and issue additional Notes (the &ldquo;additional notes&rdquo;) from time to time without notice or the consent of holders of
the Notes. The Notes and any additional Notes subsequently issued under the Indenture, together with any related Notes, will be treated
as a single class for all purposes under the Indenture, including, without limitation, waivers, amendments and redemptions; provided that
if such additional notes are not fungible with the notes of the applicable series offered hereby for U.S. federal income tax purposes,
such additional notes will have a separate CUSIP and/or ISIN number. Except as otherwise specified herein, all references to the notes
of any series include any additional notes and Notes of that series. No additional notes may be issued if an Event of Default under the
Indenture has occurred and is continuing with respect to the Notes.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Forms and Denominations</P>

<P STYLE="font: bold 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: 0.25in">The Notes will be issued
as one or more global securities in the name of a nominee of DTC and will be available only in book-entry form. The Notes will be issued
in denominations of $2,000 and integral multiples of $1,000 in excess thereof.</P>

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

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

<P STYLE="font: bold 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: 0.25in">Amendments of the Indenture
and the Notes may be made by the Issuer, the Guarantors and the Trustee with the consent of the holders of a majority in principal amount
of the outstanding Notes affected thereby; provided, however, that no such amendment may, without the consent of the holder the Notes
affected thereby:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: justify">extend the final maturity of the principal of the Notes;</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 STYLE="text-align: justify">reduce the principal amount of the Notes;</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 STYLE="text-align: justify">reduce the rate or extend the time of payment of interest, including default interest, on the Notes;</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 STYLE="text-align: justify">reduce any amount payable on redemption of the Notes;</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 STYLE="text-align: justify">change the currency in which the principal of, premium, if any, or interest, on the Notes is payable;</TD></TR></TABLE>

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


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<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 STYLE="text-align: justify">waive a continuing default or Event of Default in the payment of principal of or premium, if any, or interest
on the Notes;</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 STYLE="text-align: justify">impair the right to institute suit for the enforcement of any payment on the Notes when due; 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: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">make any change in the percentage in principal amount of the Notes, the consent of the holders of which
is required for any such amendment.</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-align: justify; text-indent: 0.25in">Without the consent of any
holder of outstanding Notes, the Issuer, the Guarantors and the Trustee may amend the Indenture and the Notes to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: justify">cure any ambiguity, omission, defect or inconsistency;</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 STYLE="text-align: justify">provide for the assumption by a successor to the obligations of the Issuer, EUSHI or Emera, as applicable,
under the Indenture;</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 STYLE="text-align: justify">provide for uncertificated Notes in addition to or in place of Certificated Notes;</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 STYLE="text-align: justify">provide for the issuance of Notes and related guarantees or additional Notes in accordance with the Indenture;</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 STYLE="text-align: justify">effect or maintain, or otherwise comply with the requirements of the Commission in connection with, the
qualification of the Indenture under the Trust Indenture Act;</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 STYLE="text-align: justify">secure all or any of the Notes, to the extent otherwise permitted by the Indenture;</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 STYLE="text-align: justify">add to the covenants of the Issuer or the Guarantors or events of default for the benefit of the holders
or surrender any right or power conferred upon the Issuer or the Guarantors;</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 STYLE="text-align: justify">effect any provision of the Indenture;</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 STYLE="text-align: justify">conform the text of the Indenture or the Notes to the &ldquo;Description of the Notes&rdquo; set forth
in this prospectus supplement to the extent such provision in the &ldquo;Description of the Notes&rdquo; was intended to be a verbatim,
or substantially verbatim, recitation of a provision of the Indenture or the Notes; 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: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">make other provisions that do not adversely affect the rights of any holder of outstanding 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-align: justify; text-indent: 0.25in">The holders of a majority
in principal amount of the outstanding Notes may, on behalf of the holders of all Notes, waive compliance with any covenant or any past
default under the Indenture with respect to the Notes, except a default in the payment of the principal of, premium, if any, or interest
on any Note or in respect of a provision which under the Indenture cannot be amended without the consent of the holder of each outstanding
Note affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">It is not necessary for the
consent of the holders under the Indenture to approve the particular form of any proposed amendment or waiver. It is sufficient if such
consent approves the substance of the proposed amendment or waiver. A consent to any amendment or waiver under the Indenture by any holder
of Notes given in connection with a tender of such holder&rsquo;s Notes will not be rendered invalid by such tender. After an amendment
or waiver under the Indenture requiring consent of the holders becomes effective, the Issuer will deliver to the holders and the Trustee
a notice briefly describing such amendment or waiver. However, the failure to give such notice, or any defect in the notice, will not
impair or affect the validity of the amendment or waiver.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payments on the Notes; Paying Agent and Registrar</P>

<P STYLE="font: bold 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: 0.25in">The Issuer will pay principal
of, premium, if any, and interest on any Notes issued in certificated form (&ldquo;Certificated Notes&rdquo;) at the office or agency
the Issuer designates in The City of New York, except that the Issuer may pay interest on any Certificated Notes either at the corporate
trust office of the Trustee in The City of New York or, at the Issuer&rsquo;s option, by check mailed to holders of the Notes at their
registered addresses as they appear in the registrar&rsquo;s books. In addition, if a holder of any Certificated Notes has given wire
transfer instructions in accordance with the Indenture, the Issuer will make all payments on those Notes by wire transfer.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Issuer has initially
designated the Trustee, at its corporate trust office in The City of New York, to act as the Issuer&rsquo;s paying agent and registrar.
The Issuer may, however, change the paying agent or registrar without prior notice to the holders of the Notes, and the Issuer or any
of the Issuer&rsquo;s subsidiaries may act as paying agent or registrar.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Issuer will pay principal
of, premium, if any, and interest on, any Note in global form registered in the name of or held by the Depository or its nominee in immediately
available funds to the Depository or its nominee, as the case may be, as the registered holder of such global note.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Issuer will pay principal
of, premium, if any, and interest on the Notes in U.S. dollars.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Discharge, Legal Defeasance and Covenant
Defeasance</P>

<P STYLE="font: bold 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: 0.25in">The Issuer may discharge
or defease its obligations under the Notes as set forth below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under terms specified in
the Indenture, the Issuer may discharge certain obligations to holders of the Notes that have not already been delivered to the Trustee
for cancellation. The Notes must also:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: justify">have become due and payable;</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 STYLE="text-align: justify">be due and payable by their terms within one year; 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: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">be scheduled for redemption by their terms within one year.</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-align: justify; text-indent: 0.25in">The Issuer may discharge
the Notes by, among other things, irrevocably depositing an amount certified to be sufficient to pay at final maturity, or upon redemption
(including with respect to a Tax Event or a Rating Agency Event), the principal, premium, if any, and interest on the Notes. The Issuer
may make the deposit in cash, U.S. Government Obligations, or a combination thereof, as defined in the Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Issuer may terminate
all its obligations under the Notes and the Indenture at any time, except for certain obligations, including those respecting the defeasance
trust and obligations to register the transfer or exchange of the Notes, to replace mutilated, destroyed, lost or stolen Notes and to
maintain a registrar and paying agent in respect of the Notes. This is referred to as &ldquo;legal defeasance.&rdquo; If the Issuer exercises
its legal defeasance option with respect to the Notes, the Guarantees in effect at such time will terminate with respect to the Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under terms specified in
the Indenture, the Issuer and the Guarantors may be released with respect to any outstanding Notes from the obligations imposed by the
sections of the Indenture that contain the covenants described above under &ldquo;&mdash;Guarantees,&rdquo; and &ldquo;&mdash;Consolidation,
Merger, Conveyance or Transfer.&rdquo; In that case, the Issuer and the Guarantors would no longer be required to comply with these sections
without the creation of an Event of Default under the Notes. This is typically referred to as &ldquo;covenant defeasance.&rdquo; If the
Issuer exercises the covenant defeasance option with respect to the Notes, the Guarantees of the Notes in effect at the time will terminate.
The Issuer may exercise the legal defeasance option notwithstanding the prior exercise of the covenant defeasance option.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Legal defeasance or covenant
defeasance with respect to the Notes may be effected by the Issuer only if, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: justify">the Issuer irrevocably deposits with the Trustee cash, U.S. Government Obligations, or a combination thereof
as trust funds in an amount certified by a nationally recognized firm of certified public accountants to be sufficient to pay at final
maturity or upon redemption (including with respect to a Tax Event or a Rating Agency Event) the principal of, premium, if any, and interest
on all outstanding Notes; and</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 STYLE="text-align: justify">the Issuer delivers to the Trustee an opinion of counsel to the effect that the beneficial owners of the
Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the legal defeasance or covenant defeasance.
This opinion must further state that these beneficial owners will be subject to U.S. federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if our legal defeasance or covenant defeasance had not occurred. In the case
of a legal defeasance, this opinion must be based on a ruling of the IRS or a change in U.S. federal income tax law occurring after the
date of the Indenture.</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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transfer and Exchange</P>

<P STYLE="font: bold 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: 0.25in">A holder of Notes may transfer
or exchange Notes at the office of the registrar in accordance with the Indenture. The registrar and the Trustee may require a holder,
among other things, to furnish appropriate endorsements and transfer documents. No service charge will be imposed by the Issuer, the Trustee
or the registrar for any registration of transfer or exchange of Notes, but the Issuer may require a holder or beneficial owner to pay
a sum sufficient to cover any transfer tax or other similar governmental charge or other fee required by law. The Issuer will not be required
to transfer or exchange any Note selected for redemption. Also, the Issuer will not be required to transfer or exchange any Note for a
period of 15 days before sending a notice of redemption. The registered holder of a Note will be treated as the owner of it for all purposes.</P>

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

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

<P STYLE="font: bold 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: 0.25in">Under the Indenture, Emera
has irrevocably appointed the Issuer as its agent for service of process in any suit, action or proceeding arising out of or relating
to the Indenture, the Notes and the Guarantees and for actions brought under federal or state securities laws brought in any Federal or
state court located in The City of New York, and has submitted to such non-exclusive jurisdiction.</P>

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

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

<P STYLE="font: bold 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: 0.25in">The Indenture, the Notes
and the Guarantees are governed by the internal 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: 0.25in">&nbsp;</P>

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

<P STYLE="font: bold 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: 0.25in">Prior to default, the Trustee
will perform only those duties specifically set forth in the Indenture. After default, the Trustee will exercise the same degree of care
as a prudent individual would exercise in the conduct of his or her own affairs. The Trustee is not required to expend or risk its own
funds or otherwise incur personal financial liability in the performance of its duties if it reasonably believes that it may not receive
repayment or adequate indemnity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Because Equiniti Trust Company,
LLC is the Trustee under the Indenture, it may be required to resign as Trustee under the Indenture if there is an Event of Default under
the Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Issuer may appoint an
alternative Trustee for the Notes.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Book-Entry Issuance</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">Global Securities</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Notes will be represented
by one or more global securities that will be deposited with and registered in the name of DTC or its nominee. Thus, we will not issue
certificated securities to you for the Notes, except in the limited circumstances described below. Each global security will be issued
to DTC, which will keep a computerized record of its participants whose clients have purchased the Notes. Each participant will then keep
a record of its clients. Unless it is exchanged in whole or in part for a certificated security, a global security may not be transferred.
DTC, its nominees and their successors may, however, transfer a global security as a whole to one another, and these transfers are required
to be recorded on our records or a register to be maintained by the Trustee. The laws of some jurisdictions may require that certain purchasers
of securities take physical delivery of such securities in definitive form. Such limits and laws may impair the ability to transfer or
pledge beneficial interests in the global securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Beneficial interests in a
global security will be shown on, and transfers of beneficial interests in the global security will be made only through, records maintained
by DTC and its participants. DTC has provided us with the following information: DTC is a limited-purpose trust company organized under
the New York Banking Law, a &ldquo;banking organization&rdquo; within the meaning of the New York Banking Law, a member of the United
States Federal Reserve System, a &ldquo;clearing corporation&rdquo; within the meaning of the New York Uniform Commercial Code and a &ldquo;clearing
agency&rdquo; registered under the provisions of Section&nbsp;17A of the Exchange Act. DTC holds securities that its direct participants
deposit with DTC. DTC also records the settlements among direct participants of securities transactions, such as transfers and pledges,
in deposited securities through computerized records for direct participants&rsquo; accounts. This eliminates the need to exchange certificated
securities. Direct participants include securities brokers and dealers, banks, trust companies, clearing corporations and certain other
organizations, some of whom (and/or their representatives) own DTC.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">DTC&rsquo;s book-entry system
is also used by other organizations such as securities brokers and dealers, banks and trust companies that work through a direct participant.
The rules that apply to DTC and its participants are on file with the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">When you purchase Notes through
the DTC system, the purchases must be made by or through a direct participant, which will receive credit for the Notes on DTC&rsquo;s
records. When you actually purchase the Notes, you will become their beneficial owner. Your ownership interest will be recorded only on
the direct or indirect participants&rsquo; records. DTC will have no knowledge of your individual ownership of the Notes. DTC&rsquo;s
records will show only the identity of the direct participant and the amount of the Notes held by or through them. You will not receive
a written confirmation of your purchase or sale or any periodic account statement directly from DTC. You should instead receive these
from your direct or indirect participant. As a result, the direct or indirect participants are responsible for keeping accurate account
of the holdings of their customers. The Trustee will wire payments on the Notes to DTC&rsquo;s nominee. The Trustee and we will treat
DTC&rsquo;s nominee as the owner of each global security for all purposes. Accordingly, the Trustee, any paying agent and we will have
no direct responsibility or liability to pay amounts due on a global security to you or any other beneficial owners in that global security.
Any redemption notices will be sent by us directly to DTC, which will, in turn, inform the direct participants (or the indirect participants),
which will then contact you as a beneficial holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">It is DTC&rsquo;s current
practice, upon receipt of any payment of distributions or liquidation amounts, to proportionately credit direct participants&rsquo; accounts
on the payment date based on their holdings. In addition, it is DTC&rsquo;s current practice to pass through any consenting or voting
rights to such participants by using an omnibus proxy. Those participants will, in turn, make payments to and solicit votes from you,
the ultimate owner of Notes, based on their customary practices. Payments to you will be the responsibility of the participants and not
of DTC, the Trustee or our company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Notes represented by one
or more global securities will be exchangeable for certificated securities with the same terms in authorized denominations only if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: justify">DTC is unwilling or unable to continue as depositary or ceases to be a clearing agency registered under
applicable law, and a successor is not appointed by us within 90 days;</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 STYLE="text-align: justify">we decide to discontinue the book-entry system; 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: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an event of default has occurred and is continuing with respect 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-align: justify; text-indent: 0.25in">If the global security is
exchanged for certificated securities, the Trustee will keep the registration books for the Notes at its corporate trust office and follow
customary practices and procedures regarding those certificated securities.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">Clearstream and Euroclear</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Links have been established
among DTC, Euroclear Bank SA/NV, as operator of the Euroclear System (&ldquo;Euroclear&rdquo;) and Clearstream Banking S.A. (&ldquo;Clearstream&rdquo;),
which are two European book-entry depositaries similar to DTC, to facilitate the initial issuance of the Notes sold outside of the United
States of America and cross-market transfers of the Notes associated with secondary market trading.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Although DTC, Clearstream
and Euroclear have agreed to the procedures provided below in order to facilitate transfers, they are under no obligation to perform these
procedures, and these procedures may be modified or discontinued at any time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Clearstream and Euroclear
will record the ownership interests of their participants in much the same way as DTC, and DTC will record the total ownership of each
of the U.S. agents of Clearstream and Euroclear, as participants in DTC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">When Notes are to be transferred
from the account of a DTC participant to the account of a Clearstream participant or a Euroclear participant, the purchaser must send
instructions to Clearstream or Euroclear through a participant at least one day prior to settlement. Clearstream or Euroclear, as the
case may be, will instruct its U.S. agent to receive Notes against payment. After settlement, Clearstream or Euroclear will credit its
participant&rsquo;s account. Credit for the Notes will appear on the next day (European time).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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-align: justify; text-indent: 0.25in">Because settlement is taking
place during New York business hours, DTC participants will be able to employ their usual procedures for sending Notes to the relevant
U.S. agent acting for the benefit of Clearstream or Euroclear participants. The sale proceeds will be available to the DTC seller on the
settlement date. As a result, to the DTC participant, a cross-market transaction will settle no differently than a trade between two DTC
participants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">When a Clearstream or Euroclear
participant wishes to transfer Notes to a DTC participant, the seller will be required to send instructions to Clearstream or Euroclear
through a participant at least one Business Day prior to settlement. In these cases, Clearstream or Euroclear will instruct its U.S. agent
to transfer these Notes against payment for them. The payment will then be reflected in the account of the Clearstream or Euroclear participant
the following day, with the proceeds back-valued to the value date, which would be the preceding day, when settlement occurs in New York.
If settlement is not completed on the intended value date, that is, the trade fails, proceeds credited to the Clearstream or Euroclear
participant&rsquo;s account will instead be valued as of the actual settlement date.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_013"></A>Material Income
Tax Considerations</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Each of the summaries
under this section &ldquo;Material Income Tax Considerations&rdquo; is of a general nature only and is not intended to be, and should
not be construed to be, legal or tax advice to any particular holder, and no representation is made with respect to the United States
federal tax consequences or Canadian tax consequences to any particular holder. Accordingly, prospective purchasers are urged to consult
their own tax advisors with respect to the United States federal tax consequences or Canadian tax consequences relevant to them, having
regard to their particular circumstances.</I></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Material U.S. Federal Income Tax Considerations</P>

