#1Emera Investor Presentation 2015 Scotiabank Energy Infrastructure Conference 1 MULLEN#22 Emera#3Forward - Looking Information Emera Incorporated ("Emera") includes forward-looking information in these materials within the meaning of applicable securities laws in Canada ("forward- looking information"), including forward-looking statements regarding, among other things, the proposed acquisition of TECO Energy, Inc. ("TECO Energy" or "TECO"); the transformation of Emera to a North American energy leader; the acceleration of financial goals, including estimated dividend growth and dividend growth targets, earnings per share and cash accretions, increases in regulated earnings and strengthening credit quality; new growth platforms and opportunities including expansion into Local Distribution Company ("LDC") gas business; scale and diversifications; common and preferred equity, debt and other financings; and cash flows; target ROE; industry and geographic trends and forecasts; pro forma capital investment profiles; stakeholder commitments; and timeliness to obtain regulatory approvals and acquisition closing. The purpose of the forward-looking information is to provide management's expectations regarding the contemplated acquisition and Emera's future growth, results of operations, performance, business prospects and opportunities, and it may not be appropriate for other purposes. All forward-looking information is given pursuant to the safe harbour provisions of applicable Canadian securities legislation. The words "anticipates", "believes", "budgets", "could", "estimates", "expects", "forecasts", "intends", "may", "might", "plans", "projects", "schedule", "targets", "should", "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 assumptions developed using information currently available to Emera's management in respect of each of Emera and the acquisition target. Although Emera believes that the forward-looking statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties including, but not limited to the ability to obtain shareholder, regulatory and other approvals and to satisfy conditions to closing and the ability to realize the expected benefits of the acquisition. For additional information on risk factors that have the potential to affect Emera, the contemplated acquisition and the proposed offering, reference should be made to Emera's continuous disclosure materials filed from time to time with Canadian securities regulatory authorities, to the heading "Business Risks and Risk Management" in Emera's annual Management Discussion and Analysis, to the heading "Principal Risks and Uncertainties" in the notes to Emera's annual and interim financial statements and to the heading "Risk Factors" in the short form prospectus to be filed with securities regulators in Canada in connection with the proposed offering. 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 after the date of this material. Nothing in this document should be construed as an offer or sale of securities of Emera or any other person. The pro forma information set forth in these materials should not be considered to be what the actual financial position or other results of operations would have necessarily been had the TECO Energy acquisition and related financing activities been completed, as, at, or for the periods stated. Emera uses financial measures regarding itself and TECO Energy in these materials, such as EBITDA, that do not have standardized meaning under U.S. GAAP and may not be comparable to similar measures presented by other entities ("non-GAAP measures"). Emera calculates the non-GAAP measures by adjusting certain U.S. GAAP measures for specific items that Emera believes are significant, but not reflective of underlying operations in the applicable period. Further information relating to non-GAAP measures, is set out in Emera's annual and interim Management Discussion and Analysis under the heading "Non- GAAP Financial Measures" and will be set out in the short form prospectus to be filed with securities regulators in Canada in connection with the proposed offering. Unless otherwise specified, all references to "$" or "CAD$ in this presentation are to Canadian dollars and all references to "USD$" in this presentation are to United States dollars. 3 Emera#4EMERA AT A GLANCE 4 TICKER SYMBOL Five Year Annualized Total Shareholder Return (For Period Ended September 30, 2015) LTM Total Shareholder Return (For Period Ended September, 2015) Dividend Yield (September 30, 2015) Total Assets (September 30, 2015) Market Capitalization EMA (TSX) 12.9% (S&P TSX Utilities Index 4.7%) 31.3% (S&P TSX Utilities Index 2.8%) 4.3% $11.0Bn August 2015 Dividend Increase: 18.8% $6.5Bn (September 30, 2015) Revenue $2.88Bn (LTM Ended September 30, 2015) Adjusted Net Income $321.4mm (LTM Ended September 30, 2015) Shares Outstanding 146.0mm (September 30, 2015) Total Electric Customers 839,018 (December 31, 2014) Employees (December 31, 2014) S&P/DBRS Rating Corporate Head Office: 3,530 BBB+/BBB (high) Halifax, NS Target of 75-85% Regulated Earnings Emera#5NOVA $4.5bn EMERA SCOTIA in assets MAINE POWER 30% of earnings (100%) $1.5bn in assets 13% of earnings (100%) 41% of assets 14% of assets RI RI EMERA CARIBBEAN $1.3bn INC in assets 8% of earnings 12% of assets RI EMERA NEWFOUNDLAND/ LABRADOR TRANSMISSION PIPELINES RI Emera (Caribbean) Incorporated (80.7%) • Barbados Light & Power (80.7%) Lucelec (15.4%) ⚫ DOMLEC (41.8%) EUS Bahamas (100%) Grand Bahama Power Company (80.4%) Estimated $2bn in assets by 2017* Maritime Link *(100%) Labrador Island Link *(37.5%) 6% of earnings $813mm in assets 9% of earnings Brunswick Pipeline (100%) Maritimes & Northeast 7% of assets Pipeline (12.9%) RI Rumford Saint John Churchill Falls Muskrat Falls Bangor Bayside Halifax $1.4bn Bayside (100%) EMERA ENERGY in assets Bear Swamp (50%) Bear 29% of earnings 13% of assets US Gas Generation (100%) Brooklyn Energy (100%) Swamp Dracut Boston CORPORATE AND OTHER Emera Energy Services (100%) $1.4bn in assets 5% of earnings Emera Utility Services (100%) Tiverton Bridgeport Algonquin Power (20.9%) 13% of assets Open Hydro (3.3%) Brooklyn Bottom Brook St. John's Cape Ray Granite Canal Soldiers Pond Florida Grand Bahama Power Company Grand Bahama Point Aconi Woodbine Dominican Republic Puerto Rico DOMLEC Dominica St. Lucia Barbados LUCELEC Barbados Light & Power Company RI Regulated Investments Note: Earnings %'s LTM ended September 30 2015, and are based on "Adjusted Net Income" before corporate costs. Assets are as at September 30,2015 • • 5 Adjusted Net Income is calculated as reported net income, adjusted for mark-to-market impacts. *Maritime Link and Labrador Island Link are equity accounted and are in the Corporate and Other segment of the financial statements Emera#66 Investor Presentation 2015 Scotiabank Energy Infrastructure Conference + Strategic Overview Emera#7EMERA STRATEGY 7 MARKET OPPORTUNITY: Demand For Cleaner Affordable Energy DRIVERS Environmental Regs & Standards Social & Political Demand ⚫ Fuel-Source Diversification ⚫ Energy Independence & Stability EMERA STRATEGY: Leverage the unique linkages and adjacencies of Emera's assets, capabilities & relationships to create