Mr. Dave Bezanson reports

EMERA INCORPORATED ANNOUNCES CONVERSION PRIVILEGE OF CUMULATIVE MINIMUM RATE RESET FIRST PREFERRED SHARES, SERIES J

Emera Inc. does not intend to exercise its right to redeem all or any part of the currently outstanding cumulative minimum rate reset first preferred shares, Series J, of the company on May 15, 2026. There are currently eight million Series J shares outstanding.

Subject to certain conditions set out in the prospectus supplement of the company dated March 26, 2021, to the short form base shelf prospectus dated March 12, 2021, relating to the issuance of the Series J shares, the holders of the Series J shares have the right, at their option, to convert all or any of their Series J shares, on a one-for-one basis, into cumulative floating rate first preferred shares, Series K, of the company on May 15, 2026. On such date, holders who do not exercise their right to convert their Series J shares into Series K shares will continue to hold their Series J shares.

The foregoing conversion right is subject to the following:

1. If the company determines that there would be less than one million Series K shares outstanding on the conversion date, then holders of Series J shares will not be entitled to convert their shares into Series K shares.
2. Alternatively, if the company determines that there would remain outstanding less than one million Series J shares on the conversion date, then all remaining Series J shares will automatically be converted into Series K shares on a one-for-one basis on the conversion date.

In either case, Emera will give written notice to that effect to holders of Series J shares at least seven days prior to the conversion date, subject to the terms set out in the prospectus.

The dividend rate applicable for the Series J shares for the five-year period commencing on May 15, 2026, and ending on (and inclusive of) May 14, 2031, and the dividend rate applicable to the Series K shares for the three-month period commencing on May 15, 2026, and ending on (and inclusive of) Aug. 14, 2026, will be determined on April 15, 2026, and notice of such dividend rates shall be provided to the holders of the Series J shares on that day.

Holders of Series J shares who wish to exercise their conversion right should communicate with their broker or other nominee to obtain instructions for exercising such right during the conversion period, which runs from April 15, 2026, until 5 p.m. EDT on April 30, 2026. Any notices received after this deadline will not be valid. As such, it is recommended that this be done well in advance of the deadline in order to provide their broker or other nominee with adequate time to complete the necessary steps.

Holders of Series J shares who do not provide notice or communicate with their broker or other nominee by the deadline will retain their Series J shares and receive the new annual fixed dividend rate applicable to the Series J shares, subject to the conditions stated above. Holders of Series J shares will have the opportunity to convert their shares again on May 15, 2031, and every five years thereafter as long as the shares remain outstanding. For more information on the terms of, and risks associated with, an investment in Series J shares and Series K shares, please see the company's prospectus, which is available on SEDAR+.

About Emera Inc.

Emera is a leading North American provider of energy services headquartered in Halifax, N.S., with investments in regulated electric and natural gas utilities, and related businesses and assets. The Emera family of companies delivers safe, reliable energy to approximately 2.7 million customers in the United States, Canada and the Caribbean. The company's team of 7,800 employees is committed to Emera's purpose of energizing modern life and delivering a cleaner energy future for all. Emera's common and preferred shares are listed and trade on the Toronto Stock Exchange, and its common shares are listed and trade on the New York Stock Exchange.

We seek Safe Harbor.