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Investment Highlights

These investment highlights are provided for additional context with respect to the impact of the transaction
on ENMAX Corporation financial results.

Item Data
Size of rate base
  • Approximately USD$700M in 2018, representing ~50% of ENMAX's regulated rate base
  • Emera Maine's 2018 mid-year rate base consists of:
    • Transmission: 57%
    • Distribution: 43%
  • ENMAX's 2018 mid-year rate base consists of:
    • Transmission: 26%
    • Distribution: 74%

Emera Maine regulatory compact

  • Weighted average authorized ROE of 10.24% in 2018
    • Transmission:
      • Bangor Hydro District: 11.09%
      • Maine Public District: 9.60%
    • Distribution: 9.35%
  • Debt/equity ratio in capital structure:
    • Transmission: 42/58
    • Distribution: 49/51
Annual capital program
  • Emera Maine capital expenditures of USD$70M to USD$80M/year
  • ENMAX capital expenditures of CAD$350M to CAD$450M/year
Emera Maine standalone annual earnings
  • 2018 earnings of USD$34M in 2018
Financing of transaction
  • 100% debt-financed
  • Combination of private notes and bank credit facilities

ENMAX earnings and cash flow accretion

  • Transaction is immediately accretive to earnings and cash flow
    • EBITDA will increase by approximately 30% over our base business over the next five years
    • Earnings (including financing and transaction costs) will increase by approximately 20% over our base business over the next five years
  • Total assets will increase by almost 35% upon transaction close

ENMAX earnings quality

  • Regulated and non-commodity portion of total Corporate EBITDA will increase to over 70%

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