<P STYLE="font: bold 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: 0.25in">The following are the material
U.S. federal income tax consequences of ownership and disposition of the Notes. This discussion applies only to Notes that meet both of
the following conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: justify">they are purchased by those initial holders who purchase Notes at the &ldquo;issue price,&rdquo; which
will equal the first price to the public (not including bond houses, brokers or similar persons or organizations acting in the capacity
of underwriters, placement agents or wholesalers) at which a substantial amount of the Notes is sold for money; and</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 STYLE="text-align: justify">they are held as capital assets within the meaning of Section 1221 of the Internal Revenue Code of 1986,
as amended (the &ldquo;Code&rdquo;).</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-align: justify; text-indent: 0.25in">This discussion does not
describe all aspects of U.S. federal income taxes and does not deal with all of the tax consequences that may be relevant to holders in
light of their particular circumstances or to holders subject to special rules such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: justify">financial institutions;</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 STYLE="text-align: justify">insurance companies;</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 STYLE="text-align: justify">dealers or traders using a mark-to-market method of tax accounting for the Notes;</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 STYLE="text-align: justify">persons holding Notes as part of a hedge, &ldquo;straddle&rdquo; or integrated transaction;</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 STYLE="text-align: justify">U.S. Holders (as defined below) whose functional currency is not the U.S. dollar;</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 STYLE="text-align: justify">regulated investment companies or real estate investment trusts;</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 STYLE="text-align: justify">partnerships or other entities classified as partnerships for U.S. federal income tax purposes;</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 STYLE="text-align: justify">persons subject to any special tax accounting rules under Section 451 of the Code;</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 STYLE="text-align: justify">tax-exempt organizations; 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: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons subject to the alternative minimum tax.</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-align: justify; text-indent: 0.25in">If an entity or arrangement
treated as a partnership for U.S. federal income tax purposes holds Notes, the U.S. federal income tax treatment of a partner will generally
depend upon the status of the partner and the activities of the partnership. Partners of partnerships holding Notes should consult their
tax advisors as to the particular U.S. federal income tax consequences to them of holding and disposing of the Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This summary is based on
the Code, administrative pronouncements, judicial decisions and final, temporary and proposed U.S. Treasury Regulations in effect as of
the date hereof, changes to any of which subsequent to the date of this prospectus supplement may affect the tax consequences described
herein, possibly with retroactive effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This summary addresses only
U.S. federal income tax consequences. Persons considering the purchase of Notes should consult their tax advisors with regard to the application
of the U.S. federal income or other federal tax laws (including estate and gift tax laws and the Medicare tax on investment income) to
their particular situations as well as any tax consequences arising under the laws of any state, local or foreign taxing jurisdiction.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 0in"><B><I>Classification
of the Notes</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; 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: 0.25in">The determination of whether
a security should be classified as indebtedness or equity for U.S. federal income tax purposes requires a judgment based on all relevant
facts and circumstances. There is no statutory, judicial or administrative authority that directly addresses the U.S. federal income tax
treatment of securities similar to the Notes. Under current law and based on the facts contained in this prospectus supplement, the terms
of the Indenture and the Notes, and certain assumptions and representations, the Notes should be classified for U.S. federal income tax
purposes as indebtedness and interest thereon should be treated as U.S. source (although there is no controlling authority directly on
point with respect to the treatment of the Notes and interest thereon). This treatment is not binding on the Internal Revenue Service
(the &ldquo;IRS&rdquo;) or the courts. Moreover, no rulings have been or will be sought from the IRS with respect to the transactions
described in this prospectus supplement. Accordingly, the Issuer cannot assure holders that the IRS will not challenge the treatment described
herein or that a court would not sustain such a challenge. If the IRS were to successfully challenge this treatment, interest payments
on the Notes could be treated for U.S. federal income tax purposes as dividends to the extent of the applicable current or accumulated
earnings and profits. In the case of Non-U.S. Holders (as defined below), interest payments treated as dividends could be subject to withholding
of U.S. income tax, except to the extent a reduced rate is provided by an applicable income tax treaty. In addition, such a determination
could constitute a Tax Event that would entitle us to redeem the Notes as described under &ldquo;Description of the Notes&mdash;Redemption&mdash;Redemption
Following a Tax Event.&rdquo; The Issuer agrees, and by acquiring an interest in a Note, each beneficial owner of a Note will agree, to
treat the Notes as indebtedness and the interest thereon as U.S. source, for U.S. federal income tax purposes. Holders should consult
their tax advisors regarding the tax consequences that will arise if the Notes are not so treated. The remainder of this discussion assumes
such treatment is respected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 0in"><B><I>Tax Consequences
to U.S. Holders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; 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: 0.25in">As used herein, the term
&ldquo;U.S. Holder&rdquo; means a beneficial owner of a Note that is, for U.S. federal income tax purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: justify">a citizen or individual resident of the United States;</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 STYLE="text-align: justify">a corporation, or other entity taxable as a corporation for U.S. federal income tax purposes, created
or organized in or under the laws of the United States, any state thereof or the District of Columbia; 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: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source.</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-align: justify; text-indent: 0.25in"><I>Payments of Interest</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Subject to the discussion
immediately below, stated interest paid on a Note will be taxable to a U.S. Holder as ordinary interest income at the time it accrues
or is received, in accordance with the U.S. Holder&rsquo;s method of accounting for U.S. federal income tax purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Notes should be treated
as &ldquo;variable rate debt instruments&rdquo; for U.S. federal income tax purposes. If the Notes were not treated as variable rate debt
instruments, then the Notes would generally be treated as &ldquo;contingent payment debt instruments,&rdquo; in which case U.S. Holders
could be required to accrue interest income on the Notes in excess of stated interest and would be required to treat as ordinary income
rather than as capital gain any income realized on a taxable disposition of the Notes. Applicable Treasury Regulations set forth rules
to determine whether a variable rate debt instrument is treated as issued with original issue discount for U.S. federal income tax purposes
(&ldquo;OID&rdquo;). Based on the application of these Treasury Regulations and the expected pricing terms of the Notes, the Issuer does
not expect the pricing of the Notes to result in the Notes as being treated as issued with OID. The Issuer has the option under certain
circumstances to defer payments of stated interest on the Notes. Under the Treasury Regulations relating to OID, a debt instrument is
deemed to be issued with OID if there is more than a &ldquo;remote&rdquo; contingency that periodic stated interest payments due on the
instrument will not be timely paid. The Issuer believes the likelihood of exercising the option to defer payment of stated interest on
the Notes is remote within the meaning of the Treasury Regulations in part because the exercise of the option to defer payments of stated
interest on the Notes would generally prevent the Issuer from:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: justify">declaring or paying any dividend or distribution on any Capital Stock of the Issuer or Emera;</TD></TR></TABLE>

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


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<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 STYLE="text-align: justify">redeeming, purchasing, acquiring or making a liquidation payment with respect to any Capital Stock of
the Issuer or Emera;</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 STYLE="text-align: justify">paying any principal, interest or premium on, or repaying, repurchasing or redeeming, any indebtedness
of the Issuer or Emera that ranks equally with or junior to the Notes in right of payment; and</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 STYLE="text-align: justify">making any payments with respect to any guarantees by the Issuer or Emera of any indebtedness if such
guarantees rank equally with or junior to the Notes in right of payment.</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-align: justify; text-indent: 0.25in">Similarly, if certain circumstances
occur (see &ldquo;Description of the Notes&mdash;Redemption&mdash;Redemption Following a Rating Agency Event&rdquo;), the Issuer will
be obligated to pay amounts in excess of stated principal of the Notes. Such excess payments will not affect the amount of interest income
that a U.S. Holder recognizes if there is only a remote likelihood that such payments will be made. The Issuer believes the likelihood
that it will make any such payments is remote.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Based on these positions,
a U.S. Holder generally should be required to recognize any stated interest as ordinary income at the time it is received or accrued on
the Notes in accordance with such holder&rsquo;s regular method of accounting for U.S. federal income tax purposes, as described above.
The Issuer&rsquo;s determination that these contingencies are remote is binding on a U.S. Holder unless such holder discloses its contrary
position in the manner required by applicable Treasury Regulations. The Issuer&rsquo;s determination is not, however, binding on the IRS.
There can be no assurance that the IRS or a court will agree with these positions. The meaning of the term &ldquo;remote&rdquo; in the
Treasury Regulations has not yet been addressed in any rulings or other guidance by the IRS or any court. If the possibility of interest
deferral were determined not to be remote, the Notes would be treated as issued with OID and all stated interest would be treated as OID
as long as the Notes are outstanding. In that case, U.S. Holders would be required to accrue interest income on the Notes using a constant
yield method whether or not they receive any cash payment attributable to that interest, regardless of their regular method of accounting
for U.S. federal income tax purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Moreover, if the possibility
of excess payments following a Rating Agency Event were determined not to be remote, the Notes could be treated as &ldquo;contingent payment
debt instruments,&rdquo; in which case U.S. Holders could be required to accrue interest income on the Notes in excess of stated interest
and would be required to treat as ordinary income rather than as capital gain any income realized on a taxable disposition of the Notes,
as described below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The remainder of this discussion
assumes the Notes will not be treated as issued with OID or as contingent payment debt instruments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Exercise of Deferral Option</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under the Treasury Regulations,
if the Issuer exercises the option to defer the payment of interest on the Notes, the Notes will be treated as if they had been redeemed
and reissued solely for OID purposes. In that event, all remaining interest payments on the Notes (including interest on deferred interest)
would be treated as OID, which U.S. Holders would be required to accrue and include in taxable income, without regard to such U.S. Holders&rsquo;
regular method of accounting for U.S. federal income tax purposes. The amount of OID includible in such U.S. Holders&rsquo; taxable income
would be determined on the basis of a constant yield method over the remaining term of the Notes, and the actual receipt of future payments
of stated interest on the Notes would no longer be separately reported as taxable income. The total amount of OID that would accrue during
the deferral period would be approximately equal to the amount of the cash payment due immediately following the end of that period. Any
OID included in income would increase U.S. Holders&rsquo; adjusted tax basis in their Notes, and their actual receipt of cash interest
payments would reduce that adjusted tax basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Sale, Exchange or Retirement
of the Notes</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Upon the sale, exchange or
retirement of a Note that is a taxable disposition, a U.S. Holder will recognize taxable gain or loss equal to the difference between
the amount realized on such sale, exchange or retirement and the U.S. Holder&rsquo;s adjusted tax basis in the Note, which will generally
equal the cost of the Note. For these purposes, the amount realized does not include any amount attributable to accrued interest. Amounts
attributable to accrued interest are treated as interest as described under &ldquo;Payments of Interest&rdquo; above. If the Notes are
treated as having been issued or reissued with OID, such adjusted tax basis will also be increased by the amount of any OID previously
included in a</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">U.S. Holder&rsquo;s gross income
with respect to the Notes and decreased by any payments received on the Notes since and including the date that the Notes were deemed
to be issued with OID.</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: 0.25in">Gain or loss realized on
the sale, exchange or retirement of a Note will generally be capital gain or loss and will be long-term capital gain or loss if at the
time of sale, exchange or retirement the Note has been held for more than one year. The deductibility of capital losses is subject to
limitations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Backup Withholding and
Information Reporting</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Information returns generally
will be filed with the IRS in connection with payments on the Notes (including OID) and the proceeds from a sale or other disposition
of the Notes. A U.S. Holder will be subject to backup withholding on these payments if the U.S. Holder fails to provide its correct taxpayer
identification number to the applicable withholding agent and comply with certain certification procedures or otherwise establish an exemption
from backup withholding. Backup withholding is not an additional tax. The amount of any backup withholding from a payment to a U.S. Holder
will be allowed as a credit against the U.S. Holder&rsquo;s U.S. federal income tax liability and may entitle the U.S. Holder to a refund,
provided that the required information is timely furnished to the IRS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 0in"><B><I>Tax Consequences
to Non-U.S. Holders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; 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: 0.25in">As used herein, the term
&ldquo;Non-U.S. Holder&rdquo; means a beneficial owner of a Note that is, for U.S. federal income tax purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: left">a nonresident alien individual;</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 STYLE="text-align: left">a foreign corporation; 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: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">a foreign estate or trust.</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-align: justify; text-indent: 0.25in">The term &ldquo;Non-U.S.
Holder&rdquo; does not include a beneficial owner who is an individual present in the United States for 183 days or more in the taxable
year of disposition or who is (or may become while holding Notes) a former citizen or resident of the United States. Such a beneficial
owner is urged to consult his or her own tax advisor regarding the U.S. federal income tax consequences of the sale, exchange or other
disposition of a Note.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Payments on the Notes</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Subject to the discussions
below concerning backup withholding and FATCA (as defined below), payments of principal, interest (including any OID) and premium on the
Notes to a Non-U.S. Holder generally will not be subject to U.S. federal income tax or withholding<I>, provided </I>that, in the case
of interest:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: left">the Non-U.S. Holder does not own, actually or constructively, 10% or more of the total combined voting power
of all classes of the Issuer&rsquo;s stock entitled to vote and is not a controlled foreign corporation related, directly or indirectly,
to the Issuer through stock ownership; and</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 STYLE="text-align: left">the Non-U.S. Holder certifies on a properly executed IRS Form W-8 appropriate to the Non-U.S. Holder&rsquo;s
circumstances, under penalties of perjury, that it is not a United States person. Special certification rules apply to Notes that are
held through non-U.S. intermediaries.</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-align: justify; text-indent: 0.25in">Subject to the discussion
below concerning income of a Non-U.S. Holder that is effectively connected with the conduct of a trade or business in the United States,
if a Non-U.S. Holder cannot satisfy the requirements described above, payments of interest on the Notes to such Non-U.S. Holder will generally
be subject to 30% U.S. federal withholding, unless the Non-U.S. Holder provides the applicable withholding agent with a properly executed
IRS Form W-8 appropriate to the Non-U.S. Holder&rsquo;s circumstances claiming an exemption from or reduction in withholding under an
applicable income tax treaty and complies with any other applicable procedures. See the discussion below under &ldquo;FATCA&rdquo; regarding
withholding on interest under the FATCA rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Sale, Exchange or Retirement
of the Notes</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A Non-U.S. Holder of a Note
will not be subject to U.S. federal income tax on gain realized on the sale, exchange or retirement of such Note, unless the gain is effectively
connected with the conduct by the Non-U.S. Holder of a trade</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">or business in the United States,
subject to an applicable income tax treaty providing otherwise, although any amounts attributable to accrued interest will generally be
treated as described above under &ldquo;Payments on the Notes.&rdquo; See the discussion below under &ldquo;FATCA&rdquo; regarding withholding
under the FATCA rules on gross proceeds of the sale, exchange or retirement of the Notes.</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: 0.25in"><I>Non-U.S. Holder Engaged
in a U.S. Trade or Business</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If a Non-U.S. Holder of a
Note is engaged in a trade or business in the United States, and if income or gain on the Note is effectively connected with the conduct
of this trade or business (and if required by an applicable income tax treaty, the income or gain is attributable to a permanent establishment
or fixed base maintained by the Non-U.S. Holder in the United States), the Non-U.S. Holder, although exempt from the withholding tax on
interest discussed above, will generally be taxed in the same manner as a U.S. Holder (see &ldquo;Tax Consequences to U.S. Holders&rdquo;
above), except that the Non-U.S. Holder will be required to provide to the applicable withholding agent a properly executed IRS Form W-8ECI
in order to claim an exemption from withholding tax on interest. These Non-U.S. Holders should consult their tax advisors with respect
to other U.S. tax consequences of the ownership and disposition of Notes, including, in the case of a corporation, the possible imposition
of a branch profits tax at a rate of 30% (or a lower rate under an applicable income tax treaty).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Backup Withholding and
Information Reporting</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Information returns generally
will be filed with the IRS in connection with interest payments on the Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Copies of the information
returns reporting such interest payments and any withholding may also be made available to the tax authorities in the country in which
the Non-U.S. Holder resides under the provisions of an applicable income tax treaty. Unless the Non-U.S. Holder complies with certification
procedures to establish that it is not a United States person, information returns may be filed with the IRS in connection with the proceeds
from a sale or other disposition of the Notes, and the Non-U.S. Holder may be subject to backup withholding on payments on the Notes or
on the proceeds from a sale or other disposition of the Notes. Compliance with the certification procedures required to claim the exemption
from withholding tax on interest described above will satisfy the certification requirements necessary to avoid backup withholding as
well. Backup withholding is not an additional tax. The amount of any backup withholding from a payment to a Non-U.S. Holder will be allowed
as a credit against the Non-U.S. Holder&rsquo;s U.S. federal income tax liability and may entitle the Non-U.S. Holder to a refund<I>,
</I>provided that the required information is furnished to the IRS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 0in"><B><I>FATCA</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; 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: 0.25in">Provisions in the Code and
the U.S. Treasury Regulations promulgated thereunder, commonly referred to as &ldquo;FATCA,&rdquo; generally impose a withholding tax
of 30% on payments to certain non-U.S. entities (including financial intermediaries) with respect to certain financial instruments, unless
various U.S. information reporting and due diligence requirements have been satisfied. An intergovernmental agreement between the United
States and the non-U.S. entity&rsquo;s jurisdiction may modify these requirements. Withholding under these rules (if applicable) applies
to payments of interest on the Notes (including any OID) and to payments of gross proceeds of the sale, exchange or retirement of the
Notes. However, under proposed U.S. Treasury Regulations (the preamble to which specifies that taxpayers are permitted to rely on them
pending finalization), no withholding will apply on payments of gross proceeds. Non-U.S. Holders, and U.S. Holders holding Notes through
a non-U.S. intermediary, should consult their tax advisors regarding the potential application of FATCA to the Notes.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-style: normal">Material
Canadian Income Tax Considerations</FONT></P>

