TransAlta Corporation Investor Presentation — October 2023

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First Quarter 2024 Results

2Disclaimer and forward -looking statements

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

Securities Litigation Reform Act of 1995 (collectively referred to herein as "forward -looking statements") . All forward -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 the time the assumption was made 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

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", "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 to risks, uncertainties and other

important factors that could cause our actual performance, events or results to be materially different from that set out in or implied by the forward -looking statements .

In particular, this presentation contains forward -looking statements including, but not limited to, statements relating to: the expected near term and long term impacts of the announcement by the Government of Alberta to changes in the Alberta

electricity market, including the temporary regulatory changes and the restructured energy market ; realizing the benefits of the acquisition of Heartland Generation Ltd. and Alberta Power (2000) Ltd. (collectively, “Heartland”) ; the ability to achieve the

Clean Electricity Growth Plan targets ; the source of funding for the updated Clean Electricity Growth Plan; share repurchase plans and the allocation of up to $150 million towards the repurchase of common shares of the Company in 2024; our 2024

financial guidance, including earnings before interest, taxes, depreciation and amortization ("EBITDA"), free cash flow, and sustaining capital ; expectation for 2024 Alberta merchant prices ; expectation for the Hydro fleet to deliver strong results for the

remainder of the year; flexibility of our operations and strategy to adjust to different environmental factors ; our hedging activities mitigating the impact of unfavourable market pricing ; realizing the benefits new asset additions in the quarter, including