Company: EMICF
Filing Date: 2025-09-29
Form Type: 424B2
Source: 0000950103-25-012357
Chunk: 68

Company: EMERA INC
Filing Date: 2025-09-29
Form: 424B2
Chunk 68
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 the United States; |

| · | a corporation, or other entity taxable as a corporation for U.S. federal income tax purposes, created     
 or organized in or under the laws of the United States, any state thereof or the District of Columbia; or |

| · | an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source. |

Payments of Interest

Subject to the discussion
immediately below, stated interest paid on a Note will be taxable to a U.S. Holder as ordinary interest income at the time it accrues
or is received, in accordance with the U.S. Holder’s method of accounting for U.S. federal income tax purposes.

The Notes should be treated
as “variable rate debt instruments” for U.S. federal income tax purposes. If the Notes were not treated as variable rate debt
instruments, then the Notes would generally be treated as “contingent payment debt instruments,” in which case U.S. Holders
could be required to accrue interest income on the Notes in excess of stated interest and would be required to treat as ordinary income
rather than as capital gain any income realized on a taxable disposition 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 the 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 the Emera