<SEC-DOCUMENT>0000950103-25-015824.txt : 20251205
<SEC-HEADER>0000950103-25-015824.hdr.sgml : 20251205
<ACCEPTANCE-DATETIME>20251205172725
ACCESSION NUMBER:		0000950103-25-015824
CONFORMED SUBMISSION TYPE:	SUPPL
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20251205
DATE AS OF CHANGE:		20251205
EFFECTIVENESS DATE:		20251205

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:		SUPPL
		SEC ACT:		
		SEC FILE NUMBER:	333-291985
		FILM NUMBER:		251553982

	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>SUPPL
<SEQUENCE>1
<FILENAME>dp238419_suppl.htm
<DESCRIPTION>FORM SUPPL
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>&hairsp;Filed pursuant to General</B></P>

<P STYLE="margin: 0; text-align: right"><B>&hairsp;Instruction II.L. of Form F-10</B></P>

<P STYLE="margin: 0; text-align: right"><B>&hairsp;File No. 333&thinsp;&ndash;&thinsp;291985</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>No securities regulatory authority has expressed
an opinion about these securities and it is an offence to claim otherwise. </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This prospectus supplement (the &ldquo;<B>Prospectus
Supplement</B>&rdquo;), together with the accompanying short form base shelf prospectus dated December 5, 2025 (the &ldquo;<B>Prospectus</B>&rdquo;)
to which it relates, and each document incorporated by reference into this Prospectus Supplement and in the Prospectus, constitutes a
public offering of these securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons
permitted to sell such securities.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Information has been incorporated by reference
in this Prospectus Supplement and the accompanying Prospectus from documents filed with securities commissions or similar authorities
in Canada.</I></B><I> Copies of the documents incorporated herein by reference may be obtained on request without charge from the Corporate
Secretary of Emera Incorporated, 5151 Terminal Road, Halifax, Nova Scotia, B3J 1A1 (telephone: 902-233-4084) and are also available electronically
at www.sedarplus.ca. </I></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>To the Short Form Base Shelf Prospectus dated
December 5, 2025</I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; width: 50%"><FONT STYLE="font-size: 10pt"><I><U>New Issue</U></I></FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right; width: 50%"><FONT STYLE="font-size: 10pt">&#9;<B>December 5, 2025</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_002.jpg" ALT=""></P>

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$600,000,000</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Common Shares</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: 0.5in">Emera Incorporated (&ldquo;<B>Emera</B>&rdquo;
or the &ldquo;<B>Company</B>&rdquo;) is hereby qualifying the distribution (the &ldquo;<B>Offering</B>&rdquo;) of common shares of the
Company (&ldquo;<B>Common Shares</B>&rdquo;) having an aggregate sale price of up to $600,000,000 (or the equivalent in U.S. dollars determined
using the daily exchange rate posted by the Bank of Canada on the date the Common Shares are sold). See &ldquo;Details of the Offering&rdquo;
and &ldquo;Plan of Distribution&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Emera&rsquo;s issued and
outstanding Common Shares are listed on the Toronto Stock Exchange (&ldquo;<B>TSX</B>&rdquo;) and the New York Stock Exchange (&ldquo;<B>NYSE</B>&rdquo;)
under the symbol &ldquo;EMA&rdquo;. On December 4, 2025, the closing prices of the Common Shares on such exchanges were $66.12 and US$47.39,
respectively. <B>The TSX and the NYSE have conditionally approved the listing of the Common Shares for trading on such exchanges. Listing
will be subject to the Company fulfilling all the listing requirements of the TSX and the NYSE on or before one business day subsequent
to the filing of this Prospectus Supplement and no later than the first sale of Common Shares pursuant to this Offering.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has entered into
an equity distribution agreement dated December 5, 2025 (the &ldquo;<B>Distribution Agreement</B>&rdquo;) with BMO Nesbitt Burns Inc.,
RBC Dominion Securities Inc., Scotia Capital Inc., (the &ldquo;<B>Canadian Agents</B>&rdquo;) and BMO Capital Markets Corp., RBC Capital
Markets, LLC and Scotia Capital (USA) Inc. (collectively, the &ldquo;<B>U.S. Agents</B>&rdquo; and, together with the Canadian Agents,
the &ldquo;<B>Agents</B>&rdquo;) pursuant to which the Company may distribute Common Shares from time to time through the Agents, as agents,
in accordance with the terms of the Distribution Agreement. Sales of Common Shares, if any, under this Prospectus Supplement and the accompanying
Prospectus are anticipated to be made in transactions that are deemed to be &ldquo;at-the-market distributions&rdquo; as defined in National
Instrument 44-102 - <I>Shelf Distributions</I> (&ldquo;<B>NI 44-102</B>&rdquo;), including sales made: (i) in privately negotiated transactions
with our consent and, if required, the consent of the TSX and the NYSE; (ii) as block transactions; (iii) by the Agents directly on the
TSX, the NYSE or any other trading market for the Common Shares in Canada or in the United States (the &ldquo;<B>U.S.</B>&rdquo;); or
(iv) by any method permitted by law. The Common Shares will be distributed at the market prices prevailing at the time of the sale. As
a result, prices may vary as between purchasers and during the period of any distribution. <B>There is no minimum amount of funds that
must be raised under the Offering. This means that the Offering may terminate after only raising a small portion of the offering amount
set out above, or none at all. See &ldquo;Plan of Distribution&rdquo;.</B></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company will pay the Agents
compensation for their services in acting as agents in connection with the sale of Common Shares pursuant to the Distribution Agreement
of up to 2% of the gross sales price per Common Share sold (the &ldquo;<B>Commission</B>&rdquo;), which amount shall be paid in the same
currency as the sale of the Common Shares to which it pertains.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No underwriter of the at-the-market
distribution, and no person or company acting jointly or in concert with an underwriter, may, in connection with the distribution, enter
into any transaction that is intended to stabilize or maintain the market price of the securities or securities of the same class as the
Common Shares distributed under the ATM prospectus, including selling an aggregate number or principal amount of securities that would
result in the underwriter creating an over-allocation position in the securities.&nbsp;&nbsp;See &ldquo;Plan of Distribution&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Investing in the Common
Shares involves certain risks. See &ldquo;Risk Factors&rdquo; in the accompanying Prospectus and in this Prospectus Supplement.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Each of the Agents is an
affiliate of a financial institution that has, either solely or as a member of a syndicate of financial institutions, extended credit
facilities to, or holds other indebtedness of, the Company and/or its subsidiaries. Consequently, the Company may be considered a connected
issuer of such Agents for the purposes of securities regulations in certain provinces of Canada.</B> The net proceeds from this Offering
may be used to reduce the Company's indebtedness to such lenders. See &ldquo;Relationships with the Agents&rdquo;, &ldquo;Use of Proceeds&rdquo;
and &ldquo;Plan of Distribution&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>The Canadian Agents will
only sell Common Shares on marketplaces in Canada and the U.S. Agents will only sell Common Shares on marketplace in the U.S.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>We are permitted, under
the multijurisdictional disclosure system (&ldquo;MJDS&rdquo;) adopted by the United States and Canada, to prepare this Prospectus Supplement
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 Accounting Principles (&ldquo;GAAP&rdquo;). Our Audited
Financial Statements (as defined herein) are audited in accordance with the standards of the Public Company Accounting Oversight Board
(&quot;PCAOB&quot;). 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: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>The acquisition of Common
Shares described herein may subject you to tax consequences in both the U.S. and Canada. This Prospectus Supplement and the accompanying
Prospectus may not describe these tax consequences fully. See &ldquo;Certain Canadian Federal Income Tax Considerations&rdquo; and &ldquo;Certain
U.S. Federal Income Tax Considerations&rdquo;.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Your ability to enforce
civil liabilities under U.S. federal securities laws may be affected adversely because we are incorporated under the laws of the Province
of Nova Scotia, Canada, some of our officers and directors and some of the experts named in this Prospectus Supplement and the Prospectus
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 U.S. See &ldquo;Enforceability of Civil Liabilities&rdquo;.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>THESE SECURITIES HAVE NOT
BEEN APPROVED OR DISAPPROVED BY THE SEC NOR HAS THE SEC PASSED UPON THE ADEQUACY OR ACCURACY OF THIS PROSPECTUS SUPPLEMENT OR THE PROSPECTUS.
ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The head and registered office
of the Company is located at 5151 Terminal Road, Halifax, Nova Scotia B3J 1A1.</P>

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


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<P STYLE="text-align: center; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><A NAME="b_toc1"></A><FONT STYLE="font-size: 10pt"><B>TABLE OF CONTENTS</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 90%; text-indent: 0in"><A HREF="#b_001">IMPORTANT NOTICE ABOUT INFORMATION IN THIS PROSPECTUS SUPPLEMENT AND THE ACCOMPANYING PROSPECTUS</A></TD>
    <TD STYLE="text-align: right; width: 10%; text-indent: 0in"><A HREF="#b_001">S-1</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#b_002">CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#b_002">S-1</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#b_003">CURRENCY</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#b_003">S-2</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#b_004">DOCUMENTS INCORPORATED BY REFERENCE</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#b_004">S-2</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#b_005">WHERE YOU CAN FIND ADDITIONAL INFORMATION</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#b_005">S-3</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#b_006">CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#b_006">S-4</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#b_007">CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#b_007">S-6</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#b_008">ELIGIBILITY FOR INVESTMENT</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#b_008">S-9</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#b_009">CHANGES IN CONSOLIDATED CAPITALIZATION</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#b_009">S-9</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#b_010">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#b_010">S-9</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#b_011">DESCRIPTION OF THE COMMON SHARES</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#b_011">S-10</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#b_012">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#b_012">S-10</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#b_013">RELATIONSHIP WITH THE AGENTS</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#b_013">S-11</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#b_014">TRADING PRICES AND VOLUME</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#b_014">S-12</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#b_015">PRIOR SALES</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#b_015">S-13</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#b_016">LEGAL MATTERS</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#b_016">S-13</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#b_017">EXPERTS</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#b_017">S-13</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#b_018">REGISTRAR AND TRANSFER AGENT</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#b_018">S-13</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#b_019">ENFORCEABILITY OF CERTAIN CIVIL LIABILITIES</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#b_019">S-13</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#b_020">DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#b_020">S-14</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#b_021">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#b_021">S-14</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#b_022">STATUTORY EXEMPTIONS</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#b_022">S-15</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#b_023">PURCHASERS&rsquo; STATUTORY RIGHTS</A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#b_023">S-15</A></TD></TR>
  </TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>PROSPECTUS</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 90%; text-indent: 0in"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">NOTICE TO READERS</FONT></A></TD>    <TD STYLE="text-align: right; width: 10%; text-indent: 0in"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">1</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_002"><FONT STYLE="font-size: 10pt">DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT</FONT></A></TD>    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_002"><FONT STYLE="font-size: 10pt">1</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_003"><FONT STYLE="font-size: 10pt">DOCUMENTS INCORPORATED BY REFERENCE</FONT></A></TD>    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_003"><FONT STYLE="font-size: 10pt">1</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_004"><FONT STYLE="font-size: 10pt">WHERE YOU CAN FIND ADDITIONAL INFORMATION</FONT></A></TD>    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_004"><FONT STYLE="font-size: 10pt">3</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_005"><FONT STYLE="font-size: 10pt">CURRENCY</FONT></A></TD>    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_005"><FONT STYLE="font-size: 10pt">3</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_006"><FONT STYLE="font-size: 10pt">CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION</FONT></A></TD>    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_006"><FONT STYLE="font-size: 10pt">4</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_007"><FONT STYLE="font-size: 10pt">EMERA INCORPORATED</FONT></A></TD>    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_007"><FONT STYLE="font-size: 10pt">6</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_008"><FONT STYLE="font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_008"><FONT STYLE="font-size: 10pt">6</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_009"><FONT STYLE="font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_009"><FONT STYLE="font-size: 10pt">7</FONT></A></TD></TR>
</TABLE>

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

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

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

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

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<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; width: 90%"><A HREF="#a_011"><FONT STYLE="font-size: 10pt">CHANGES IN CONSOLIDATED CAPITALIZATION</FONT></A></TD>    <TD STYLE="text-align: right; text-indent: 0in; width: 10%"><A HREF="#a_011"><FONT STYLE="font-size: 10pt">8</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_012"><FONT STYLE="font-size: 10pt">DESCRIPTION OF COMMON SHARES</FONT></A></TD>    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_012"><FONT STYLE="font-size: 10pt">8</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_013"><FONT STYLE="font-size: 10pt">DIVIDEND POLICY</FONT></A></TD>    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_013"><FONT STYLE="font-size: 10pt">9</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_014"><FONT STYLE="font-size: 10pt">TRADING PRICES AND VOLUMES</FONT></A></TD>    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_014"><FONT STYLE="font-size: 10pt">9</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_015"><FONT STYLE="font-size: 10pt">PRIOR SALES</FONT></A></TD>    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_015"><FONT STYLE="font-size: 10pt">10</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_016"><FONT STYLE="font-size: 10pt">CERTAIN INCOME TAX CONSIDERATIONS</FONT></A></TD>    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_016"><FONT STYLE="font-size: 10pt">10</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_017"><FONT STYLE="font-size: 10pt">LEGAL MATTERS</FONT></A></TD>    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_017"><FONT STYLE="font-size: 10pt">10</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_018"><FONT STYLE="font-size: 10pt">EXPERTS</FONT></A></TD>    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_018"><FONT STYLE="font-size: 10pt">10</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_019"><FONT STYLE="font-size: 10pt">REGISTRAR AND TRANSFER AGENT</FONT></A></TD>    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_019"><FONT STYLE="font-size: 10pt">10</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_020"><FONT STYLE="font-size: 10pt">WKSI REGIME</FONT></A></TD>    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_020"><FONT STYLE="font-size: 10pt">11</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_022"><FONT STYLE="font-size: 10pt">ENFORCEABILITY OF CERTAIN CIVIL LIABILITIES</FONT></A></TD>    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_022"><FONT STYLE="font-size: 10pt">11</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_023"><FONT STYLE="font-size: 10pt">RISK FACTORS</FONT></A></TD>    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_023"><FONT STYLE="font-size: 10pt">12</FONT></A></TD></TR>
</TABLE>


