#1TransAlta Investor Presentation 1 MAY 13, 2022 XXXXXXXXX TransAlta#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: our Clean Electricity Growth Plan and ability to achieve the target of 2 GW of incremental renewables capacity with an investment of $3 billion by 2025; the Company's future growth pipeline, including the timing of commercial operations and the costs of the advanced and early-stage projects; the source of funding for the Clean Electricity Growth Plan; our transformation, growth, capital allocation and debt reduction strategies; growth opportunities from 2022 to 2030 and beyond; the White Rock East and White Rock West Wind Power Projects ("White Rock Wind Projects"), including the total construction costs, ability to secure tax equity financing, and the timing of commercial operation; the Garden Plain wind project, including construction capital; the satisfaction of conditions in respect of the contract extensions with the Sarnia industrial customers; the Northern Goldfields Solar Project, including the total construction capital; the Mount Keith Transmission Expansion with BHP, including the annual EBITDA and commercial operation date; the ability to realize future growth opportunities with BHP Billiton Nickel West; the Horizon Hill wind project including the anticipated EBITDA and commercial operation date; the outage at Kent Hills 1 and 2 wind facilities and the extent of any remediation, the timing and cost of such remediation, and the ability to secure waivers in respect of the Kent Hills bonds for any potential event of default; the expected impact and quantum of carbon compliance costs; 2022 Alberta hedging price and volume; financial outlook for 2022, including adjusted EBITDA, cash available for distribution and annual dividend; and our 2022 priorities, including as it pertains to our strategic initiatives and growth and commercial priorities. Forward-looking statements are subject to a number of significant risks, uncertainties and assumptions that could cause actual plans, performance, results or outcomes to differ materially from current expectations. Factors that may adversely impact what is expressed or implied by forward-looking statements contained in this presentation include, but are not limited to: the impact of COVID-19, including more restrictive directives of government and public health authorities; increased force majeure claims; reduced labour availability and ability to continue to staff our operations and facilities; disruptions to our supply chains, including our ability to secure necessary equipment and to obtain regulatory approvals on the expected timelines or at all in respect of our growth projects; restricted access to capital and increased borrowing costs; changes in short-term and/or long-term electricity supply and demand; fluctuations in market prices, including lower merchant pricing in Alberta, Ontario and Mid-Columbia; reductions in production; increased costs; a higher rate of losses on our accounts receivables due to credit defaults; impairments and/or write-downs of assets; increased cybersecurity threats; commodity risk management and energy trading risks, including the effectiveness of the Company's risk management tools associated with hedging and trading procedures to protect against significant losses; changes in demand for electricity and capacity and our ability to contract our electricity generation for prices that will provide expected returns and replace contracts as they expire; changes to the legislative, regulatory and political environments; reductions to our generating units' relative efficiency or capacity factors; disruptions in the source of fuels, including natural gas and coal, as well as the extent of water, solar or wind resources required to operate our facilities; general economic risks, including deterioration of equity markets, increasing interest rates or rising inflation; failure to meet financial expectations; general domestic and international economic and political developments, including escalation of armed hostilities at Ukraine, the threat of terrorism, cyberattacks, diplomatic developments or other similar events; equipment failure and our ability to carry out or have completed the repairs in a cost-effective manner or timely manner or at all, including if the remediation at the Kent Hills wind facilities is more costly than expected; the holders of the Kent Hills bonds declaring the principal and interest on the Kent Hills bonds and all other amounts, together with any amounts due thereunder, to be immediately due and payable; industry risk and competition; fluctuations in the value of foreign currencies; structural subordination of securities; counterparty credit risk; changes to our relationship with, or ownership of, TransAlta Renewables; changes in the payment or receipt of future dividends, including from TransAlta Renewables; risks associated with development projects and acquisitions, including capital costs, permitting, engineering risks, and delays in the construction or commissioning of projects; inadequacy or unavailability of insurance coverage; our provision for income taxes; legal, regulatory and contractual disputes and proceedings involving the Company; reliance on key personnel; and labour relations matters. The foregoing risk factors, among others, are described in further detail under the heading "Risk Factors" in our Annual Information Form and our Management's Discussion and Analysis for the year ended December 31, 2021. Readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on them, which reflect the Company's expectations only as of the date hereof. The forward-looking statements included in this document are made only as of the date hereof and we do not undertake to publicly update these forward-looking statements to reflect new information, future events or otherwise, except as required by applicable laws. In light of these risks, uncertainties and assumptions, the forward-looking statements might occur to a different extent or at a different time than we have described or might not occur at all. We cannot assure that projected results or events will be achieved. Certain financial information contained in this presentation, including EBITDA or Adjusted EBITDA, Free Cash Flow ("FCF") and cash available for distribution may not be standard measures defined under International Financial Reporting Standards ("IFRS") and may not be comparable to similar measures presented by other entities. These measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Please refer to the "Additional IFRS Measures and Non-IFRS Measures" and "Reconciliation of Non-IFRS Measures" section of the Management Discussion & