Emera Incorporated : 2023 Halifax Investment Advisor Lunch

FORWARD-LOOKING INFORMATION

document contains "forward-looking information" statements which reflect management's current view with respect to the Company's expectations regarding future growth, results of operations, performance, carbon dioxide emissions reduction goals, business prospects and opportunities, and may not be appropriate for other purposes within the meaning of applicable Canadian securities laws. All such information and statements are made pursuant to safe harbour provisions contained in applicable securities legislation. The words "anticipates", "believes", "budget", "could", "estimates", "expects", "forecast", "intends", "may", "might", "plans", "projects", "schedule", "should", "targets", "will", "would" and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. The forward-looking information reflects management's current beliefs and is based on information currently available to Emera's management and should not be read as guarantees of future events, performance or results, and will not necessarily be accurate indications of whether, or the time at which, such events, performance or results will be achieved.

The forward-looking information is based on reasonable assumptions and is subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical results or results anticipated by the forward-looking information.

Factors that could cause results or events to differ from current expectations include without limitation: regulatory and political risk; operating and maintenance risks; changes in economic conditions; commodity price and availability risk; liquidity and capital market risk; future dividend growth; timing and costs associated with certain capital investment; the expected impacts on Emera of challenges in the global economy; estimated energy consumption rates; maintenance of adequate insurance coverage; changes in customer energy usage patterns; developments in technology that could reduce demand for electricity; global climate change; weather; unanticipated maintenance and other expenditures; system operating and maintenance risk; derivative financial instruments and hedging; interest rate risk; inflation risk; counterparty risk; disruption of fuel supply; country risks; environmental risks; foreign exchange; regulatory and government decisions, including changes to environmental, financial reporting and tax legislation; risks associated with pension plan performance and funding requirements; loss of service area; risk of failure of information technology infrastructure and cybersecurity risks; uncertainties associated with infectious diseases, pandemics and similar public health threats, such as the COVID-19 novel coronavirus pandemic; market energy sales prices; labour relations; and availability of labour and management resources. Readers are cautioned not to place undue reliance on forward- looking information as actual results could differ materially from the plans, expectations, estimates or intentions and statements expressed in the forward-looking information. All forward- looking information in this document is qualified in its entirety by the above cautionary statements and, except as required by law.

Emera undertakes no obligation to revise or update any forward-looking information as a result of new information, future events or otherwise.

Nothing in this document should be construed as an offer or sale of securities of Emera or any other person.

NON-GAAP FINANCIAL MEASURES AND RATIOS

Emera uses financial measures and ratios that do not have standardized meaning under USGAAP and may not be comparable to similar measures presented by other entities. Emera calculates the non-GAAP measures and ratios by adjusting certain GAAP measures for specific items. Management believes excluding these items better distinguishes the ongoing operations of the business and allows investors to better understand and evaluate the business. Refer to the "Non-GAAP Financial Measures and Ratios" section of Emera's Q4 2022 MD&A which is incorporated herein by reference and can be found on SEDAR at www.sedar.com. Reconciliation to the nearest GAAP measure is included in the appendix

OTHER

Rate base is a financial measure specific to rate-regulated utilities that is not intended to represent any financial measure as defined by GAAP. The measure is required by the regulatory authorities in the jurisdictions where Emera's rate-regulated subsidiaries or equity investments operate, a summary of which can be found in our MD&A. The calculation of this measure as

$7.6B

2022 revenue1

6

High-quality

regulated utilities

68%

reduction in use of coal in

generation (GWh) since 20051

95%+

of adjusted net income2 from regulated utilities

7-8%

Forecasted Rate

Base Growth through 2025

9.6%

Annualized

10-year TSR3

Visible Growth Plan

• $8B - $9B capital investment plan through 20251
• 7.0% to 8.0% forecasted rate base growth through 2025

Proven Strategy & ESG Alignment

• Climate commitment, including a vision to achieve net-zero CO₂ emission by 2050
• Recognized for excellence in governance, including strong ESG governance

Sustainable Dividend Growth

• 4.0% to 5.0% dividend growth target through 2026
• 5.8% dividend yield2
• 17 years of sustainable dividend growth and 5% CAGR since 2000

Constructive Regulatory Environments

• Highly rated regulatory environments
• 95%+ of earnings from regulated investments4

Emera's regulated assets are primarily in favourable economic jurisdictions that are experiencing above average growth

Population Growth Driving Customer Growth

• Florida was the fastest growing state between 2021 and 2022, achieving population growth of ~2%
• • TEC experienced customer growth of ~2%
  • PGS experienced customer growth of ~5%
• Atlantic Canada was the fastest growing region in the country in 2022, with Nova Scotia achieving record breaking population growth of ~3%
• • NSPI experienced customer growth of 2.3% since 2020

Load Growth through Electrification

• Florida has the second highest penetration of EVs in the US
• In Nova Scotia, incentives for heat pump adoption are accelerating conversion of home heating from oil to electric

$1.1B

ADJUSTED NET

INCOME1, EXLUDING CORPORATE NET LOSS BY AFFILIATE

The three Ds: Energy is essential to our customers, and their evolving needs are driving decarbonization, decentralization and digitalization trends.

Environmental, Social and Governance (ESG) commitments are core to our strategy and shape our culture of doing the right thing for our customers, investors, communities and each other.

Our world is changing quickly, and we're ready

Our proven strategy has been driving our growth for nearly two decades. Our strategic focus balances our efforts to deliver cleaner energy with critical reliability investments, without overlooking the impact on costs for customers. Our strategy helps us respond to, and capitalize on, the key trends facing the energy industry: decarbonization, decentralization and digitalization.

8

Regulatory Update

Tampa Electric

• In March 2023, the FPSC approved recovery of $518M USD of fuel under-recoveries over a period of 21 months and the recovery of $131M USD of storm costs over 12 months at Tampa Electric. Recovery began April 1, 2023.

Peoples Gas

• In April 2023 PGS filed a rate case with the FPSC for new rates effective January 2024. PGS requested a $139M USD increase in annual base rates, including $11M USD from the CIBS rider. This reflects an 11% midpoint ROE. The hearing was held in Q3 2023 with a final decision expected by the FPSC in Q4 2023.

New Mexico Gas

• In September 2023, NMGC filed a formal rate application with the NMPRC for new rates effective October 2024. NMGC requested a ~$49M USD increase in annual base rates, reflecting an ROE of 10.5% (currently 9.375%) and a capital structure of 53%/47% equity/debt (currently 52%/48%).
• The filing included a request for approval to establish a new regulatory asset ranging for LNG CCN filing-related costs and for recovery/refund of various regulatory assets and liabilities.

BLPC

• In Q1 2023, the Barbados regulator issued a decision on BLPC's rate application and requested an additional compliance filling before setting final rates. BLPC requested a review of the decision, which was granted in Q2 2023. Hearing to review the decision was held in Q3 2023, with a final decision on rates expected in Q4 2023.

NSP 2022 GRA Settlement Details

• New rates will result in $160M in incremental non-fuel revenues through 2024
• No change to midpoint ROE of 9.0% or earnings band of 8.75% - 9.25%
• Equity thickness set at 40% for rate setting purposes - previously 37.5%