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

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 9pt; margin: 0pt"><A HREF="#b_toc1" TITLE="Table of Contents" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></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="b_001"></A>IMPORTANT NOTICE
ABOUT INFORMATION IN THIS<BR>
PROSPECTUS SUPPLEMENT AND THE ACCOMPANYING 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: 0.5in">This document is in two parts.
The first part is this Prospectus Supplement, which describes the specific terms of the securities the Company is offering and also adds
to and updates certain information contained in the Prospectus and the documents incorporated by reference therein. The second part, the
Prospectus, gives more general information, some of which may not apply to the Common Shares offered hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Purchasers should rely
only on the information contained in or incorporated by reference into this Prospectus Supplement and the Prospectus. The Company has
not authorized any other person to provide purchasers with additional or different information. If anyone provides purchasers with different
or inconsistent information, such purchasers should not rely on it. The Company is offering to sell, and seeking offers to buy, these
Common Shares only in jurisdictions where offers and sales are permitted. Purchasers should assume that the information appearing in this
Prospectus Supplement and the Prospectus, as well as information the Company has previously filed with the securities regulatory authority
in each of the provinces of Canada that is incorporated herein and in the Prospectus by reference, is accurate as of their respective
dates only. The Company&rsquo;s business, financial condition, results of operations and prospects may have changed since those dates.
</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless we have indicated
otherwise, or the context otherwise requires, references in this Prospectus Supplement to &ldquo;Emera&rdquo;, &ldquo;we&rdquo;, &ldquo;us&rdquo;
and &ldquo;our&rdquo; refer to Emera Incorporated and its consolidated subsidiaries.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="b_002"></A>CAUTIONARY NOTE
REGARDING FORWARD-LOOKING 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: 0.5in">This Prospectus Supplement
and the Prospectus, including the documents incorporated therein by reference, contains &ldquo;forward-looking information&rdquo; within
the meaning of applicable securities laws (&ldquo;<B>forward-looking information</B>&rdquo;). The words &ldquo;anticipates&rdquo;, &ldquo;believes&rdquo;,
&ldquo;budgets&rdquo;, &ldquo;could&rdquo;, &ldquo;estimates&rdquo;, &ldquo;expects&rdquo;, &ldquo;forecasts&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: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The forward-looking information
in this Prospectus Supplement and the 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;<B>Cybersecurity Incident</B>&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 is provided
pursuant to safe harbour provisions contained in applicable securities laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The forward-looking information
in this Prospectus Supplement and the Prospectus, including the documents incorporated herein by&nbsp;&nbsp;reference, includes, but is
not limited to, 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 investments; 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 U.S..</P>

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


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The forecasts and projections
that make up the forward-looking information are based on reasonable assumptions which&nbsp;&nbsp;include, but are not limited to: the
receipt of applicable regulatory approvals and requested&nbsp;&nbsp;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 investments 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; favourable labour 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: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The forward-looking information
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,
but are not limited to: regulatory and political risk; change in law risk; operating and maintenance risks; changes in economic conditions,
commodity price and availability risk; liquidity and capital market risk; changes in credit ratings; future dividend growth; timing and
costs associated with certain capital investments; expected impacts on Emera of challenges in the global economy; estimated energy consumption
rates; maintenance of adequate insurance coverage; 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; environmental risks; foreign exchange;
regulatory and government decisions, including changes to environmental, financial reporting and tax legislation; risks associated with
pension plan performance and funding requirements; loss of service area; risk of failure of information technology infrastructure and
cybersecurity risks; uncertainties associated with infectious diseases, pandemics and similar public health threats; market energy sales
prices; labour relations; and availability of labour and management resources.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For additional information
with respect to Emera&rsquo;s risk factors, reference should be made to the section of this Prospectus Supplement and the Prospectus entitled
&ldquo;Risk Factors&rdquo; and to Emera&rsquo;s continuous disclosure materials filed from time to time on SEDAR+ at www.sedarplus.ca.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>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 SUPPLEMENT,
THE PROSPECTUS AND IN THE DOCUMENTS INCORPORATED 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</B>.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="b_003"></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: 0.5in">All dollar amounts in this
Prospectus Supplement are expressed in Canadian dollars unless otherwise indicated.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="b_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: 0.5in">This Prospectus Supplement
is deemed to be incorporated by reference into the accompanying Prospectus solely for the purpose of the Common Shares offered hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following documents,
which have been filed with the various securities commissions or similar authorities in each of the provinces of Canada, and filed with,
or furnished to, the SEC are specifically incorporated by reference into and form an integral part of this Prospectus Supplement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the audited consolidated financial statements of Emera as at and for the years ended December 31, 2024
and December 31, 2023, together with the auditor&rsquo;s report thereon (the &ldquo;<B>Audited Financial Statements</B>&rdquo;) and Management&rsquo;s
Discussion and Analysis for the year ended December 31, 2024;</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: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the Annual Information Form of Emera dated February 21, 2025 for the year ended December 31, 2024;</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: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the Management Information Circular of Emera dated March 19, 2025 prepared in connection with Emera&rsquo;s
annual meeting of shareholders held on May 22, 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: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">the unaudited condensed consolidated interim financial statements of Emera as at and for the three and
nine months ended September 30, 2025, together with Management&rsquo;s Discussion and Analysis for the three and nine months ended September
30, 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: 0.5in">Any documents of the type
required by National Instrument 44-101 - <I>Short Form Prospectus Distributions</I> to be incorporated by reference in this Prospectus
Supplement, including any material change reports (excluding confidential material change reports), unaudited condensed consolidated interim
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, if filed by Emera with the provincial securities
commissions or similar authorities in Canada after the date of this Prospectus Supplement and prior to the termination of any offering
of Common Shares, shall be deemed to be incorporated by reference in this Prospectus Supplement.&nbsp;&nbsp;In addition, if the Company
disseminates a news release in respect of previously undisclosed information that, in the Company&rsquo;s determination, constitutes a
&ldquo;material fact&rdquo; (as such term is defined under applicable Canadian securities laws), the Company will identify such news release
as a &ldquo;designated news release&rdquo; for the purposes of the Prospectus Supplement and the Prospectus in writing on the face page
of the version of such news release that the Company files on SEDAR+ (any such news release, a &ldquo;<B>Designated News Release</B>&rdquo;),
and any such Designated News Release shall be deemed to be incorporated by reference into the Prospectus only for the purposes of the
Offering.&nbsp;&nbsp;These documents will be available through the internet on SEDAR+, which can be accessed at www.sedarplus.ca.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the sales
of the Common Shares on our behalf, each of the Agents may be deemed to be an &ldquo;underwriter&rdquo; within the meaning of the Securities
Act and the compensation paid to the Agents may be deemed to be underwriting commissions or discounts. Documents and information in an
annual report on Form 40-F filed by us with the SEC under the U.S. Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange
Act</B>&rdquo;), from the date of this Prospectus Supplement and prior to the termination or completion of the Offering shall be deemed
to be incorporated by reference into this Prospectus Supplement and the registration statement of which this Prospectus Supplement forms
a part. In addition, any other report on Form 6-K and the exhibits thereto filed or furnished by us with the SEC under the Exchange Act
from the date of this Prospectus Supplement and prior to the termination or completion of the Offering shall be deemed to be incorporated
by reference into this Prospectus Supplement or as exhibits to the registration statement of which this Prospectus Supplement forms a
part, as applicable, but only if and to the extent expressly so provided in such reports. Our current reports on Form 6-K and our annual
reports on Form 40-F are available on the SEC&rsquo;s Electronic Data Gathering and Retrieval website (&ldquo;<B>EDGAR</B>&rdquo;), at
<FONT STYLE="color: Blue"><U>www.sec.gov</U></FONT>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Any statement contained
in this Prospectus Supplement or in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified
or superseded, for purposes of this Prospectus Supplement to the extent that a statement contained herein or in any other subsequently
filed document which also is 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.&nbsp;&nbsp;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.&nbsp;&nbsp;Any statement so modified or superseded shall not be deemed,
except as so modified or superseded, to constitute a part of this Prospectus Supplement.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For additional information
regarding documents incorporated or deemed to be incorporated by reference in the Prospectus or this Prospectus Supplement, see &ldquo;Documents
Incorporated by Reference&rdquo; in the Prospectus.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="b_005"></A>WHERE YOU CAN FIND
ADDITIONAL 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: 0.5in">Copies of the documents incorporated
by reference in this Prospectus Supplement and the Prospectus may be obtained on request without charge from our Corporate Secretary
at 5151 Terminal Road, Halifax, Nova Scotia B3J 1A1 These documents are also available through the Internet on our website at <FONT STYLE="color: Blue"><U>https://www.emera.com</U></FONT>
or on SEDAR+ which can be accessed at <FONT STYLE="color: Blue"><U>https://www.sedarplus.ca</U></FONT>. The information contained on,
or accessible through, any of these websites is not incorporated by reference into this Prospectus Supplement or the Prospectus and is
not, and should not be considered to be, as part of this Prospectus Supplement or the 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: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to our continuous
disclosure obligations under the securities laws of the provinces of Canada, we are subject to the informational requirements of the
Exchange Act and in accordance therewith file reports and other information with the SEC. Under the multi-jurisdictional disclosure system
adopted by the U.S., such reports and other information may be prepared in accordance with the disclosure requirements of Canada, which
requirements are different from those of the U.S. Any information filed with the SEC is electronically available on EDGAR, and may be
accessed at <FONT STYLE="color: Blue"><U>https://www.sec.gov/search-filings</U></FONT>.&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have filed with the SEC
a registration statement on Form F-10 under the U.S. <I>Securities Act of 1933</I>, as amended (the &ldquo;<B>Securities Act</B>&rdquo;),
with respect to the Common Shares offered by this Prospectus Supplement (the &ldquo;<B>Registration Statement</B>&rdquo;). This Prospectus
Supplement, which forms a part of the Registration Statement, does not contain all of the information set forth in the Registration Statement,
certain parts of which have been omitted in accordance with the rules and regulations of the SEC. For further information with respect
to us and the Offering, reference is made to the Registration Statement and to the schedules and exhibits filed therewith. Statements
contained in this Prospectus Supplement as to the contents of certain documents are not necessarily complete, and, in each instance, reference
is made to the copy of the document filed as an exhibit to the Registration Statement. Each statement is qualified in its entirety by
such reference.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="b_006"></A>CERTAIN CANADIAN
FEDERAL 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: 0.5in">The following summary describes
the principal Canadian federal income tax considerations the <I>Income Tax Act</I> (Canada) and the regulations thereunder (collectively,
the &ldquo;<B>Tax Act</B>&rdquo;) generally applicable to a purchaser who acquires as beneficial owner Common Shares pursuant to this
Offering and who, at all relevant times, for purposes of the Tax Act, deals at arm&rsquo;s length with the Company and the Agents (a &ldquo;<B>Holder</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This summary is based on the
current provisions of the Tax Act, the <I>Canada-United States Tax Convention</I> (1980), as amended (the &ldquo;<B>Canada-U.S. Tax Treaty</B>&rdquo;)
and an understanding of the current administrative policies and assessing practices of the Canada Revenue Agency 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;<B>Proposed Amendments</B>&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 policies or assessing
practices 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: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>This summary is of a general
nature only and is not, and is not intended to be, nor should it be construed as, legal or tax advice to any particular shareholder. This
summary is not exhaustive of all Canadian federal income tax considerations. Accordingly, prospective purchasers of Common Shares should
consult their own tax advisors having regard to their own particular circumstances.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of the Tax Act,
all amounts relating to the acquisition, holding or disposition of the Common Shares must be converted into Canadian dollars based on
exchange rates as determined in accordance with the Tax Act. The amount of dividends required to be included in the income of, and capital
gains or capital losses realized by, a Holder may be affected by fluctuations in the Canadian / U.S. dollar exchange rate.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This portion of the summary
is generally applicable to a Holder who, at all relevant times, for purposes of the Tax Act, (1) is, or is deemed to be resident in Canada,
(2) is not affiliated with the Company and (3) holds Common Shares as capital property (a &ldquo;<B>Resident Holder</B>&rdquo;). Generally,
the Common Shares will be capital property to a Resident Holder provided the Resident Holder does not acquire or hold those Common Shares
in the course of carrying on a business or as part of an adventure or concern in the nature of trade. Certain Resident Holders whose Common
Shares do not otherwise qualify as capital property may, in certain circumstances, make an irrevocable election in accordance with subsection
39(4) of the Tax Act to have their Common Shares and every other &ldquo;Canadian security&rdquo; (as defined in the Tax Act) owned by
such holder in the taxation year of the election and in all subsequent taxation years deemed to be capital property. Resident Holders
whose Common Shares might not otherwise be considered to be capital property should consult their own tax advisors concerning this election.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This portion of the summary
is not applicable to a purchaser: (i) that is a &ldquo;specified financial institution&rdquo;; (ii) an interest in which is a &ldquo;tax
shelter investment&rdquo;; (iii) that is, for purposes of mark-to-market rules in the Tax, a &ldquo;financial institution&rdquo;; (iv)
that reports its &ldquo;Canadian tax results&rdquo; in a currency other than Canadian currency; (v) that enters into a &ldquo;derivative
forward agreement&rdquo; or a &ldquo;dividend rental arrangement&rdquo; in respect of Common Shares; or (vi) that is a corporation that,
or is a corporation that does not deal at arm&rsquo;s length for purposes of the Tax Act with a corporation resident in Canada that, is,
or becomes as part of a transaction or event or series of transactions or events that includes the acquisition of Common Shares, controlled
by a non-resident person or a group of non-resident persons that do not deal with each other at arm&rsquo;s length for the purposes of
the foreign affiliate dumping rules in section 212.3 of the Tax Act, each as defined in the Tax Act. Such purchasers should consult their
own tax advisors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A Resident Holder will be
required to include in computing its income for a taxation year any dividends received (or deemed to be received) on the Common Shares.
In the case of a Resident Holder that is an individual (other than certain trusts), such dividends will be subject to the gross-up and
dividend tax credit rules applicable to taxable dividends received from &ldquo;taxable Canadian corporations&rdquo;, including the enhanced
gross-up and dividend tax credit applicable to any dividends designated by the Company as an &ldquo;eligible dividend&rdquo; in accordance
with the provisions of the Tax Act. There may be limitations on the Company&rsquo;s ability to designate dividends as &ldquo;eligible
dividends&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A dividend received (or deemed
to be received) by a Resident Holder that is a corporation will generally be deductible in computing the corporation&rsquo;s taxable income.
In certain circumstances, however, a taxable dividend received (or deemed to be received) by a Resident Holder that is a corporation will
be deemed to be either proceeds of disposition or a gain from the disposition of a capital property. Resident Holders that are corporations
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: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A Resident Holder that is
a &ldquo;private corporation&rdquo; or a &ldquo;subject corporation&rdquo;, each as defined in the Tax Act, will generally be liable to
pay an additional tax (which may be refundable under certain circumstances) under Part IV of the Tax Act on dividends received (or deemed
to be received) on the Common Shares to the extent such dividends are deductible in computing the Resident Holder&rsquo;s taxable income
for the taxation year.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Generally, on a disposition
or deemed disposition of a Common Share, a Resident Holder will realize a capital gain (or a capital loss) equal to the amount, if any,
by which the proceeds of disposition, net of any reasonable costs of disposition, exceed (or are less than) the adjusted cost base to
the Resident Holder of the Common Share immediately before the disposition or deemed disposition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The adjusted cost base to the Resident Holder
of a Common Share acquired pursuant to this offering will be determined by averaging the cost of such Common Share with the adjusted cost
base of all other Common Shares owned by the Resident Holder as capital property at that time, if any.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Generally, a Resident Holder
is required to include in computing its income for a taxation year one-half of the amount of any capital gain (a &ldquo;<B>taxable capital
gain</B>&rdquo;) realized in the year. Subject to and in accordance with the provisions of the Tax Act, a Resident Holder is required
to deduct one-half of the amount of any capital loss (an &ldquo;<B>allowable capital loss</B>&rdquo;) realized in a taxation year from
taxable capital gains realized by the Resident Holder in the year and allowable capital losses in excess of taxable capital gains for
the year may be carried back and deducted in any of the three preceding taxation years or carried forward and deducted in any subsequent
taxation year against net taxable capital gains realized in such years.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The amount of any capital
loss realized by a Resident Holder that is a corporation on the disposition of a Common Share may be reduced by the amount of any dividends
received (or deemed to be received) by the Resident Holder on such Common Share to the extent and under the circumstances prescribed by
the Tax Act. Similar rules may apply where a Common Share is owned by a partnership or trust of which a corporation, trust or partnership
is a member or beneficiary. Such Resident Holders should consult their own tax advisors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A Resident Holder that is
a &ldquo;Canadian-controlled private corporation&rdquo; (as defined in the Tax Act) throughout a taxation year or a &ldquo;substantive
CCPC&rdquo; (as defined in the Tax Act) at any time in a taxation year may be liable to pay an additional tax (which may be refundable
under certain circumstances) on &ldquo;aggregate investment income&rdquo; (as defined in the Tax Act), including taxable capital gains.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Holders Not Resident in Canada</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This portion of the summary
is generally applicable to a Holder who, at all relevant times, for purposes of the Tax Act, is not, and is not deemed to be, resident
in Canada and does not use or hold, and is not deemed to use or hold, the Common Shares in a business carried on in Canada (a &ldquo;<B>Non-Resident
Holder</B>&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: 0.5in">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Dividends paid or credited
(or deemed to be paid or credited) on the Common Shares to a Non-Resident Holder will be subject to Canadian withholding tax at the rate
of 25%, subject to any reduction in the rate of withholding to which the Non-Resident Holder is entitled under any applicable income tax
convention. For example, under the Canada-U.S. Tax Treaty, where dividends on the Common Shares are considered to be paid to, or derived
by, a Non-Resident Holder that is the beneficial owner of the dividends and is a U.S. resident for the purposes of, and is entitled to
benefits of, the Canada-U.S. Tax Treaty, the applicable rate of Canadian withholding tax is generally reduced to 15%.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A Non-Resident Holder will
not be subject to tax under the Tax Act on any capital gain realized on a disposition or deemed disposition of Common Shares, unless the
Common Shares are &ldquo;taxable Canadian property&rdquo; to the Non-Resident Holder for purposes of the Tax Act and the Non-Resident
Holder is not entitled to relief under an applicable income tax convention between Canada and the country in which the Non-Resident Holder
is resident.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Generally, the Common Shares
will not constitute taxable Canadian property to a Non-Resident Holder at a particular time provided that the Common Shares are listed
at that time on a designated stock exchange for purposes of the Tax Act (which currently includes the TSX and the NYSE), unless at any
particular time during the 60-month period that ends at that time, (i) one or any combination of (a) the Non-Resident Holder, (b) persons
with whom the Non-Resident Holder does not deal with at arm&rsquo;s length, and (c) partnerships in which the Non-Resident Holder or a
person described in (b) holds a membership interest directly or indirectly through one or more partnerships, has owned 25% or more of
the issued shares of any class or series of the capital stock of the Company, and (ii) more than 50% of the fair market value of the Common
Shares was derived directly or indirectly from one or any combination of: (i) real or immovable properties situated in Canada, (ii) &ldquo;Canadian
resource property&rdquo; (as defined in the Tax Act), (iii) &ldquo;timber resource property&rdquo; (as defined in the Tax Act), and (iv)
options in respect of, or interests in, or for civil law rights in, property in any of the foregoing whether or not the property exists.
Notwithstanding the foregoing, in certain circumstances set out in the Tax Act, Common Shares could be deemed to be taxable Canadian property.
Non-Resident Holders whose Common Shares may constitute taxable Canadian property should consult their own tax advisors.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="b_007"></A>CERTAIN U.S. FEDERAL
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: 0.5in">The following are certain
U.S. federal income tax considerations to U.S. Holders (as defined below) of owning and disposing of our Common Shares, but it does not
purport to be a comprehensive description of all tax considerations that may be relevant to a particular person&rsquo;s decision to acquire
our Common Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This discussion applies only to Common Shares
that meet both of the following conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Common Shares are acquired in this Offering;</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Common Shares 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: 0.5in">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 U.S. 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: 0.5in">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><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: 0.5in"></TD><TD STYLE="width: 0.5in"><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: 0.5in"></TD><TD STYLE="width: 0.5in"><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;</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons holding Common Shares 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: 0.5in"></TD><TD STYLE="width: 0.5in"><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: 0.5in"></TD><TD STYLE="width: 0.5in"><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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">partnerships or other entities or arrangements 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: 0.5in"></TD><TD STYLE="width: 0.5in"><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: 0.5in"></TD><TD STYLE="width: 0.5in"><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>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If an entity or arrangement
treated as a partnership for U.S. federal income tax purposes holds Common Shares, 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 Common Shares
should consult their tax advisors as to the particular U.S. federal income tax consequences to them of holding and disposing of the Common
Shares.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This summary addresses only
U.S. federal income tax consequences. Persons considering the purchase of Common Shares 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: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this discussion,
a &ldquo;U.S. Holder&rdquo; is a beneficial owner of Common Shares 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: 0.5in">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a corporation created or organized in or under the laws of the United States, any state therein or the District of Columbia or otherwise
treated as a domestic 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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>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-indent: 0.5in">Except where otherwise indicated, this discussion
assumes that we are not, and will not become, a passive foreign investment company (&ldquo;PFIC&rdquo;), as described below.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Taxation of Distributions</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Distributions made on our
Common Shares will be treated as dividends for U.S. federal income tax purposes to the extent paid out of our current or accumulated earnings
and profits (as determined under U.S. federal income tax principles). Because we do not maintain calculations of our earnings and profits
under U.S. federal income tax principles, it is expected that distributions generally will be reported to U.S. Holders as dividends for
U.S federal income tax purposes. Subject to applicable limitations, dividends paid to a non-corporate U.S. Holder may generally be &ldquo;qualified
dividend income&rdquo; and therefore may be taxable at rates applicable to long-term capital gains, provided that, in the year that the
U.S. Holder receives the dividend, our Common Shares are readily tradable on an established securities market in the United States Our
Common Shares are currently listed on NYSE, and if our Common Shares continue to be listed on NYSE, we expect that dividends on our Common
Shares would generally be qualified dividend income provided certain holding period and other requirements are met.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The amount of any dividend
income will not be eligible for the dividends-received deduction generally available to U.S. corporations under the Code with respect
to dividends received from another U.S. corporation. Dividends will be included in a U.S. Holder&rsquo;s income on the date of receipt.
The amount of any dividend income paid in Canadian dollars will be the U.S. dollar amount calculated by reference to the exchange rate
in effect on the date of receipt, regardless of whether the payment is in fact converted into U.S. dollars. If the dividend is converted
into U.S. dollars on the date of receipt, a U.S. Holder should not be required to recognize foreign currency gain or loss in respect of
the dividend income. A U.S. Holder may have foreign currency gain or loss if the dividend is converted into U.S. dollars after the date
of receipt. In general, foreign currency gain or loss will be treated as U.S. source ordinary income or loss.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The amount of any dividend
income will include any amounts withheld in respect of Canadian taxes. For more information on Canadian withholding taxes, please see
the discussion under &ldquo;Certain Canadian Federal Income Tax Considerations.&rdquo; Subject to certain conditions and limitations,
Canadian withholding taxes on dividends may be treated as foreign taxes eligible for credit against a U.S. Holder&rsquo;s federal income
tax liability. For purposes of calculating the foreign tax credit, dividends paid on the Common Shares will be treated as income from
sources outside the United States and will generally constitute passive category income.&nbsp;&nbsp;If the U.S Holder does not elect to
claim a United States foreign tax credit, the U.S. Holder may instead claim a deduction for Canadian income tax withheld, but only for
a taxable year in which such holder elects to do so with respect to all foreign income taxes paid or accrued in such taxable year.&nbsp;&nbsp;The
rules governing foreign tax credits are complex, and U.S. Holders should consult their tax advisers regarding the creditability or deductibility
of foreign taxes in their particular circumstances.</P>

