Mr. Dave Bezanson reports

EMERA CAUTIONS INVESTORS REGARDING TRC CAPITAL'S BELOW-MARKET "MINI-TENDER" OFFER

Emera Inc. has received notice of an unsolicited mini-tender offer by TRC Capital Investment Corp. to purchase up to two million Emera common shares, or approximately 0.73 per cent of the common shares outstanding, at a below-market price of $48.88 per share.

Emera is not associated with TRC Capital or its offer and does not recommend or endorse this unsolicited mini-tender offer. Any shareholder considering tendering to the offer should carefully review the TRC Capital offer documents, obtain current market quotations for their shares and consult with their broker or financial adviser.

Shareholders are cautioned that the mini-tender offer has been made at a price below market, representing a discount of 4.36 per cent to the closing price of EMA shares on the Toronto Stock Exchange on Sept. 19, 2023, the last trading day before the mini-tender offer was commenced.

TRC Capital has made similar unsolicited mini-tender offers for shares of several other public companies. Mini-tender offers are designed to avoid disclosure and procedural requirements applicable to most bids under Canadian and United States securities regulations. Both the Canadian Securities Administrators (CSA) and the U.S. Securities and Exchange Commission (SEC) recommend that investors exercise caution with mini-tender offers and have expressed serious concerns about mini-tender offers, including the possibility that investors might tender to such offers without understanding the offer price relative to the actual market price of their securities.

The CSA's long-standing guidance on mini-tenders can be found on the Ontario Securities Commission website.

The SEC has published investor tips about mini-tender offers, which can be found on its website.

Emera strongly encourages brokers, dealers and other market participants to exercise caution and review the letter regarding broker-dealer mini-tender offer dissemination and disclosures on the SEC website.

Emera requests that a copy of this news release be included in any distribution of materials relating to TRC Capital's mini-tender offer for EMA shares.

According to TRC Capital's offer documents, EMA shareholders who deposit their shares in acceptance of the offer may withdraw their shares at any time before 12:01 a.m. (Toronto time) on Oct. 20, 2023, by following the procedures described in the offer documents.

About Emera Inc.

Emera is a geographically diverse energy and services company headquartered in Halifax, N.S., with approximately $38-billion in assets and 2022 revenues of more than $7.5-billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution with a strategic focus on transformation from high-carbon to low-carbon energy sources. Emera has investments in Canada, the United States and in three Caribbean countries. Emera's common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F, EMA.PR.H, EMA.PR.J and EMA.PR.L. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR and on The Bahamas International Securities Exchange under the symbol EMAB.

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