<P STYLE="font: italic bold 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: 0.25in">The following summary describes
the principal Canadian federal income tax considerations under the Tax Act generally applicable to a purchaser who acquires notes, including
entitlement to all payments thereunder, as a beneficial owner pursuant to this offering and who, at all relevant times, for purposes of
the application of the Tax Act, (1) is not, and is not deemed to be, resident in Canada; (2) deals at arm&rsquo;s length with the Issuer
and the Guarantors, and with any transferee resident (or deemed to be resident) in Canada to whom the purchaser disposes of the notes;
(3) does not use or hold the notes in a business carried on in Canada; (4) is not a &ldquo;specified non-resident shareholder&rdquo; of
Emera 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 Emera; and (5) is not an entity in respect of which Emera is a &ldquo;specified
entity&rdquo; (as defined in the Tax Act) and is not a &ldquo;specified entity&rdquo; in respect of any</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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-align: justify; text-indent: 0in">transferee resident (or deemed
to be resident) in Canada to whom the purchaser disposes of the notes (a &ldquo;Non-Canadian Holder&rdquo;). Special rules, which are
not discussed in this summary, may apply to a Non-Canadian Holder that is an insurer that carries on an insurance business in Canada and
elsewhere.</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: 0.25in">This summary is based on
the current provisions of the Tax Act and on counsel&rsquo;s understanding of the current administrative policies and assessing practices
of the Canada Revenue Agency (the &ldquo;CRA&rdquo;) published in writing prior to the date hereof. This summary takes into account all
specific proposals to amend the Tax Act publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof
(the &ldquo;Proposed Amendments&rdquo;) and assumes that all Proposed Amendments will be enacted in the form proposed. However, no assurances
can be given that the Proposed Amendments will be enacted as proposed, or at all. This summary does not otherwise take into account or
anticipate any changes in law or administrative policy or assessing practice of the CRA whether by legislative, administrative or judicial
action nor does it take into account tax legislation or considerations of any province, territory or foreign jurisdiction, which may differ
from those discussed herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This summary is of a general
nature only and is not, and is not intended to be, legal or tax advice to any particular holder. This summary is not exhaustive of all
Canadian federal income tax considerations. Accordingly, prospective purchasers of notes should consult their own tax advisors having
regard to their own particular circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">No Canadian withholding tax
will apply to interest, principal and premium, if any, paid or credited to a Non-Canadian Holder by the Issuer on a note or to the proceeds
received by a Non-Canadian Holder on the disposition of a note including a redemption, payment on maturity or repurchase.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">No other tax on income or
gains will be payable by a Non-Canadian Holder on interest, principal or premium, if any, paid or credited to a Non-Canadian Holder by
the Issuer on a note or on the proceeds received by a Non-Canadian Holder on the disposition of a note including a redemption, payment
on maturity or repurchase.</P>

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


<!-- Field: Page; Sequence: 51; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_014"></A>Underwriting</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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. are acting as representatives (the &ldquo;Representatives&rdquo;) of the underwriters named below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Subject to the terms and
conditions stated in the underwriting agreement dated the date of this prospectus supplement, each underwriter named below has severally
and not jointly agreed to purchase, and we have agreed to sell to that underwriter, the principal amount of Notes set forth opposite such
underwriter&rsquo;s name.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Underwriter</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Principal Amount</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 82%; text-align: justify">Wells Fargo Securities, LLC&#9;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">US$</TD><TD STYLE="width: 15%; text-align: right">93,750,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">J.P. Morgan Securities LLC&#9;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86,250,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: justify">Morgan Stanley &amp; Co. LLC&#9;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86,250,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">MUFG Securities Americas Inc.&#9;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86,250,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: justify">RBC Capital Markets, LLC&#9;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86,250,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Scotia Capital (USA) Inc.&#9;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86,250,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: justify">BMO Capital Markets Corp. &#9;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">BofA Securities, Inc. &#9;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: justify">CIBC World Markets Corp. &#9;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">TD Securities (USA) LLC &#9;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Truist Securities, Inc. &#9;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">45,000,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in; text-align: justify; padding-bottom: 2.5pt">Total&#9;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">US$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">750,000,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The underwriters are offering
the Notes subject to prior sale, when, as and if issued and accepted by them, subject to approval of legal matters by counsel and to other
conditions. The underwriters are obligated to purchase all the Notes if they purchase any of the Notes. The underwriters reserve the right
to cancel, reject or modify an order of Notes in whole or in part.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The underwriters propose
to offer the Notes directly to the public at the public offering price set forth on the cover page of this prospectus supplement and may
offer the Notes to dealers at the public offering price less a concession not to exceed 0.600% of the principal amount of the Notes. The
underwriters may allow, and dealers may reallow, a concession not to exceed 0.400% of the principal amount of the Notes. After the initial
offering of the Notes to the public, the underwriters may change the public offering price, concessions and other selling terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In connection with this offering,
the underwriters may purchase and sell Notes in the open market. These transactions may include over-allotment, syndicate covering transactions
and stabilizing transactions. Over-allotment involves syndicate sales of the Notes in excess of the principal amount of the Notes to be
purchased by the underwriters in this offering, which creates a syndicate short position. Syndicate covering transactions involve purchases
of the Notes in the open market after the distribution has been completed in order to cover syndicate short positions. Stabilizing transactions
consist of certain bids or purchases of Notes made for the purpose of preventing or retarding a decline in the market price of the Notes
while this offering is in progress.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any of these activities may
have the effect of preventing or retarding a decline in the market price of the Notes. They may also cause the price of the Notes to be
higher than the price that otherwise would exist in the open market in the absence of these transactions. The underwriters may conduct
these transactions in the over-the-counter market or otherwise. If the underwriters commence any of these transactions, they may discontinue
them at any time. There will be no obligation on the underwriters to engage in these activities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Notes are a new issue
of securities and no established trading market for the Notes exists. The Notes will not be listed on any automated dealer quotation system,
and we do not intend to apply for listing of the Notes on any securities exchange. We have been advised that the underwriters intend to
make a market in the Notes. However, they are not obligated to do so, and they may discontinue any market-making activities with respect
to the Notes at any</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">time without notice. No assurance
can be given as to the liquidity of the trading market for the Notes or that an active public market for the Notes will develop. If an
active public trading market for the Notes does not develop, the market price and liquidity of the Notes may be adversely affected.</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: 0.25in">The following table shows
the underwriting discount that we will pay the underwriters in connection with this offering (expressed as a percentage of the principal
amount of the Notes).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Paid by<BR> EUSHI Finance</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 72%; text-align: left">Per Note&#9;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; text-align: right">1.000</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We estimate that our total
expenses for this offering, excluding the underwriting discount, will be US$2.5 million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The underwriters or their
respective affiliates perform and have performed commercial banking, investment banking and advisory services for us from time to time
for which they receive and have received customary fees and expenses. The underwriters and their affiliates may, from time to time, engage
in transactions with and perform services for us in the ordinary course of their business. In addition, in the ordinary course of their
business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity
securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts
of their customers. These investments and securities activities may involve securities and/or instruments of ours or our affiliates. The
underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect
of these securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in these
securities and instruments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If any of the underwriters
or their affiliates has a lending relationship with us or our affiliates, certain of those underwriters or their affiliates routinely
hedge, certain other of those underwriters or their affiliates have hedged and are likely in the future to hedge, and certain other of
those underwriters of their affiliates may hedge, their credit exposure to us consistent with their customary risk management policies.
Typically, these underwriters and their affiliates would hedge that exposure by entering into transactions which consist of either the
purchase of credit default swaps or the creation of short positions in our affiliates&rsquo; securities, including potentially the Notes
offered hereby. Any of these credit default swaps or short positions could adversely affect future trading prices of the Notes offered
hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Affiliates of RBC Capital
Markets, LLC, Scotia Capital (USA) Inc., BMO Capital Markets Corp., CIBC World Markets Corp. and TD Securities (USA) LLC are lenders under
the Revolving Facility and an affiliate of RBC Capital Markets, LLC is a lender under the Non-Revolving Facility (collectively, the &ldquo;Facilities&rdquo;).
The lenders under the Facilities were not involved in their capacity as such in the decision to issue the Notes or in determining the
price of the Notes or the terms of this offering. The financial position of Emera has not materially changed since indebtedness was incurred
under the Facilities, other than as has been publicly disclosed and/or as described in this prospectus. Emera is currently in compliance
with all covenants under the Facilities, and no breach thereof has been waived by any of the lenders since the execution of such facilities.
As of September 26, 2025, Emera had approximately C$1,060 million drawn on the Revolving Facility and C$200 million drawn on the Non-Revolving
Facility.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The decision to offer the
Notes was made solely by the Issuer and Emera and the terms upon which the Notes are being offered were determined by negotiation between
the Issuer and RBC Capital Markets, LLC, Scotia Capital (USA) Inc., BMO Capital Markets Corp., CIBC World Markets Corp. and TD Securities
(USA) LLC. RBC Capital Markets, LLC, Scotia Capital (USA) Inc., BMO Capital Markets Corp., CIBC World Markets Corp. and TD Securities
(USA) LLC will not receive any proceeds of the offering except as described above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have agreed to indemnify
the underwriters against certain liabilities, including liabilities under the U.S. Securities Act, or to contribute to payments the underwriters
may be required to make because of any of those liabilities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We expect that delivery of
the Notes will be made against payment therefor on or about the date specified on the cover page of this prospectus supplement, 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 Exchange Act, 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</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notice to Prospective Investors in Canada</P>

<P STYLE="font: bold 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: 0.25in">The Notes may be sold only
to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106
<I>Prospectus Exemptions</I> or subsection 73.3(1) of the <I>Securities Act</I> (Ontario), and are permitted clients, as defined in National
Instrument 31-103 <I>Registration Requirements, Exemptions and Ongoing Registrant Obligations</I>. Any resale of the Notes must be made
in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Securities legislation in
certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus supplement
or the accompanying prospectus (including any amendment hereto or thereto) contains a misrepresentation, provided that the remedies for
rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser&rsquo;s
province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser&rsquo;s
province or territory for particulars of these rights or consult with a legal advisor.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notice to Prospective Investors in the European
Economic Area</P>

<P STYLE="font: bold 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: 0.25in">The Notes are not intended
to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor
in the European Economic Area (&ldquo;EEA&rdquo;). For these purposes, a retail investor means a person who is one (or more) of: (i) a
retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, &ldquo;MiFID II&rdquo;); or (ii) a customer
within the meaning of Directive (EU) 2016/97 (as amended, the &ldquo;Insurance Distribution Directive&rdquo;), where that customer would
not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined
in Regulation (EU) 2017/1129 (as amended, the &ldquo;Prospectus Regulation&rdquo;). Consequently, no key information document required
by Regulation (EU) No 1286/2014 (as amended, the &ldquo;PRIIPs Regulation&rdquo;) for offering or selling the Notes or otherwise making
them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available
to any retail investor in the EEA may be unlawful under the PRIIPs Regulation. This prospectus supplement and the accompanying prospectus
have been prepared on the basis that any offer of Notes in any member state of the EEA will be made pursuant to an exemption under the
Prospectus Regulation from the requirement to publish a prospectus for offers of Notes. This prospectus supplement and the accompanying
prospectus is not a prospectus for the purposes of the Prospectus Regulation.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notice to Prospective Investors in the United
Kingdom</P>

<P STYLE="font: bold 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: 0.25in">The Notes are not intended
to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor
in the United Kingdom (&ldquo;UK&rdquo;). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client,
as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal)
Act 2018 (as amended, the &ldquo;EUWA&rdquo;); or (ii) a customer within the meaning of the provisions of the Financial Services and Markets
Act 2000 (as amended, the &ldquo;FSMA&rdquo;) and any rules or regulations made under the FSMA to implement the Insurance Distribution
Directive, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU)
No 600/2014 as it forms part of domestic law by virtue of the EUWA; or (iii) not a qualified investor as defined in Article 2 of Regulation
(EU) 2017/1129 as it forms part of domestic law by virtue of the EUWA (the &ldquo;UK Prospectus Regulation&rdquo;). Consequently, no key
information document required by Regulation (EU) 1286/2014 as it forms part of domestic law by virtue of the EUWA (the &ldquo;UK PRIIPs
Regulation&rdquo;) for offering or selling the Notes or otherwise making them available to retail investors in the UK has been prepared
and therefore offering or selling the Notes or otherwise making them available to any retail investor in the UK may be unlawful under
the UK PRIIPs Regulation. This prospectus supplement and the accompanying prospectus have been prepared on the basis that any offer of
Notes in the UK will be made pursuant to an exemption under the UK Prospectus Regulation from the requirement to publish a prospectus
for offers of Notes. This prospectus supplement and the accompanying prospectus is not a prospectus for the purposes of the UK Prospectus
Regulation or the FSMA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the UK, this prospectus
supplement is for distribution only to persons who (i) have professional experience in matters relating to investments and who qualify
as investment professionals within the meaning of Article 19(5) of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005 (as amended, the &ldquo;Financial Promotion Order&rdquo;) or (ii) are persons falling within
Article 49(2)(a) to (d) (&ldquo;high net worth companies, unincorporated associations etc.&rdquo;) of the Financial Promotion Order (all
such persons together being referred to as &ldquo;relevant persons&rdquo;). In the UK, this prospectus supplement is directed only at
relevant persons and must not be acted on or relied on by persons who are not relevant persons. In the UK, any investment or investment
activity to which this prospectus supplement relates is available only to relevant persons and will be engaged in only with relevant persons.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notice to Prospective Investors in Hong Kong</P>

<P STYLE="font: bold 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: 0.25in">The Notes may not be offered
or sold in Hong Kong by means of any document, other than (i) to &ldquo;professional investors&rdquo; as defined in the Securities and
Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder, or (ii) in other circumstances which do not result in the
document being a &ldquo;prospectus&rdquo; as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32, Laws
of Hong Kong) and which do not constitute an offer to the public within the meaning of that Ordinance.&nbsp;&nbsp;No advertisement, invitation
or document relating to the Notes has been, may be or will be issued, or has been, may be, or will be in the possession of any person
for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to
be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with
respect to the Notes which are or are intended to be disposed of only to persons outside Hong Kong or only to &ldquo;professional investors&rdquo;
as defined in the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notice to Prospective Investors in Japan</P>

<P STYLE="font: bold 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: 0.25in">This offering of the Notes
has not been and will not be registered pursuant to Article 4, Paragraph 1 of the Financial Instruments and Exchange Act of Japan (Act
No. 25 of April 13, 1948, as amended; the &ldquo;FIEA&rdquo;). Accordingly, the Notes may not be offered or sold, directly or indirectly,
in Japan or to, or for the account or benefit of, any &ldquo;resident&rdquo; of Japan (which term as used herein means any person resident
in Japan, including any corporation or other entity organized under the laws of Japan), or to, or for the account or benefit of, others
for re offering or resale, directly or indirectly, in Japan or to, or for the account or benefit of, any resident of Japan, except pursuant
to an exemption from the registration requirements of, and otherwise in compliance with, the FIEA and any other applicable laws, regulations
and ministerial guidelines of Japan in effect at the relevant time.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notice to Prospective Investors in Singapore</P>