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


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Sale or Other Disposition of Common Shares</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For U.S. federal income tax
purposes, gain or loss realized on the sale or other taxable disposition of a Common Share will be capital gain or loss, and will be long-term
capital gain or loss if a U.S. Holder has held the Common Share for more than one year. The amount of the gain or loss will equal the
difference between a U.S. Holder&rsquo;s tax basis in the Common Share disposed of and the amount realized on the disposition, in each
case as determined in U.S. dollars. Non-corporate U.S. Holders (including individuals) generally will be subject to U.S. federal income
tax on capital gains at preferential rates. The deductibility of capital losses is subject to various limitations.&nbsp;&nbsp;Any gain
or loss will generally be U.S.-source gain or loss for foreign tax credit purposes, unless resourced under certain rules that may be applicable
under the Canada-U.S. Tax Treaty. Each U.S. Holder should consult its own tax advisor regarding the foreign tax credit rules applicable
to a sale or other disposition of Common Shares.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Passive Foreign Investment Company Rules</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In general, a non-U.S. corporation
is a PFIC for U.S. federal income tax purposes for any taxable year in which (i)&nbsp;50% or more of the average value of its assets (generally
determined on a quarterly basis) consists of assets that produce, or are held for the production of, passive income for purposes of the
PFIC rules, or (ii) 75% or more of its gross income consists of passive income. For purposes of the above calculations, a non-U.S. corporation
that owns, directly or indirectly, at least 25% by value of the shares of another corporation is treated as if it held its proportionate
share of the assets of the other corporation and received directly its proportionate share of the income of the other corporation. Passive
income generally includes dividends, interest, rents or royalties (other than certain rents or royalties earned in the conduct of an active
business) and investment gains. Cash is generally a passive asset for these purposes. Goodwill is generally characterized as an active
asset to the extent it is associated with business activities that produce active income.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on the manner in which
we conduct our business, the composition of our income and assets and the estimated value of our assets, we believe that we were not a
PFIC for our taxable year ending on December 31, 2024 and do not expect to be a PFIC for our current taxable year or in the foreseeable
future. However, our PFIC status for any year is based on an annual determination for such year and will depend on the composition of
our income and assets and the value of our assets from time to time. Accordingly, there can be no assurance that we will not be a PFIC
for our current or any future taxable year. If we are a PFIC for any year during which a U.S. Holder holds Common Shares, we would generally
continue to be treated as a PFIC with respect to such holder for all succeeding years during which such holder holds Common Shares, even
if we ceased to meet the threshold requirements for PFIC status.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we were a PFIC for any
taxable year during which a U.S. Holder held any of our Common Shares, such holder would generally be subject to adverse tax consequences.
Generally, gain recognized upon a disposition (including, under certain circumstances, a pledge) of Common Shares would be allocated ratably
over a U.S. Holder&rsquo;s holding period for the Common Shares. The amounts allocated to the taxable year of disposition and to years
before we became a PFIC would be taxed as ordinary income. The amount allocated to each other taxable year would be subject to tax at
the highest rate in effect for that taxable year for individuals or corporations, as appropriate, and an interest charge would be imposed
on the tax on such amount. Further, to the extent that distributions received on a U.S. Holder&rsquo;s Common Shares during a taxable
year, other than the taxable year in which the U.S. Holder&rsquo;s holding period in the Common Shares began, exceeded 125% of the average
of the annual distributions on those shares during the preceding three years or the portion of such holder&rsquo;s holding period that
preceded the taxable year in which it received the distribution, whichever was shorter, those excess distributions would be subject to
taxation in the same manner as gain, described immediately above.&nbsp;&nbsp;In addition, if we were a PFIC for any taxable year in which
we paid a dividend or for the prior taxable year, the preferential dividend rates discussed above with respect to dividends paid to certain
non-corporate U.S. Holders would not apply.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event we were a PFIC,
certain elections may be available that would result in alternative treatments (such as mark-to-market treatment) of the Common Shares.&nbsp;&nbsp;U.S.
Holders should consult their tax advisers regarding whether we are a PFIC and the potential application of the PFIC rules.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Information Reporting and Backup Withholding</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Payments of dividends and
sales proceeds that are made within the United States or through certain U.S.-related financial intermediaries generally are subject to
information reporting, and may be subject to backup withholding, unless a U.S. Holder (i) is a corporation or other exempt recipient;
or (ii) in the case of backup withholding, provides a correct taxpayer identification number and certifies that such holder is not subject
to backup withholding.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 such holder&rsquo;s
U.S. federal income tax liability and may entitle such 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: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Information with Respect to Foreign Financial
Assets</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain U.S. Holders who are
individuals (and certain entities) may be required to report information on their U.S. federal income tax returns relating to an interest
in our Common Shares, subject to certain exceptions (including an exception for Common Shares held in accounts maintained by certain U.S.
financial institutions). A failure to report this information as required may toll the running of the statute of limitations in respect
of each taxable year for which such information is required to be reported. As a result, the taxable years with respect to which a U.S.
Holder fails to report this information may remain open to assessment by the IRS. U.S. Holders should consult their tax advisers regarding
the effect, if any, of this requirement on their ownership and disposition of our Common Shares.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="b_008"></A>Eligibility for
Investment</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: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
the opinion of Osler, Hoskin &amp; Harcourt LLP, counsel to the Company, and Stikeman Elliott LLP, counsel to the Agents, based on the
current provisions of the Tax Act and 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 Common Shares, if issued on the date of this Prospectus Supplement, would be, at that time,
qualified investments under the Tax Act for a trust governed by a registered retirement savings plan (an &ldquo;<B>RRSP</B>&rdquo;), registered
retirement income fund (an &ldquo;<B>RRIF</B>&rdquo;), registered education savings plan (an &ldquo;<B>RESP</B>&rdquo;), deferred profit
sharing plan, registered disability savings plan (an &ldquo;<B>RDSP</B>&rdquo;), first home savings account (an &ldquo;<B>FHSA</B>&rdquo;)
or tax-free savings account (a &ldquo;<B>TFSA</B>&rdquo;), provided that the Common Shares are listed on a &rdquo;designated stock exchange&rdquo;
for purposes of the Tax Act (which currently includes the TSX and the NYSE) or the Company is a &ldquo;public corporation&rdquo; (other
than a &ldquo;mortgage investment corporation&rdquo;) for purposes of the Tax Act. Provided that,&nbsp;&nbsp;the annuitant of an RRSP
or RRIF, the holder of an RDSP, FHSA or TFSA or the subscriber of an RESP (as the case may be) deals at arm&rsquo;s length with (for purposes
of the Tax Act), and does not have a &ldquo;significant interest&rdquo; (within the meaning of the Tax Act) in, the Company, the Common
Shares will not be a prohibited investment under the Tax Act for such RRSP, RRIF, TFSA, RDSP, FHSA or RESP on the date of this Prospectus
Supplement. In addition, the Common Shares will not be a prohibited investment for an RRSP, RRIF, TFSA, RDSP, FHSA or RESP if the Common
Shares are &ldquo;excluded property&rdquo; (as defined in the Tax Act) for such an RRSP, RRIF, TFSA, RDSP</FONT>, <FONT STYLE="font-size: 10pt">FHSA
or RESP, respectively.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Prospective
investors who intend to hold Common Shares in their RRSP, RRIF, TFSA, RDSP</FONT>, <FONT STYLE="font-size: 10pt">FHSA or RESP are urged
to consult their own tax advisors regarding their particular circumstances.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="b_009"></A>CHANGES IN 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: 0.5in">The following describes the
changes in the consolidated capitalization of Emera since September 30, 2025:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">During the period from October 1, 2025 up to and including November 30, 2025, Emera issued an aggregate
of 1,151,293 Common Shares pursuant to Emera&rsquo;s Common Shareholders&rsquo; Dividend Reinvestment and Share Purchase Plan (the &ldquo;<B>Dividend
Reinvestment Plan</B>&rdquo;), Employee Common Share Purchase Plan (the &ldquo;<B>Share Purchase Plan</B>&rdquo;) and upon the exercise
of options granted pursuant to the Company&rsquo;s Senior Management Stock Option Plan (the &ldquo;<B>Stock Option Plan</B>&rdquo;), for
proceeds of approximately $75 million.</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: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">During the period from October 1, 2025 up to and including November 30, 2025, Emera&rsquo;s consolidated
long-term and short-term debt, capital lease and finance obligations, including current positions and committed credit facility borrowings
classified as long-term debt, increased by approximately $800 million primarily due to increased borrowings on committed credit facilities.
As of November 30, 2025, Emera had approximately $2.8 billion drawn on its credit facilities.</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-transform: uppercase; text-align: center"><A NAME="b_010"></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: 0.5in">The net proceeds from the
Offering are not determinable in light of the nature of the distribution. The net proceeds of any given distribution of Common Shares
through the Agents in an &ldquo;at-the-market distribution&rdquo; will represent the gross proceeds after deducting the applicable compensation
payable to the Agents under the Distribution Agreement and the expenses of the distribution. We intend to use the net proceeds from the
Offering, if any, for general corporate purposes. Proceeds from the Offering may be used to reduce indebtedness owed by Emera to lending
affiliates of the Agents or may be invested in securities of or with the Agents or their affiliates. See &ldquo;Plan of Distribution&rdquo;.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may, from time to time,
issue Common Shares other than pursuant to the Prospectus and this Prospectus Supplement.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="b_011"></A>DESCRIPTION OF
THE COMMON SHARES</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: 0.5in">We are authorized to issue
an unlimited number of Common Shares, of which 301,745,499 were issued and outstanding as at November 30, 2025.&nbsp;&nbsp;For a summary
of certain material attributes and characteristics of the Common Shares, including applicable constraints on ownership of the Common Shares,
see &ldquo;Description of the Common Shares&rdquo; in the Prospectus.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="b_012"></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: 0.5in">We have entered into the
Distribution Agreement with the Agents under which the Company may issue and sell from time to time Common Shares through the Agents having
an aggregate sale price of up to $600,000,000 (or the equivalent in U.S. dollars determined using the average daily exchange rate posted
by the Bank of Canada on the date the Common Shares are sold) in each of the provinces in Canada and in the U.S. pursuant to placement
notices delivered by us to the Agents from time to time in accordance with the terms of the Distribution Agreement. Sales of Common Shares,
if any, will be made in transactions that are deemed to be &ldquo;at-the-market distributions&rdquo; as defined in NI 44-102, including
sales made: (i) in privately negotiated transactions with our consent and, if required, the consent of the TSX and the NYSE; (ii) as block
transactions; (iii) by the Agents directly on the TSX, the NYSE or any other trading market for the Common Shares in Canada or in the
U.S.; or (iv) by any method permitted by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the pricing parameters
in a placement notice, the Common Shares will be distributed at the market prices prevailing at the time of the sale.&nbsp;&nbsp;As a
result, price may vary as between purchasers and during the period of distribution. We cannot predict the number of Common Shares that
we may sell under the Distribution Agreement on the TSX, the NYSE or any other trading market for the Common Shares in Canada or the U.S.,
or if any Common Shares will be sold.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Agents will offer the
Common Shares subject to the terms and conditions of the Distribution Agreement on a daily basis or as otherwise agreed upon by us and
the Agents. We will designate the maximum amount of Offered Shares to be sold pursuant to any single placement notice to the applicable
Agent. We will identify in the placement notice which Agent will effect the placement. Subject to the terms and conditions of the Distribution
Agreement, the Agents will use their commercially reasonable efforts to sell, on our behalf, all of the Common Shares requested to be
sold by us. We may instruct the Agents not to sell Common Shares if the sales cannot be effected at or above the price designated by us
in any such instruction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Either the Company or the
Agents may suspend the Offering upon proper notice to the other party. The Company and the Agents each have the right, by giving written
notice as specified in the Distribution Agreement, to terminate the Distribution Agreement in each party's sole discretion at any time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will pay the Agents compensation
for their services in acting as agents in the sale of Common Shares pursuant to the terms of the Distribution Agreement equal to the Commission.
The amount of the Commission will be up to 2% of the gross sales price per Common Share sold. The Commission will be paid in the same
currency as the Common Shares to which such Commission pertains were sold. The remaining sales proceeds, after deducting any expenses
payable by us and any transaction or filing fees imposed by any governmental, regulatory, or self-regulatory organization in connection
with the sales, will equal the net proceeds to us from the sale of such Common Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The applicable Agent will
provide written confirmation to us no later than the opening of the trading day immediately following the trading day on which it has
made sales of the Common Shares under the Distribution Agreement. Each confirmation will include the number of Common Shares sold on such
day, the average price of the Common Shares sold on such day, the gross proceeds, the commission payable by us to the Agents with respect
to such sales and the net proceeds payable to us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will disclose the number
and average price of the Common Shares sold under this Prospectus Supplement, as well as the gross proceeds, Commission and net proceeds
from sales hereunder in our annual and interim financial statements and management's discussion and analysis filed on SEDAR+ and EDGAR,
for any quarters in which sales of Common Shares occur.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The applicable Agent or Agents
will provide written confirmation to us no later than the opening of the trading day immediately following the trading day on which it
has made sales of the Common Shares under the Distribution Agreement. Each confirmation will include the number of Common Shares sold
on such day, the average price of the Common Shares sold on such day, the gross proceeds, the commission payable by us to the Agents with
respect to such sales and the net proceeds payable to us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will disclose the number
and average price of the Common Shares sold under this Prospectus Supplement, as well as the gross proceeds, aggregate Commission paid
and net proceeds from sales hereunder in our annual and interim financial statements and management&rsquo;s discussion and analysis filed
on SEDAR+ and EDGAR, for any annual or interim period in which sales of Common Shares occur.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Settlement for sales of Common
Shares will occur, unless the parties agree otherwise, on the first trading day on the applicable exchange following the date on which
any sales were made in return for payment of the net proceeds to us. There is no arrangement for funds to be received in an escrow, trust
or similar arrangement. Sales of Common Shares in the U.S. will be settled through the facilities of The Depository Trust Company or by
such other means as we and the Agents may agree upon and sales of Common Shares in Canada will be settled through the facilities of CDS
Clearing and Depository Services Inc. or by such other means as we and the Agents may agree.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have agreed in the Distribution
Agreement to provide indemnification and contribution to the Agents against certain liabilities, including liabilities under the Securities
Act. In addition, we have agreed to pay the reasonable expenses of the Agents in connection with the Offering, pursuant to the terms of
the Distribution Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">No sales agent of the at-the-market
distribution, and no person or company acting jointly or in concert with a sales agent, may, in connection with the distribution, enter
into any transaction that is intended to stabilize or maintain the market price of the Common Shares distributed under the ATM prospectus,
including selling an aggregate number of Common Shares that would result in the underwriter creating an over-allocation position in the
Common Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><B>As a consequence of their
participation in the Offering, the Agents will be entitled to share in the Commission relating to the offering. We may have outstanding
indebtedness owing to certain of the Agents and lending affiliates of such Agents, a portion of which we may reduce or repay with the
net proceeds of the Offering. See &ldquo;Use of Proceeds&rdquo; and &ldquo;Relationship with the Agents&rdquo;. As a result, one or more
of such Agents or their affiliates may receive more than 5% of the net proceeds from the Offering in the form of the repayment of such
indebtedness. Accordingly, the Offering will be conducted in accordance with Rule 5121 of the Financial Industry Regulatory Authority,
Inc. (&ldquo;FINRA&rdquo;). Pursuant to this rule, the appointment of a qualified independent underwriter is not necessary in connection
with the Offering, because the conditions of FINRA Rule 5121(a)(1)(B) are satisfied. To comply with FINRA Rule 5121, each of the Agents
will not confirm any sales to any account over which it exercises discretionary authority without the specific written approval of the
transaction from the account holder.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The total expenses related
to the commencement of the Offering payable by us, excluding the Commission payable to the Agents under the Distribution Agreement, will
depend on the duration of the Offering and are currently estimated to be approximately $2 million. See &ldquo;Use of Proceeds&rdquo; and
&ldquo;Plan of Distribution&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Pursuant to the Distribution
Agreement, the Offering will terminate upon the earlier of (i) January 5, 2029, (ii) the issuance and sale of all of the Common Shares
subject to the Distribution Agreement, and (iii) the termination of the Distribution Agreement as permitted therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The Agents and their affiliates
may in the future provide various investment banking, commercial banking and other financial services for us and our affiliates, for which
services they may in the future receive customary fees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The TSX and the NYSE have
conditionally approved the listing of the Common Shares for trading on such exchanges.&nbsp;&nbsp;Listing will be subject to the Company
fulfilling all the listing requirements of the TSX and the NYSE <B>on or before one business day subsequent to the filing of this Prospectus
Supplement and no later than the first sale of Common Shares pursuant to this Offering.</B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="b_013"></A>RELATIONSHIP WITH
THE AGENTS</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: 0.5in">Each of the Agents is an
affiliate of a financial institution that has, either solely or as a member of a syndicate of financial institutions, extended credit
facilities to, or holds other indebtedness of, the Company and/or its subsidiaries. <B>Consequently, Emera may be considered a &ldquo;connected
issuer&rdquo; of the Agents for purposes of applicable securities laws. </B>Proceeds from the Offering may be used to reduce indebtedness
owed by us to lending affiliates of the Agents or may be invested in short term deposits or securities of or with the Agents or their
affiliates.</P>