growth and development opportunities. FOCUS . Renewables • Transmission (renewables to market) Gas Generation and Transportation Utilities Dividend Target: 8% CAGR through 2019 STRATEGIC INITIATIVES: Maritime Link and Labrador Island Link New England Transmission New England Gas Generation TECO Energy Acquisition 'Fuel to Assets' Projects 75-85% Regulated Earnings Target TECO Energy Acquisition 'Greening' of Generation Focus on Customer Affordability Emera#8Investor Presentation 2015 Scotiabank Energy Infrastructure Conference + TECO Energy Acquisition 80 Emera#99 PATIENCE PAYS OFF: EMERA FINDS IDEAL MATCH Significantly accretive to EPS: approx. 5% accretive in first full year¹, growing to >10% accretive by third full year¹ Accelerates growth of regulated earnings and cash flows: Pro forma earnings >80% regulated Enhances ability to support 8% dividend growth target through 2019 and beyond Expands regulated platform into more robust economic environments, new constructive regulatory environments and natural gas distribution Increases scale; making Emera a top 20 North American regulated utility 1 Current management estimate based on certain assumptions, including, a stable currency exchange environment; see "Forward-Looking Information". Excludes one-time transaction costs. Emera#10TECO ENERGY- COMPANY PROFILE Utility service area Tampa Electric TECO ENERGY Peoples Gas Regulated electric utility Regulated gas utility . Serves >700,000 Largest gas utility in Florida . customers in West Central Florida Owns and operates four power plants • Serves >350,000 customers in all located in Florida major metropolitan areas of the state Expected rate base • 2014 annual gas growth of 7% through 2017 throughput of ~1.5bn therms • Total generation fleet capacity is ~4.7GW Expanding generation into renewables . ~12,000 pipeline miles . New Mexico Gas Regulated gas utility Largest gas utility in New Mexico Serves >510,000 customers • Expected rate base New Mexico growth of ~4% ~12,000 pipeline miles Florida Power plants Transmission lines Business mix¹ Gas territory Electric territory New Mexico Gas 8% New Mexico Gas New Mexico Gas 33% 9% Peoples Gas Peoples Gas 12% 12% Tampa Electric 80% Peoples Gas 22% Tampa Electric 45% • Transfer of TECO Coal to purchaser completed on Monday September 21st, 2015. · Any exposure under existing outstanding bonds expected to be eliminated prior to Acquisition close. Total net income² USD$226mm 1 LTM net income and average customer count and as of June 30, 2015. Tampa Electric and Peoples Gas average rate base based on 10 earnings surveillance reports filed with FPSC in December 2014. NMGC rate base as of September 30, 2014 as disclosed by TECO; 2 Includes other income and corporate eliminations (not shown in pie graph).³Numbers do not add to 100% due to rounding Tampa Electric 80% Total customers ~1,560,000 Total rate base³ USD$6,078mm Emera#11Rank 11 PRO FORMA TOP-20 NORTH AMERICAN REGULATED UTILITY North American regulated utility industry: Ranked by asset size (USD$bn) $119 $74 Pro forma Emera¹ ■ Standalone Emera $62 $61 $56 $51 $40 $38 $37 $29$28 $26 $23$23 $21 $20$19 $16 PFEMA Emera becomes one of the largest North American utility/power/ pipeline industry companies with access to both the Canadian and U.S. capital markets $15$14$14 $12 $11 $8 $10 $9 $9 EMA $8 $7 $7 $6 $6 $5 $5 $5 $5 $5 $5 $5 $5 $5 $4 $4 $3 $3 $3 $3 $3 $2 $2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 1 Assets as of Q2 2015 including goodwill based on purchase price. Source: Public filings as of Q2 2015 Note: Includes integrated electric utilities and gas