<P STYLE="font: bold 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: 0.25in">Neither this prospectus supplement
nor the accompanying prospectus, nor any other materials relating to the Notes, has been or will be lodged or registered as a prospectus
with the Monetary Authority of Singapore. Accordingly, this prospectus supplement and any other document or material in connection with
the offer or sale, or invitation for subscription or purchase, of Notes may not be circulated or distributed, nor may the Notes be offered
or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore
other than (i) to an institutional investor as defined in Section 4A of the Securities and Futures Act, 2001 of Singapore, as modified
or amended from time to time (the &ldquo;SFA&rdquo;), pursuant to Section 274 of the SFA, (ii) to a relevant person (as defined in Section
275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with
the conditions specified in Section 275, of the SFA and (where applicable) Regulation 3 of the Securities and Futures (Classes of Investors)
Regulations 2018 of Singapore, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision
of the SFA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Where the Notes are subscribed
or purchased pursuant to an offer made in reliance on Section 275 of the SFA by a relevant person which is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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: 21.6pt"></TD><TD STYLE="width: 27.35pt">(a)</TD><TD STYLE="text-align: justify">a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business
of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited
investor; 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: 21.6pt"></TD><TD STYLE="width: 27.35pt">(b)</TD><TD STYLE="text-align: justify">a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and
each beneficiary of the trust is an individual who is an accredited investor,</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-align: justify; text-indent: 0.25in">securities or securities
based derivative contracts (each term as defined in Section 2(1) of the SFA) of that corporation or the beneficiaries&rsquo; rights and
interest (howsoever described) in that trust shall not be transferred within</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">six months after that corporation
or that trust has acquired the Notes pursuant to an offer made under Section 275 of the SFA except:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: 21.6pt"></TD><TD STYLE="width: 27.35pt">(1)</TD><TD STYLE="text-align: justify">to an institutional investor pursuant to Section 274 of the SFA or to a relevant person (as defined in
Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or to any person pursuant to Section 275(1A) and in accordance with
the conditions specified in Section 275 of the SFA;</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: 21.6pt"></TD><TD STYLE="width: 27.35pt">(2)</TD><TD STYLE="text-align: justify">(in the case of a corporation) where the transfer arises from an offer referred to in Section 276(3)(c)(ii)
of the SFA or (in the case of a trust) where the transfer arises from an offer referred to in Section 276(4)(c)(ii) of the SFA;</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: 21.6pt"></TD><TD STYLE="width: 27.35pt">(3)</TD><TD STYLE="text-align: justify">where no consideration is or will be given for the transfer;</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: 21.6pt"></TD><TD STYLE="width: 27.35pt">(4)</TD><TD STYLE="text-align: justify">where the transfer is by operation of law; 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: 21.6pt"></TD><TD STYLE="width: 27.35pt">(5)</TD><TD STYLE="text-align: justify">as specified in Section 276(7) of the SFA.</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-align: justify; text-indent: 0.25in">Singapore SFA Product Classification&mdash;Solely
for the purposes of our obligations pursuant to section 309B of the SFA and the Securities and Futures (Capital Markets Products) Regulations
2018 of Singapore (the &ldquo;CMP Regulations 2018&rdquo;), we have determined, and hereby notify all relevant persons (as defined in
Section 309A(1) of the SFA) that the Notes are &ldquo;prescribed capital markets products&rdquo; (as defined in the CMP Regulations 2018)
and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16:
Notice on Recommendations on Investment Products).</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notice to Prospective Investors in Switzerland</P>

<P STYLE="font: bold 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: 0.25in">This prospectus supplement
is not intended to constitute an offer or solicitation to purchase or invest in the Notes. The Notes may not be publicly offered, directly
or indirectly, in Switzerland within the meaning of the Swiss Financial Services Act (&ldquo;FinSA&rdquo;) and no application has or will
be made to admit the Notes to trading on any trading venue (exchange or multilateral trading facility) in Switzerland. Neither this prospectus
supplement nor any other offering or marketing material relating to the Notes constitutes a prospectus pursuant to the FinSA, and neither
this prospectus supplement nor any other offering or marketing material relating to the Notes may be publicly distributed or otherwise
made publicly available in Switzerland.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notice to Prospective Investors in Australia</P>

<P STYLE="font: bold 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: 0.25in">No placement document, prospectus,
product disclosure statement or other disclosure document has been lodged with the Australian Securities and Investments Commission (the
&ldquo;ASIC&rdquo;), in relation to this offering. This prospectus does not constitute a prospectus, product disclosure statement or other
disclosure document under the Corporations Act 2001 (the &ldquo;Corporations Act&rdquo;), and does not purport to include the information
required for a prospectus, product disclosure statement or other disclosure document under the Corporations Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any offer in Australia of
the Notes may only be made to persons (the &ldquo;Exempt Investors&rdquo;) who are &ldquo;sophisticated investors&rdquo; (within the meaning
of section 708(8) of the Corporations Act), &ldquo;professional investors&rdquo; (within the meaning of section 708(11) of the Corporations
Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to offer the
Notes without disclosure to investors under Chapter 6D of the Corporations Act.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notice to Prospective Investors in the Republic
of Italy</P>

<P STYLE="font: bold 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: 0.25in">The offering of the Notes
has not been registered with the <I>Commissione Nazionale per le Societ&agrave; e la Borsa</I> (CONSOB) pursuant to Italian securities
legislation and, accordingly, no Notes may be offered, sold or delivered, nor may copies of this prospectus supplement or of any other
document relating to the Notes be distributed in the Republic of Italy, except:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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: 21.6pt"></TD><TD STYLE="width: 27.35pt">(a)</TD><TD STYLE="text-align: justify">to qualified investors (<I>investitori qualificati</I>), as defined pursuant to Article 2 of the Prospectus
Regulation and any applicable provision of Legislative Decree No. 58 of 24 February, 1998, as amended (the Financial Services Act) and
Italian CONSOB regulations; or</TD></TR></TABLE>

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


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<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: 21.6pt"></TD><TD STYLE="width: 27.35pt">(b)</TD><TD STYLE="text-align: justify">in other circumstances which are exempted from the rules on public offerings pursuant to Article 1 of
the Prospectus Regulation, Article 34-ter of Regulation No. 11971 of 14 May 1999, as amended from time to time (Regulation No. 11971),
and the applicable Italian laws.</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-align: justify; text-indent: 0.25in">Any offer, sale or delivery
of the Notes or distribution of copies of this prospectus supplement or any other document relating to the Notes in the Republic of Italy
under (a) or (b) above must:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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: 21.6pt"></TD><TD STYLE="width: 27.35pt">(i)</TD><TD STYLE="text-align: justify">be made by an investment firm, bank or financial intermediary permitted to conduct such activities in
the Republic of Italy in accordance with the Financial Services Act, CONSOB Regulation No. 20307 of 15 February, 2018 (as amended from
time to time) and Legislative Decree No. 385 of 1 September 1993, as amended (the Banking Act); and</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: 21.6pt"></TD><TD STYLE="width: 27.35pt">(ii)</TD><TD STYLE="text-align: justify">comply with any other applicable laws and regulations or requirement imposed by CONSOB, the Bank of Italy
(including the reporting requirements, where applicable, pursuant to Article 129 of the Banking Act, as amended, and the implementing
guidelines of the Bank of Italy, as amended from time to time) and/or any other Italian authority.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notice to Prospective Investors in Korea</P>

<P STYLE="font: bold 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: 0.25in">The Notes have not been and
will not be registered under the Financial Investments Services and Capital Markets Act of Korea and the decrees and regulations thereunder
(the &ldquo;FSCMA&rdquo;), and the Notes have been and will be offered in Korea as a private placement under the FSCMA. None of the Notes
may be offered, sold or delivered directly or indirectly, or offered or sold to any person for re-offering or resale, directly or indirectly,
in Korea or to any resident of Korea except pursuant to the applicable laws and regulations of Korea, including the FSCMA and the Foreign
Exchange Transaction Law of Korea and the decrees and regulations thereunder, or the Foreign Exchange Transaction Law (the &ldquo;FETL&rdquo;).
The Notes have not been listed on any of securities exchanges in the world including, without limitation, the Korea Exchange in Korea.
Furthermore, the purchaser of the Notes shall comply with all applicable regulatory requirements (including, but not limited to, requirements
under the FETL) in connection with the purchase of the Notes. By the purchase of the Notes, the relevant holder thereof will be deemed
to represent and warrant that if it is in Korea or is a resident of Korea, it purchased the Notes pursuant to the applicable laws and
regulations of Korea.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notice to Prospective Investors in Taiwan</P>

<P STYLE="font: bold 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: 0.25in">The Notes have not and will
not be registered or filed with, or approved by, the Financial Supervisory Commission of Taiwan pursuant to relevant securities laws and
regulations and may not be sold, issued, or offered within Taiwan through a public offering or in circumstances which constitute an offer
within the meaning of the Securities and Exchange Act of Taiwan that requires a registration or filing with or approval of the Financial
Supervisory Commission of Taiwan. No person or entity in Taiwan has been authorized or will be authorized to offer, sell, give advice
regarding or otherwise intermediate the offering and sale of the Notes in Taiwan.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notice to Prospective Investors in the United
Arab Emirates</P>

<P STYLE="font: bold 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: 0.25in">The Notes have not been,
and are not being, publicly offered, sold, promoted or advertised in the United Arab Emirates (including the Dubai International Financial
Centre or the Abu Dhabi Global Market) other than in compliance with the laws of the United Arab Emirates (and the Dubai International
Financial Centre and the Abu Dhabi Global Market) governing the issue, offering and sale of securities. Further, this prospectus supplement
does not constitute a public offer of securities in the United Arab Emirates (including the Dubai International Financial Centre and the
Abu Dhabi Global Market) and is not intended to be a public offer. This prospectus supplement has not been approved by or filed with the
Central Bank of the United Arab Emirates, the Securities and Commodities Authority, the Dubai Financial Services Authority or the Abu
Dhabi Global Market.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_015"></A>Legal Matters</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The validity of the Notes
and the related Guarantees will be passed upon on behalf of Emera by Brian C. Curry, Corporate Secretary of Emera, and on behalf of the
Issuer and the Guarantors by Davis Polk &amp; Wardwell LLP, New York, New York. Certain legal matters relating to this offering will be
passed upon on behalf of the underwriters by Hunton Andrews Kurth LLP, New York, New York, and by Stikeman Elliott LLP, Toronto, Ontario.</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_016"></A>Experts</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The consolidated financial
statements of Emera appearing in Emera's Form 40-F for the year ended December 31, 2024, have been audited by Ernst &amp; Young LLP, Chartered
Professional Accountants, Halifax, Nova Scotia, independent registered public accounting firm, as set forth in their report thereon, included
therein, and incorporated herein by reference. Such consolidated financial statements are incorporated herein by reference in reliance
upon such report given on the authority of such firm as experts in accounting and auditing.</P>

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


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

<TABLE CELLPADDING="2" CELLSPACING="2" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%"><I><U>New Issue&#9;</U></I></TD>
  <TD STYLE="text-align: right; width: 50%">September 26, 2025</TD></TR>
</TABLE>

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

<P STYLE="font: bold 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EUSHI FINANCE, INC.</P>

<P STYLE="font: bold 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">US$3,000,000,000</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EUSHI Finance, Inc.</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Debt Securities</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Guaranteed by Emera Incorporated</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">and Emera US Holdings Inc.</P>

<P STYLE="font: bold 14pt 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: justify; text-indent: 0.25in">EUSHI Finance, Inc., a Delaware
corporation (&ldquo;<B>EUSHI Finance</B>&rdquo; or the &ldquo;<B>Issuer</B>&rdquo;), may from time to time offer and issue one or more
series of senior and/or subordinated unsecured debt securities (the &ldquo;<B>Debt Securities</B>&rdquo;), in an aggregate principal amount
of up to US$3,000,000,000 (or the equivalent in other currencies) or, if any Debt Securities are issued at an original issue discount,
such greater amount as shall result in an aggregate issue price of US$3,000,000,000 (or the equivalent in other currencies), during the
25-month period that this short form base shelf prospectus, including any further amendments hereto, remains valid. The Debt Securities
will be senior and/or subordinated unsecured obligations of EUSHI Finance and will be guaranteed on a senior and/or subordinated, unsecured
basis, jointly and severally (the &ldquo;<B>Guarantees</B>&rdquo;), by Emera Incorporated, a Nova Scotia company (&ldquo;<B>Emera</B>&rdquo;)
and its subsidiary, Emera US Holdings Inc., a Delaware corporation (&ldquo;<B>EUSHI</B>&rdquo;, and together with Emera, the &ldquo;<B>Guarantors</B>&rdquo;).
EUSHI is a direct and indirect wholly-owned subsidiary of Emera and the Issuer is a direct, wholly-owned subsidiary of EUSHI. All references
to &ldquo;Debt Securities&rdquo; in this prospectus shall include the related Guarantees by the Guarantors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">EUSHI Finance will provide
the specific terms of the Debt Securities in respect of which this prospectus is being delivered in applicable prospectus supplements
and may include, where applicable, the specific designation, aggregate principal amount, currency, maturity, interest provisions, authorized
denominations, offering price, any terms for redemption at our option or at the option of the holder and any other specific terms. You
should read this prospectus and any applicable prospectus supplements carefully before you invest. Debt Securities may consist of debentures,
notes or other types of debt and may be issuable in series. This prospectus may not be used to offer Debt Securities unless accompanied
by a prospectus supplement. Our intended use for any net proceeds that we expect to receive from the issue of Debt Securities will be
set forth in a prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Investing in the Debt
Securities is subject to certain risks. See the &ldquo;Risk Factors&rdquo; section on page 10 of this prospectus, in any accompanying
prospectus supplement or in the documents incorporated by reference into this prospectus and the accompanying prospectus supplement before
making a decision to invest in our securities.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">All information permitted
under applicable securities laws to be omitted from this prospectus will be contained in one or more prospectus supplements that will
be delivered to purchasers together with this prospectus. Each prospectus supplement will be deemed to be incorporated by reference into
this prospectus as of the date of the prospectus supplement and only for the purposes of the distribution of the Debt Securities to which
the prospectus supplement pertains.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Emera&rsquo;s principal executive
office is located at 5151 Terminal Road, Halifax, Nova Scotia, Canada B3J 1A1. EUSHI Finance&rsquo;s head office is located at 37 Route
236, Kittery Properties Suite 101, Kittery, Maine, United States 03904.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>We are permitted, under
a multijurisdictional disclosure system adopted by the United States and Canada, to prepare this prospectus in accordance with Canadian
disclosure requirements. Prospective investors should be aware that such requirements are different from those of the United States. The
financial statements of Emera and its consolidated subsidiaries included or incorporated by reference in this prospectus have been prepared
in accordance with U.S. Generally Accepted Account Principles </B></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>(&ldquo;GAAP&rdquo;). Our
financial statements are audited in accordance with the standards of the Public Company Accounting Oversight Board (PCAOB). Ernst &amp;
Young LLP, Emera&rsquo;s independent registered public accounting firm, has advised that they comply with the auditor independence rules
of the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) and the requirements of the PCAOB.</B></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: 0.25in"><B>Owning the Debt Securities
may have tax consequences in both the United States and Canada. You should consult your own tax advisor with respect to your own particular
circumstances and read the tax discussion in this prospectus and any applicable prospectus supplement.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>The ability of investors
to enforce civil liabilities under U.S. federal securities laws may be affected adversely by the fact that Emera is incorporated under
the laws of Nova Scotia, some of the officers and directors of Emera, EUSHI and EUSHI Finance and some of the experts named in this prospectus
and the documents incorporated by reference herein are non-U.S. residents, and some of our assets and some of the assets of those officers,
directors and experts are located outside of the United States.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless otherwise specified
in an applicable prospectus supplement, the Debt Securities will not be listed on any securities or stock exchange or on any automated
dealer quotation system. <B>There may be no market through which the Debt Securities may be sold and purchasers may not be able to resell
the Debt Securities purchased under this prospectus. This may affect the pricing of the Debt Securities in the secondary market, the transparency
and availability of trading prices and the liquidity of the Debt Securities. See the &ldquo;Risk Factors&rdquo; section of this prospectus.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Prospective investors
should be aware that, during any period in which offers and sales of Debt Securities are being made, the registrants or their respective
affiliates, directly or indirectly, may bid for or make purchases of the Debt Securities or certain related debt securities, as permitted
by applicable laws or regulations of Canada, or its provinces or territories.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>THESE DEBT SECURITIES
HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE U.S. SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES REGULATOR NOR HAS THE U.S.
SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES REGULATOR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION
TO THE CONTRARY IS A CRIMINAL OFFENSE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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"><FONT STYLE="text-transform: uppercase"><B>table
of contents</B></FONT></P>

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

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



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

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



<TABLE CELLPADDING="2" CELLSPACING="2" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_017" STYLE="color: Blue; text-decoration: underline">About This Prospectus</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_017" STYLE="color: Blue; text-decoration: underline">1</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_018" STYLE="color: Blue; text-decoration: underline">Where You Can Find More Information</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_018" STYLE="color: Blue; text-decoration: underline">2</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_019" STYLE="color: Blue; text-decoration: underline">Service of Process and Enforceability of Civil Liabilities</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_019" STYLE="color: Blue; text-decoration: underline">3</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_020" STYLE="color: Blue; text-decoration: underline">Documents Incorporated by Reference</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_020" STYLE="color: Blue; text-decoration: underline">4</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_021" STYLE="color: Blue; text-decoration: underline">Special Note Regarding Forward-Looking Statements</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_021" STYLE="color: Blue; text-decoration: underline">6</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_022" STYLE="color: Blue; text-decoration: underline">Financial Information and Currency</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_022" STYLE="color: Blue; text-decoration: underline">8</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_023" STYLE="color: Blue; text-decoration: underline">Business</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_023" STYLE="color: Blue; text-decoration: underline">9</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_024" STYLE="color: Blue; text-decoration: underline">Risk Factors</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_024" STYLE="color: Blue; text-decoration: underline">10</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_025" STYLE="color: Blue; text-decoration: underline">Guaranteed Debt</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_025" STYLE="color: Blue; text-decoration: underline">11</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_026" STYLE="color: Blue; text-decoration: underline">Use of Proceeds</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_026" STYLE="color: Blue; text-decoration: underline">12</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_027" STYLE="color: Blue; text-decoration: underline">Consolidated Capitalization</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_027" STYLE="color: Blue; text-decoration: underline">13</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_028" STYLE="color: Blue; text-decoration: underline">Description of Debt Securities and Guarantees</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_028" STYLE="color: Blue; text-decoration: underline">14</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_029" STYLE="color: Blue; text-decoration: underline">Plan of Distribution</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_029" STYLE="color: Blue; text-decoration: underline">23</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_030" STYLE="color: Blue; text-decoration: underline">Certain Income Tax Considerations</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_030" STYLE="color: Blue; text-decoration: underline">25</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_031" STYLE="color: Blue; text-decoration: underline">Legal Matters</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_031" STYLE="color: Blue; text-decoration: underline">26</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_032" STYLE="color: Blue; text-decoration: underline">Experts</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_032" STYLE="color: Blue; text-decoration: underline">26</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_033" STYLE="color: Blue; text-decoration: underline">Documents Filed As Part of the Registration Statement</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_033" STYLE="color: Blue; text-decoration: underline">27</A></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-transform: uppercase; text-align: center"><A NAME="a_017"></A>About This Prospectus</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Unless otherwise indicated
by the context, the terms (i) &ldquo;we,&rdquo; &ldquo;our,&rdquo; and &ldquo;us&rdquo; refer to Emera Incorporated, EUSHI Finance, Inc.,
Emera US Holdings Inc., and, if the context requires, Emera Incorporated&rsquo;s subsidiaries, (ii) &ldquo;Emera&rdquo; refers to Emera
Incorporated and, if the context requires, its subsidiaries, (iii) the &ldquo;Issuer&rdquo; refers to EUSHI Finance Inc., (iv) the &ldquo;Guarantors&rdquo;
refers collectively to Emera Incorporated and Emera US Holdings Inc., and (v) &ldquo;EUSHI&rdquo; refers to Emera US Holdings Inc.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This prospectus is part of
the joint registration statement on Forms F-10 and F-3 relating to the Debt Securities that we filed with the U.S. Securities and Exchange
Commission (the &ldquo;<B>SEC</B>&rdquo;). Under this &ldquo;shelf&rdquo; registration process, we may, from time to time, sell any combination
of Debt Securities in one or more offerings up to an aggregate principal amount of US$3,000,000,000. This prospectus provides you with
a general description of the Debt Securities that we may offer. Each time we sell Debt Securities under the registration statement, we
will provide a prospectus supplement that will contain specific information about the terms, including the issuer, of that offering of
Debt Securities. The prospectus supplement may also add, update or change information contained in this prospectus. Before you invest,
you should read both this prospectus and any applicable prospectus supplement together with additional information described under the
heading &ldquo;Where You Can Find More Information.&rdquo; This prospectus does not contain all of the information contained in the registration
statement, certain parts of which are omitted in accordance with the rules and regulations of the SEC. You should refer to the registration
statement and the exhibits to the registration statement for further information with respect to us and the Debt Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>We have not authorized
anyone to provide you with any information other than that contained or incorporated by reference in this prospectus or in any free writing
prospectus prepared by or on behalf of us or to which we have referred you. We take no responsibility for, and can provide no assurance
as to the reliability of, any other information that others may give you. We will only offer Debt Securities in jurisdictions where such
offers are permitted. The information contained in this prospectus is accurate only as of the date hereof, regardless of the time of delivery
of this prospectus.</B></P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_018"></A>Where You Can Find
More Information</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Emera is a reporting issuer
in Canada, and as such Emera is subject to continuous disclosure and other obligations applicable to Canadian reporting issuers under
applicable Canadian provincial securities laws. Emera files annual and quarterly reports, management&rsquo;s discussion and analysis,
management information circulars, annual information forms and other information with the various securities commissions or other securities
regulatory authorities in the provinces of Canada (the &ldquo;<B>CSA</B>&rdquo;). The filings that Emera makes with the CSA may be retrieved,
accessed and printed, free of charge, through SEDAR+, the secure web-based system used by all market participants to file, disclose and
search for information in Canada&rsquo;s capital markets maintained on behalf of the CSA. The URL of that website is http://www.sedarplus.ca.
In addition, the SEC maintains an Internet site at http://www.sec.gov (&ldquo;<B>EDGAR</B>&rdquo;) that
contains reports, proxy and information statements and other information Emera has filed or furnished electronically with the SEC. Emera
also makes this and other information available on its corporate website at http://www.emera.com. The
information found on its corporate website and the information that it files on SEDAR+ or files or furnishes on EDGAR does not, except
as specifically set forth below, form part of this prospectus and is not incorporated by reference herein.</P>

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


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_019"></A>Service of Process
and Enforceability of Civil Liabilities</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Emera is a company incorporated
under and governed by the <I>Companies Act </I>(Nova Scotia). Some of the directors and officers of Emera, EUSHI and EUSHI Finance, as
well as certain of the experts named in this prospectus and the documents incorporated by reference into this prospectus, are non-U.S.
residents and all or a substantial portion of their assets and a substantial portion of Emera&rsquo;s assets are located outside of the
United States. It may be difficult for holders of Debt Securities to effect service within the United States upon the directors and officers
of Emera, EUSHI and EUSHI Finance and the experts named in this prospectus and any documents incorporated by reference into this prospectus
who are not residents of the United States or to enforce against them in the United States judgments of courts of the United States predicated
upon civil liability under United States federal securities laws. While we believe that a monetary judgment of a United States court predicated
solely upon civil liability under United States federal securities laws would likely be enforceable in Canada if the United States court
in which the judgment was obtained had a basis for jurisdiction in the matter that was recognized by a Canadian court for such purposes,
we cannot assure you that this will be the case. It is less certain that an action could be brought in Canada in the first instance on
the basis of liability predicated solely upon such laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Each of EUSHI and EUSHI Finance
is a corporation formed under the laws of the State of Delaware.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">EUSHI Finance, EUSHI, and
certain of the directors and officers of EUSHI Finance and the Guarantors, reside outside of Canada. These individuals and entities have
appointed Emera, as their agent for service of process in Canada:</P>

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

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; border-bottom: Black 0.5pt solid">Name
of Person</P></TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; border-bottom: Black 0.5pt solid">Name
and Address of Agent</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Paula Gold-Williams</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Carla Tully</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Jeffrey Chronister</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">John Cochrane</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Kent M. Harvey</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">David Nicholson</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Valerie Strickland</P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Emera Incorporated</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5151 Terminal Road</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Halifax NS Canada</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">B3J 1A1</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(902) 428-6096</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Purchasers are advised that
it may not be possible for investors to enforce judgments obtained in Canada against any person that is incorporated, continued or otherwise
organized under the laws of a foreign jurisdiction or resides outside of Canada, even if the person has appointed an agent for service
of process in Canada.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_020"></A>Documents Incorporated
by Reference</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following documents,
which have been filed with the securities regulatory authorities in Canada and filed with, or furnished to, the SEC, are specifically
incorporated by reference in this prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: justify">Emera&rsquo;s annual information form dated February 21, 2025 for the year ended December 31, 2024, filed
as Exhibit 99.1 to Emera&rsquo;s Form 40-F filed on February 2 1, 2025;</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 STYLE="text-align: justify">Emera&rsquo;s management&rsquo;s discussion and analysis for the year ended December 31, 2024, filed as
Exhibit 99.2 to Emera&rsquo;s Form 40-F filed on February 21, 2025;</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 STYLE="text-align: justify">Emera&rsquo;s audited consolidated financial statements for the years ended December 31, 2024 and December
31, 2023 and the accompanying auditor&rsquo;s report t hereon, filed as Exhibit 99.3 to Emera&rsquo;s Form 40-F filed on February 21,
2025;</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 STYLE="text-align: justify">Emera&rsquo;s management&rsquo;s discussion and analysis of financial position and results of operations
as at and for the three month and six-month periods ended June 3 0, 2025, filed as Exhibit 99.1 to Emera&rsquo;s Form 6-K furnished on
August 8, 2025;</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 STYLE="text-align: justify">Emera&rsquo;s unaudited condensed consolidated interim financial statements for the three- and six-month
periods ended June 30, 2025, filed as Exhibit 99.2 to Emera&rsquo;s Form 6-K furnished on August 8, 2025; and</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 STYLE="text-align: justify">Emera&rsquo;s management information circular distributed in connection with Emera&rsquo;s annual meeting
of shareholders held on May 22, 2025, furnished as Exhibit 99.5 to Emera&rsquo;s Form 6-K dated April 8, 2025.</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-align: justify; text-indent: 0.25in"><B>Any statement contained
in a document incorporated or deemed to be incorporated by reference in this prospectus shall be deemed to be modified or superseded for
purposes of this prospectus to the extent that a statement contained herein, or in any other subsequently filed or furnished document
which also is incorporated or is deemed to be incorporated by reference herein, modifies or supersedes such statement. The modifying or
superseding statement need not state that it has modified or superseded a prior statement or include any other information set forth in
the document that it modifies or supersedes. The making of a modifying or superseding statement will not be deemed to be an admission
for any purpose that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material
fact or an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in
light of the circumstances in which it was made. Any statement so modified or superseded shall not be deemed, except as so modified or
superseded, to constitute a part of this prospectus.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Any documents of the type
required by National Instrument 44-101 Short Form Prospectus Distributions to be incorporated by reference in this prospectus, including
any material change reports (excluding confidential material change reports), unaudited interim consolidated financial statements, annual
consolidated financial statements and the auditors&rsquo; report thereon, management&rsquo;s discussion and analysis, information circulars,
annual information forms and business acquisition reports filed by us with the securities commissions or similar authorities in Canada
subsequent to the date of this prospectus shall be deemed to be incorporated by reference in this prospectus. To the extent that any document
or information incorporated by reference into this prospectus is included in a report that is filed with or furnished to the SEC on Form
40-F, 20-F, 10-K, 10-Q, 8-K or 6-K (or any respective successor form), such document or information shall also be deemed to be incorporated
by reference as an exhibit to the registration statement of which this prospectus forms a part. In addition, any document or information
filed with or furnished to the SEC on Form 6-K should be deemed to be incorporated by reference as an exhibit to the registration statement
of which this prospectus forms a part if the Form 6-K expressly so states.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A prospectus supplement containing
the specific terms of any Debt Securities will be deemed to be incorporated into this prospectus for the purposes of securities legislation
as of the date of such prospectus supplement, but only for the purposes of the distribution of the Debt Securities to which such prospectus
supplement pertains.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Copies of Emera&rsquo;s documents
incorporated herein by reference may be obtained on request without charge from the Corporate Secretary of Emera at 5151 Terminal Road,
Halifax, Nova Scotia B3J 1A1 (telephone 902-233-4084). These documents are also available through the internet on Emera&rsquo;s website
at www.emera.com or on SEDAR+ which can be accessed at www.sedarplus.ca.
These documents are also available through the internet on EDGAR, which can be accessed at www.sec.gov.
The information contained on, or accessible through, any of these websites is not incorporated by reference into this prospectus and is
not, and should not be considered to be, a part of this prospectus, unless it is explicitly so incorporated.</P>

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


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_021"></A>Special Note Regarding
Forward-Looking Statements</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This prospectus, including
the documents incorporated herein by reference, 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;). The words &ldquo;anticipates,&rdquo;
&ldquo;believes,&rdquo; &ldquo;budget,&rdquo; &ldquo;could,&rdquo; &ldquo;estimates,&rdquo; &ldquo;expects,&rdquo; &ldquo;forecast,&rdquo;
&ldquo;intends,&rdquo; &ldquo;may,&rdquo; &ldquo;might,&rdquo; &ldquo;plans,&rdquo; &ldquo;projects,&rdquo; &ldquo;schedule,&rdquo; &ldquo;should,&rdquo;
&ldquo;targets,&rdquo; &ldquo;will,&rdquo; &ldquo;would&rdquo; and similar expressions are often intended to identify forward-looking
information, although not all forward-looking information contains these identifying words.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The forward-looking information
in this prospectus, including the documents incorporated herein by reference, includes statements which reflect the current view of Emera&rsquo;s
management with respect to Emera&rsquo;s expectations regarding future growth, results of operations, performance, the expected timing
and outcome of the pending sale of New Mexico Gas Company, Inc., the scope of the cybersecurity incident (the &ldquo;Cybersecurity Incident&rdquo;)
involving unauthorized access into certain parts of the Company&rsquo;s Canadian network and its expected impact on the Company&rsquo;s
financial position and results of operations, IT systems restoration, insurance recoveries, and business continuity processes as well
as other matters relating to the Cybersecurity Incident, business prospects and opportunities. The forward-looking information reflects
management&rsquo;s current beliefs and is based on information currently available to Emera&rsquo;s management and should not be read
as guarantees of future events, performance or results, and will not necessarily be accurate indications of whether, or the time(s) at
which, such events, performance or results will be achieved. All such forward-looking information in this prospectus is provided pursuant
to safe harbor provisions contained in applicable securities laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The forward-looking information
in this prospectus, including the documents incorporated by reference, is based on reasonable assumptions and is subject to risks, uncertainties
and other factors that could cause actual results to differ materially from historical results or results anticipated by the forward-looking
information. Factors which could cause results or events to differ from current expectations are discussed in the &ldquo;Business Overview
and Outlook&rdquo; section of Emera Incorporated Management&rsquo;s Discussion and Analysis for the three-month and six month periods
ended June 30, 2025, filed as Exhibit 99.1 to Emera&rsquo;s Form 6-K furnished August 8, 2025 and may also include, without limits, statements
regarding: Emera&rsquo;s revenue, earnings and cash flow; the growth and diversification of Emera&rsquo;s business and earnings base;
future annual net income and dividend growth; expansion of Emera&rsquo;s business; the expected compliance by Emera with the regulation
of its operations; the expected timing of regulatory decisions; forecasted capital investment; the nature, timing and costs associated
with certain capital projects; the expected impact on Emera of challenges in the global economy; estimated energy consumption rates; expectations
related to annual operating cash flows; the expectation that Emera will continue to have reasonable access to capital in the near to medium
term; expected debt maturities, repayments and renewals; expectations about increases in interest expense and/or fees associated with
debt securities and credit facilities; no material adverse credit rating actions expected in the near term; the successful development
of relationships with various stakeholders, the impact of currency fluctuations; expected changes in electricity rates; and the impacts
of planned investment by the industry of gas transportation infrastructure within the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The forecasts and projections
that make up the forward-looking information are based on reasonable assumptions which include, but are not limited to: the receipt of
applicable regulatory approvals and requested rate decisions; no significant operational disruptions or environmental liability due to
a catastrophic event or environmental upset caused by severe weather or global climate change, other acts of nature or other major events;
seasonal weather patterns remaining stable; no significant cyber or physical attacks or disruptions to Emera&rsquo;s systems (other than
the Cybersecurity Incident); the continued ability to maintain transmission and distribution systems to ensure their continued performance;
continued investment in solar, wind and hydro generation; continued natural gas activity; no severe and/or prolonged downturn in economic
conditions; sufficient liquidity and capital resources; the continued ability to hedge exposures to fluctuations in interest rates, foreign
exchange rates and commodity prices; no significant variability in interest rates; expectations regarding the nature, timing and costs
of capital investment of Emera and its subsidiaries; expectations regarding rate base growth; the continued competitiveness of electricity
pricing when compared with other alternative sources of energy; the continued availability of commodity supply; the absence of significant
changes in government energy plans and environmental laws and regulations that may materially affect Emera&rsquo;s operations and cash
flows; maintenance of adequate insurance coverage; the ability to obtain and maintain licenses and permits; no material decrease in market
energy sales prices; favorable labor relations; and sufficient human resources to deliver service and execute Emera&rsquo;s capital investment
plan.</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Readers are cautioned not
to place undue reliance on forward-looking information as actual results could differ materially from the plans, expectations, estimates
or intentions and statements expressed in the forward-looking information. All forward-looking information in this prospectus and in the
documents incorporated herein by reference is qualified in its entirety by the above cautionary statements and, except as required by
law, Emera undertakes no obligation to revise or update any forward-looking information as a result of new information, future events
or otherwise.</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_022"></A>Financial Information
and Currency</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The financial statements
of Emera and its consolidated subsidiaries included or incorporated by reference in this prospectus have been prepared in accordance with
U.S. GAAP. Our financial statements are audited in accordance with the standards of the Public Company Accounting Oversight Board (PCAOB).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">All currency amounts in this
prospectus are expressed in Canadian dollars, unless otherwise indicated. References to &ldquo;CAD$&rdquo; are to Canadian dollars. References
to &ldquo;US$&rdquo; are to United States dollars. On September 23, 2025, the daily exchange rate for the United States dollar, expressed
in Canadian dollars, as quoted by the Bank of Canada, was US$1.00 = C$1.3832.</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_023"></A>Business</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Emera was incorporated in
the Province of Nova Scotia in 1998 and is the direct or indirect owner of all of the shares in EUSHI. Emera&rsquo;s principal executive
office is located at 5151 Terminal Road, P.O. Box 910, Halifax, NS B3J 1A1, Canada, and Emera&rsquo;s telephone number is (902) 450-0507.
Emera&rsquo;s website address is www.emera.com. Material contained on Emera&rsquo;s website is not
part of and is not incorporated by reference in this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">EUSHI Finance is a Delaware
corporation that was formed on May 20, 2016. EUSHI Finance is owned indirectly by Emera through EUSHI. EUSHI Finance was formed for the
purpose of Emera&rsquo;s intercompany financings and does not have any operations or assets other than interests in other financing-related
entities, and it does not have any operating revenues.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">EUSHI is a Delaware corporation
that was incorporated on June 14, 2001. EUSHI is a direct and indirect, wholly owned subsidiary of Emera. EUSHI does not have any operations
and serves as the holding company for certain of Emera&rsquo;s assets located in the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Emera is a geographically
diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately CAD$43 billion in assets as at December
31, 2024 and 2024 revenues of approximately CAD$7.2 billion. The company primarily invests in regulated electricity generation and electricity
and gas transmission and distribution. Emera&rsquo;s strategic focus continues to be safely delivering cleaner, affordable and reliable
energy to its customers. Emera has investments in the United States, Canada and the Caribbean.</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_024"></A>Risk Factors</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Investing in the Debt Securities
is subject to certain risks. Before purchasing Debt Securities, you should consider carefully the risk factors set forth under the heading
&ldquo;Risk Factors&rdquo; in Emera&rsquo;s annual information form, which is contained in Emera&rsquo;s annual report on Form 40-F for
the year ended December 31, 2024 (and our annual information forms for subsequent years), as well as the other information contained in
and incorporated by reference in this prospectus (including subsequently filed documents incorporated by reference) and, if applicable,
those described and incorporated by reference in the applicable prospectus supplement. If any of the events or developments discussed
in these risks actually occur, our business, financial condition or results of operations or the value of the Debt Securities could be
adversely affected.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_025"></A>Guaranteed Debt</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of June 30, 2025, Emera
had $2.95 billion USD (as of December 31, 2024 &ndash; $2.95 billion USD) senior unsecured notes issued by Emera US Finance LP and junior
subordinated notes issued by EUSHI Finance (collectively referred to as the &ldquo;US Notes&rdquo;) outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The US Notes are fully and
unconditionally guaranteed, on a joint and several basis, and in the case of the fixed-to-fixed reset rate junior subordinated notes due
2054 only, on a joint, several and subordinated basis, by Emera and EUSHI (in such capacity, the &ldquo;Guarantor Subsidiaries&rdquo;).
Emera owns, directly or indirectly, all of the limited and general partnership interests in Emera US Finance LP. EUSHI Finance is owned
indirectly by Emera through EUSHI. Other subsidiaries of Emera do not guarantee the US Notes (such subsidiaries are referred to as the
&ldquo;Non-Guarantor Subsidiaries&rdquo;); however, Emera has unrestricted access to the assets of consolidated entities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In compliance with Rule 13-01
of Regulation S-X, Emera is including summarized financial information for Emera, EUSHI and EUSHI Finance (together, the &ldquo;Obligor
Group&rdquo;), on a combined basis after transactions and balances between the combined entities have been eliminated. Investments in
and equity earnings of the Non-Guarantor Subsidiaries have been excluded from the summarized financial information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Obligor Group was not
determined using geographic, service line or other similar criteria and, as a result, the summarized financial information includes portions
of Emera&rsquo;s domestic and international operations. Accordingly, this basis of presentation is not intended to present Emera&rsquo;s
financial condition or results of operations for any purpose other than to comply with the specific requirements for guarantor reporting.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Summarized Statement of Income (Loss)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">In millions of dollars</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the six months ended<BR> June 30, 2025</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the year ended<BR> December 31, 2024</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 56%; text-align: justify">Loss from operations&#9;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">(98</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">(279</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Net (losses) gains<SUP>(1)</SUP>&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(24</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">437</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></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"></TD><TD STYLE="font-size: 9pt; width: 0.25in">(1)</TD><TD STYLE="font-size: 9pt; text-align: justify">Includes $344 million (2024 &ndash; $1,352 million) in interest and dividend income, net, from non-guarantor
subsidiaries.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Summarized Balance Sheet</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">In millions of dollars</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As at<BR> June 30, 2025</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As at December 31, 2024</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 56%; text-align: justify">Current assets<SUP>(1)</SUP>&#9;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">537</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">393</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Goodwill&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,554</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,858</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Other assets<SUP>(2)</SUP>&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,840</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,946</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total assets<SUP>(3)</SUP>&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">8,931</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9,197</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: justify">Current liabilities<SUP>(4)</SUP>&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">689</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">405</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Long-term liabilities<SUP>(5)</SUP>&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,303</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,838</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total liabilities&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9,992</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">10,243</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>