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



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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The decision to make any
distribution of Common Shares pursuant to the Offering and the determination of the terms of the Offering from time to time will be made
through negotiation between the Company and the Agents. No bank has had or will have any involvement in such decision or determination.
As at <B>November 30, 2025</B>, an aggregate of approximately $21 billion was outstanding under Emera&rsquo;s existing indebtedness, which
includes Emera&rsquo;s consolidated long-term debt and committed credit facility borrowings classified as long-term debt (collectively,
the &ldquo;<B>Existing Indebtedness</B>&rdquo;). Emera is in material compliance with its respective obligations under the Existing Indebtedness.
Since entering into the Existing Indebtedness, no breach thereunder has been waived by the lenders thereof, and there has been no material
change in Emera or its subsidiaries&rsquo; financial position or condition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Agents and/or their affiliates
have, from time to time, performed, and may in the future perform, various financial advisory and commercial and investment banking services
for Emera, for which they have received and in the future may receive customary compensation and expense reimbursement. In addition, in
the ordinary course of their various business activities, the Agents and/or 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 and may at any time hold long and short positions in such securities and instruments.
Such investment and securities activities may involve Emera&rsquo;s securities and instruments. The Agents and/or their affiliates may
also make investment recommendations or publish or express independent research views in respect of such securities or instruments and
may at any time hold, or recommend to clients that they acquire, long or short positions in such securities and instruments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">None of the Agents will receive
any benefit in connection with this Offering other than a portion of the Commission.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="b_014"></A>TRADING PRICEs
AND VOLUME</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; text-align: justify; text-indent: 0.5in">The following table sets forth,
for the periods indicated, the reported high and low daily trading prices and the aggregate volume of trading of the Common Shares on
the TSX (as reported by the TSX) and the NYSE (as reported by NYSE).</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>TSX Trading of <BR>
Common Shares</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>NYSE Trading of <BR>
Common Shares<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center"><FONT STYLE="font-size: 10pt"><B>High</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Low</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Volume</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center"><FONT STYLE="font-size: 10pt"><B>High</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Low</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Volume</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>($)</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>($)</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(#)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>($)</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>($)</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(#)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>December&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">56.20</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">52.71</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">23,295,397</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>2025</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>January&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">55.70</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">51.23</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">33,099,278</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>February &#9;</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">58.73</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">54.36</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">32,367,046</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>March &#9;</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">61.33</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">57.73</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">21,450,064</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>April&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">63.13</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">56.59</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">33,710,829</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>May&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">63.31</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">59.02</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">31,050,919</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">46.00</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">44.55</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">179,896</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>June&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">63.19</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">60.17</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">19,460,734</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">46.14</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">43.90</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">3,332,993</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>July&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">65.35</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">61.33</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">16,635,477</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">47.20</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">44.86</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">1,718,652</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>August&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">67.42</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">64.08</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">20,353,250</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">49.01</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">46.51</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">3,181,463</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>September&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">66.80</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">63.17</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">17,496,272</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">48.01</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">45.77</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">3,134,395</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>October&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">69.62</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">66.18</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">25,160,873</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">49.77</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">47.36</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">3,054,950</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>November</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">69.09</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">66.19</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">26,874,327</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">49.38</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">46.94</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">3,590,135</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>December 1-4</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">68.48</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">66.12</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">4,174,608</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">48.91</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">47.27</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">935,235</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(1)&nbsp;&nbsp;</B>Trading
in the Company&rsquo;s Common Shares on the NYSE commenced on May 28, 2025. The price of the Company's Common Shares on the NYSE is in USD.</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 9pt; margin: 0pt"><A HREF="#b_toc1" TITLE="Table of Contents" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></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="b_015"></A>PRIOR SALES</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: 0.5in">Other than (i) the issuance
of 347,059 Common Shares upon exercise of options to acquire Common Shares granted pursuant to the Stock Option Plan at exercise prices
ranging from $39.93 to $58.26 and having a weighted average exercise price of $45.69 per Common Share, (ii) the issuance of 421,218 Common
Shares pursuant to the Share Purchase Plan&nbsp;&nbsp;at prices ranging from $50.23 to $67.10 and having a weighted average price of $59.26
per Common Share, (iii) the issuance of 4,829,888 Common Shares pursuant to the Dividend Reinvestment Plan at prices ranging from $54.58
to $67.10 and having a weighted average price of $60.52 per Common Share, (iv) the issuance of 841,000 Common Shares pursuant to Emera&rsquo;s
prior at-the-market program and (v) the issuance of 24,048 Common Shares upon the conversion of the 4.0% convertible unsecured subordinated
debentures of Emera, Emera has not issued any Common Shares during the twelve months prior to the date of this Prospectus Supplement.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="b_016"></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: 0.5in">Certain legal matters relating
to the Offering will be passed upon Emera&rsquo;s behalf by Brian C. Curry, our Corporate Secretary, and Osler, Hoskin &amp; Harcourt
LLP with respect to certain legal matters relating to Canadian law matters, and Davis Polk &amp; Wardwell LLP with respect to certain
legal matters relating to U.S. law. In addition, certain legal matters relating to the Offering will be passed upon the Agents&rsquo;
behalf by Stikeman Elliott LLP with respect to certain legal matters relating to Canadian law matters, and Hunton Andrews Kurth LLP, New
York, New York, with respect to certain legal matters relating to U.S. law. As at November 30, 2025, Mr. Curry and the partners and associates
of each of Osler, Hoskin &amp; Harcourt LLP, Davis Polk &amp; Wardwell LLP, Stikeman Elliott LLP and Hunton Andrews Kurth LLP, collectively,
beneficially owned, directly or indirectly, less than one percent of any class of outstanding securities of Emera.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="b_017"></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: 0.5in">Ernst &amp; Young LLP, Chartered
Professional Accountants, Halifax, Nova Scotia are the auditors of Emera. Ernst &amp; Young LLP report that they are independent of Emera
in the context of the Securities Act and the applicable rules and regulations thereunder adopted by the SEC and the PCAOB and in accordance
with the CPA Code of Professional Conduct of the Chartered Professional Accountants of Nova Scotia.</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="b_018"></A>REGISTRAR AND TRANSFER
AGENT</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: 0.5in">TSX Trust Company is the Company&rsquo;s
transfer agent and registrar. Registers for the registration and transfer of securities in registered form of Emera are kept at TSX Trust
Company&rsquo;s principal offices in Halifax, Montreal and Toronto. Equiniti Trust Company is the Company&rsquo;s U.S. transfer agent.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="b_019"></A>ENFORCEABILITY
OF CERTAIN 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: 0.5in">Emera is incorporated under
the laws of the Province of Nova Scotia, Canada. Some of our directors, the majority of our officers, and some of the experts named in
this Prospectus, are residents of Canada, and all or a substantial portion of their assets, and a substantial portion of our assets, are
located outside the U.S. We have appointed an agent for service of process in the U.S., but it may be difficult for holders of Common
Shares who reside in the U.S. to effect service within the U.S. upon those directors, officers and experts who are not residents of the
U.S. It may also be difficult for holders of the Common Shares who reside in the U.S. to realize in the U.S. upon judgments of courts
of the U.S. predicated upon our civil liability and the civil liability of our directors and officers and experts under U.S. federal securities
laws.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have filed with the SEC,
concurrently with the Registration Statement, an appointment of agent for service of process on Form F-X. Under the Form F-X, we have
appointed EUSHI Finance, Inc., 37 Route 236, Kittery Properties Suite 101, Kittery, Maine, U.S. 03904, as our agent for service of process
in the U.S. in connection with any investigation or administrative proceeding conducted by the SEC, and any civil suit or action brought
against us in a U.S. court arising out of or related to or concerning the offering of the Common Shares under the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, it might be
difficult for shareholders to enforce judgments of U.S. courts based solely upon civil liability provisions of the U.S. federal securities
laws or the securities or &ldquo;blue sky&rdquo; laws of any state within the U.S. in a Canadian court against us or any of our non-U.S.
resident directors, officers or the experts named in this Prospectus or to bring an original action in a Canadian court to enforce liabilities
based on the U.S. federal or state securities laws against such persons.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Kent M. Harvey, Paula Gold-Williams
and Carla M. Tully, three of the Company&rsquo;s directors, reside outside of Canada and have appointed Emera, 5151 Terminal Road, Halifax,
Nova Scotia B3J 1A1 as agent for service of process. Purchasers are advised that it may not be possible for investors to enforce judgments
obtained in Canada against any person that resides outside of Canada, even if such person has appointed an agent for service of process.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="b_020"></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: 0.5in">The following documents have
been or will be filed with the SEC as part of the registration statement of which this Prospectus Supplement forms a part: the documents
referred to under &ldquo;Documents Incorporated by Reference&rdquo;; consent of Ernst &amp; Young LLP; consents of Osler, Hoskin &amp;
Harcourt LLP; consent of Stikeman Elliott LLP; and powers of attorney from directors and officers of Emera.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="b_021"></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: 0.5in">An investment in Common Shares
of the Company is subject to certain risks, including those set out in the section entitled &ldquo;Risk Factors&rdquo; in the accompanying
Prospectus and the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Market Price of Common Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The trading prices of equity
securities of exchange-listed companies have experienced substantial volatility in the past, often based on factors unrelated to the financial
performance or prospects of the companies involved. These factors include macroeconomic developments in Canada, the United States and
globally, and market perceptions of the attractiveness of particular industries. The trading price of Emera's Common Shares is also likely
to be significantly affected by changes from time to time in Emera's operating results, financial condition, liquidity and other internal
factors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investors who purchase Common
Shares in the Offering at different times will likely pay different prices, and so may experience different investment results. Emera
retains discretion to determine the timing, prices, and numbers of Common Shares sold, and there is no minimum or maximum sales price.
Investors may experience a decline in the value of their Common Shares as a result of share sales made at prices lower than the price
paid by such investor. Sales of Common Shares at lower prices would increase the number of shares distributable in the Offering and could
result in greater dilution to Emera shareholders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any payment of dividends on
the Common Shares may be funded from dividends the Company receives from its subsidiaries. The ability of the Company's subsidiaries to
pay dividends in the future will depend on their statutory surplus, on earnings and on regulatory restrictions and may be further restricted
by the subsidiaries&rsquo; credit agreements and indentures. The Company&rsquo;s subsidiaries may incur additional indebtedness that may
severely restrict or prohibit the making of distributions, the payment of dividends or the making of loans by these subsidiaries to the
Company. The Company cannot give any assurance that the agreements governing the current and future indebtedness of the Company's subsidiaries
will permit them to provide the Company with sufficient dividends or loans to enable the Company to pay dividends on the Common Shares.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of Common Shares will
not have a right to dividends on such shares unless declared by the Board of Directors.&nbsp;&nbsp;The declaration of dividends is in
the discretion of the Board of Directors even if the Company has sufficient funds, net of its liabilities, to pay such dividends.&nbsp;&nbsp;Dividends
declared and to be paid by the Company may fluctuate.&nbsp;&nbsp;Provisions of credit arrangements to which the Company is a party restrict
the Company&rsquo;s ability to declare and pay dividends under certain circumstances and, if such restrictions apply, they may, in turn
have an impact on the Company&rsquo;s ability to declare and pay dividends on Common Shares.&nbsp;&nbsp;In addition, the Company may not
declare or pay a dividend if there are reasonable grounds for believing that (i) the Company is, or would after the payment be, unable
to pay its liabilities as they become due, or (ii) the realizable value of the Company&rsquo;s assets would be less than the aggregate
of its liabilities and stated capital of its outstanding shares.&nbsp;&nbsp;Liabilities of the Company will include those arising in the
course of its business, indebtedness, including inter-company debt, and amounts, if any are owing by the Company under guarantees in respect
of which a demand for payment has been made.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Unallocated Proceeds of the Offering</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As discussed in &ldquo;Use
of Proceeds&rdquo;, the net proceeds from the Offering may be used for general corporate purposes. Accordingly, Emera&rsquo;s management
will have broad discretion concerning the use of the net proceeds of the Offering as well as the timing of their expenditures, and there
can be no assurance as to how the funds will be allocated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dilution of Net Income on a per Common Share Basis</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While the net proceeds of
the Offering are expected to enhance Emera&rsquo;s liquidity, to the extent that a portion of the net proceeds of the Offering remain
as cash, or are used to pay down indebtedness with a low interest rate, the Offering may result in dilution, on a per Common Share basis,
to Emera's net income and other financial measures used by Emera.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dilution from Future Offerings</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Emera may raise funds in the
future through the sale of additional Common Shares or securities convertible into Common Shares. Any such issuances may dilute the interests
of holders of Common Shares and may have a negative impact on the market price of the Common Shares, including the Common Shares offered
hereunder.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="b_022"></A>STATUTORY EXEMPTIONS</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: 0.5in">Pursuant to a decision of
the Autorit&eacute; des march&eacute;s financiers dated December 1, 2025, we were granted exemptive relief from the requirement that this
Prospectus Supplement and the documents incorporated by reference herein be publicly filed in both the French and English languages. For
the purposes of this Prospectus Supplement, we are not required to publicly file French versions of this Prospectus Supplement and the
documents incorporated by reference herein.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="b_023"></A>PURCHASERS&rsquo;
STATUTORY RIGHTS</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: 0.5in">The following is a description
of a purchaser&rsquo;s statutory rights in connection with any purchase of Common Shares pursuant to the Offering, which supersedes and
replaces the statement of purchasers&rsquo; rights included in the Prospectus solely with regard to the at-the-market distribution. A
purchaser&rsquo;s rights and remedies under applicable securities legislation against the Agents will not be affected by the Agents&rsquo;
decision to effect the distribution directly or through a selling agent.&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Securities legislation in
some provinces of Canada provides purchasers of securities with the right to withdraw from an agreement to purchase securities and with
remedies for rescission or, in some jurisdictions, revisions of the price, or damages if the prospectus, prospectus supplement, and any
amendment relating to securities purchased by a purchaser are not sent or delivered to the purchaser.&nbsp;&nbsp;However, purchasers of
Common Shares distributed under an at-the-market distribution by Emera do not have the right to withdraw from an agreement to purchase
the Common Shares and do not have remedies of rescission or, in some jurisdictions, revisions of the price, or damages for non-delivery
of the Prospectus, Prospectus Supplement, and any amendment relating to the Common Shares purchased by such purchaser because the Prospectus,
Prospectus Supplement, and any amendment relating to the Common Shares purchased by such purchaser will not be sent or delivered, as permitted
under Part 9 of NI 44-102.&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Securities legislation in
some provinces of Canada further provides purchasers with remedies for rescission or, in some jurisdictions, revisions of the price or
damages if the prospectus, prospectus supplement and any amendment relating to securities purchased by a purchaser contains a misrepresentation.&nbsp;&nbsp;Those
remedies must be exercised by the purchaser within the time limit prescribed by securities legislation. Any remedies under securities
legislation that a purchaser of Common Shares distributed under an at-the-market distribution by Emera may have against Emera or the Agents
for rescission or, in some jurisdictions, revisions of the price, or damages if the Prospectus, Prospectus Supplement, and any amendment
relating to securities purchased by a purchaser contain a misrepresentation will remain unaffected by the non-delivery of the Prospectus
and Prospectus Supplement referred to above.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A purchaser should refer to
applicable securities legislation for the particulars of these rights and should consult a legal adviser.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>No securities regulatory
authority has expressed an opinion about these securities and it is an offence to claim otherwise.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: red"><I>This short
form base shelf prospectus has been filed under legislation in each of the provinces of Canada that permits certain information about