distribution companies Emera#12EXPANDED GEOGRAPHIC and REGULATORY DIVERSIFICATION Pro forma asset map 80 New Mexico ☐ D Florida Dominican Republic Grand Grand Bahama Power Company Bahama Florida Barbados Light & Power Company, DOMLEC, Lucelec 00 - Pipelines - Transmission lines Power plants Pro forma regulatory snapshot Nova Scotia Power Rate base Allowed ROE Equity capitalization Emera Maine (Transmission / Distribution) Rate base Allowed ROE Equity capitalization Emera Caribbean Rate Base Allowed Return on Rate Base CAD$3.7bn 8.75% 9.25% 37.5-40.0% CAD$400mm / CAD$300mm 10.57% 11.74% / 9.55% 62.0% / 49.0% CAD$0.9bn 10.0%-15.0% Emera Newfoundland /Labrador Transmission (estimated 2017)1 Rate Base Allowed ROE Equity capitalization Tampa Electric Rate base Allowed ROE Equity capitalization Peoples Gas Rate base Allowed ROE Equity capitalization New Mexico Gas XOXOXOXO Rate base Allowed ROE Equity capitalization ~CAD$2.0bn 9.0% (ML)/8.8% (LIL) 30.0% (ML) / 100.0% (LIL) ~USD$4.8bn² 9.25% 11.25% 54.0% USD$715mm² 9.75% 11.75% 54.7% USD$517mm² Pro Forma 2,400,000 customers 10.0% 52.0% 1 Maritime Link (ML) and Labrador Island Link (LIL) are equity accounted 12 2 Tampa Electric and Peoples Gas average rate base based on earnings surveillance reports filed to FPSC in December 2014. NMGC rate base as of September 30, 2014 as disclosed by TECO Emera#13INCREASED REGULATED EARNINGS 1,2 Total segmented earnings (June 30, 2015 LTM) New England ENL 6% Emera Energy 30% NSPI 33% Emera Maine Pipeline 9% 13% Caribbean Canada Emera Caribbean 7% Pro forma 84% regulated earnings (June 30, 2015 LTM) PGS 6% NMGC 4% NM NSPI 17% Canada Florida Tampa Electric 38% Emera Energy 16% Caribbean 13 ¹Based on the twelve-month period ended June 30, 2015. Numbers in chart may not add due to rounding. 2Segmented earnings includes the operations of NMGC acquired by TECO Energy on September 2, 2014 and excludes the discontinued operations of TECO Coal, TECO Guatemala and Other, and Emera Corporate & Other (except Emera Newfoundland/Labrador Transmission). New England ENL 3% Pipelines 5% Emera Maine 7% Emera Caribbean 4% Emera#14INDICATIVE TIMELINE TO OBTAIN REGULATORY APPROVALS AND CLOSE Q3 2015 Merger announcement Q4 2015 TECO shareholder approval O Vote December 3, 2015 Q1 2016 Mid 2016 Initiate regulatory filings in New Mexico and with U.S. federal regulatory agencies¹ New Mexico and applicable U.S. federal regulatory approvals O FERC Application filed October 5, 2015 O New Mexico Application filed October 19, 2015 • New Mexico pre-hearing conference scheduled December 10, 2015 File proxy statement Develop and initiate transition implementation plans 14 Note: Emera shareholder vote is not required 1 U.S. federal approval required from FERC; filings required under HSR and with CFIUS Expected transaction close Emera#1515 Investor Presentation 2015 Scotiabank Energy Infrastructure Conference TECO Financing Overview Emera#16. TECO TRANSACTION Emera to acquire TECO for USD$27.55 per TECO common share (100% cash consideration) · Equity purchase price of USD$6.5bn 48% premium to TECO's unaffected share price and 25% to TECO's unaffected 52-week high1 Total enterprise value of USD$10.4bn, including assumed TECO debt Acquisition includes TECO's USD$1.7bn of NOLS and AMT (alternative minimum tax) credits which provides significant accretion to Emera's cash position • Tax-value adjusted LTM enterprise value / EBITDA² multiple of 10.8x Tax-value adjusted enterprise value / rate base³ multiple of 1.6x Transaction supported by USD$6.5bn fully committed bridge loans and upfront mandatory convertible debenture