Emera Inc. Issues 50,496,750 Common Shares upon Conversion of Outstanding Convertible
Debentures
Emera Inc. (“Emera”) (TSX: EMA) announced today that it has received all outstanding final instalment payments in respect of its
4% convertible unsecured subordinated debentures ("Debentures") represented by instalment receipts ("Instalment Receipts"). Holders
of $2,113,285,691 principal amount of Debentures have elected to convert their Debentures into Emera common shares ("Common
Shares"). As a result, Emera has issued 50,496,750 Common Shares to holders of Debentures. $71,714,309 principal amount of
Debentures remain outstanding after giving effect to such conversions. Holders of fully-paid Debentures have the right, at any time
prior to redemption or maturity, to convert their Debentures into Common Shares at a price of $41.85 per Common Share. The closing
price of the Common Shares on the Toronto Stock Exchange (the "TSX") yesterday, August 2, 2016, was $49.18. Holders of Debentures
are encouraged to exercise their conversion right prior to the next Common Share dividend record date to ensure that they receive
future dividends paid by Emera. Conversion elections must be made by holders of Debentures through their broker, investment advisor
or other intermediary.
Holders of Debentures are reminded that as of today the interest payable on the Debentures has fallen to an annual rate of
0%. As a result, no further interest will accrue or be paid on the Debentures. The Debentures are not and will not be listed on the
TSX and may in the future be redeemed at par by Emera.
The Instalment Receipts, which until yesterday represented the interest of holders in the underlying Debentures, have now been
cancelled and delisted from the TSX.
About Emera Inc.
Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia with approximately
$27.5 billion in assets and 2015 pro-forma revenues of $6.3 billion. The company invests in electricity generation, transmission
and distribution, gas transmission and distribution, and utility energy services with a strategic focus on transformation from high
carbon to low carbon energy sources. Emera has investments throughout North America, and in four Caribbean countries. Emera
continues to target having 75-85% of its adjusted earnings come from rate-regulated businesses. Emera’s common and preferred shares
are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, and
EMA.PR.F. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol
EMABDR. Additional Information can be accessed at www.emera.com or at www.sedar.com.
Forward Looking Information
This news release contains forward-looking information within the meaning of applicable securities laws. By its nature,
forward-looking information requires the use of assumptions and is subject to inherent risks and uncertainties. These statements
reflect Emera’s current beliefs and are based on information currently available to it. There is risk that predictions, forecasts,
conclusions and projections that constitute forward-looking information will not prove to be accurate, that the assumptions may not
be correct and that actual results may differ materially from such forward-looking information. Additional detailed information
about these assumptions, risks and uncertainties is included in (i) Emera’s securities regulatory filings, including under the
heading “Business Risks and Risk Management” in Emera’s annual Management Discussion and Analysis, and under the heading “Principal
Risks and Uncertainties” in the notes to Emera’s annual and interim financial statements which can be found on SEDAR at www.sedar.com and (ii) under the heading “Risk Factors” in TECO Energy’s Annual Report on Form 10-K for the year
ended December 31, 2015, as updated in subsequent filings with the U.S. Securities and Exchange Commission. Except as required by
law, Emera disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
Emera:
Mark Kane, 813-228-1772
VP, Investor Relations
mark.kane@emera.com
or
Scott LaFleur, 902-428-6375
Manager, Investor Relations
scott.lafleur@emera.com
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