TransAlta Corporation Investor Presentation — May 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 2; the repowering of Sundance Unit

5, including the cost and timing thereof, the increase in overall output to 750 MW and an increase in operating flexibility; thepotential investment in carbon capture and

storage at the repowered Sundance Unit 5; ability to successfully execute on the growth pipeline; our 2021 outlook, including free cash flow and ability deliver at the upper

end of guidance; hedging strategies, including in respect of the Alberta hydro assets; and the Company’s 2021 priorities, inc luding securing growth 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 arisi ng from COVID -19 not becoming

significantly more onerous; Alberta spot prices of $58/MWh to $68/MWh; Mid-C spot prices of US$25/MWh to US$35/MWh; no significa nt 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