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

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



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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></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"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Includes $281
                                            million (2024 &ndash; $220 million) in amounts due from non-guarantor subsidiaries.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Includes $2,347
                                            million (2024 &ndash; $2,345 million) in amounts due from non-guarantor subsidiaries.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Excludes investments
                                            in non-guarantor subsidiaries. Emera&rsquo;s total consolidated assets are $42,531 million
                                            (2024 &ndash; $42,951 million).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Includes $180
                                            million (2024 &ndash; $184 million) in amounts due from non-guarantor subsidiaries.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Includes $5,727
                                            million (2024 &ndash; $5,980 million) in amounts due from non-guarantor subsidiaries</FONT>.</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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_026"></A>Use of Proceeds</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless otherwise specified
in a prospectus supplement that accompanies this prospectus, the net proceeds from the sale of the Debt Securities will be used for general
corporate purposes including, without limitation, to repay existing indebtedness. We may invest funds that we do not immediately use in
short-term marketable securities. We may from time to time offer Debt Securities and incur additional indebtedness other than through
an offering under this prospectus and any applicable prospectus supplements.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_027"></A>Consolidated Capitalization</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">There have been no material
changes in the share and loan capital of Emera, on a consolidated basis, since June 30, 2025. See &ldquo;<I>Use of Proceeds</I>&rdquo;.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_028"></A>Description of
Debt Securities and Guarantees</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This section describes certain
general terms and provisions of the Debt Securities. We will provide the particular terms and provisions of a series of Debt Securities
and a description of how the general terms and provisions described below apply to that series in a prospectus supplement. Thus, for a
description of the terms of a particular series of Debt Securities, you must refer to both the applicable prospectus supplement relating
to that series and the description of the Debt Securities contained in this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may issue senior or subordinated
Debt Securities under, in the case of senior Debt Securities, one or more senior debt indentures to be entered into among Emera, EUSHI
Finance, EUSHI and the applicable senior notes trustees (the &ldquo;<B>Senior Indentures</B>&rdquo;), and, in the case of subordinated
Debt Securities, under an indenture, dated June 18, 2024, between EUSHI Finance, the Guarantors and Equiniti Trust Company, LLC (as may
be amended and/or supplemented from time to time, the &ldquo;<B>Subordinated Indenture</B>&rdquo; and together with the Senior Indenture,
the &ldquo;<B>Indentures</B>&rdquo;). An indenture is a contract between a financial institution, acting on your behalf as trustee of
the Debt Securities, and us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following description
of the Indentures and the Debt Securities is a summary only. Please refer to the complete text of the provisions of the Debt Securities
and the applicable Indenture, including the definition of certain terms in the applicable Indenture. It is the respective Indenture, and
not this summary, that governs the rights of holders of Debt Securities. Capitalized terms that are used in this section and not defined
have the meanings assigned to them in the Indenture. We have defined selected terms at the end of this section.</P>

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

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

<P STYLE="font: bold 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: 0.25in">The Indentures provide that
an unlimited amount of Debt Securities may be issued from time to time in one or more series and may be denominated and payable in U.S.
dollars or any other currency; however, we may offer no more than US$3,000,000,000 (or the equivalent in non-U.S. Currency) aggregate
principal amount of Debt Securities pursuant to this prospectus. The specific terms of any series of Debt Securities will be established
at the time of issuance and will be described in the applicable prospectus supplement. These terms may include, but are not limited to,
any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: justify">classification as senior or subordinated Debt Securities;</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 STYLE="text-align: justify">if the Debt Securities are subordinated, the aggregate amount of outstanding indebtedness as of a recent
date, that is senior to the subordinate securities, and any limitation on the issuance of additional senior indebtedness;</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 STYLE="text-align: justify">the specific designation of the Debt Securities;</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 STYLE="text-align: justify">the issuer and guarantors, if applicable;</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 STYLE="text-align: justify">any limit on the aggregate principal amount of the Debt Securities;</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 STYLE="text-align: justify">the date or dates, if any, on which the Debt Securities will mature and the portion (if other than all
of the principal amount) of the Debt Securities to be payable upon declaration of acceleration of Maturity;</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 STYLE="text-align: justify">the rate or rates per annum (which may be fixed or variable) at which the Debt Securities will bear interest,
if any, the date or dates from which any such interest will accrue, the Interest Payment Dates on which any such interest will be payable
and the Regular Record Dates for any interest payable on the Debt Securities which are in registered form;</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 STYLE="text-align: justify">any mandatory or optional redemption or sinking fund provisions, including the period or periods within
which, the price or prices at which and the terms and conditions upon which the Debt Securities may be redeemed or purchased at our option
or otherwise;</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 STYLE="text-align: justify">whether the Debt Securities will be issuable in the form of one or more registered global securities and
if so the identity of the depository for such registered global securities;</TD></TR></TABLE>

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


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<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 STYLE="text-align: justify">each office or agency where the principal of and any premium and interest on the Debt Securities will
be payable and each office or agency where the Debt Securities may be presented for registration of transfer or exchange;</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 STYLE="text-align: justify">if other than U.S. dollars, the foreign currency or the units based on or relating to foreign currencies
in which the Debt Securities are denominated and/or in which the payment of the principal of and any premium and interest on the Debt
Securities will or may be payable;</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 STYLE="text-align: justify">any index pursuant to which the amount of payments of principal of and any premium and interest on the
Debt Securities will or may be determined;</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 STYLE="text-align: justify">any other terms of the Debt Securities, including covenants and additional Events of Default; and</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 STYLE="text-align: justify">the identity of the trustee for a particular series of Debt Securities.</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-align: justify; text-indent: 0.25in">The general provisions of
the Indentures do not contain any provisions that would limit our ability to incur indebtedness or that would afford holders protection
in the event of a highly leveraged or similar transaction involving Emera.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under each Indenture, we
may have the ability, in addition to the ability to issue Debt Securities with terms different from those of other Debt Securities previously
issued, without the consent of the holders, to reopen a previous issue of a series of Debt Securities and issue additional Debt Securities
of such series.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ranking and Other Indebtedness</P>

<P STYLE="font: bold 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: 0.25in">We may issue under any senior
debt indenture the Debt Securities that will constitute part of our senior debt. These senior Debt Securities will rank equally and <I>pari
passu </I>with all of our other unsecured and unsubordinated debt.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may issue under the Subordinated
Indenture the Debt Securities that will constitute part of our subordinated debt. These Debt Securities will be subordinate and junior
in right of payment, to the extent and in the manner set forth in the Subordinated Indenture, to all of our &ldquo;senior indebtedness.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Debt Securities will
be fully and unconditionally guaranteed by the Guarantors, on a joint and several basis, and such guarantees will rank equally with each
such Guarantor&rsquo;s other senior and/or subordinated unsecured obligations, as applicable, and will effectively be subordinated to
all existing and future liabilities of each such Guarantor&rsquo;s subsidiaries (other than EUSHI Finance and EUSHI).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless otherwise specified
in an applicable prospectus supplement relating to a series of Debt Securities, the Indentures will not limit the amount of secured debt
that Emera, EUSHI and EUSHI Finance may incur, as applicable, and the Debt Securities will effectively be subordinated in right of payment
to any secured debt Emera, EUSHI and EUSHI Finance, may incur, as applicable, and to any of their respective secured obligations, in each
case to the extent of the value of the collateral securing such debt or other obligations.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Form, Denomination, Exchange and Transfer</P>

<P STYLE="font: bold 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: 0.25in">Debt Securities of a series
may be issuable solely as registered Debt Securities issuable in denominations of US$2,000 and integral multiples of US$1,000 or in such
other denominations as may be provided for by the terms of the Debt Securities of any particular series. The Indentures also provide that
Debt Securities of a series may be issuable in global form, which are referred to as Global Securities. Debt Securities of any series
will be exchangeable for other Debt Securities of the same series of any authorized denominations and of a like aggregate principal amount
and tenor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Debt Securities may be
presented for exchange as described above, and Debt Securities may be presented for registration of transfer (duly endorsed or accompanied
by a written instrument of transfer), at the corporate trust office of the trustee or at the office of any transfer agent designated by
us for such purpose with respect to any series of Debt Securities. No service charge will be made for any transfer or exchange of Debt
Securities, but we may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.
We may at any time designate one or more successor or additional transfer agents with</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">respect to any series of Debt
Securities and may from time to time rescind any such designation. We will be required to maintain a transfer agent in each Place of Payment
for such series.</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: 0.25in">We shall not be required
to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: justify">issue, register the transfer of, or exchange Debt Securities of any series during a period beginning at
the opening of business 15 days before any selection of Debt Securities of that series to be redeemed and ending at the close of business
on the day of mailing of the relevant notice of redemption;</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 STYLE="text-align: justify">register the transfer of or exchange any Debt Security, or portion thereof, called for redemption, except
the unredeemed portion of any Debt Security being redeemed in part; 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: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">issue, register the transfer of, or exchange any Debt Security which has been surrendered for repayment
at the option of the holder except the portion, if any, of such Debt Security not to be so repaid.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Guarantees of Debt Securities</P>

<P STYLE="font: bold 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: 0.25in">The Guarantors will fully
and unconditionally guarantee, jointly and severally as primary obligors and not merely as sureties, on a senior and/or subordinated unsecured
basis, the full and punctual payment when due, whether at stated maturity, by acceleration or otherwise, of all obligations of EUSHI Finance
under the Debt Securities, whether for payment of principal of, or premium or interest on the Debt Securities, Additional Amounts, indemnification
or otherwise. Each guarantee from a Guarantor will be limited to an amount not to exceed the maximum amount that can be guaranteed by
the applicable Guarantor without rendering the guarantee, as it relates to that Guarantor, voidable under applicable law relating to fraudulent
conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Events of Default</P>

