TransAlta Corporation Investor Presentation — May 2022

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

United States Private Securities Litigation Reform Actof1995 (collectively referred toherein as "forward -looking statements") .Allforward -looking statements are based on the beliefs as well as assumptions of TransAlta

Corporation (the “Company”, “TransAlta”, “we” or “our”) based on information available at thetime theassumption was made and on management's experience andperception of historical trends, current conditions and expected

future developments, as well as other factors deemed appropriate inthecircumstances .Forward -looking statements are not facts, but only predictions and generally can be identified by theuse of statements that include phrases

such as "may", "will", "can", "could", "would", "shall", "believe", "expect", "estimate", "anticipate", "intend", "plan", "forecast", "foresee", "potential", "enable", "continue" or other comparable terminology .These statements are not

guarantees of our future performance, events or results and are subject torisks, uncertainties andother important factors that could cause our actual performance, events or results tobematerially different from that set out inor

implied by the forward -looking statements .

Inparticular, this presentation contains forward -looking statements including, but not limited to,statements relating to:ourClean Electricity Growth Plan andability toachieve thetarget of 2GWof incremental renewables capacity

with aninvestment of $3billion by2025 ;theCompany's future growth pipeline, including thetiming of commercial operations andthecosts oftheadvanced andearly -stage projects ;thesource of funding for theClean Electricity

Growth Plan;our transformation, growth, capital allocation anddebt reduction strategies ;growth opportunities from 2022 to2030 and beyond ;the White Rock East and White Rock West Wind Power Projects ("White Rock Wind

Projects"), including thetotal construction costs, ability tosecure tax equity financing, and thetiming of commercial operation ;theGarden Plain wind project, including construction capital ;thesatisfaction of conditions inrespect of

the contract extensions with theSarnia industrial customers ;theNorthern Goldfields Solar Project, including the total construction capital ;theMount Keith Transmission Expansion with BHP, including the annual EBITDA and

commercial operation date;theability torealize future growth opportunities with BHP Billiton Nickel West ;theHorizon Hillwind project including theanticipated EBITDA and commercial operation date ;theoutage at Kent Hills 1

and2wind facilities and the extent of any remediation, the timing and cost of such remediation, and theability tosecure waivers inrespect of theKent Hills bonds for any potential event of default ;theexpected impact and