financing Bridges led by J.P. Morgan and Scotiabank Mandatory convertible debenture financing provides CAD$2.185bn4 of equity Expected acquisition close: Mid 2016 1 Unaffected price and 52-week high as of July 15, 2015, the last day prior to TECO's announcement on July 16, 2015 that it was exploring strategic alternatives; 2 LTM as of June 30, 2015;3 As at December 31, 2014 rate base and includes jurisdictional rate base, assets earning a return 16 through clauses and riders, and construction work in progress. Note: Non-GAAP measures - Emera uses financial measures that do not have standardized meaning under U.S. GAAP and may not be comparable to similar measures presented by other entities. See "Forward-Looking Information". Emera#1717 FINANCING STRATEGY SUPPORTS EXISTING CREDIT PROFILE Successful upfront convertible debenture financing provides CAD$2.185bn of equity; expected to fully address Emera's common equity financing needs for the acquisition Expected ranges for financing plan: Common Equity and available sources - USD$1.7bn USD$2.1bn □ Preferred Equity USD$0.8bn - USD$1.2bn USD$3.4bn - USD$3.8bn ☐ Debt Currency risk hedged for convertible debenture financing¹. First instalment of convertible debenture held directly in USD$ treasuries. Currency exchange forward contract in place for second instalment. Most of the preferred share and debt financing targeted in USD$, providing significant natural currency hedge. Effectively approximately 85% of USD$6.5 billion required to close deal FX hedged. Incremental common equity financing through 2016, if any, in support of capital expenditures remains modest and consistent with previous estimates of between CAD$0 and CAD$300mm 1Hedged at approximate rate of $1.30 USD/CAD Emera#1818 Emera#19Investor Presentation 2015 Scotiabank Energy Infrastructure Conference + Major Initiatives 1999 Emera#20LOWER CHURCHILL Phase 1 and Maritime Link Churchill Falls MUSKRAT FALLS (MF) GENERATION & LABRADOR TRANSMISSION (LTA) $4.57bn project value 824 MW hydroelectric facility 4.9 TWh/yr 100% Nalcor owned LABRADOR ISLAND LINK (LIL) $3.09bn project value 900 MW capacity 1,100 km Emera to invest = $400mm of equity interest in the LIL MARITIME LINK (ML) $1.577bn project value 500 MW capacity 170km undersea link 100% Emera owned for 35 years TRANSMISSION LINES Proposed Northeast Energy Link Utility Service Area 20 20 Bangor Boston Saint John Muskrat Falls Halifax Bottom Brook Cape Ray St. John's Granite Canal Soldiers Pond Point Aconi Woodbine Emera#21MARITIME LINK – ON TIME ON BUDGET Construction Activities in 2015 Completed road at Indian Head Access Road to Big Lorraine Point Aconi Cable Transition Compound Major Contracts Awarded – 93% of Total Contracts Committed Abengoa awarded transmission construction contract Nexans awarded subsea cable contract ABB awarded converter contract Spend to Date* 32% 21 Emera 21 *Total spend as a percentage of total project budget as of September 30,2015#22CAPACITY PAYMENTS INCREASING Facility Bridgeport Tiverton Rumford Capacity (MW) 560 265 265 Location Connecticut Rhode Island Maine Creating New Value Established Long-term Service Agreement with Siemens, the turbine manufacturer, covering both gas turbines at Bridgeport. Major overhaul / upgrade completed at Bridgeport in 2014/2015, adding 40 MWs, and improving heat rate. Planned upgrade at Tiverton in 2016 will add ~20 MW. 11 MW was qualified for FCA9 and cleared at $17.73/kw-month for seven years. The balance has been qualified to participate in FCA10. Rumford Bangor Dracut Boston Tiverton Bridgeport Saint John Bayside Halifax Capacity Revenues ($USD) Bridgeport FCA5 ('14-'15) $17.5mm FCA6 FCA7 FCA8 ('15-'16) ('16-'17) ('17-'18) $18.7mm $17.2mm $38.5mm FCA9 ('18-'19) FCA10 ('19-'20) Clears in $54.5mm February Tiverton $9.4mm $10.0mm $9.2mm $20.6mm $34.8mm '2016 Rumford $9.4mm $10.0mm $9.2mm $20.6mm $28.0mm Total $36.3mm $38.7mm $35.6mm $79.7mm $117.3mm $/KW Month $2.855 $3.129 $2.950 $7.025 $9.55 $17.73* 22 22 * FCA 9 ($/KW Month): Rumford and Bridgeport $9.55, Tiverton $11.00, and Tiverton Upgrade $17.73 Emera#23VISIBLE EARNINGS GROWTH EARNINGS CONTRIBUTION INCREASE OF APPROXIMATELY $124* MILLION AFTER-TAX BETWEEN 2014 AND 2018 $21 $18 2014 $86 $77 2018 ■NEGG Capacity Payments Maritime Link & Labrador island Link APPROXIMATE EARNINGS CONTRIBUTIONS IN MILLIONS OF CAD $ 23 23 *Approximate earnings from NEGG capacity payments calculated with FX rates ($USD/$CAD): 2014:1.13 and 2018: 1.30 Emera#24NORTHEAST TRANSMISSION DEVELOPMENT PHASE I - AC TRANSMISSION UPGRADES DELIVERING WIND AND SURPLUS HYDRO MUSKRAT FALLS (MF) GENERATION & LABRADOR TRANSMISSION (LTA) NL ATLANTIC OCEAN LABRADOR ISLAND LINK (LIL) Emera Maine/Central Maine Power MOU MOU announced on July 7, 2014 AC transmission system upgrades in northern Maine to relieve existing congestion. Scope includes conceptual and specific projects including the potential rebuild of the existing MEPCO line. RFP HIGHLIGHTS Massachusetts: 817 GWh wind Connecticut: 1375 GWh wind or hydro 2750 GWh including wind or hydro 125 GWh wind Clean Energy RFP bids will be due in January 2016 24 24 ... QC VT NH ст MA 25 PA NJ ME w MARITIME LINK ΡΕΙ NB NS AREA OF TRANSMISSION CONGESTION NL WIND FACILITY HYDRO FACILITY Emera#25NORTHEAST TRANSMISSION DEVELOPMENT PHASE II - HVDC TRANSMISSION, BACKED BY SURPLUS HYDRO AND WIND NEW ENGLAND ELECTRICTY MARKET Strong interest in procuring renewable energy from Northern Maine/Canadian sources to: . • • Meet GHG reduction target; Backfill approximately 8000 MW of potential capacity retirements; Meet steadily escalating Renewable Portfolio Standards. MA bill proposed to procure 18.9TWh of Clean Energy QC MUSKRAT FALLS (MF) GENERATION NL MAINE GREENLINE Proposed up to 2000MW transmission line from Maine to Massachusetts Option for up to 15% equity NORTHEAST ENERGY LINK VT Proposed 230-mile, 1,100MW DC NH transmission Line. 50/50 partnership between Emera NY and National Grid MA ATLANTIC LINK PA P. CT Proposed 350 mile undersea NJ cable running from New Brunswick to Boston 25 25 ATLANTIC OCEAN LABRADOR ISLAND LINK (LIL) MARITIME LINK ΡΕΙ NB NS ME NL WIND FACILITY HYDRO FACILITY MAINE GREENLINE NORTHEAST ENERGY LINK (NEL) ATLANTIC LINK Emera#2626 Investor Presentation 2015 Scotiabank Energy Infrastructure Conference Financial Update Emera#27EPS* GROWTH ADJUSTED EPS CAGR 7.6% OVER THE LAST YEARS $2.36 $2.02 $2.23 $1.96 $1.85 $1.70 $1.55 27 22 2009 2010 2011 2012 2013 2014 CGAAP USGAAP USGAAP USGAAP USGAAP USGAAP Q3 2015 LTM USGAAP Adjusted EPS calculated as basic EPS, adjusted for mark-to-market adjustments. Q3 2015 LTM adjusted EPS is further adjusted to remove TECO acquisition related cost. Emera#28STRONG OPERATING CASH FLOW ($CADmm) 28 $564 $488 $419 $400 $398* $763 $761 2010 2011 2012 2013 2014 Q3 2015 LTM * 2012 operating cash flows reflect a $90 million voluntary contribution to Nova Scotia Power's pension plan Emera#298% ANNUAL DIVIDEND GROWTH TARGET THROUGH 2019 $2.20 $2.00 $1.80 DIVIDEND GROWTH TARGET OF 8% PER YEAR THROUGH 2019 $1.90 $1.60 DPS CAGR 7.4 % OVER THE LAST 5 YEARS $1.48 $1.41 $1.40 $1.36 $1.31 $1.20 $1.16 $1.66 1 $1.00 10 11 12 13 14 15(1) 16E(1) 17 18 19 29 29 (1) In August 2015, Emera adopted an annual dividend growth