TransAlta Corporation Investor Presentation — February 2022

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2This presentation includes "forward- looking information" within themeaning ofapplicable Canadian securities laws, and"forward- looking statements" within themeaning ofapplicable United States securities laws, including the

United States Private Securities Litigation Reform Actof1995 (collectively referred toherein as"forward- looking statements") .Allforward- looking statements arebased onthebeliefs aswell asassumptions ofTransAlta

Corporation (the “Corporation”, “TransAlta”, “we” or“our”) based oninformation available atthetime theassumption was made and onmanagement's experience and perception ofhistorical trends, current conditions and

expected future developments, aswellasother factors deemed appropriate inthecircumstances. Forward- looking statements arenotfacts, butonly predictions andgenerally canbeidentified bytheuseofstatements thatinclude

phrases such as"may", "will", "can", "could", "would", "shall", "believe", "expect", "estimate", "anticipate", "intend", "plan", "forecast", "foresee", "potential", "enable", "continue" orother comparable terminology .These statements

arenotguarantees ofourfuture performance, events orresults andaresubject torisks, uncertainties andother important factors thatcould cause ouractual performance, events orresults tobematerially different from thatset

outinorimplied bytheforward- looking statements .

Inparticular, thispresentation contains forward- looking statements including, butnotlimited to,statements relating to:ourClean Electricity Growth Plan andability toachieve thetarget of2GWofincremental renewables capacity

with aninvestment of$3billion by2025 ;theCompany's future growth pipeline, including thetiming ofcommercial operations andthecosts oftheadvanced andearly -stage projects ;thesource offunding fortheClean Electricity

Growth Plan;ourtransformation, growth, capital allocation anddebt reduction strategies ;growth opportunities from 2022 to2030 andbeyond ;theWhite Rock East andWhite Rock West Wind Power Projects ("White Rock Wind

Projects"), including thetotal construction costs, ability tosecure taxequity financing, andthetiming ofcommercial operation ;theGarden Plain wind project, including construction capital ;theNorthern Goldfields Solar Project,

including thetotal construction capital ;theoutage atKent Hills 1and2wind facilities andtheextent ofanyremediation, thetiming andcost ofsuch remediation, theability tosecure waivers inrespect oftheKent Hills bonds for

anypotential event ofdefault ;theexpected impact andquantum ofcarbon compliance costs; theability torealize future growth opportunities with BHP Billiton Nickel West ;2022 Alberta hedging price andvolume; financial outlook

for202, including adjusted EBITDA, cash available fordistribution andannual dividend ;andour2022 priorities, including asitpertains toourstrategic initiatives andgrowth andcommercial priorities .Forward- looking statements