Emera Investor Presentation. November 2008

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1 Emera Investor Presentation November 2008

2 Forward Looking Statements 1 Certain information provided in this presentation constitutes forward-looking statements. The words anticipate, expect, or project, and similar expressions are intended to identify such forward-looking statements. Although Emera believes such statements are based on reasonable assumptions, such statements are subject to certain risks, uncertainties and assumptions pertaining to operating performance, regulatory parameters, weather, economic conditions, etc. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected.

3 Emera at a Glance 2 Electricity is our business Net Earnings Growth Generation, transmission, distribution Foundation in regulated monopolies 595,000 customers in Nova Scotia and Maine $160 $140 $120 $121 $126 $151 $9 $156 $3 55,000 customers in St. Lucia 19,000 customers in Grand Bahama Low risk merchant generation Millions of dollars $100 $80 $60 $40 $20 $142 $153 * Gas transmission supports generation $ $4.8 B assets Mark to Market *Trailing 12 months earnings

4 Emera s Investment Portfolio 3 Emera Inc. 100% 100% 50% 19% 7.4% Nova Scotia Power Inc. Bangor Hydro Electric Emera Energy Services Brunswick Pipeline* Bear Swamp Lucelec 100% 100% 25% 12.9% Grand Bahama Power Company Maritimes & Northeast Pipeline Open Hydro Capital Employed % 100 Contribution to Gross Earnings YTD % Regulated business * Under development NSPI BHE Other NSPI BHE Other

5 4 Dividend increases and solid yield Board of Directors increased the dividend 13% since July 2007 to $1.01 Yields >4.5%, highest in our sector Visible earnings growth Record earnings in 2007 and YTD 2008 Development in progress will increase earnings in coming years Demonstrated regulatory and permitting skills NRI was constructed and energized on schedule Brunswick pipeline construction in underway and construction will be completed before year end Opportunities ahead Atlantic Canadian and New England infrastructure development Caribbean generation development

6 What s New At Emera 5 Record earnings YTD 2008 Earnings and Dividend Growth Share price performing better than peers and Utilities Index $1.14 $0.89 $1.36 $0.90 YTD $1.06 $0.7125/$0.965 NSPI rate settlement agreement approved as filed by Utility and Review Board allows for a 9.4% rate increase and FAM Earnings Per Share Dividends Per Share $41 million investment in Grand Bahama Power Company YTD Share Price Performance vs. S&P/TSX Utilities Index (Jan 1 - Nov 3) Brunswick Pipeline on schedule to be completed by year end $15 million investment in Open Hydro Cumulative % Change 10.00% 5.00% 0.00% -5.00% % % % % % % Transmission development activities continue to advance in New England 1/2/08 1/16/08 1/30/08 2/13/08 2/27/08 3/12/08 3/26/08 4/9/08 4/23/08 5/7/08 Emera 5/21/08 6/4/08 6/18/08 7/2/08 7/16/08 7/30/08 S&P/TSX Utilities Index 8/13/08 8/27/08 9/10/08 9/24/08 10/8/08 10/22/08

Brunswick Pipeline 6 Construction of the pipeline is approximately 90% complete and will be ready for gas by year end The 1.3 km horizontal directional drill under the St.

7 Brunswick Pipeline 6 Construction of the pipeline is approximately 90% complete and will be ready for gas by year end The 1.3 km horizontal directional drill under the St. John River was successfully completed in September All time-sensitive environmental activities have been completed Pipeline provides the basic infrastructure for expansion VT Quebec Quebec City NH MA Boston Maine Bangor Portland NB Fredericton Moncton Saint John NS Canaport LNG PEI Halifax Goldboro Maritimes & Northeast Pipeline Existing Compressor Station Brunswick Pipeline Final capital cost is expected to be $465 million Forecasted to contribute annual net earnings of approximately $25 million

Investment in Grand Bahama Power Company 7 Invested $41 million USD for 25% ownership interest in Grand Bahama Power Company Regulated Integrated Utility 19,000 customers 137 MW of oil-fired capacity

8 Investment in Grand Bahama Power Company 7 Invested $41 million USD for 25% ownership interest in Grand Bahama Power Company Regulated Integrated Utility 19,000 customers 137 MW of oil-fired capacity 1,100 miles of transmission and distribution lines Solid regulatory system with FAM in place Ownership: 50% Marubeni / 50% ICDU (publically traded) ICDU ownership: 50% Emera 39.2% publically traded 10.8% Marubeni

