Emera Incorporated : May/June 2022 Investor Presentation

Investor Presentation

M AY & J U N E 2 0 2 2

FORWARD LOOKING INFORMATION, NON-GAAP MEASURES AND OTHER

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 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 2021 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 presented may not be comparable to similarly titled measures used by other 2 companies.

TABLE OF CONTENTS

Financial Highlights - 4

Capital Plan - 11

ESG - 17

Regulatory - 29

Portfolio - 32

Appendix - 40

3

FINANCIAL HIGHLIGHTS

EMERA NEWFOUNDLAND & LABRADOR

EMERA NEW

BRUNSWICKEMERA INC

NOVA SCOTIA POWER EMERA ENERGY

EMERA AT A GLANCE

$34B $5.8B

Assets1Revenues1

6 2.5M

NEW MEXICO GAS

TAMPA ELECTRIC

PEOPLES GAS

GRAND BAHAMA POWER

DOMINICA ELECTRICITY SERVICES

BARBADOS LIGHT & POWER

# of Utilities	# of customers
63%	95%+
US Earnings1,2	Regulated1,2
~70%	39%
Capital plan	Reduction in CO₂
focused in Florida	emissions 3

1	As of December 31, 2021
2	Based on adjusted net income before corporate costs. Adjusted net income is a non-	5
GAAP measure. Please refer to appendix for reconciliation to reported earnings

3 As of December 31, 2021, compared to 2005 levels.