Emera Incorporated (“Emera” or the “Company”) (TSX/NYSE: EMA) announces that it has provided notice to the holders of its Cumulative 5-Year Rate Reset First Preferred Shares, Series A (the “Series A Shares”) and to the holders of its Cumulative Floating Rate First Preferred Shares, Series B (the “Series B Shares”) that 1,300 of its 4,866,814 issued and outstanding Series A Shares were tendered for conversion, on a one-for-one basis, into Series B Shares and that 569,430 of its 1,133,186 issued and outstanding Series B Shares were tendered for conversion, on a one-of-one basis, into Series A Shares.

Emera has also notified holders of its Series A Shares and Series B Shares, after having taken into account all shares tendered for conversion by holders of its Series A Shares and Series B Shares, as the case may be (collectively, the “Holders”), by the July 31, 2025 deadline for conversion notices, the Company has determined that there would be outstanding on August 15, 2025 (the “Conversion Date”) less than 1,000,000 Series B Shares. Therefore, in accordance with certain conditions set out in the Company’s prospectus supplement dated May 26, 2010, to the Company’s short form base shelf prospectus dated May 19, 2010 (collectively, the “Prospectus”), the Company has advised the Holders that no Series A Shares will be converted into Series B Shares and all remaining Series B Shares will automatically be converted into Series A Shares on a one-for-one basis on the Conversion Date.

Emera further announces that it will have 6,000,000 Series A Shares issued and outstanding after conversion on August 15, 2025. The Series A Shares will continue to be listed on the Toronto Stock Exchange ("TSX") under the symbol EMA.PR.A. The Series B Shares will no longer be listed on the TSX after the Conversion Date.

Holders of Series A Shares will have the opportunity to convert their shares again on August 15, 2030, and every five years thereafter as long as the shares remain outstanding. For more information on the terms of, and risks associated with, an investment in Series A Shares and Series B Shares, please see the Company’s Prospectus, which is available on SEDAR+ at www.sedarplus.ca.

Forward Looking Information

This news release contains forward-looking information or forward looking statements within the meaning of applicable securities laws (collectively, “forward-looking information”), including without limitation, statements about Series A Shares and Series B Shares. By its nature, forward-looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera management’s current beliefs and are based on information currently available to Emera management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that Emera’s assumptions may not be correct and that actual results may differ materially from those expressed or implied by such forward-looking information. The forward-looking information in this news release is made only as of the date of thereof, and Emera disclaims any intention or obligation to update or revise any such forward-looking information. Additional detailed information about these assumptions, risks and uncertainties is included in Emera’s securities regulatory filings, including under the heading “Enterprise Risk and Risk Management” in Emera’s annual Management’s Discussion and Analysis, and under the heading “Principal Financial Risks and Uncertainties” in the notes to Emera’s annual and interim financial statements, which can be found on SEDAR+ at www.sedarplus.ca or on EDGAR at www.sec.gov.

About Emera

Emera (TSX/NYSE: EMA) is a leading North American provider of energy services headquartered in Halifax, Nova Scotia, with investments in regulated electric and natural gas utilities, and related businesses and assets. The Emera family of companies delivers safe, reliable energy to approximately 2.6 million customers in Canada, the United States and the Caribbean. Our team of 7,600 employees is committed to our purpose of energizing modern life and delivering a cleaner energy future for all. Emera’s common and preferred shares are listed and trade on the Toronto Stock Exchange and its common shares are listed and trade on the New York Stock Exchange. Additional information can be accessed at www.emera.com, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

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