Company: EMICF
Filing Date: 2025-12-05
Form Type: F-10EF
Source: 0000950103-25-015822
Chunk: 16

Company: EMERA INC
Filing Date: 2025-12-05
Form: F-10EF
Chunk 16
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Sales of Common Shares under
an “at-the-market distribution”, if any, will be made pursuant to an accompanying Prospectus Supplement. Sales
of Common Shares under any “at-the-market” program will be made in transactions that are deemed to be “at-the-market
distributions” as defined in NI 44-102. The volume and timing of any “at-the-market distributions” will be
determined at Emera’s sole discretion.

<div align='center'>CHANGES IN CONSOLIDATED
CAPITALIZATION</div>

The following describes the
changes in the consolidated capitalization of Emera since September 30, 2025:

| (1) | During the period from October 1, 2025 up to and including November 30, 2025, Emera issued an aggregate                          
 of 1,151,293 Common Shares pursuant to Emera’s Common Shareholders’ Dividend Reinvestment and Share Purchase Plan (the “Dividend 
 Reinvestment Plan”), Employee Common Share Purchase Plan (the “Share Purchase Plan”) and upon the exercise                       
 of options granted pursuant to the Company’s Senior Management Stock Option Plan (the “Stock Option Plan”), for                  
 proceeds of approximately $75 million.                                                                                           |

| (2) | During the period from October 1, 2025 up to and including November 30, 2025, Emera’s consolidated                                          
 long-term and short-term debt, capital lease and finance obligations, including current positions and committed credit facility borrowings  
 classified as long-term debt, increased by approximately $800 million primarily due to increased borrowings on committed credit facilities. 
 As of November 30, 2025, Emera had approximately $2.8 billion drawn on its credit facilities.                                               |

<div align='center'>DESCRIPTION OF
COMMON SHARES</div>

Our authorized share capital
includes among other securities, an unlimited number of Common Shares. As at November 30, 2025, 301,745,499 Common Shares were issued
and outstanding. Our Common Shares are listed on the TSX under the symbol “EMA” and the NYSE under the symbol “EMA”.

Dividends

Holders of Common Shares are
entitled to dividends on a pro rata basis, as and when declared by the Company's board of directors (the “Board of Directors”).
Subject to the rights of the holders of the First Preferred Shares and Second Preferred Shares who are entitled to receive dividends in
priority