Company: EMICF
Filing Date: 2025-09-29
Form Type: 424B2
Source: 0000950103-25-012357
Chunk: 67

Company: EMERA INC
Filing Date: 2025-09-29
Form: 424B2
Chunk 67
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'>S-37</div>

Classification of the Notes

The determination of whether
a security should be classified as indebtedness or equity for U.S. federal income tax purposes requires a judgment based on all relevant
facts and circumstances. There is no statutory, judicial or administrative authority that directly addresses the U.S. federal income tax
treatment of securities similar to the Notes. Under current law and based on the facts contained in this prospectus supplement, the terms
of the Indenture and the Notes, and certain assumptions and representations, the Notes should be classified for U.S. federal income tax
purposes as indebtedness and interest thereon should be treated as U.S. source (although there is no controlling authority directly on
point with respect to the treatment of the Notes and interest thereon). This treatment is not binding on the Internal Revenue Service
(the “IRS”) or the courts. Moreover, no rulings have been or will be sought from the IRS with respect to the transactions
described in this prospectus supplement. Accordingly, the Issuer cannot assure holders that the IRS will not challenge the treatment described
herein or that a court would not sustain such a challenge. If the IRS were to successfully challenge this treatment, interest payments
on the Notes could be treated for U.S. federal income tax purposes as dividends to the extent of the applicable current or accumulated
earnings and profits. In the case of Non-U.S. Holders (as defined below), interest payments treated as dividends could be subject to withholding
of U.S. income tax, except to the extent a reduced rate is provided by an applicable income tax treaty. In addition, such a determination
could constitute a Tax Event that would entitle us to redeem the Notes as described under “Description of the Notes—Redemption—Redemption
Following a Tax Event.” The Issuer agrees, and by acquiring an interest in a Note, each beneficial owner of a Note will agree, to
treat the Notes as indebtedness and the interest thereon as U.S. source, for U.S. federal income tax purposes. Holders should consult
their tax advisors regarding the tax consequences that will arise if the Notes are not so treated. The remainder of this discussion assumes
such treatment is respected.

Tax Consequences to U.S. Holders

As used herein, the term
“U.S. Holder” means a beneficial owner of a Note that is, for U.S. federal income tax purposes:

| · | a citizen or individual resident of