9 Additional Caribbean Investment 8 The Caribbean region is a focus for Emera Growth market Our operational skills are valued and aligned Grand Bahama The Bahamas Emera plans to invest up to $400 million in capital in the region over the next 4 years Emera has invested $41 million in Grand Bahama Power Company and $22 million in Lucelec, the electric utility in St. Lucia There is potential for new generation development in St. Lucia and other areas, including the development of renewables throughout the region Jamaica Emera understands the utility businesses, challenges and opportunities in the region Haiti Dominican Republic Antigua and Barbuda Puerto Rico ST. LUCIA Barbados Curaçao Port-of-Spain Trinidad and Tobago Emera is a member of CARILEC (Caribbean Electric Utility Service Corporation)

10 Focus on Transmission in Our Region 9 We believe there are many opportunities for us right in our own backyard Hydro Quebec Emera submitted a proposal for the Northeast Energy Link a large transmission project to the Planning Advisory Committee of ISO New England for economic study in April 2008 Churchill Falls, Labrador NB Renewables Emera is evaluating clean generation sources for this new transmission line Bangor Halifax NSP Renewables Point Lepreau Tidal NSP Transmission Bear Swamp New England Transmission Line

11 Focus on Transmission in Our Region 10 Overview of Northeast Energy Link (NEL) project 240 mile, Direct Current (DC) line from Orrington, Maine to Boston load zone with possible future phase extending to Connecticut Capability of importing MW of clean and/or renewable generation into the Boston (eastern Massachusetts) and Connecticut markets Keswick Pt. Lepreau Frees up significant capacity on the existing and future AC system Orrington Expansion capability with minimal environmental impacts Uses existing capacity between Maine and New Brunswick created by the Northeast Reliability Interconnect to connect generation with New England load NEMA Boston or SEMA Estimated investment of $2 billion (at 660 MW to Massachusetts) Agreement in place with National Grid to co-develop the transmission project

forecast for 2008 To be in service by end of 2008 Keene Road 345kV Substation $27 million project - $3.

12 Transmission Projects in Maine 11 Bangor Hydro focus on Transmission Development Great Lakes Hydro $15 million project in 2001 Northeast Reliability Interconnect In service December 2007 Hancock County Reliability $24 million project - $14 million forecast for 2008 To be in service by end of 2008 Keene Road 345kV Substation $27 million project - $3.2 million in 2008 Plan to energize 2009 Downeast Reliability $66 million project $1 million forecast for 2008 Plan to energize early 2012 Northeast Energy Link

OpenHydro is the first company to deploy a tidal turbine directly on the sea bed at the European Energy Marine Centre ( EMEC ) in Scotland A one MW turbine has been

13 OpenHydro Investment 12 Emera invested $15 million US for a 7.4% interest in OpenHydro in February 2008 OpenHydro designs and manufactures marine turbines for harnessing energy from tidal currents under the world s oceans. OpenHydro is the first company to deploy a tidal turbine directly on the sea bed at the European Energy Marine Centre ( EMEC ) in Scotland A one MW turbine has been operating successfully at EMEC for two years EDF Group, a world energy leader, has selected OpenHydro Group to build the first underwater tidal turbine farm in France NSPI has selected this technology for deployment in a demonstration project in the Bay of Fundy starting in 2009

Becoming Cleaner and Greener 13 NSPI has contracted for 246 MW of wind which will increase the wind on the ground in Nova Scotia by five fold by 2010 BHE

exciting tidal technology which will be tested by NSPI in Bay of Fundy NSPI investing in a waste heat recovery project at Tufts Cove Power Plant NSPI

14 Becoming Cleaner and Greener 13 NSPI has contracted for 246 MW of wind which will increase the wind on the ground in Nova Scotia by five fold by 2010 BHE focus on transmission of renewable energy from Maritimes and northern Maine to high demand regions of New England Emera recently invested in OpenHydro exciting tidal technology which will be tested by NSPI in Bay of Fundy NSPI investing in a waste heat recovery project at Tufts Cove Power Plant NSPI investing to improve operational and environmental performance at Trenton Unit 5 NSPI is pursuing right of way acquisition to facilitate further transmission development

15 Emera Stable and Secure 14 The company has access to debt capital markets, including more than $1.3 billion in committed syndicated bank lines of credit and an active commercial paper program More than $500 million of credit facilities are currently available In Q1, 2008 both Emera and NSPI completed final filings of debt shelf prospectuses for $400 million each The company s financing facilities are expected to provide sufficient access to money markets and capital markets necessary to maintain acceptable levels of liquidity relative to current cash forecasts Cash forecasts show we will be well within our debt service coverage ratios Plans for 2009 include financing of Brunswick Pipeline

16 Investor Relations Contacts Nancy Tower, FCA Chief Financial Officer Direct: Jennifer Nicholson, CA Director, Investor Relations & Strategic Development Direct:

Our symbol is an energy wave.

Our symbol is an energy wave. Who we are Our Business Emera Inc. is an international energy and energy services company with roots in Nova Scotia, Canada. Our team includes 7,400 employees working in Canada, the US and the Caribbean.