Company: EMICF
Filing Date: 2025-09-30
Form Type: 424B2
Source: 0000950103-25-012565
Chunk: 66

Company: EMERA INC
Filing Date: 2025-09-30
Form: 424B2
Chunk 66
---
 following day, with the proceeds back-valued to the value date, which would be the preceding day, when settlement occurs in New York.
If settlement is not completed on the intended value date, that is, the trade fails, proceeds credited to the Clearstream or Euroclear
participant’s account will instead be valued as of the actual settlement date.

<div align='center'>S-36

Material Income
Tax Considerations</div>

Each of the summaries under this section “Material Income Tax Considerations” is of a general nature only and is not intended to be, and should not be construed to be, legal or tax advice to any particular holder, and no representation is made with respect to the United States federal tax consequences or Canadian tax consequences to any particular holder. Accordingly, prospective purchasers are urged to consult their own tax advisors with respect to the United States federal tax consequences or Canadian tax consequences relevant to them, having regard to their particular circumstances.

Material U.S. Federal Income Tax Considerations

The following are the material
U.S. federal income tax consequences of ownership and disposition of the Notes. This discussion applies only to Notes that meet both of
the following conditions:

| · | they are purchased by those initial holders who purchase Notes at the “issue price,” which                                              
 will equal the first price to the public (not including bond houses, brokers or similar persons or organizations acting in the capacity 
 of underwriters, placement agents or wholesalers) at which a substantial amount of the Notes is sold for money; and                     |

| · | they are held as capital assets within the meaning of Section 1221 of the Internal Revenue Code of 1986, 
 as amended (the “Code”).                                                                                 |

This discussion does not
describe all aspects of U.S. federal income taxes and does not deal with all of the tax consequences that may be relevant to holders in
light of their particular circumstances or to holders subject to special rules such as:

| · | financial institutions; |

| · | insurance companies; |

| · | dealers or traders using a mark-to-market method of tax accounting for the Notes; |

| · | persons holding Notes as part of a hedge, “straddle” or integrated transaction; |

| · | U.S. Holders (as defined below) whose functional currency is not the U.S. dollar; |

| · | regulated investment companies or real estate investment trusts; |

| · | partnerships or other entities classified as partnerships for U.S. federal income tax purposes; |

| · | persons subject