Emera Announces Offering of Six Million Preferred Shares

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. 


Emera (TSX:EMA) announced today that it will issue six million Cumulative 5-Year
Rate Reset First Preferred Shares, Series A (the "Series A Preferred Shares") at
a price of $25.00 per share, for aggregate gross proceeds of $150 million on a
bought deal basis to a syndicate of underwriters in Canada led by Scotia Capital
Inc., RBC Capital Markets and CIBC World Markets Inc.


The holders of the Series A Preferred Shares will be entitled to receive fixed
cumulative dividends at an annual rate of $1.10 per share, payable quarterly, as
and when declared by the board of directors of Emera, yielding 4.40 per cent per
annum, for the initial five-year period ending on August 15, 2015. The dividend
rate will be reset on August 15, 2015 and every five years thereafter at a rate
equal to the sum of the then five-year Government of Canada bond yield plus 1.84
per cent. The Series A Preferred Shares are redeemable by Emera, at its option,
on August 15, 2015 and on August 15th of every fifth year thereafter. 


The holders of Series A Preferred Shares will have the right to convert their
shares into Cumulative Floating Rate First Preferred Shares, Series B (the
"Series B Preferred Shares"), subject to certain conditions, on August 15, 2015
and on August 15th of every fifth year thereafter. The holders of the Series B
Preferred Shares will be entitled to receive quarterly floating rate cumulative
dividends, as and when declared by the board of directors of Emera, at a rate
equal to the sum of the then 90-day Government of Canada treasury bill rate plus
1.84 per cent. 


Emera has granted to the underwriters an option, exercisable at any time up to
48 hours prior to the date of closing, to purchase up to an additional two
million Series A Preferred Shares at a price of $25.00 per share. 


The anticipated closing date is June 2, 2010. The net proceeds of the offering
will be used for general corporate purposes. 


The Series A Preferred Shares will be offered to the public in Canada by way of
prospectus supplement to the short form base shelf prospectus of Emera dated May
19, 2010. The securities referred to herein have not been and will not be
registered under the United States Securities Act of 1933, as amended, and may
not be offered or sold in the United States absent registration or an applicable
exemption from registration requirements.


This news release does not constitute an offer to sell or the solicitation of
any offer to buy, nor will there be any sale of these securities, in any
province, state or jurisdiction in which such offer, solicitation or sale would
be unlawful prior to the registration or qualification under the securities laws
of any such province, state or jurisdiction. 


Forward Looking Information

This news release contains forward looking information. Actual future results
may differ materially. Additional financial and operational information is filed
electronically with various securities commissions in Canada through the System
for Electronic Document Analysis and Retrieval (SEDAR).


About Emera

Emera Inc. (TSX:EMA) is an energy and services company with $5.4 billion in
assets. Electricity is Emera's core business. Approximately 94% of Emera's
revenues are earned by Nova Scotia Power Inc (NSPI), Bangor Hydro Electric
Company (BHE) and the Brunswick Pipeline. NSPI and BHE are wholly-owned
regulated electric utilities which together serve 603,000 customers. The
Brunswick Pipeline is a 145 km gas pipeline in New Brunswick. Emera also owns
38% of Barbados Light and Power which serves 120,000 customers on the Caribbean
island of Barbados, 19% of St. Lucia Electricity Services Limited, which serves
more than 50,000 customers on the Caribbean island of St. Lucia and 25% of Grand
Bahama Power Company which serves 19,000 customers on the Caribbean island of
Grand Bahama. In addition to its electric utility investments, Emera owns
Bayside Power, a 260 MW gas-fired power plant in Saint John, New Brunswick;
Emera Energy Services, a physical natural gas and power marketing and asset
management business; a joint venture interest in Bear Swamp, a 600 megawatt
pumped storage hydro-electric facility in northern Massachusetts; a 12.9%
interest in the Maritimes & Northeast Pipeline; and an 8.2% interest in Open
Hydro. Visit Emera on the web at www.emera.com.
Emera (TSX:EMA)
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