these securities to be determined after this short form base shelf prospectus has become final and that permits the omission from this
short form base shelf prospectus of that information.&nbsp;&nbsp;The legislation requires the delivery to purchasers of a prospectus supplement
containing the omitted information within a specified period of time after agreeing to purchase any of these securities, except in cases
where an exemption from such delivery requirement is available.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>This short form base shelf
prospectus is filed under Part 9B of National Instrument 44-102 Shelf Distributions (&ldquo;<B>NI 44-102</B>&rdquo;). The Company (as
defined below) has satisfied the requirements for issuers filing a WKSI base shelf prospectus and for a receipt for the prospectus to
be deemed to be issued in all jurisdictions in Canada in which this prospectus has been filed. No regulator or securities regulatory authority
has reviewed this prospectus. </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Information has been
incorporated by reference in this short form base shelf prospectus from documents filed with securities commissions or similar authorities
in Canada.</I></B><I>&nbsp;&nbsp;Copies of the documents incorporated herein by reference may be obtained on request without charge from
the Corporate Secretary of Emera Incorporated, 5151 Terminal Road, Halifax, Nova Scotia, B3J 1A1 (telephone: 902-233-4084) and are also
available electronically at www.sedarplus.ca.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>This short form base shelf
prospectus constitutes a public offering of these securities only in those jurisdictions where they may be lawfully offered for sale and
therein only by persons permitted to sell such securities.&nbsp;&nbsp;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>SHORT FORM BASE SHELF PROSPECTUS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>New Issue&#9;December 5, 2025</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="emera.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EMERA INCORPORATED<BR>
$600,000,000<BR>
</B><BR>
<B>Common Shares</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: justify; text-indent: 0.5in">Emera Incorporated (&ldquo;<B>Emera</B>&rdquo;
or the &ldquo;<B>Company</B>&rdquo;) may from time to time offer common shares (&ldquo;<B>Common Shares</B>&rdquo;), having an aggregate
sale price of up to $600,000,000 (or the equivalent in U.S. dollars determined using the daily exchange rate posted by the Bank of Canada
on the date the Common Shares are sold) during the 37 month period ending January 5, 2029 that this short form base shelf prospectus (the
&ldquo;<B>Prospectus</B>&rdquo;), including any amendments hereto, remains valid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>We are permitted, under
the multijurisdictional disclosure system (&ldquo;MJDS&rdquo;) 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 Accounting Principles (&ldquo;GAAP&rdquo;). Our Audited Financial
Statements (as defined herein) are audited in accordance with the standards of the Public Company Accounting Oversight Board (&quot;PCAOB&quot;).
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: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Prospective investors should
be aware that the acquisition of Common Shares described herein may subject them to tax consequences in both the U.S. and Canada. This
Prospectus may not describe these tax consequences fully. You should read the tax discussion contained in any applicable Prospectus Supplement.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Your ability to enforce
civil liabilities under United States of America (&ldquo;U.S.&rdquo;) federal securities laws may be affected adversely because (a) Emera
is incorporated under the laws of the Province of Nova Scotia, Canada, (b) some of our officers and directors and some of the experts
named in this Prospectus are non-U.S. residents, and (c) some of our assets and some of the assets of those officers, directors and experts
may be located outside of the U.S.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>THESE COMMON SHARES HAVE
NOT BEEN APPROVED OR DISAPPROVED BY THE SEC NOR HAS THE SEC PASSED UPON THE ADEQUACY OR ACCURACY OF THIS PROSPECTUS. ANY REPRESENTATION
TO THE CONTRARY IS A CRIMINAL OFFENCE.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>No underwriter or dealer
has been involved in the preparation of, or has performed any review of, this Prospectus.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The specific terms of any
offering of Common Shares will be set forth in one or more shelf prospectus supplements (each, a &ldquo;<B>Prospectus Supplement</B>&rdquo;).
A Prospectus Supplement may include other terms pertaining to the Common Shares that are not prohibited by the parameters set forth in
this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Purchasers should read this
Prospectus and any applicable Prospectus Supplement carefully before investing. This Prospectus may not be used to offer the Common Share<B>s</B>
unless accompanied by a Prospectus Supplement. Emera&rsquo;s intended use for any net proceeds expected to be received from the issue
of the Common Shares will be set forth in a Prospectus Supplement. All shelf information permitted under applicable 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,
except in cases where an exemption from such delivery requirement is available. Each Prospectus Supplement will be incorporated by reference
into this Prospectus for the purposes of securities legislation as of the date of the Prospectus Supplement and only for the purposes
of the Common Shares to which the Prospectus Supplement pertains.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The issued and outstanding
Common Shares are listed on the Toronto Stock Exchange (&ldquo;<B>TSX</B>&rdquo;) under the symbol &ldquo;EMA&rdquo; and the New York
Stock Exchange (&ldquo;<B>NYSE</B>&rdquo;) under the symbol &ldquo;EMA&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Emera may sell the Common
Shares to or through underwriters or dealers purchasing as principals and may also sell the Common Shares to one or more purchasers either
directly or through agents. The Prospectus Supplement relating to a particular offering of Common Shares will identify each underwriter,
dealer or agent, as the case may be, engaged by Emera in connection with the offering and sale of Common Shares, and will set forth the
terms of the offering of such Common Shares, including the method of distribution of such Common Shares, the proceeds to Emera, any fees,
discounts or other compensation payable to underwriters, dealers or agents, and any other material terms of the plan of distribution.
The sale of Common Shares may be effected from time to time in one or more transactions at non-fixed prices pursuant to transactions that
are deemed to be &ldquo;at the-market distributions&rdquo; as defined in NI 44-102, including sales made directly on the TSX, NYSE or
other existing trading markets for the Common Shares, and as set forth in a Prospectus Supplement for such purpose. This Prospectus may
qualify an &ldquo;at-the-market distribution&rdquo;, as defined in NI 44-102.&nbsp;&nbsp;See &ldquo;Plan of Distribution&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to applicable laws,
in connection with any offering of Common Shares, other than an &ldquo;at-the-market distribution&rdquo;, the underwriters, dealers or
agents may over-allot or effect transactions which stabilize or maintain the market price of the Common Shares at levels other than those
which may prevail on the open market.&nbsp;&nbsp;Such transactions, if commenced, may be interrupted or discontinued at any time.&nbsp;&nbsp;See
&ldquo;Plan of Distribution&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No underwriter, dealer or
agent of the &ldquo;at-the-market distribution&rdquo;, and no person or company acting jointly or in concert with an underwriter, dealer
or agent, may, in connection with the distribution, enter into any transaction that is intended to stabilize or maintain the market price
of the Common Shares, including selling an aggregate number or principal amount of securities that would result in the underwriter, dealer
or agent creating an over-allocation position in the securities.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have determined that the
Company qualifies as a &ldquo;well-known seasoned issuer&rdquo; as defined in NI 44-102 as at December 4, 2025 by virtue of its &ldquo;qualifying
public equity&rdquo; (as defined under NI 44-102) being $21,744,510,710 at such date. See &ldquo;WKSI Regime &ndash; Reliance on Well-Known Seasoned
Issuers Rules&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Kent M. Harvey, Paula Gold-Williams
and Carla M. Tully, three of the Company&rsquo;s directors, reside outside of Canada and have appointed Emera, 5151 Terminal Road, Halifax,
Nova Scotia B3J 1A1 as agent for service of process. Purchasers are advised that it may not be possible for investors to enforce judgments
obtained in Canada against any person that resides outside of Canada, even if such person has appointed an agent for service of process.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The offering of Common Shares
is subject to the approval of certain legal matters on behalf of Emera by Brian C. Curry, its Corporate Secretary, and Osler, Hoskin &amp;
Harcourt LLP.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The head and registered office
of Emera is located at 5151 Terminal Road, Halifax, Nova Scotia, B3J 1A1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Emera has not authorized anyone
to provide purchasers with different or additional information from that contained or incorporated by reference in this Prospectus or
any Prospectus Supplement prepared by Emera or on its behalf. No representation is made with respect to different or additional information
that others may provide. References to this Prospectus include documents incorporated by reference herein. See &ldquo;Documents Incorporated
by Reference&rdquo;. The information in this Prospectus or the documents incorporated by reference herein is accurate only as of the date
on the front of such documents. Emera&rsquo;s business, financial condition, results of operations and prospects may have changed since
then.</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="toc"></A>TABLE OF CONTENTS</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 95%; text-indent: 0in"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">NOTICE TO READERS</FONT></A></TD>
    <TD STYLE="text-align: right; width: 5%; text-indent: 0in"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">1</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_002"><FONT STYLE="font-size: 10pt">DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT</FONT></A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_002"><FONT STYLE="font-size: 10pt">1</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_003"><FONT STYLE="font-size: 10pt">DOCUMENTS INCORPORATED BY REFERENCE</FONT></A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_003"><FONT STYLE="font-size: 10pt">1</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_004"><FONT STYLE="font-size: 10pt">WHERE YOU CAN FIND ADDITIONAL INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_004"><FONT STYLE="font-size: 10pt">3</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_005"><FONT STYLE="font-size: 10pt">CURRENCY</FONT></A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_005"><FONT STYLE="font-size: 10pt">3</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_006"><FONT STYLE="font-size: 10pt">CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_006"><FONT STYLE="font-size: 10pt">4</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_007"><FONT STYLE="font-size: 10pt">EMERA INCORPORATED</FONT></A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_007"><FONT STYLE="font-size: 10pt">6</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_008"><FONT STYLE="font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_008"><FONT STYLE="font-size: 10pt">6</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_009"><FONT STYLE="font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_009"><FONT STYLE="font-size: 10pt">7</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_011"><FONT STYLE="font-size: 10pt">CHANGES IN CONSOLIDATED CAPITALIZATION</FONT></A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_011"><FONT STYLE="font-size: 10pt">8</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_012"><FONT STYLE="font-size: 10pt">DESCRIPTION OF COMMON SHARES</FONT></A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_012"><FONT STYLE="font-size: 10pt">8</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_013"><FONT STYLE="font-size: 10pt">DIVIDEND POLICY</FONT></A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_013"><FONT STYLE="font-size: 10pt">9</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_014"><FONT STYLE="font-size: 10pt">TRADING PRICES AND VOLUMES</FONT></A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_014"><FONT STYLE="font-size: 10pt">9</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_015"><FONT STYLE="font-size: 10pt">PRIOR SALES</FONT></A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_015"><FONT STYLE="font-size: 10pt">10</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_016"><FONT STYLE="font-size: 10pt">CERTAIN INCOME TAX CONSIDERATIONS</FONT></A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_016"><FONT STYLE="font-size: 10pt">10</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_017"><FONT STYLE="font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_017"><FONT STYLE="font-size: 10pt">10</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_018"><FONT STYLE="font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_018"><FONT STYLE="font-size: 10pt">10</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_019"><FONT STYLE="font-size: 10pt">REGISTRAR AND TRANSFER AGENT</FONT></A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_019"><FONT STYLE="font-size: 10pt">10</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_020"><FONT STYLE="font-size: 10pt">WKSI REGIME</FONT></A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_020"><FONT STYLE="font-size: 10pt">11</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_022"><FONT STYLE="font-size: 10pt">ENFORCEABILITY OF CERTAIN CIVIL LIABILITIES</FONT></A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_022"><FONT STYLE="font-size: 10pt">11</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><A HREF="#a_023"><FONT STYLE="font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><A HREF="#a_023"><FONT STYLE="font-size: 10pt">12</FONT></A></TD></TR>
  </TABLE>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&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_001"></A>NOTICE TO READERS</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: 0.5in">This Prospectus provides a
general description of the Common Shares that we may offer. Each time we sell Common Shares under this Prospectus, we will provide you
with a Prospectus Supplement that will contain specific information about the terms of that offering. The Prospectus Supplement may also
add, update or change information contained in this Prospectus. Before investing in any Common Shares, you should read both this Prospectus
and any applicable Prospectus Supplement, together with the additional information described below and in the applicable Prospectus Supplement
under &ldquo;Documents Incorporated by Reference&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investors should rely only
on the information contained in or incorporated by reference in this Prospectus or any applicable Prospectus Supplement. We have not authorized
anyone to provide investors with different or additional information. We are not making an offer of Common Shares in any jurisdiction
where the offer is not permitted by law. Prospective investors should not assume that the information contained in or incorporated by
reference in this Prospectus or any applicable Prospectus Supplement is accurate as of any date other than the date on the front of the
applicable Prospectus Supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless we have indicated otherwise,
or the context otherwise requires, references in this Prospectus to &ldquo;Emera&rdquo;, the &ldquo;Company&rdquo;, &ldquo;we&rdquo;,
&ldquo;us&rdquo; and &ldquo;our&rdquo; refer to Emera Incorporated and our consolidated subsidiaries.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_002"></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: 0.5in">The following documents have
been filed with the SEC as part of our registration statement on Form F-10 (the &ldquo;<B>Registration Statement</B>&rdquo;): the documents
referred to under the heading &ldquo;Documents Incorporated by Reference&rdquo;; the consent of Ernst &amp; Young LLP; the consent of
Osler Hoskin &amp; Harcourt LLP; and the power of attorney of the directors and officers of Emera.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_003"></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: 0.5in">The following documents, which
have been filed with the various securities commissions or similar authorities in each of the provinces of Canada, are specifically incorporated
by reference into and form an integral part of this Prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1127248/000119312525032079/d886714dex993.htm">the audited consolidated financial statements of Emera as at and for the years ended December 31, 2024 and December 31, 2023, together with the auditor&rsquo;s report thereon</A> (the &ldquo;<B>Audited Financial Statements</B>&rdquo;) and <A HREF="https://www.sec.gov/Archives/edgar/data/1127248/000119312525032079/d886714dex992.htm">Management&rsquo;s Discussion and Analysis for the year ended December 31, 2024</A> (the &ldquo;<B>Annual MD&amp;A</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1127248/000119312525032079/d886714dex991.htm">the Annual Information Form of Emera dated February 21, 2025 for the year ended December 31, 2024</A>;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1127248/000119312525076544/d853052dex995.htm">the Management Information Circular of Emera dated March 19, 2025 prepared in connection with Emera&rsquo;s annual meeting of shareholders held on May 22, 2025</A>; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1127248/000119312525272857/d818790dex992.htm">the unaudited condensed consolidated interim financial statements of Emera as at and for the three and nine months ended September 30, 2025</A>, together with <A HREF="https://www.sec.gov/Archives/edgar/data/1127248/000119312525272857/d818790dex991.htm">Management&rsquo;s Discussion and Analysis for the three and nine months ended September 30, 2025</A>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any documents of the type
required by National Instrument 44-101 - <I>Short Form Prospectus Distributions </I>to be incorporated by reference in this Prospectus,
including any material change reports (excluding confidential material change reports), unaudited condensed consolidated interim financial
statements, annual consolidated financial statements and the auditor&rsquo;s report thereon, management&rsquo;s discussion and analysis,
information circulars, annual information forms and business acquisition reports, if filed by Emera with the provincial securities commissions
or similar authorities in Canada after the date of this Prospectus and prior to the termination of any offering of Common Shares, shall
be deemed to be incorporated by reference into this Prospectus.</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Documents filed by Emera with
the SEC or similar authorities in Canada which are in our reports on Form 6-K or annual reports on Form 40-F under the <I>U.S. Securities
Exchange Act of 1934</I>, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;), in each case on or after the date of this Prospectus, shall
be deemed to be incorporated by reference as exhibits to the Registration Statement of which this Prospectus forms a part, if and to the
extent, in the case of any report on Form 6-K, expressly provided in such document. Emera&rsquo;s current reports on Form 6-K and our
annual reports on Form 40-F are available on the SEC&rsquo;s Electronic Data Gathering, Analysis and Retrieval (&ldquo;<B>EDGAR</B>&rdquo;)
website at <FONT STYLE="color: blue"><U>www.sec.gov</U></FONT>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon a new annual information
form, new management information circular, new annual consolidated financial statements and accompanying management&rsquo;s discussions
and analysis being filed by Emera with (and where required, accepted by) the applicable securities regulatory authorities during the currency
of this Prospectus, the previous annual information form, the previous management information circular, the previous annual consolidated
financial statements and accompanying management&rsquo;s discussion and analysis, all consolidated interim financial statements and accompanying
management&rsquo;s discussion and analysis, and all material change reports filed prior to the commencement of the financial year of Emera
in which the new annual information form is filed shall be deemed no longer to be incorporated into this Prospectus for the purposes of
future offers and sales of Common Shares hereunder. Upon any interim financial statements and accompanying management&rsquo;s discussion
and analysis being filed by Emera with (and, where required, accepted by) the applicable securities regulatory authorities during the
currency of this Prospectus, all interim financial statements and accompanying management&rsquo;s discussion and analysis filed prior
to the new interim financial statements shall be deemed no longer to be incorporated into this Prospectus for purposes of future offers
and sales of Common Shares hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain marketing materials
(as that term is defined in applicable securities legislation in Canada) may be used in connection with a distribution of Common Shares
under this Prospectus and any applicable Prospectus Supplement. Any &ldquo;template version&rdquo; of any such &ldquo;marketing materials&rdquo;
(as those terms are defined in National Instrument 41-101 &ndash; <I>General Prospectus Requirements</I>) pertaining to a distribution
of Common Shares, and filed by Emera after the date of the applicable Prospectus Supplement for the offering and before termination of
the distribution of such Common Shares, will be deemed to be incorporated by reference in such Prospectus Supplement for the purposes
of the distribution of Common Shares to which the Prospectus Supplement pertains.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Any statement contained
in this Prospectus or in a document incorporated or deemed to be incorporated by reference herein 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 document which also
is or is deemed to be incorporated by reference herein modifies or supersedes such statement.&nbsp;&nbsp;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.&nbsp;&nbsp;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.&nbsp;&nbsp;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: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>This Prospectus has been
filed under securities legislation in each of the provinces of Canada that permits certain information about the Common Shares to be determined
after this Prospectus has become final and that permits the omission from this Prospectus of that information. One or more Prospectus
Supplement(s) containing the specific terms in respect of any offering of Common Shares and any additional or updated information omitted
from this Prospectus that Emera elects or is required to include in such Prospectus Supplement(s) will be delivered to purchasers of such
Common Shares together with this Prospectus, except in cases where an exemption from such delivery requirement is available. Each such
Prospectus Supplement will be deemed to be incorporated by reference into this Prospectus for purposes of securities legislation as of
the date of each such Prospectus Supplement and only for purposes of the distribution of Common Shares to which that Prospectus Supplement
pertains.</B></P>

