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NSPI Approves Preferred Share Quarterly Dividends

Halifax, NS: The Board of Directors of Nova Scotia Power Inc. today approved a quarterly dividend of $0.01 per Nova Scotia Power Incorporated Series B First Preferred Share for the quarter ending June 30, 2001 payable on and after July 1, 2001 to Series B preferred shareholders of record June 18, 2001; a quarterly dividend of $0.30625 per Nova Scotia Power Incorporated Series C First Preferred Share for the quarter ending June 30, 2001 payable on and after July 1, 2001 to Series C preferred shareholders of record June 18, 2001; and a quarterly dividend of $0.36875 per Nova Scotia Power Incorporated Series D First Preferred Share for the quarter ending June 30, 2001 payable on and after July 15, 2001 to Series D preferred shareholders of record June 29, 2001.

Nova Scotia Power Inc. is a regulated company and is the principal supplier of electricity in Nova Scotia with 440,000 residential, commercial and industrial customers. Its system is province wide and provides over 95% of the generation, transmission, and distribution of electric power throughout Nova Scotia. The Company had 2000 revenues of $819 million. Nova Scotia Power Inc. preferred shares are traded on The Toronto Stock Exchange under the symbols NSI.UN, NSI.PR.C, and NSI.PR.D. Nova Scotia Power Inc. is a subsidiary of Emera Inc. whose common shares are traded on The Toronto Stock Exchange under the symbol EMA.