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Emera Inc. Announces Treasury Issue Of Common Shares

HALIFAX, Nova Scotia, November 12, 2002, (TSX:EMA): Emera Inc. announced today that it has entered into an agreement with an underwriting syndicate led by Scotia Capital Inc., pursuant to which the underwriters have agreed to buy from Emera and sell to the public 9,500,000 Common Shares of the Company.

The purchase price of $16.40 per Common Share will result in gross proceeds of approximately $156 million. The transaction is subject to the receipt of all necessary regulatory and stock exchange approvals. Closing is expected on or about December 3, 2002.

The net proceeds will be used for general corporate purposes, including repayment of bank credit facilities drawn in connection with the acquisition of Bangor Hydro and equity capitalization of subsidiaries including Nova Scotia Power.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

About Emera Inc.

Emera Inc. is a diversified energy and services company, with 550,000 customers and $4.0 billion in assets. The company has two wholly-owned regulated electric utility subsidiaries, Nova Scotia Power Inc. and Bangor Hydro-Electric Company. Nova Scotia Power supplies over 95% of the electric generation, transmission and distribution in Nova Scotia. Bangor Hydro provides electricity transmission and distribution service to 110,000 customers in eastern Maine. It is a member of the New England Power Pool, and is interconnected with the other New England utilities to the south and with New Brunswick Power to the north. In addition, Emera Energy manages Emera's growing gas infrastructure investment portfolio, including its 12.5% interest in the Maritimes & Northeast Pipeline, which delivers Sable natural gas to markets in Maritime Canada and the northeastern United States; and an 8.4% interest in the Sable Offshore Energy Project offshore platforms and sub-sea field gathering lines. Emera Energy also incorporates Emera Energy Services, Emera Fuels, and Emera's business development activities.