target of 8% through 2019 and its Board of Directors approved a 19% increase in its annual common share dividend from $1.60 to $1.90 per common share Emera#30PRO FORMA $8.3bn CAPITAL INVESMENT PLAN TO DRIVE GROWTH Pro forma capital expenditure profile (CAD$mm)¹ Total current expected capital investment of approximately CAD$6.4bn from 2016-'19E . Additional opportunities expected given scale and scope of pro forma Emera: CAPEX 2017-2019E • Transmission development, gas LDC expansion, carbon reduction investments, electric utility, gas pipeline, electric transmission and competitive generation Emera $2,097 TECO $2,115 Energy Total $4,212 $2,187 $1,891 $909 $969 $1,278 $922 2015E 2016E 2017E 2018E 2019E Emera TECO Energy Emera 30 Includes debt-financed portion of Maritime Link#31SUMMARY - WHY INVEST IN EMERA 31 • 75-85% regulated earnings target. STABLE EARNINGS • Adjusted earning per share CAGR of 7.6% over last 5 years. DIVIDENDS GROWING OPERATING CASH FLOWS • . •8% Annual Growth Rate target through 2019. • Dividend Yield of 4.3%; Dividend per share CAGR of 7.4% over last 5 years. Operating cash flows of $763 million for year ended December 31 2014, with secure cash coverage on our dividend. • 146% growth in operating cash flows over last 5 years. VISIBLE GROWTH PLAN • Pro forma $8.3bn capital investment plan to drive growth (2015-2019) • Strong project pipeline. DISCIPLINED INVESTMENT CRITERIA • Central to every investment decision. Emera#32Investor Presentation 2015 Scotiabank Energy Infrastructure Conference + Appendix 32 32 Emera#33SMART GRID Churchill Falls SMART GRID INITIATIVES Pursuing smart grid opportunities in Atlantic Canada, Maine & Barbados. These include: Oil displacement through heat pump initiatives; Heat pump installations now 20,000/year (Emera Maine & Nova Scotia Power); Load demand shifting (reduce & shift demand); Early stage EV initiatives. 33 Rumford Bangor Saint John Muskrat Falls Bottom Brook Cape Ray St. John's Granite Canal Soldiers Pond Brooklyn Point Aconi Woodbine BARBADOS Utility class solar; Roof-top solar; Smart-grid integrated with storage and EV's. Bayside 7 Halifax Bear Swamp Dracut Florida Boston Tiverton Bridgeport Grand Bahama Power Company Dominican Republic Grand Bahama Puerto Rico DOMLEC Dominica St. Lucia LUCELEC Barbados Barbados Light & Power Company Emera#34TIDAL POWER & OCEAN ENERGY • Emera part of a group, led by Open Hydro (a DCNS company), to deploy multi-phase tidal array in Bay of Fundy. Goal is to develop a commercial tidal industry in the region. Cape Sharp Tidal Venture (Demonstraton Project) 2016 4MW 1,000 homes Cape Sharp Tidal Development: Phases 2-4 2017 16MW 2019 50MW 2020's 300MW 34 =4 4,000 homes 12,500 homes 75,000 homes B4 Emera#35EMERA CAPITAL INVESTMENT PROFILE - OPPORTUNITIES $1,278 $47 . • Project Pipeline Northeast Transmission Development Tiverton Upgrade Maritime Gas Investments Smart Grid Investments Bay of Fundy Tidal $922 $950 $21 $95 $743 $468 $360 $37 $45 $433 $488 $495 $550 $515 $544 2015 2016 2017 2018 2019 2020 Base Utilities Emera Newfoundland Other $CADmm 35 NOTES: Amounts exclude AFUDC $25 Emera#36TIMING OF INVESTMENTS Maritime Link and Labrador Island Link ($CADmm) Maritime Link - Equity Maritime Link - Debt Labrador Island Link - Equity $415 $189 $298 $146 $161 $169 $159 $159 $68 $27 $35 $80 $12 $9 2011-2012 2013 2014 2015 2016 2017 NOTES: Timing of investments are estimates and subject to change. Amounts exclude AFUDC. 36 Emera#37Contact Information Investor Relations Contact: Scott LaFleur Manager, Investor Relations Direct: 902-428-6375 Email: [email protected] 37 32 Emera