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


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_004"></A>WHERE YOU CAN FIND
ADDITIONAL 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: 0.5in">In addition to our continuous
disclosure obligations under the securities laws of the provinces of Canada, we are subject to the informational requirements of the Exchange
Act and in accordance therewith file reports and other information with the SEC. Under MJDS, such reports and other information may be
prepared in accordance with the disclosure requirements of Canada, which requirements are different from those of the U.S. Any information
filed with the SEC is electronically available on EDGAR, and may be accessed at www.sec.gov.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have filed with the SEC
a Registration Statement under the <I>U.S. Securities Act of 1933</I>, as amended (the &ldquo;<B>Securities Act</B>&rdquo;), with respect
to the Common Shares offered by this Prospectus. This Prospectus, which forms a part of the Registration Statement, does not contain all
of the information set forth in the Registration Statement, certain parts of which have been omitted in accordance with the rules and
regulations of the SEC. For further information with respect to us and the Common Shares offered in this Prospectus, reference is made
to the Registration Statement and to the schedules and exhibits filed therewith. Statements contained in this Prospectus as to the contents
of certain documents are not necessarily complete and, in each instance, reference is made to the copy of the document filed as an exhibit
to the Registration Statement. Each such statement is qualified in its entirety by such reference. In connection with any offering of
Common Shares, we will prepare a Prospectus Supplement that will contain specific information about the terms of such offering and the
Prospectus Supplement will be delivered to purchasers of such Common Shares together with this Prospectus, except in cases where an exemption
from such delivery requirements is available. The Prospectus Supplement may also add, update or change information contained in this Prospectus.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_005"></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: 0.5in">Unless the context otherwise
requires, all references herein to currency are references to Canadian dollars.</P>

