Company: EMICF
Filing Date: 2025-12-05
Form Type: F-10EF
Source: 0000950103-25-015822
Chunk: 17

Company: EMERA INC
Filing Date: 2025-12-05
Form: F-10EF
Chunk 17
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 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.

Liquidation, Dissolution or Winding-Up

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.

Voting Rights

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.

Constraints on Share Ownership

As required by the Nova Scotia Power Reorganization (1998) Act(Nova Scotia) and pursuant to the Nova Scotia Power Privatization Act(Nova Scotia),
the Articles of Association of Emera, as amended (the “Emera Articles”) 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.

<div align='center'>- 8 -</div>

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.

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.

<div align='center'>DIVIDEND POLICY</div>

Dividends on the Common Shares
are declared at the discretion of the Board of Directors. The