TransAlta Corporation Investor Presentation — March 2021

Document content

Q4 and Annual 2020 Results

TransAlta Corporation22This 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 information and on management’s experience and perception of

historical trends, current conditions, and expected future developments, as well as other factors deemed appropriate in the c ircumstances. 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”, “wil l”,“can”, “believe”, “expect”, “anticipate”, “intend”, “plan”,

“project”, “forecast”, “foresee”, “potential”, “enable”, “continue”, or other comparable terminology. These statements are not g uarantees of TransAlta Corporation’s (“we”, “our”,

Company”) future performance and are subject to risks, uncertainties, and other important factors that could cause actual res ults or outcomes to be materially different from those

set forth in the forward- looking statements. In particular, this presentation includes forward- looking statements pertaining to, among other things: the Company’s Clean Energy

Investment Plan, including ceasing mining operations at Highvale mine and the Sundance 5 repowering; re- contracting Sarnia; our economic, environment, social and governance

(“E2SG”) accomplishments, including forecasted emission reductions and achieving 40% female employment by 2030; Alberta pricing and its sensitivity to EBITDA; pro forma

Hydro EBITDA; 2021 strategic priorities, including completing our conversion strategy and leading E2SG policy development; 2021 outlook, including Comparable EBITDA,

sustaining capital, free cash flow, and cash to shareholder; and our ability to execute on our growth strategy, including our development portfolio. 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: Alberta power pricing

being between $58/MWh to $68/MWh; Mid- C pricing being between $25/MWh and $35/MWh; the impacts arising from COVID -19 not becoming significantly more onerous; no

significant changes to regulatory, tax, securities, credit or market environments; no changes to the GHG compliance costs; and t he assumptions set forth herein and in the related

management's discussion and analysis 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 assumptions that could cause actual plans,