EMERA INC

ATM Program

During 2022, approximately 4.07 million common shares were issued under the ATM Program at an average price of $61.31 per share for gross proceeds of $250 million ($248 million, net ofafter-tax issuance costs). As at December 31, 2022, an aggregate gross sales limit of $207 million remained available for issuance under the ATM Program, which expired on September 5, 2023.

On November 14, 2023, Emera renewed its ATM Program that allows the Company to issue up to $600 million of common shares from treasury to the public from time to time, at the Company’s discretion, at the prevailing market price. The ATM Program was renewed pursuant to a prospectus supplement dated November 14, 2023 to the Company’s short form base shelf prospectus dated October 3, 2023. The ATM program is expected to remain in effect until November 4, 2025.

During 2023, approximately 8.29 million common shares were issued under the ATM Program at an average price of $48.27 per share for gross proceeds of $400 million ($397 million, net ofafter-tax issuance costs) and an aggregate gross sales limit of $200 million remained available for issuance under the ATM Program.

On November 18, 2024, Emera increased the size of the ATM Program to allow the Company to issue up to $1 billion of common shares from treasury to the public from time to time, at the Company’s discretion, at the prevailing market price. The ATM Program was increased by an amendment dated November 18, 2024 to its prospectus supplement dated November 14, 2023 and an amendment dated November 13, 2024 to its short form base shelf prospectus dated October 3, 2023.

During 2024, approximately 5.12 million common shares were issued under the ATM Program at an average price of $51.52 per share for gross proceeds of $264 million ($261 million, net ofafter-tax issuance costs) and an aggregate gross sales limit of $336 million remained available for issuance under the ATM Program.

During 2025, up to and including February 21, 2025, 187,600 common shares were issued under the ATM Program and an aggregate gross sales limit of $326 million remains available for issuance under the ATM Program.