Company: EMICF
Filing Date: 2025-09-30
Form Type: 424B2
Source: 0000950103-25-012565
Chunk: 30

Company: EMERA INC
Filing Date: 2025-09-30
Form: 424B2
Chunk 30
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ation
Date (provided, that the interest rate during any Reset Period will not reset below the initial interest rate). In the past, U.S. Treasury
rates have experienced significant fluctuations. You should note that historical levels, fluctuations and trends of U.S. Treasury rates
are not necessarily indicative of future levels. Any historical upward or downward trend in U.S. Treasury rates is not an indication that
U.S. Treasury rates are more or less likely to increase or decrease at any time in the future and you should not take historical U.S.
Treasury rates as an indication of future U.S. treasury Rates.

While it is not possible
for the interest rate on the Notes to decrease below the initial interest rate, the interest rate on the Notes may fluctuate over time.

While it is not possible
for the interest rate on the Notes to decrease below the initial interest rate, the interest rate for a given Reset Period subsequent
to the initial Reset Period may decrease as compared to the interest rate for the

<div align='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