<P STYLE="font: bold 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: 0.25in">The Subordinated Indenture
provides, with respect to any series of Outstanding Debt Securities thereunder, that the following shall constitute Events of Default:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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: 21.6pt"></TD><TD STYLE="width: 27.35pt">(i)</TD><TD STYLE="text-align: justify">default in the payment of any interest on the Debt Securities that becomes due and payable and the default
continues for 60 days (whether or not such payment is prohibited by the subordination provisions applicable to the Debt Securities), except
as the result of a deferral of interest payments in accordance with the provisions discussed in the Subordinated Indenture;</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: 21.6pt"></TD><TD STYLE="width: 27.35pt">(ii)</TD><TD STYLE="text-align: justify">default in the payment of principal of or premium, if any, on the Debt Securities when due and payable
(whether or not such payment is prohibited by the subordination provisions applicable to the Debt Securities), at its maturity, upon redemption,
upon acceleration or otherwise;</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: 21.6pt"></TD><TD STYLE="width: 27.35pt">(iii)</TD><TD STYLE="text-align: justify">the Issuer, Emera or EUSHI, as applicable, defaults in the performance of, or breaches any other covenant
or warranty (excluding covenants and warranties solely applicable to one or more other series of subordinated debt securities issued under
the Subordinated Indenture) in, the Subordinated Indenture or the Debt Securities and such default or breach continues for a period of
90 days after written notice of such default or breach has been given to the Issuer, Emera and EUSHI, from the trustee or to the Issuer,
Emera, EUSHI, and the trustee from the holders of at least 25% in principal amount of the outstanding Debt Securities;</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: 21.6pt"></TD><TD STYLE="width: 27.35pt">(iv)</TD><TD STYLE="text-align: justify">Indebtedness (as defined in the Subordinated Indenture) of the Issuer, Emera or EUSHI, as applicable,
is accelerated by the holders thereof because of a default and the total amount of such Indebtedness unpaid or accelerated exceeds in
the aggregate the greater of US$800,000,000 and 3% of Emera&rsquo;s consolidated net assets;</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: 21.6pt"></TD><TD STYLE="width: 27.35pt">(v)</TD><TD STYLE="text-align: justify">certain events of bankruptcy, insolvency or reorganization; and</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: 21.6pt"></TD><TD STYLE="width: 27.35pt">(vi)</TD><TD STYLE="text-align: justify">any Guarantee related to the Debt Securities ceases to be in full force and effect (other than in accordance
with the terms of such guarantee) or Emera or EUSHI denies or disaffirms its obligations under its respective Guarantee.</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: justify; text-indent: 0.25in">The Senior Indenture provides,
with respect to any series of Outstanding Debt Securities thereunder, that the following shall constitute Events of Default:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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: 21.6pt"></TD><TD STYLE="width: 27.35pt">(i)</TD><TD STYLE="text-align: justify">default in the payment of the principal of (or premium, if any, on) any Debt Security of that series at
its Maturity, upon redemption, upon acceleration or otherwise;</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: 21.6pt"></TD><TD STYLE="width: 27.35pt">(ii)</TD><TD STYLE="text-align: justify">default in the payment of any interest on any Debt Security of that series when such interest becomes
due and payable, and the default continues for 30 days;</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: 21.6pt"></TD><TD STYLE="width: 27.35pt">(iii)</TD><TD STYLE="text-align: justify">default in the deposit of any sinking fund payment, when the same becomes due by the terms of the Debt
Securities of that series;</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: 21.6pt"></TD><TD STYLE="width: 27.35pt">(iv)</TD><TD STYLE="text-align: justify">default in the performance, or breach, of any other covenant or warranty of the Issuer or the Guarantors
in the Indenture or the Debt Securities of that series and continuance of such default or breach for a period of 90 days after notice
has been given;</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: 21.6pt"></TD><TD STYLE="width: 27.35pt">(v)</TD><TD STYLE="text-align: justify">indebtedness of the Issuer or the Guarantors is accelerated by the holders thereof because of a default
and the total amount of such Indebtedness unpaid or accelerated exceeds in the aggregate the greater of (i) $100,000,000 and (ii) 3% of
Emera&rsquo;s consolidated net assets;</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: 21.6pt"></TD><TD STYLE="width: 27.35pt">(vi)</TD><TD STYLE="text-align: justify">certain events of bankruptcy, insolvency or reorganization; and</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: 21.6pt"></TD><TD STYLE="width: 27.35pt">(vii)</TD><TD STYLE="text-align: justify">a Guarantee by a Guarantor of the Debt Securities of such series ceases to be in full force and effect
(other than in accordance with the terms of such Guarantee) or Emera or EUSHI denies or disaffirms its obligations under such Guarantee.</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-align: justify; text-indent: 0.25in">No Event of Default provided
with respect to a particular series of Debt Securities necessarily constitutes an Event of Default with respect to any other series of
Debt Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If an Event of Default (other
than an Event of Default related to certain events of bankruptcy, insolvency or reorganization) with respect to Debt Securities of any
series at the time outstanding occurs and is continuing, then in every such case the trustee or the holders of not less than 25% in principal
amount of the outstanding Debt Securities of that series may declare the principal amount, premium, if any, of all of the outstanding
Debt Securities of that series and any accrued but unpaid interest thereon to be due and payable immediately, by a notice in writing to
EUSHI Finance and the Guarantors (and to the trustee if given by holders or other act on the part of the trustee or any holder), and upon
any such declaration such principal amount (or specified portion thereof), premium, if any, and any accrued but unpaid interest thereon
shall become immediately due and payable. If an Event of Default related to certain events of bankruptcy, insolvency or reorganization
occurs, then the principal amount of all of the outstanding Debt Securities, premium, if any, and any accrued but unpaid interest thereon
shall ipso facto become and be immediately due and payable without any declaration, notice or other act on the part of the trustee or
any holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Subject to the provisions
of the Indentures relating to the duties of the trustee in case an Event of Default occurs and is continuing, the trustee shall be under
no obligation to exercise any of the rights or powers vested in it by the Indentures at the request or direction of any of the holders
of Debt Securities of any series pursuant to the Indenture, unless such holders shall have offered to the trustee security or indemnity
satisfactory to the trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request
or direction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The holders of not less than
a majority in principal amount of the outstanding Debt Securities of all series affected by an Event of Default shall have the right to
direct the time, method and place of conducting any proceeding for any remedy available to the trustee, or exercising any trust or power
conferred on the trustee, with respect to the outstanding Debt Securities of such affected series, the Guarantee in respect thereof, provided
in each case: (i) such direction shall not be in conflict with any rule of law or with the terms of the applicable Indenture, (ii) the
trustee may take any other action deemed proper by the trustee which is not inconsistent with such direction, and (iii) the trustee need
not take any action which might expose the trustee to personal liability or be unduly prejudicial to the holders of outstanding Debt Securities
of such affected series not joining therein.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Modification and Waiver</P>

<P STYLE="font: bold 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: 0.25in">We and the trustee (and any
applicable Guarantor, solely in the case of supplemental indentures amending any covenant, right or power of such Guarantor under the
applicable Indenture) may modify and amend the applicable Indenture with the consent of the holders of not less than a majority in principal
amount of all Outstanding Debt Securities under the applicable Indenture that are affected by such modification or amendment; provided
that no such modification or amendment may, without the consent of the holder of each Outstanding Debt Security affected thereby, among
other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: justify">extend the Stated Maturity of the principal of any of the Debt Securities of such series;</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 STYLE="text-align: justify">reduce the principal amount of any of the Debt Securities of such series;</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 STYLE="text-align: justify">reduce the rate or extend the time of payment of interest, including default interest, on any of the Debt
Securities of such series;</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 STYLE="text-align: justify">reduce any amount payable on redemption of any of the Debt Securities of such series;</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 STYLE="text-align: justify">change the currency in which the principal of or premium, if any, or interest on any of the Debt Securities
of such series is payable;</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 STYLE="text-align: justify">impair the right to institute suit for the enforcement of any payment of principal of or premium, if any,
or interest on any Debt Security of such series, subject to certain terms of the applicable Indenture;</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 STYLE="text-align: justify">make any change in the percentage of principal amount of the Debt Securities of such series necessary
to waive compliance with or to modify certain provisions of the applicable Indenture; 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: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">waive a continuing Default or Event of Default in the payment of principal of or premium, if any, or interest
on the Debt Securities of such series.</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-align: justify; text-indent: 0.25in">The holders of a majority
in principal amount of Outstanding Debt Securities under the Indenture affected thereby have the right to waive compliance by us with
certain covenants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We and the trustee (and any
applicable Guarantor solely in the case of supplemental indentures establishing the form or terms of any series of Debt Securities pursuant
to the applicable Indenture, adding or evidencing the succession of a Guarantor or amending any covenant, right or power of such Guarantor
under the applicable Indenture) may modify and amend the applicable Indenture without the consent of any holder under the relevant Indenture,
for any of the following purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: justify">to convey, transfer, assign, mortgage or pledge to the trustee as security for the Securities of such
series any property or assets;</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 STYLE="text-align: justify">to evidence the succession of another person to EUSHI Finance or any Guarantor, or successive successions,
and the assumption by the successor Person of the covenants, agreements and obligations of EUSHI Finance or any Guarantor;</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 STYLE="text-align: justify">to add to the covenants of EUSHI Finance or the Guarantors such further covenants, restrictions, conditions
or provisions as EUSHI Finance or the Guarantors and the trustee shall consider to be for the protection of the holders of Debt Securities
of such series, to surrender any right or power herein conferred upon EUSHI Finance or the Guarantors, and to make the occurrence, or
the occurrence and continuance, of a default in any such additional covenants, restrictions, conditions or provisions an Event of Default
with respect to such series of Debt Securities permitting the enforcement of all or any of the several remedies provided in the applicable
Indenture, provided that in respect of any such additional covenant, restriction, condition or provision such amendment or supplement
may provide for a particular period of grace after default (which period may be shorter or longer than that allowed in the case of other
defaults) or may provide for an immediate enforcement upon such an Event of Default or may limit the remedies available to the trustee
upon such an Event of Default or may limit the right of the holders of a majority in aggregate principal amount of the Securities of such
series to waive such an Event of Default;</TD></TR></TABLE>

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


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<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 STYLE="text-align: justify">to cure any ambiguity or omission or to correct or supplement any provision contained herein or in any
supplemental indenture which may be defective or inconsistent with any other provision contained herein or in any supplemental indenture,
or to make any other provisions as the Issuer or the Guarantors deem necessary or desirable, provided that no such action shall adversely
affect the interests of the holders of the Debt Securities of such series;</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 STYLE="text-align: justify">to provide for uncertificated Debt Securities of such series in addition to or in place of certificated
Debt Securities of such series;</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 STYLE="text-align: justify">to effect or maintain, or otherwise comply with the requirements of the SEC in connection with, the qualification
of the applicable Indenture under the Trust Indenture Act;</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 STYLE="text-align: justify">to effect any provision of the applicable Indenture;</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 STYLE="text-align: justify">to establish the form or terms of securities of any series and related Guarantee;</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 STYLE="text-align: justify">to evidence and provide for the acceptance of appointment hereunder by a successor trustee with respect
to the Debt Securities of one or more series and to add to or change any of the provisions of the applicable Indenture as shall be necessary
to provide for or facilitate the administration of the trusts hereunder by more than one trustee; 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: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to make any other change that does not adversely affect the rights of any holder.</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-align: justify; text-indent: 0.25in">The Indentures provide that
each Guarantor shall not be required to enter into any indenture supplemental to the Indenture, other than in the case of any supplemental
indenture establishing the form or terms of any series of Debt Securities pursuant to the Indenture or amending any covenant, right or
power of such Guarantor pursuant to the Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Indentures provide that
in determining whether the holders of the requisite principal amount of Debt Securities of a series then Outstanding under such Indenture
have given any request, demand, authorization, direction, notice, consent or waiver thereunder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: justify">the principal amount of an Original Issue Discount Security that shall be deemed to be Outstanding shall
be the amount of the principal thereof that would be due and payable as of the date of such determination upon acceleration of the maturity
thereof;</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 STYLE="text-align: justify">the principal amount of a Debt Security denominated in a Currency or Currencies other than U.S. dollars
shall be the U.S. dollar equivalent, determined as of the date such Debt Securities were originally issued, of the principal amount (or,
in the case of an Original Issue Discount Security, the U.S. dollar equivalent on the issue date of such Original Issue Discount Security
of the amount determined as provided in the first bullet above);</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 STYLE="text-align: justify">the principal amount of any Indexed Security that may be counted in making such determination or calculation
and that shall be deemed outstanding for such purpose shall be equal to the principal face amount of such Indexed Security at original
issuance; and</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 STYLE="text-align: justify">Debt Securities owned by us or any other obligor or affiliate of ours or such other obligor shall be disregarded
and not deemed to be Outstanding.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Merger, Consolidation or Amalgamation</P>

<P STYLE="font: bold 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: 0.25in">The Indentures provide that
EUSHI Finance and the Guarantors may not amalgamate or consolidate with or merge into any other Person and EUSHI Finance and the Guarantors
may not convey, transfer, sell or lease its properties and assets substantially as an entirety to any Person, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: justify">the Person formed by such consolidation or amalgamation or into which Emera is merged or the Person which
acquires or leases Emera&rsquo;s properties and assets as an entirety or substantially as an entirety expressly assumes Emera&rsquo;s
obligations under the Debt Securities and applicable Indenture, and</TD></TR></TABLE>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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 STYLE="text-align: justify">certain other conditions are met.</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-align: justify; text-indent: 0.25in">Notwithstanding the foregoing,
any Subsidiary of Emera, other than EUSHI and EUSHI Finance, may consolidate with, merge into or transfer all or a portion of its properties
or assets to Emera.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Discharge, Defeasance and Covenant Defeasance</P>

<P STYLE="font: bold 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: 0.25in">We may discharge certain
obligations to holders of any series of Debt Securities issued under either Indenture which have not already been delivered to the trustee
for cancellation and which have either become due and payable or are by their terms due and payable within one year (or scheduled for
redemption within one year) by irrevocably depositing with the trustee trust funds in an amount sufficient to pay the entire indebtedness
on such Debt Securities for principal (and premium, if any) and interest to the date of such deposit (if such Debt Securities have become
due and payable) or to the Stated Maturity or Redemption Date, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may, at our option and
at any time, elect to have EUSHI Finance&rsquo;s, as issuer, and each applicable Guarantor&rsquo;s obligations discharged with respect
to the Outstanding Debt Securities of or within any series, which we refer to as defeasance. Defeasance means that we shall be deemed
to have paid and discharged the entire indebtedness represented by such Outstanding Debt Securities and to have satisfied our other obligations
under the relevant Indenture with respect to such Debt Securities, except for:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: justify">the rights of holders of such Outstanding Debt Securities to receive solely from the trust fund described
below payments in respect of the principal of (and premium, if any) and interest on such Debt Securities when such payments are due;</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 STYLE="text-align: justify">our obligations with respect to such Debt Securities relating to the issuance of temporary securities,
the registration, transfer and exchange of the Debt Securities, the replacement of mutilated, destroyed, lost or stolen Debt Securities,
the maintenance of an office or agency in the applicable Place of Payment, the holding of money for security payments in trust and with
respect to the payment of Additional Amounts, if any, pursuant to the relevant Indenture;</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 STYLE="text-align: justify">the rights, powers, trusts, duties and immunities of the trustee; and</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 STYLE="text-align: justify">the defeasance provisions of the relevant Indenture.</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-align: justify; text-indent: 0.25in">We may, at our option and
at any time, elect to be released from our obligations with respect to certain covenants that are described in either Indenture (including
those described under &ldquo;Merger, Consolidation or Amalgamation&rdquo;), and we refer to this as &ldquo;covenant defeasance,&rdquo;
and any omission to comply with such obligations thereafter shall not constitute a default or an Event of Default with respect to such
Debt Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In order to exercise either
defeasance or covenant defeasance:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: justify">we must irrevocably deposit with the trustee (or other qualifying trustee), in trust, for the benefit
of the holders of such Debt Securities, cash, Government Obligations, or a combination thereof, in such amounts as will be sufficient,
in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of (and premium, if any) and interest
on such Outstanding Debt Securities, and any mandatory sinking fund or analogous payments thereon, on the scheduled due dates therefor
in the Currency in which such Debt Securities are then specified as payable at Stated Maturity;</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 STYLE="text-align: justify">in the case of defeasance, except where such election relates to a series of Debt Securities offered to
or held solely by persons that are not U.S. persons, we shall have delivered to the trustee an Opinion of Counsel stating that (x) we
have received from, or there has been published by, the Internal Revenue Service a ruling or (y) since the date of the relevant Indenture,
there has been a change in the applicable United States federal income tax law, in either case to the effect that, and based thereon such
Opinion of Counsel shall confirm that, the holders of such Debt Securities will not recognize income, gain or loss for United States federal
income tax purposes as a result of such defeasance and will be subject to United States federal income tax on the same amounts, in the
same manner and at the same times as would have been the case if such defeasance had not occurred; and</TD></TR></TABLE>

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


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<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 STYLE="text-align: justify">in the case of covenant defeasance, except where such election relates to a series of Debt Securities
offered to or held solely by persons that are not U.S. persons, we shall have delivered to the trustee an Opinion of Counsel to the effect
that the holders of such Debt Securities will not recognize income, gain or loss for United States federal income tax purposes as a result
of such covenant defeasance and will be subject to United States federal income tax on the same amounts, in the same manner and at the
same times as would have been the case if such covenant defeasance had not occurred; and</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payment of Principal and Interest and Paying
Agents</P>

<P STYLE="font: bold 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: 0.25in">Unless otherwise specified
in the applicable Indenture, principal of (and premium, if any) and interest, if any, on any Debt Securities will be payable at an office
or agency maintained by us in New York, New York, except that at our option, interest, if any, may be paid by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: justify">check mailed to the address of the Person entitled thereto as such address shall appear in the Security
Register, 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: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">wire transfer to an account located in the United States or Canada maintained by the person entitled thereto
as specified in the Security Register.</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-align: justify; text-indent: 0.25in">Payment of any installment
of interest on Debt Securities will be made to the Person in whose name such Debt Security is registered at the close of business on the
Regular Record Date for such interest.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any Paying Agent outside
the United States and any other Paying Agent in the United States initially designated by us for the Debt Securities may be established
for each series of Debt Securities. We may at any time designate additional Paying Agents or rescind the designation of any Paying Agent
or approve a change in the office through which any Paying Agent acts, except that we will be required to maintain a Paying Agent in each
Place of Payment for such series.</P>

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

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

<P STYLE="font: bold 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: 0.25in">No resignation or removal
of the trustee and no appointment of a successor trustee shall become effective until the acceptance of appointment by the successor trustee,
in accordance with the applicable of the relevant Indenture. The trustee may resign at any time with respect to the Debt Securities of
one or more series by giving written notice thereof to the Issuer. If the instrument of acceptance by a successor trustee is not delivered
to the trustee within 30 days after the giving of such notice of resignation, the resigning trustee may petition any court of competent
jurisdiction for the appointment of a successor trustee with respect to the Debt Securities of such series.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Book-Entry Delivery and Form</P>

