Company: EMICF
Filing Date: 2025-09-30
Form Type: 424B2
Source: 0000950103-25-012565
Chunk: 69

Company: EMERA INC
Filing Date: 2025-09-30
Form: 424B2
Chunk 69
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 of the Notes. Applicable Treasury Regulations set forth rules
to determine whether a variable rate debt instrument is treated as issued with original issue discount for U.S. federal income tax purposes
(“OID”). Based on the application of these Treasury Regulations and the expected pricing terms of the Notes, the Issuer does
not expect the pricing of the Notes to result in the Notes as being treated as issued with OID. The Issuer has the option under certain
circumstances to defer payments of stated interest on the Notes. Under the Treasury Regulations relating to OID, a debt instrument is
deemed to be issued with OID if there is more than a “remote” contingency that periodic stated interest payments due on the
instrument will not be timely paid. The Issuer believes the likelihood of exercising the option to defer payment of stated interest on
the Notes is remote within the meaning of the Treasury Regulations in part because the exercise of the option to defer payments of stated
interest on the Notes would generally prevent the Issuer from:

| · | declaring or paying any dividend or distribution on any Capital Stock of the Issuer or Emera; |

<div align='center'>S-38</div>

| · | redeeming, purchasing, acquiring or making a liquidation payment with respect to any Capital Stock of 
 the Issuer or Emera;                                                                                  |

| · | paying any principal, interest or premium on, or repaying, repurchasing or redeeming, any indebtedness 
 of the Issuer or Emera that ranks equally with or junior to the Notes in right of payment; and         |

| · | making any payments with respect to any guarantees by the Issuer or Emera of any indebtedness if such 
 guarantees rank equally with or junior to the Notes in right of payment.                              |

Similarly, if certain circumstances
occur (see “Description of the Notes—Redemption—Redemption Following a Rating Agency Event”), the Issuer will
be obligated to pay amounts in excess of stated principal of the Notes. Such excess payments will not affect the amount of interest income
that a U.S. Holder recognizes if there is only a remote likelihood that such payments will be made. The Issuer believes the likelihood
that it will make any such payments is remote.

Based on these positions,
a U.S. Holder generally should be required to recognize any stated interest as ordinary income at the time it is received or accrued on
the Notes in accordance with such holder’s regular method of accounting for U.S. federal income tax purposes