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


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    <!-- 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>CAUTIONARY NOTE
REGARDING FORWARD-LOOKING 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: 0.5in">This Prospectus, including
the documents incorporated herein by reference, contains &ldquo;forward-looking information&rdquo; within the meaning of applicable securities
laws (&ldquo;<B>forward-looking information</B>&rdquo;). The words &ldquo;anticipates&rdquo;, &ldquo;believes&rdquo;, &ldquo;budgets&rdquo;,
&ldquo;could&rdquo;, &ldquo;estimates&rdquo;, &ldquo;expects&rdquo;, &ldquo;forecasts&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. References to &ldquo;Emera&rdquo; in this section include references
to the subsidiaries of Emera.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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;<B>Cybersecurity
Incident</B>&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 is provided pursuant to safe harbour
provisions contained in applicable securities laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The forward-looking information
in this Prospectus, including the documents incorporated herein by&nbsp;&nbsp;reference, includes, but is not limited to, 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 investments; 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 U.S.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The forecasts and projections
that make up the forward-looking information are based on reasonable assumptions which&nbsp;&nbsp;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 investments 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; favourable labour 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: 0.5in">&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: 0.5in">The forward-looking information
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,
but are not limited to: regulatory and political risk; change in law risk; operating and maintenance risks; changes in economic conditions,
commodity price and availability risk; liquidity and capital market risk; changes in credit ratings; future dividend growth; timing and
costs associated with certain capital investments; expected impacts on Emera of challenges in the global economy; estimated energy consumption
rates; maintenance of adequate insurance coverage; 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; environmental risks; foreign exchange;
regulatory and government decisions, including changes to environmental, financial reporting and tax legislation; risks associated with
pension plan performance and funding requirements; loss of service area; risk of failure of information technology infrastructure and
cybersecurity risks; uncertainties associated with infectious diseases, pandemics and similar public health threats; market energy sales
prices; labour relations; and availability of labour and management resources.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For additional information
with respect to Emera&rsquo;s risk factors, reference should be made to the section of this Prospectus entitled &ldquo;Risk Factors&rdquo;
and to Emera&rsquo;s continuous disclosure materials filed from time to time on SEDAR+ at www.sedarplus.ca.</P>

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

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

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


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_007"></A>EMERA INCORPORATED</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: 0in">Emera is a North American provider
of energy services, owning and operating a portfolio of cost-of-service, rate-regulated electric and gas utilities serving approximately
2.7 million utility customers in Florida, Atlantic Canada, New Mexico and the Caribbean. Emera is headquartered in Halifax, Nova Scotia,
with approximately $43 billion in assets as of December 31, 2024 and 2024 revenues of approximately $7.2 billion. Emera&rsquo;s reportable
segments include the following:</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Florida Electric Utility, which consists of Tampa Electric, a vertically integrated electric utility engaged
in the generation, transmission and distribution of electricity in West Central Florida.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">Canadian Electric Utilities, which includes: Nova Scotia Power Inc, a vertically-integrated regulated
electric utility, providing electricity generation, transmission and distribution services as the primary electricity supplier in the
Province of Nova Scotia; and a 100 per cent equity interest in NSP Maritime Link Inc., which developed the Maritime Link Project, between
the island of Newfoundland and Nova Scotia.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">Gas Utilities and Infrastructure, which includes: Peoples Gas System, a regulated gas distribution utility
is engaged in the purchase, distribution and sale of natural gas across Florida; New Mexico Gas Company, Inc. (&ldquo;<B>NMGC</B>&rdquo;),
a regulated gas distribution utility, engaged in the purchase, distribution and sale of natural gas in the State of New Mexico; Emera
Brunswick Pipeline Company Limited, a 145-kilometre pipeline delivering re-gasified liquefied natural gas from Saint John, New Brunswick
to the United States; SeaCoast Gas Transmission, LLC,&nbsp;&nbsp;a regulated intrastate natural gas transmission company offering services
in Florida; and a 12.9% limited partnership interest in the Maritimes &amp; Northeast Pipeline, which transports natural gas throughout
markets in Atlantic Canada and the northeastern United States. On August 5, 2024, Emera announced an agreement to sell NMGC. The transaction
is expected to close in early 2026.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">Other Electric Utilities, which includes Emera (Caribbean) Incorporated, a holding company with regulated
electric utilities that include: The Barbados Light &amp; Power Company Limited, a vertically integrated regulated electric utility on
the island of Barbados; Grand Bahama Power Company Limited, a vertically integrated regulated electric utility on Grand Bahama Island;
and a 19.5% indirect equity interest in St. Lucia Electricity Services Ltd.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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 other segment includes investments in energy-related non-regulated companies that are below
the required threshold for reporting as separate segments and corporate expense and revenue items that are not directly allocated to the
operations of Emera&rsquo;s subsidiaries and investments. This includes: Emera Energy, which consists of Emera Energy Services, Inc.,
a physical energy business that purchases and sells natural gas and electricity&nbsp;&nbsp;and provides related energy asset management
services; Brooklyn Power Corporation, a 30 MW biomass co-generation electricity facility in Brooklyn, Nova Scotia; a 50% joint venture
interest in Bear Swamp Company LLC, a 660 MW pumped storage hydro-electric facility in northwestern Massachusetts; Emera US Finance LP,
EUSHI Finance, Inc, and TECO Finance, Inc.,&nbsp;&nbsp;financing subsidiaries of Emera; Emera US Holdings Inc., a wholly owned holding
company for certain of Emera&rsquo;s assets located in the U.S..</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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>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: 0.5in">Emera may offer Common Shares
from time to time, up to an aggregate sale price of $600,000,000 (or the equivalent in U.S. dollars determined using the daily exchange
rate posted by the Bank of Canada on the date the Common Shares are sold) during the 37 month period ending January 5, 2029 that this
Prospectus, including any amendments hereto, remains valid.&nbsp;&nbsp;Except as otherwise provided in any Prospectus Supplement, the
net proceeds from the sale of the Common Shares, after deducting costs of issue and the agents&rsquo;, dealers&rsquo; or underwriters&rsquo;
fees or other remuneration, will be added to the general funds of Emera and used for general corporate purposes. The amount of net proceeds
to be used for any such purpose will be set forth in a Prospectus Supplement.&nbsp;&nbsp;Emera may from time to time issue Common Shares
other than pursuant to this Prospectus.</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&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_009"></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: 0.5in">We may offer and sell the
Common Shares to or through underwriters purchasing as principals, and may also sell Common Shares to one or more other purchasers directly
or through agents.&nbsp;&nbsp;The sale of Common Shares may be effected from time to time on one or more transactions at non-fixed prices
pursuant to transactions that are deemed to be &ldquo;at-the-market distributions&rdquo;, including sales made directly on the TSX, NYSE
or other existing trading markets for the Common Shares, and as set forth in the Prospectus Supplement for such purpose.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Prospectus Supplement
relating to each offering of Common Shares will include the plan of distribution for the distribution of Common Shares thereunder, will
identify each underwriter, dealer or agent, as the case may be, and will also set forth the terms of that offering, including the purchase
price of the Common Shares or the manner of determination thereof if offered on a non-fixed price basis, including sales in transactions
that are deemed to be &ldquo;at-the-market&rdquo; distributions (as defined in NI 44-102), the proceeds to the Company, any underwriters',
dealers&rsquo; or agents' fees, commissions or other items constituting underwriters', dealers&rsquo; or agents' compensation, and any
concessions or discounts allowed or re-allowed or paid by any underwriters to others. Only underwriters, dealers or agents so named in
the Prospectus Supplement are deemed to be underwriters, dealers or agents, as the case may be, in connection with the Common Shares offered
thereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If underwriters purchase Common
Shares as principal, the Common Shares will be acquired by the underwriters for their own account and may be resold from time to time
in one or more transactions, as described in the applicable Prospectus Supplement. The obligations of the underwriters to purchase those
Common Shares will be subject to certain conditions precedent, and the underwriters will be obligated to purchase all the Common Shares
offered by the Prospectus Supplement if any of such Common Shares are purchased. Any public offering price and any discounts or concessions
allowed or re-allowed or paid may be changed from time to time.&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Common Shares may also
be sold directly by us in accordance with applicable securities laws at prices and upon terms agreed to by the purchaser and us, or through
agents designated by us, from time to time.&nbsp;&nbsp;Any agent involved in the offering and sale of the Common Shares pursuant to a
particular Prospectus Supplement will be named, and any commissions payable by us to that agent will be set forth, in such Prospectus
Supplement. Unless otherwise indicated in the Prospectus Supplement, any agent would be 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: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the sale
of the Common Shares, underwriters, dealers or agents may receive compensation from us in the form of commissions, concessions or discounts.
Any such commissions may be paid out of our general funds or the proceeds of the sale of Common Shares. Under agreements which may be
entered into by us, underwriters, dealers and agents who participate in the distribution of Common Shares may be entitled 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. Those underwriters, dealers and agents may be customers
of, engage in transactions with or perform services for us in the ordinary course of business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to applicable laws,
in connection with any offering of Common Shares, other than an &ldquo;at-the-market distribution&rdquo;, the underwriters, dealers or
agents may over-allot or effect transactions which stabilize or maintain the market price of the Common Shares at levels other than those
which may prevail on the open market.&nbsp;&nbsp;Such transactions, if commenced, may be interrupted or discontinued at any time. A purchaser
who acquires Common Shares forming part of the underwriters&rsquo;, dealers&rsquo; or agents&rsquo; over-allocation position acquires
those Common Shares under this Prospectus, regardless of whether the over-allocation position is ultimately filled through the existence
of the over-allotment option or secondary market purchases.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No dealer or agent of an at-the-market
distribution, and no person or company acting jointly or in concert with a dealer or agent, may, in connection with the distribution,
enter into any transaction that is intended to stabilize or maintain the market price of the Common Shares, including selling an aggregate
number or principal amount of securities that would result in the dealer or agent creating an over-allocation position in the securities.</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sales of Common Shares under
an &ldquo;at-the-market distribution&rdquo;, if any, will be made pursuant to an accompanying Prospectus Supplement.&nbsp;&nbsp;Sales
of Common Shares under any &ldquo;at-the-market&rdquo; program will be made in transactions that are deemed to be &ldquo;at-the-market
distributions&rdquo; as defined in NI 44-102.&nbsp;&nbsp;The volume and timing of any &ldquo;at-the-market distributions&rdquo; will be
determined at Emera&rsquo;s sole discretion.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_011"></A>CHANGES IN 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: 0.5in">The following describes the
changes in the consolidated capitalization of Emera since September 30, 2025:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">During the period from October 1, 2025 up to and including November 30, 2025, Emera issued an aggregate
of 1,151,293 Common Shares pursuant to Emera&rsquo;s Common Shareholders&rsquo; Dividend Reinvestment and Share Purchase Plan (the &ldquo;<B>Dividend
Reinvestment Plan</B>&rdquo;), Employee Common Share Purchase Plan (the &ldquo;<B>Share Purchase Plan</B>&rdquo;) and upon the exercise
of options granted pursuant to the Company&rsquo;s Senior Management Stock Option Plan (the &ldquo;<B>Stock Option Plan</B>&rdquo;), for
proceeds of approximately $75 million.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">During the period from October 1, 2025 up to and including November 30, 2025, Emera&rsquo;s consolidated
long-term and short-term debt, capital lease and finance obligations, including current positions and committed credit facility borrowings
classified as long-term debt, increased by approximately $800 million primarily due to increased borrowings on committed credit facilities.
As of November 30, 2025, Emera had approximately $2.8 billion drawn on its credit facilities.</TD></TR></TABLE>

