Company: EMICF
Filing Date: 2025-09-29
Form Type: 424B2
Source: 0000950103-25-012357
Chunk: 98

Company: EMERA INC
Filing Date: 2025-09-29
Form: 424B2
Chunk 98
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 other information contained in
and incorporated by reference in this prospectus (including subsequently filed documents incorporated by reference) and, if applicable,
those described and incorporated by reference in the applicable prospectus supplement. If any of the events or developments discussed
in these risks actually occur, our business, financial condition or results of operations or the value of the Debt Securities could be
adversely affected.

<div align='center'>10

Guaranteed Debt</div>

As of June 30, 2025, Emera
had $2.95 billion USD (as of December 31, 2024 – $2.95 billion USD) 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