Emera Investor Presentation

November 2008

1

Generating Results

Forward Looking Statements

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.

2

Generating Results

Emera at a Glance

Net Earnings GrowthElectricity is our business • Generation, transmission, distribution

Foundation in regulated monopolies • 595,000 customers in Nova Scotia and Maine• 55,000 customers in St. Lucia• 19,000 customers in Grand Bahama

Low risk merchant generation

Gas transmission supports generation

$121 $126

$142

$9

$153

$3

$0

$20

$40

$60

$80

$100

$120

$140

$160

2005 2006 2007 2008

Mill

ions

of d

olla

rs

*

$151$156

$4.8 Bassets Mark to Market

*Trailing 12 months earnings

3

Generating Results

Emera’s Investment Portfolio

EmeraEnergy

Services

BrunswickPipeline*

BearSwamp Lucelec

Maritimes & Northeast

Pipeline

BangorHydro Electric

Nova ScotiaPower Inc.

100%

100% 100% 12.9%

100% 50% 19%

Open Hydro

7.4%

GrandBahamaPower

Company

25%

Emera Inc.

Contribution toGross Earnings YTD

%Capital Employed

%

1713

70

0

20

40

60

80

100

NSPI BHE Other

1914

67

0

20

40

60

80

100

NSPI BHE Other

Regulated business

* Under development

4

Generating Results

Generating Results

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

5

Generating Results

What’s New At Emera Earnings and Dividend Growth

Record earnings YTD 2008

Share price performing better than peers andUtilities Index

NSPI rate settlement agreement approved as filed by Utility and Review Board allows for a 9.4% rate increase and FAM

$41 million investment in Grand Bahama PowerCompany

Brunswick Pipeline on schedule to be completedby year end

$15 million investment in Open Hydro

Transmission development activities continue to advance in New England

2006 2007 2008

Earnings Per ShareDividends Per Share

$1.14

$0.89

$1.36

$0.90$0.7125/$0.965

YTD$1.06

YTD Share Price Performance vs. S&P/TSX Utilities Index (Jan 1 - Nov 3)

-35.00%-30.00%-25.00%-20.00%-15.00%-10.00%-5.00%0.00%5.00%

10.00%

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

5/21

/08

6/4/

08

6/18

/08

7/2/

08

7/16

/08

7/30

/08

8/13

/08

8/27

/08

9/10

/08

9/24

/08

10/8

/08

10/2

2/08

Cum

ulat

ive

% C

hang

e

Emera S&P/TSX Utilities Index

6

Generating Results

Brunswick Pipeline

Construction of the pipeline isapproximately 90% complete and willbe ready for gas by year end

The 1.3 km horizontal directional drillunder the St. John River wassuccessfully completed in September

All time-sensitive environmentalactivities have been completed

Pipeline provides the basicinfrastructure for expansion

Final capital cost is expected to be $465 million

Forecasted to contribute annual net earnings of approximately $25 million

Portland

Moncton

QuebecCity

NS

NBQuebec

Maine

PEI

Boston

Fredericton

Bangor Saint John VT

MA

NH Canaport LNG

Goldboro

Halifax

Maritimes & Northeast PipelineExisting Compressor StationBrunswick Pipeline

7

Generating Results

Investment in Grand Bahama Power Company

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 anddistribution lines

Solid regulatory system with FAM in place

Ownership: 50% Marubeni / 50% ICDU (publically traded) • ICDU ownership: 50% Emera

39.2% publically traded10.8% Marubeni

8

Generating Results

Additional Caribbean Investment

The Caribbean region is a focus for Emera• Growth market• Our operational skills are valued and aligned

Emera plans to invest up to $400 million incapital in the region over the next 4 years

Emera has invested $41 million in Grand BahamaPower Company and $22 million in Lucelec, theelectric utility in St. Lucia

There is potential for new generation development inSt. Lucia and other areas, including the development ofrenewables throughout the region

Emera understands the utility businesses, challenges andopportunities in the region

Emera is a member of CARILEC (Caribbean Electric Utility Service Corporation)

Trinidad and TobagoPort-of-Spain

Barbados

Antigua and Barbuda

Puerto Rico

Dominican RepublicHaiti

Jamaica

The Bahamas

Curaçao

Grand Bahama

Trinidad and TobagoPort-of-Spain

BarbadosST. LUCIA

Antigua and Barbuda

Puerto Rico

Dominican RepublicHaiti

Jamaica

The Bahamas

Curaçao

Grand Bahama

9

Generating Results

Focus on Transmission in Our Region

Bear Swamp

HalifaxBangor

New England Transmission Line

Point Lepreau TidalNSP

Transmission

NB Renewables

We believe there are many opportunities for us right in our own backyard

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

Emera is evaluating clean generation sources for this new transmission line

NSP Renewables

Churchill Falls, Labrador

Hydro Quebec

10

Generating Results

Focus on Transmission in Our Region

Overview of Northeast Energy Link (NEL) project

240 mile, Direct Current (DC) line from Orrington, Maine to Bostonload zone with possible future phase extending to Connecticut

Capability of importing 660-1100 MW of clean and/or renewablegeneration into the Boston (eastern Massachusetts) andConnecticut markets

Frees up significant capacity on the existing and futureAC system

Expansion capability with minimal environmentalimpacts

Uses existing capacity between Maine andNew Brunswick created by the Northeast ReliabilityInterconnect to connect generation with New Englandload

Estimated investment of $2 billion (at 660 MW to Massachusetts)

Agreement in place with National Grid to co-develop the transmission project

Orrington

NEMA Bostonor SEMA

Keswick

Pt. Lepreau

11

Generating Results

Transmission Projects in Maine

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

12

Generating Results

OpenHydro Investment

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 theEuropean 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 ina demonstration project in the Bay of Fundy startingin 2009

13

Generating Results

Becoming Cleaner and Greener

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

14

Generating Results

Emera – Stable and Secure

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

15

Generating Results

Investor Relations Contacts

Nancy Tower, FCAChief Financial Officer Direct: 902-428-6991Email: nancy.tower@emera.com

Jennifer Nicholson, CADirector, Investor Relations & Strategic Development Direct: 902-428-6347Email: jennifer.nicholson@emera.com