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

<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
COMMON SHARES&#9;</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: 0.5in">Our authorized share capital
includes among other securities, an unlimited number of Common Shares. As at November 30, 2025, 301,745,499 Common Shares were issued
and outstanding. Our Common Shares are listed on the TSX under the symbol &ldquo;EMA&rdquo; and the NYSE under the symbol &ldquo;EMA&rdquo;.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of Common Shares are
entitled to dividends on a <I>pro rata</I> basis, as and when declared by the Company's board of directors (the &ldquo;<B>Board of Directors</B>&rdquo;).
Subject to the rights of the holders of the First Preferred Shares and Second Preferred Shares who are entitled to receive dividends in
priority to the holders of the Common Shares, the Board of Directors may declare dividends on the Common Shares to the exclusion of any
other class of the shares of the Company.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Liquidation, Dissolution or Winding-Up</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the liquidation, dissolution
or winding-up of Emera, holders of Common Shares are entitled to participate rateably in any distribution of assets of Emera, subject
to the rights of holders of First Preferred Shares and Second Preferred Shares who are entitled to receive the assets of the Company on
such a distribution in priority to the holders of the Common Shares.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Voting Rights</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of the Common Shares
are entitled to receive notice of and to attend all annual and special meetings of the shareholders of Emera, other than separate meetings
of holders of any other class or series of shares, and to one vote in respect of each Common Share held at such meetings.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Constraints on Share Ownership</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As required by the <I>Nova
Scotia Power Reorganization (1998) Act </I>(Nova Scotia) and pursuant to the <I>Nova Scotia Power Privatization Act </I>(Nova Scotia),
the Articles of Association of Emera, as amended (the &ldquo;<B>Emera Articles</B>&rdquo;) provide that no person, together with associates
thereof, may subscribe for, have transferred to that person, hold, beneficially own or control, directly or indirectly, otherwise than
by way of security only, or vote, in the aggregate, voting shares of Emera to which are attached more than 15% of the votes attached to
all outstanding voting shares of Emera.&nbsp;&nbsp;</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Common Shares, and in
certain circumstances, the First Preferred Shares, Series A, First Preferred Shares, Series C, First Preferred Shares, Series E, First
Preferred Shares, Series F, First Preferred Shares, Series H, First Preferred Shares, Series J and First Preferred Shares, Series L are
considered to be voting shares for purposes of the constraints on share ownership.&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Emera Articles currently
contain provisions for the enforcement of these constraints on share ownership including provisions for suspension of voting rights, forfeiture
of dividends, prohibitions of share transfer and issuance, compulsory sale of shares and redemption, and suspension of other shareholders
rights. The Board of Directors may require shareholders to furnish statutory declarations as to matters relevant to enforcement of the
restrictions.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_013"></A>DIVIDEND POLICY</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: 0.5in">Dividends on the Common Shares
are declared at the discretion of the Board of Directors. The Company paid per share quarterly cash dividends on its Common Shares of
$0.725 in February 2025, May 2025 and August 2025 and aggregate per share quarterly cash dividends on its Common Shares of $2.8775 in
2024, $2.7875 in 2023 and $2.6775 in 2022. On September 25, 2025, Emera approved an increase in the Company&rsquo;s quarterly dividend
on its Common Shares to $0.7325 per share, representing an annualized dividend of $2.93. The first increased payment was effective November
2025.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Regular quarterly dividends
at the prescribed rate have been paid on all of the First Preferred Shares, Series A, First Preferred Shares, Series C, First Preferred
Shares, Series E, First Preferred Shares, Series F First Preferred Shares, Series H, First Preferred Shares, Series J and First Preferred
Shares, Series L.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_014"></A>TRADING PRICES
AND VOLUMES</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: 0.5in">The following tables set forth,
for the periods indicated, the reported high and low daily trading prices and the aggregate volume of trading of the Company's Common
Shares on the TSX (as reported by the TSX) and the NYSE (as reported by NYSE).</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>TSX Trading of <BR>
Common Shares</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>NYSE Trading of <BR>
Common Shares <SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: center"><FONT STYLE="font-size: 10pt"><B>High</B></FONT></TD>
    <TD STYLE="width: 4%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Low</B></FONT></TD>
    <TD STYLE="width: 4%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Volume</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: center"><FONT STYLE="font-size: 10pt"><B>High</B></FONT></TD>
    <TD STYLE="width: 3%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 14%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Low</B></FONT></TD>
    <TD STYLE="width: 6%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Volume</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>($)</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>($)</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(#)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>($)</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>($)</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(#)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>December&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">56.20</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">52.71</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">23,295,397</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>2025</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>January&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">55.70</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">51.23</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">33,099,278</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>February &#9;</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">58.73</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">54.36</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">32,367,046</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>March &#9;</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">61.33</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">57.73</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">21,450,064</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>April&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">63.13</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">56.59</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">33,710,829</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>May&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">63.31</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">59.02</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">31,050,919</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">46.00</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">44.55</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">179,896</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>June&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">63.19</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">60.17</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">19,460,734</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">46.14</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">43.90</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3,332,993</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>July&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">65.35</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">61.33</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">16,635,477</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">47.20</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">44.86</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1,718,652</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>August&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">67.42</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">64.08</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">20,353,250</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">49.01</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">46.51</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3,181,463</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>September&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">66.80</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">63.17</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">17,496,272</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">48.01</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">45.77</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3,134,395</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>October&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">69.62</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">66.18</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">25,160,873</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">49.77</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">47.36</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3,054,950</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Novemb</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">69.09</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">66.19</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">26,874,327</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">49.38</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">46.94</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">3,590,135</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>December 1-4</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">68.48</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">66.12</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">4,174,608</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">48.91</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">47.27</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">935,235</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(1)&nbsp;&nbsp;</B>Trading
in the Company&rsquo;s Common Shares on the NYSE commenced on May 28, 2025. The price of the Company's Common Shares on the NYSE is in USD.</P>

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


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_015"></A>PRIOR SALES</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: 0.5in">Other than (i) the issuance
of 347,059 Common Shares upon exercise of options to acquire Common Shares granted pursuant to the Stock Option Plan at exercise prices
ranging from $39.93 to $58.26 and having a weighted average exercise price of $45.69 per Common Share, (ii) the issuance of 421,218 Common
Shares pursuant to the Share Purchase Plan&nbsp;&nbsp;at prices ranging from $50.23 to $67.10 and having a weighted average price of $59.26
per Common Share, (iii) the issuance of 4,829,888 Common Shares pursuant to the Dividend Reinvestment Plan at prices ranging from $54.58
to $67.10 and having a weighted average price of $60.52 per Common Share, (iv) the issuance of 841,000 Common Shares pursuant to Emera&rsquo;s
prior at-the-market program and (v) the issuance of 24,048 Common Shares upon the conversion of the 4.0% convertible unsecured subordinated
debentures of Emera, Emera has not issued any Common Shares during the twelve months prior to the date of this Prospectus.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_016"></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: 0.5in">The applicable Prospectus
Supplement will describe certain material Canadian federal income tax consequences to an investor of the acquisition, ownership and disposition
of any Common Shares offered thereunder. The applicable Prospectus Supplement will also describe certain U.S. federal income tax considerations
generally applicable to the acquisition, ownership and disposition of any Common Shares offered thereunder by an initial investor who
is a U.S. person (within the meaning of the U.S. Internal Revenue Code).</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_017"></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: 0.5in">Unless otherwise indicated
in a Prospectus Supplement, certain legal matters in connection with the issuance of the Common Shares will be passed upon on behalf of
Emera by Brian C. Curry, Corporate Secretary and by Osler, Hoskin &amp; Harcourt LLP.&nbsp;&nbsp;As at November 30, 2025, Mr. Curry and
partners and associates of Osler, Hoskin &amp; Harcourt LLP, as a group, beneficially owned, directly or indirectly, less than 1% of each
series of outstanding securities of Emera.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_018"></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: 0.5in">Ernst &amp; Young LLP, Chartered
Professional Accountants, Halifax, Nova Scotia are the auditors of Emera. Ernst &amp; Young LLP report that they are independent of Emera
in the context of the Securities Act and the applicable rules and regulations thereunder adopted by the SEC and the PCAOB and in accordance
with the CPA Code of Professional Conduct of the Chartered Professional Accountants of Nova Scotia.</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_019"></A>REGISTRAR AND TRANSFER
AGENT</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: 0.5in">TSX Trust Company is the Company&rsquo;s
Canadian transfer agent and registrar. Registers for the registration and transfer of Common Shares in registered form of Emera are kept
at TSX Trust Company&rsquo;s principal offices in Halifax, Montreal and Toronto. Equiniti Trust Company is the Company&rsquo;s U.S. transfer
agent.</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&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_020"></A>WKSI REGIME</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"><B>Reliance on Well-Known Seasoned Issuers Rules</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
securities regulatory authorities in each of the provinces and territories of Canada published amendments to NI 44-102 and other securities
law instruments implementing a permanent expedited shelf prospectus regime (the &ldquo;<B>WKSI Rules</B>&rdquo;) for &ldquo;well known
seasoned issuers&rdquo; (&ldquo;<B>WKSI</B>&rdquo;) which have since come into force as of November 28, 2025. We have filed this Prospectus
in reliance upon the WKSI Rules in the provinces of Canada which permit WKSIs, to file a final short form base shelf prospectus as the
first public step in an offering, and exempt qualifying issuers from certain disclosure requirements relating to such final short form
base shelf prospectus. The Company has determined that as at December 4, 2025, it qualifies as a WKSI under the WKSI Rules by virtue
of its &ldquo;qualifying public equity&rdquo; (as defined under NI 44-102) being $21,744,510,710 at such date.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_022"></A>ENFORCEABILITY
OF CERTAIN 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: 0.5in">Emera is incorporated under
the laws of the Province of Nova Scotia, Canada. Some of our directors, the majority of our officers, and some of the experts named in
this Prospectus, are residents of Canada, and all or a substantial portion of their assets, and a substantial portion of our assets, are
located outside the U.S. We have appointed an agent for service of process in the U.S., but it may be difficult for holders of Common
Shares who reside in the U.S. to effect service within the U.S. upon those directors, officers and experts who are not residents of the
U.S. It may also be difficult for holders of the Common Shares who reside in the U.S. to realize in the U.S. upon judgments of courts
of the U.S. predicated upon our civil liability and the civil liability of our directors and officers and experts under U.S. federal securities
laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have filed with the SEC,
concurrently with the Registration Statement, an appointment of agent for service of process on Form F-X. Under the Form F-X, we have
appointed EUSHI Finance, Inc., 37 Route 236, Kittery Properties Suite 101, Kittery, Maine, United States 03904, as our agent for service
of process in the U.S. in connection with any investigation or administrative proceeding conducted by the SEC, and any civil suit or action
brought against us in a U.S. court arising out of or related to or concerning the offering of the Common Shares under the Registration
Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, it might be
difficult for shareholders to enforce judgments of U.S. courts based solely upon civil liability provisions of the U.S. federal securities
laws or the securities or &ldquo;blue sky&rdquo; laws of any state within the U.S. in a Canadian court against us or any of our non-U.S.
resident directors, officers or the experts named in this Prospectus or to bring an original action in a Canadian court to enforce liabilities
based on the U.S. federal or state securities laws against such persons.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Kent M. Harvey, Paula Gold-Williams
and Carla M. Tully, three of the Company&rsquo;s directors, reside outside of Canada and have appointed Emera, 5151 Terminal Road, Halifax,
Nova Scotia B3J 1A1 as agent for service of process. Purchasers are advised that it may not be possible for investors to enforce judgments
obtained in Canada against any person that resides outside of Canada, even if such person has appointed an agent for service of process.</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&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>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: 0.5in">In addition to the other information
contained and incorporated by reference in this Prospectus, a purchaser should consult its own financial and legal advisors and should
carefully consider the following risk factors before investing in Common Shares offered under this Prospectus. The Common Shares will
not be an appropriate investment for a purchaser if the purchaser does not understand the terms of the Common Shares or financial matters
in general. A purchaser should not purchase Common Shares unless the purchaser understands, and can bear, all of the investment risks
involving the Common Shares.&nbsp;&nbsp;For a discussion of the risks to which Emera, its operations and its financial results and conditions
are subject, see the sections entitled: (i) &ldquo;Enterprise Risk and Risk Management&rdquo; on pages 43 to 53 in the Annual MD&amp;A;
(ii) &ldquo;Principal Financial Risks and Uncertainties&rdquo; in note 28 of the Audited Financial Statements; (iii) &ldquo;Principal
Financial Risks and Uncertainties&rdquo; in note 20 to the Interim Financial Statements; and (iv) &ldquo;Risk Factors&rdquo; in the Annual
Information Form of Emera dated February 21, 2025 for the year ended December 31, 2024. In addition to such risks, an investment in the
Common Shares is subject to any other risks identified in a Prospectus Supplement or in any document incorporated by reference subsequent
to the date of this Prospectus during the currency of this Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prospective purchasers of
Common Shares should carefully consider, in light of their own financial circumstances, the risk factors set out below, as well as the
other information contained in this Prospectus (including the documents incorporated by reference herein) and in all subsequently filed
documents incorporated by reference and those described in a Prospectus Supplement relating to a specific offering of Common Shares, before
making an investment decision.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>As a foreign private issuer,
we are permitted to follow certain home country corporate governance practices instead of otherwise applicable SEC and NYSE requirements</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a foreign private issuer,
in reliance on NYSE rules that permit a foreign private issuer to follow the corporate governance practices of its home country, Emera
will be permitted to follow certain Canadian corporate governance practices instead of those otherwise required under the corporate governance
standards for U.S. domestic issuers. Emera follows Canadian home country practices with regard to obtaining shareholder approval for certain
dilutive events. Emera may in the future elect to follow Canadian home country practices with regard to other matters such as the formation
and composition of its Board of Directors, its audit, human resources and governance and sustainability committees and separate sessions
of independent directors. Accordingly, Emera&rsquo;s investors may not be afforded the same protection as provided under NYSE corporate
governance rules. Following Canadian home country governance practices as opposed to the requirements that would otherwise apply to a
U.S. company listed on the NYSE may provide less protection than is accorded to investors in U.S. domestic issuers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>As a foreign private issuer,
we will not be subject to the provisions of Regulation FD or U.S. proxy rules and will be exempt from filing certain Exchange Act reports,
which could result in the Common Shares being less attractive to investors </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a foreign private issuer,
Emera will be exempt from a number of requirements under U.S. securities laws as currently in effect that apply to public companies that
are not foreign private issuers. In particular, Emera will be exempt from the rules and regulations under the Exchange Act related to
the furnishing and content of proxy statements, and our officers, directors and principal shareholders will be exempt from the insider
reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, Emera will not be required
under the Exchange Act to file annual and current reports and financial statements with the SEC as frequently or as promptly as U.S. domestic
issuers whose securities are registered under the Exchange Act and Emera will generally be exempt from filing quarterly reports with the
SEC under the Exchange Act. Emera files its quarterly financial statements and management discussion and analysis prepared in accordance
with Canadian securities laws with the SEC in a report on Form 6-K.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Emera will also be exempt
from the provisions of Regulation FD, which prohibits the selective disclosure of material non-public information to, among others, broker-dealers
and holders of a company&rsquo;s securities under circumstances in which it is reasonably foreseeable that the holder will trade in the
company&rsquo;s securities on the basis of the information. Even though Emera intends to comply voluntarily with Regulation FD, these
exemptions and leniencies may reduce the frequency and scope of information and protections to which you are entitled as an investor.</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Emera will lose its foreign
private issuer status if a majority of our Common Shares are directly or indirectly held by residents of the U.S. as of the last business
day of a most recently completed second fiscal quarter. The loss of its foreign private issuer status would require Emera to comply with
all U.S. securities law requirements applicable to U.S. domestic issuers, while we would continue to be subject to Canadian securities
laws as a domestic issuer. The regulatory and compliance costs to us under U.S. securities laws as a U.S. domestic issuer will be significantly
higher than the costs we incur as a Canadian foreign private issuer eligible to use MJDS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If Emera ceases to be a foreign
private issuer, Emera would not be eligible to use MJDS or other foreign issuer forms and will be required to file periodic and current
reports, proxy statements and registration statements on U.S. domestic issuer forms with the SEC, which are more detailed and extensive
than the forms available to a foreign private issuer. Emera may also be required to modify certain of its policies to comply with the
governance obligations of U.S. domestic issuers. Such modifications will involve additional costs and may divert management attention.
In addition, Emera would lose its ability to rely upon exemptions from certain corporate governance requirements that are available to
foreign private issuers with securities listed on the NYSE.</P>

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

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->



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

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



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

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

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

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

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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