<P STYLE="font: bold 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: 0.25in">The Debt Securities of a
series may be issued in whole or in part in the form of one or more Global Securities that will be deposited with, or on behalf of, a
depositary for a series of Debt Securities. Global Securities may be issued in either temporary or permanent form. Unless otherwise provided
for a series of Debt Securities, Debt Securities that are represented by a Global Security shall be issuable in denominations of $2,000
and integral multiples of $1,000 in excess thereof or in such other denominations as may be provided for by the terms of the Debt Securities
of any particular series, and will be issued in registered form only, without coupons. Payments of principal of (and premium, if any)
and interest, if any, on any Debt Securities represented by a Global Security will be made by the trustee to the depositary or its nominee.</P>

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

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

<P STYLE="font: bold 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: 0.25in">The Indentures, the Guarantees
and the Debt Securities shall be governed by and construed in accordance with the law of the State of New York. The Indentures are subject
to the provisions of the Trust Indenture Act that are required to be part of the Indenture and shall, to the extent applicable, be governed
by such provisions.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Agent for Service of Process</P>

<P STYLE="font: bold 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: 0.25in">The Indentures provide that
Emera has designated its subsidiary, EUSHI Finance, as its authorized agent for service of process in any suit, action or proceeding arising
out of or relating to the Indenture and the Debt</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Securities that may be instituted
in any federal or state court located in the Borough of Manhattan, in the City of New York, or brought under United States federal or
state securities laws or brought by the trustee, and Emera has irrevocably submitted to the jurisdiction of such courts.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_029"></A>Plan of Distribution</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may sell the Debt Securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: justify">through underwriters or dealers;</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 STYLE="text-align: justify">directly to one or more purchasers; 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: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">through agents.</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-align: justify; text-indent: 0.25in">We may sell Debt Securities
at fixed prices or at non-fixed prices, such as prices determined by reference to the prevailing price of the specified securities in
a specified market, at market prices prevailing at the time of sale or at prices to be negotiated with purchasers, which prices may vary
as between purchasers and during the period of distribution of the securities. The applicable prospectus supplement will set forth the
terms of the offering of the Debt Securities including the name or names of any underwriters, the purchase price of such Debt Securities
and the proceeds to us from such sale, any underwriting discounts and other items constituting underwriters&rsquo; compensation, any public
offering price and any discounts or concessions allowed or reallowed or paid to dealers. Only underwriters so named in the prospectus
supplement are deemed to be underwriters in connection with the Debt Securities offered thereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If underwriters are used
in the sale, the Debt Securities may be acquired by the underwriters for their own account and may be resold from time to time in one
or more transactions, including negotiated transactions, at a fixed public offering price or at varying prices determined at the time
of sale. The obligations of the underwriters to purchase such Debt Securities will be subject to certain conditions precedent, and the
underwriters will be obligated to purchase all the Debt Securities of the series offered through the applicable prospectus supplement
if any of such Debt Securities are purchased. Any public offering price and any discounts or concessions allowed or reallowed or paid
to dealers may be changed from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may also sell Debt Securities
directly at such prices and upon such terms as agreed to by us and the purchaser or through agents designated by us from time to time.
Any agent involved in the offering and sale of the Debt Securities in respect of which this prospectus is delivered will be named, and
any commissions payable by us to such agent will be set forth, in the prospectus supplement. Unless otherwise indicated in the prospectus
supplement, any agent is acting on a best efforts basis for the period of its appointment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may agree to pay the underwriters
a commission for various services relating to the issue and sale of the Debt Securities offered hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In connection with any offering
of the Debt Securities, the underwriters or agents may over-allot or effect transactions which stabilize or maintain the market price
of the Debt Securities offered at a level above that which might otherwise prevail in the open market. These transactions, if commenced,
may be discontinued at any time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Underwriters, dealers and
agents who participate in the distribution of the Debt Securities may be entitled under agreements to be entered into with us to indemnification
by us against certain liabilities, including liabilities under securities legislation, or to contribution with respect to payments which
such underwriters, dealers or agents may be required to make in respect thereof. These underwriters, dealers and agents may be customers
of, engage in transactions with or perform services for us in the ordinary course of business. Insofar as indemnification for liabilities
arising under the U.S. Securities Act of 1933, as amended (the &ldquo;<B>U.S. Securities Act</B>&rdquo;) may be permitted to directors,
officers and controlling persons of Emera, EUSHI, or EUSHI Finance, such issuers have been advised that, in the opinion of the SEC, such
indemnification is against public policy as expressed in the U.S. Securities Act and is, therefore, unenforceable. In the event that a
claim for indemnification against such liabilities (other than the payment by the issuers of expenses incurred or paid by a director,
officer or controlling person of the issuers in the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the issuers will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the U.S. Securities Act and will be governed by the final adjudication of such issue.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Each series of the Debt Securities
will be a new issue of securities with no established trading market. Unless otherwise specified in an applicable prospectus supplement
relating to a series of Debt Securities, the Debt Securities will not be listed on any securities or stock exchange or on any automated
dealer quotation system. Some broker-dealers may make a market in the Debt Securities, but they will not be obligated to do so and may
discontinue any market-making activities at any time without notice. There may not be a trading market for the Debt Securities and no
assurances can be given as to the liquidity of the trading market, if any, for the Debt Securities.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_030"></A>Certain Income
Tax Considerations</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A prospectus supplement may
describe any material Canadian federal income tax consequences of the acquisition, ownership and disposition of Debt Securities by an
initial investor, including any such consequences to an investor who is not a resident of Canada (for purposes of the Income Tax Act (Canada)
and any applicable income tax convention).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A prospectus supplement may
describe any material U.S. federal income tax consequences of the acquisition, ownership and disposition of Debt Securities by an initial
investor, including, to the extent applicable, any such consequences relating to Debt Securities payable in a currency other than U.S.
dollars, issued with original issue discount for U.S. federal income tax purposes, or containing any early redemption provisions or other
special terms.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_031"></A>Legal Matters</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The validity of the Debt
Securities and the related Guarantees will be passed on for us by Davis Polk &amp; Wardwell LLP, New York, New York.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_032"></A>Experts</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The consolidated financial
statements of Emera appearing in Emera&rsquo;s Form 40-F for the year ended December 31, 2024, have been audited by Ernst &amp; Young
LLP, Chartered Professional Accountants, Halifax, Nova Scotia, independent registered public accounting firm, as set forth in their report
thereon, included therein, and incorporated herein by reference. Such consolidated financial statements are incorporated herein by reference
in reliance upon such report given on the authority of such firm as experts in accounting and auditing.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_033"></A>Documents Filed
As Part of the Registration Statement</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following documents have
been or will be filed with the SEC as part of the joint registration statement on Forms F-10 and F-3 of which this prospectus is a part:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="text-align: justify">the documents referred to in the &ldquo;Documents Incorporated by Reference&rdquo; section of this prospectus;</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 STYLE="text-align: justify">consent of independent registered public accounting firm;</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 STYLE="text-align: justify">consents and opinions of counsel;</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 STYLE="text-align: justify">powers of attorney from our directors and officers;</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 STYLE="text-align: justify">forms of Indenture relating to the Debt Securities;</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 STYLE="text-align: justify">a statement of eligibility of Equiniti Trust Company, LLC as trustee for the Subordinated Indenture, on
Form T-1;</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 STYLE="text-align: justify">lists of subsidiaries of Emera, EUSHI and EUSHI Finance; and</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 STYLE="text-align: justify">filing fee tables.</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-top: 0pt; margin-bottom: 0pt"></P>

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

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>






<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>US$750,000,000</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><B>EUSHI FINANCE, INC.</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><IMG SRC="image_003.jpg" ALT="" STYLE="height: 66px; width: 192px"></FONT></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>6.250% Fixed-to-Fixed Reset
Rate Junior Subordinated Notes Due 2056</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>fully and unconditionally guaranteed on a subordinated
basis by </B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EMERA INCORPORATED</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EMERA US HOLDINGS INC.</B></P>

<P STYLE="font: 14pt 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"></P>

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

<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">Prospectus Supplement</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"><FONT STYLE="font-weight: normal"></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"><I>Joint Book-Running
Managers</I></FONT></P>

<P STYLE="font: 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">Wells Fargo Securities</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">J.P. Morgan</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">Morgan Stanley</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">MUFG</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">RBC Capital Markets</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">Scotiabank</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"><B>BMO Capital Markets</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>BofA Securities</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>CIBC Capital Markets</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>TD Securities</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: 0in"><B>Truist Securities</B></P>

<P STYLE="font: 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-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">September 29, 2025</P>

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

<P STYLE="border-bottom: Black 1pt solid; 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>


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<TYPE>EX-FILING FEES
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		Fees to be Paid
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		N/A
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		N/A
	</td>
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		N/A
	</td>
          <td style="text-align: center;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
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		Fees Previously Paid
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		N/A
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		N/A
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		N/A
	</td>
          <td style="text-align: center;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
        </tr>
        <tr>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td colspan="3" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">Total Offering Amounts:</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top">
            <p id="MaxAggtOfferingPrice" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlOfferingAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-293">0.00</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top; border-bottom: 1px black">
            <p id="TotalFeeAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlFeeAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-294">0.00</ix:nonFraction>
            </p>
          </td>
        </tr>
        <tr>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td colspan="3" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">
					Total Fees Previously Paid:
				</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top">
            <p id="TotalPreviouslyPaidAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlPrevslyPdAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-295">0.00</ix:nonFraction>
            </p>
          </td>
        </tr>
        <tr>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td colspan="3" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">
					Total Fee Offsets:
				</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top">
            <p id="TotalOffsetAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlOffsetAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-296">0.00</ix:nonFraction>
            </p>
          </td>
        </tr>
        <tr>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td colspan="3" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">
					Net Fee Due:
				</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top">
            <p id="NetFeeAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:NetFeeAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-297">0.00</ix:nonFraction>
            </p>
          </td>
        </tr>
      </table>
    </div>
    <div style="padding-bottom: 20px;">
      <table style="float: center; width: 100%; text-align: left;  ">
        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px">
          <th style="vertical-align: bottom; text-align: left; word-wrap: break-word">
            <b>Table 2: Fee Offset Claims and Sources</b>
          </th>
          <th style="vertical-align: bottom; word-wrap: break-word; text-align: right;">
            <span style="-sec-ix-hidden: hiddenrcOffsetTableNa">&#9745;Not Applicable</span>
          </th>
        </tr>
      </table>
      <table style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; float: center; width: 100%; text-align: center;  border: 1px solid black;">
        <tr style="background-color:#9ADAF6">
          <th style="width: 10%; text-align: left;">
            <!-- BLANK -->
          </th>
          <th style="width: 8%; text-align: left;">
            <!-- BLANK -->
          </th>
          <th style="width: 16%;">
				Registrant or Filer Name
			</th>
          <th style="width: 6%;">
				Form or Filing Type
			</th>
          <th style="width: 7%;">
				File Number
			</th>
          <th style="width: 6%;">
				Initial Filing Date
			</th>
          <th style="width: 6%;">
				Filing Date
			</th>
          <th style="width: 6%;">
				Fee Offset Claimed
			</th>
          <th style="width: 6%;">
				Security Type Associated with Fee Offset Claimed
			</th>
          <th style="width: 8%;">
				Security Title Associated with Fee Offset Claimed
			</th>
          <th style="width: 6%;">
				Unsold Securities Associated with Fee Offset Claimed
			</th>
          <th style="width: 9%;">
				Unsold Aggregate Offering Amount Associated with Fee Offset Claimed
			</th>
          <th style="width: 6%;">
				Fee Paid with Fee Offset Source
			</th>
        </tr>
        <tr>
          <td colspan="14" style="text-align: center">
            <b>Rules 457(b) and 0-11(a)(2)</b>
          </td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Fee Offset Claims
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Fee Offset Sources
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
        </tr>
        <tr>
          <td colspan="14" style="text-align: center">
            <b>Rule 457(p)</b>
          </td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Fee Offset Claims
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Fee Offset Sources
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
        </tr>
      </table>
    </div>
    <div style="padding-bottom: 20px;">
      <table style="float: center; width: 100%; text-align: left;  ">
        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px">
          <th style="vertical-align: bottom; text-align: left; word-wrap: break-word">
            <b>Table 3: Combined Prospectuses</b>
          </th>
          <th style="vertical-align: bottom; word-wrap: break-word; text-align: right;">
            <span style="-sec-ix-hidden: hiddenrcCombinedProspectusTableNa">&#9745;Not Applicable</span>
          </th>
        </tr>
      </table>
      <table style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; float: center; width: 100%; border: 1px solid black;">
        <tr style="background-color:#9ADAF6">
          <th style="width: 4%">
            <!-- Note column -->
          </th>
          <th style="width: 14%">
            <p style="margin: 0pt; text-align: center;">
              <b>Security Type</b>
            </p>
          </th>
          <th style="width: 25%">
            <p style="margin: 0pt; text-align: center;">
              <b>Security Class Title</b>
            </p>
          </th>
          <th style="width: 14%">
            <p style="margin: 0pt; text-align: center;">
              <b>Amount of Securities Previously Registered</b>
            </p>
          </th>
          <th style="width: 18%">
            <p style="margin: 0pt; text-align: center;">
              <b>Maximum Aggregate Offering Price of Securities Previously Registered</b>
            </p>
          </th>
          <th style="width: 6%">
            <p style="margin: 0pt; text-align: center;">
              <b>Form Type</b>
            </p>
          </th>
          <th style="width: 10%">
            <p style="margin: 0pt; text-align: center;">
              <b>File Number</b>
            </p>
          </th>
          <th style="width: 8%">
            <p style="margin: 0pt; text-align: center;">
              <b>Initial Effective Date</b>
            </p>
          </th>
        </tr>
        <tr style="background-color:#E7E7E2;">
          <td style="text-align: center;">
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: center;">
		N/A
	</td>
          <td style="text-align: center;">
		N/A
	</td>
          <td style="text-align: center;">
		N/A
	</td>
        </tr>
      </table>
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    <div style="padding-bottom: 20px;">
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        <tbody>
          <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px">
            <th style="vertical-align: bottom; text-align: center; width: 90%;">
              <b>Narrative Disclosure</b>
            </th>
          </tr>
        </tbody>
      </table>
      <table style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; float: center; width: 100%; text-align: center; margin-left:auto; margin-right:auto;">
        <tbody>
          <tr>
            <td>
					 The maximum aggregate offering price of the securities to which the prospectus relates is <span>$</span><ix:nonFraction name="ffd:NrrtvMaxAggtOfferingPric" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" contextRef="rc" id="ixv-298">750,000,000.00</ix:nonFraction>. <ix:nonNumeric name="ffd:FnlPrspctsFlg" contextRef="rc" format="ixt:booleantrue" id="ixv-299">The prospectus is a final prospectus for the related offering.</ix:nonNumeric>
				</td>
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              <div style="padding-top: 20px;">

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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<span style="display: none;">v3.25.2</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Submission<br></strong></div></th>
<th class="th"><div>Sep. 30, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissionLineItems', window );"><strong>Submission [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Central Index Key</a></td>
<td class="text">0001127248<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Registrant Name</a></td>
<td class="text">EMERA INC<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_RegnFileNb', window );">Registration File Number</a></td>
<td class="text">333-290502<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FormTp', window );">Form Type</a></td>
<td class="text">F-10<span></span>
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</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissnTp', window );">Submission Type</a></td>
<td class="text">424B2<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeExhibitTp', window );">Fee Exhibit Type</a></td>
<td class="text">EX-FILING FEES<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTableNa', window );">Offering Table N/A</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetTableNa', window );">Offset Table N/A</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_CombinedProspectusTableNa', window );">Combined Prospectus Table N/A</a></td>
<td class="text">N/A<span></span>
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</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
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<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_CombinedProspectusTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_CombinedProspectusTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeExhibitTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeExhibitTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:feeExhibitTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FormTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FormTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_RegnFileNb">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_RegnFileNb</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_SubmissionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_SubmissnTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissnTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>8
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
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</head>
<body>
<span style="display: none;">v3.25.2</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Fees Summary<br></strong></div></th>
<th class="th">
<div>Sep. 30, 2025 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeesSummaryLineItems', window );"><strong>Fees Summary [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlOfferingAmt', window );">Total Offering</a></td>
<td class="nump">$ 0.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlPrevslyPdAmt', window );">Previously Paid Amount</a></td>
<td class="nump">0.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlFeeAmt', window );">Total Fee Amount</a></td>
<td class="nump">0.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlOffsetAmt', window );">Total Offset Amount</a></td>
<td class="nump">0.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_NetFeeAmt', window );">Net Fee</a></td>
<td class="nump">0.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_NrrtvMaxAggtOfferingPric', window );">Narrative - Max Aggregate Offering Price</a></td>
<td class="nump">$ 750,000,000.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FnlPrspctsFlg', window );">Final Prospectus</a></td>
<td class="text">true<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeesSummaryLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeesSummaryLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FnlPrspctsFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FnlPrspctsFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_NetFeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_NetFeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_NrrtvMaxAggtOfferingPric">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_NrrtvMaxAggtOfferingPric</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative100TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_TtlFeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_TtlFeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_TtlOfferingAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_TtlOfferingAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_TtlOffsetAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_TtlOffsetAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_TtlPrevslyPdAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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