Emera Incorporated : December 2021 Investor Presentation

Investor Presentation

D EC E M B E R 2 0 2 1

FORWARD LOOKING INFORMATION AND NON-GAAP MEASURES

Forward-Looking Information

This 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 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; 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 Measures

Emera uses financial measures 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 by adjusting certain GAAP measures for specific items the Company believes are significant, but not reflective of underlying operations in the period. Refer to the Non- GAAP Financial Measures section of our MD&A for further discussion of these items.

1

EMERA AT A GLANCE

EMERA NEWFOUNDLAND

EMERA NEW& LABRADOR BRUNSWICK

EMERA INC

NOVA SCOTIA POWER EMERA ENERGY

We're a team of experts focused on safely delivering cleaner, affordable and reliable energy to our 2.5 million customers in Canada, the US and the Caribbean. With our proven strategy and portfolio of high-quality regulated utilities, Emera is well- positioned to continue to deliver for our customers while also providing our shareholders with long-term growth in earnings, cash flow and dividends.

NEW MEXICO GAS

TAMPA ELECTRIC

PEOPLES GAS

	$33B	$5.5B
	Assets1	Revenues2
GRAND BAHAMA POWER	68%	95%+
	US earnings2,3,4	Regulated1,3,4

DOMINICA ELECTRICITY SERVICES BARBADOS LIGHT & POWER

1 As of September 30, 2021
2 As of December 31, 2020
3 Based on adjusted earnings before impacts of corporate costs	2
4 Adjusted net income is a non-GAAP measure. Please refer to appendix for
reconciliation to reported earnings

OUR STRATEGY

3

OUR STRATEGY DRIVES SHAREHOLDER VALUE

Our ESG commitments are core to our strategy and our culture. Our decarbonization initiatives are driving growth and innovation and, in turn, creating long-term value for shareholders.

Emera's	Capital	Growth	Dividend
Strategy	Investments	Growth

Shareholder

Returns

• Our strategy is rooted in our ESG commitments.
• For over 15 years we have been focused on safely delivering cleaner, affordable and reliable energy to our customers.
• Our business is well positioned to capitalize on industry trends of decarbonization, digitalization and decentralization.

• Capital program of $8.4B to $9.4B (2022-2024).
• Over 60% of Emera's capital program invested in decarbonization and reliability projects.

• Capital program expected to drive approximately 7% to 8% rate base growth (2020 to 2024).
• Rate base will drive EPS and operating cash flow growth; EPS and cash flow growth should track rate base growth over time.

• Dividend growth guidance of 4% to 5% through to 2024.
• 6% dividend CAGR since 2000.
• Attractive dividend yield of 4.5%1.

• Track record of consistent and strong long-term returns for shareholders as compared to major indices.
• 10-yearannualized total shareholder return
  of 10.8%2.

1 As of November 30, 2021	4
2 Period ending November 30, 2021