Company: EMICF
Filing Date: 2025-09-29
Form Type: 424B2
Source: 0000950103-25-012357
Chunk: 30

Company: EMERA INC
Filing Date: 2025-09-29
Form: 424B2
Chunk 30
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='center'>S-15</div>

prior Reset Period. We have
no control over the factors that may affect U.S. Treasury rates, including geopolitical, economic, financial, political, regulatory, judicial
or other conditions or events.

<div align='center'>S-16

Guaranteed Debt</div>

As of June 30, 2025, Emera
had US$2.95 billion (as of December 31, 2024 – US$2.95 billion) senior unsecured notes issued by Emera US Finance LP and junior
subordinated notes issued by EUSHI Finance (collectively referred to as the “US Notes”) outstanding.

The US Notes are fully and
unconditionally guaranteed, on a joint and several basis, and in the case of the fixed-to-fixed reset rate junior subordinated notes due
2054 only, on a joint, several and subordinated basis, by Emera and EUSHI (in such capacity, the “Guarantor Subsidiaries”).
Emera owns, directly or indirectly, all of the limited and general partnership interests in Emera US Finance LP. EUSHI Finance is owned
indirectly by Emera through EUSHI. Other subsidiaries of Emera do not guarantee the US Notes (such subsidiaries are referred to as the
“Non-Guarantor Subsidiaries”); however, Emera has unrestricted access to the assets of consolidated entities. In compliance
with Rule 13-01 of Regulation S-X, Emera is including summarized financial information for Emera, EUSHI and EUSHI Finance (together, the
“Obligor Group”), on a combined basis after transactions and balances between the combined entities have been eliminated.
Investments in and equity earnings of the Non-Guarantor Subsidiaries have been excluded from the summarized financial information.

The Obligor Group was not
determined using geographic, service line or other similar criteria and, as a result, the summarized financial information includes portions
of Emera’s domestic and international operations. Accordingly, this basis of presentation is not intended to present Emera’s
financial condition or results of operations for any purpose other than to comply with the specific requirements for guarantor reporting.

Summarized Statement of Income (Loss)

|                       | In millions of dollars |     |  For the six months 
 ended June 30, 2025 |     |     | For the year ended 
  December 31, 2024 |