TransAlta Corporation Investor Presentation — August 2021

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TransAlta Corporation

2This presentation includes forward-looking statements or information (collectively referred to herein as “forward-looking statem ents”) within the meaning of applicable

securities legislation. All forward-looking statements are based on our beliefs as well as assumptions based on available inform ation and on management’s experience

and perception of historical trends, current conditions, and expected future developments, as well as other factors deemed appro priate in the circumstances. Forward-

looking statements are not facts, but only predictions and generally can be identified by the use of statements that include phrases such as “may”, “will”, “can”, “believe”,

“expect”, “anticipate”, “intend”, “plan”, “project”, “forecast”, “foresee”, “potential”, “enable”, “continue”, or other comparab le terminology. These statements are not

guarantees of TransAlta Corporation’s (“we”, “our”, Company”) future performance and are subject to risks, uncertainties, and other important factors that could cause

actual results or outcomes to be materially different from those set forth in the forward-looking statements. In particular, thi s presentation includes forward-looking

statements pertaining to, among other things: the Garden Plain wind project, including the expected costs, timing to achieve commercial operation and expectations

regarding the currently uncontracted 30 MWs; the timing for completion of the Windrise wind project; the conversion of Keephi llsUnit 3; the repowering of Sundance Unit

5; ability to successfully execute on the growth pipeline; achieving our 2021 revised outlook, including free cash flow and c omparable EBITDA; our hedging strategies,

including in respect of the Alberta hydro assets; and the Company’s priorities for the balance of 2021, including securing gr owth projects in U.S. and Australia,

recontracting Sarnia, and ability to secure project financing for the Windrise wind project. The material factors and assumptions used in the preparation of the forward-

looking statements contained herein, which may prove to be incorrect, include, but are not limited to: the impacts arising fr om COVID -19 not becoming significantly more

onerous; Alberta spot prices of $80/MWh to $100/MWh; Mid-C spot prices of US$45/MWh to US$55/MWh; no significant changes to regulatory, tax, securities, credit or

market environments; no changes to the GHG compliance costs (beyond those publicly announced); and the assumptions set forth in the related management's

discussion and analysis for the six months ended June 30, 2021 and the Company's annual information form for the year -ended December 31, 2020.

The forward-looking statements contained in this presentation are subject to a number of significant risks, uncertainties and as sumptions that could cause actual plans,