TransAlta Corporation Investor Presentation — November 2021

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

assumptions 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, aswell asother factors deemed appropriate inthecircumstances. Forward -looking statements arenotfacts, butonly predictions and generally can be

identified bytheuse ofstatements that include 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 and aresubject torisks, uncertainties and other important factors that could cause our

actual performance, events orresults tobematerially different from thatsetoutinorimplied bytheforward- looking statements .

Inparticular, thispresentation contains forward -looking statements including, butnotlimited to,statements relating to:ourClean Electricity Growth Plan and ability toachieve thetarget of2GW ofincremental

renewables capacity with aninvestment of$3billion by2025 ;theWindrise project and that theproject willreach commercial operation later thismonth ;theNorthern Goldfields Solar and Storage project, and that

construction isexpected tobegin inthefirstquarter of2022 ;thesuspension oftheSundance 5repowering project ;theretirement ofKeephills Unit 1attheendofthisyear andSundance Unit 4early in2022; thecoal-

to-gasconversion ofKeephills Unit 3;thatallofourAlberta facilities willbegenerating onlower -carbon- emitting natural gasatyear end;theoutage attheKent Hills 1and Kent Hills 2wind facilities, including cost and

timing ofremediation; theNorth Carolina solar portfolio and thecontribution toEBITDA; theGarden Plain project, including thetiming forcommercial operation and thecontribution toEBITDA; thedevelopment of

Horizon HillandWhite Rock wind projects andtiming forfinal investment decision; executing onopportunities tomaximize thevalue ofourhydro andwind fleets with anew focus onbattery storage andsolar inAlberta;

expand ourpipeline to5GW by2025 toenable ourgrowth plans todouble ourrenewables fleet bytheendofthedecade; production from theCorporation’s Thermal assets inthefourth quarter of2021 ;strong forward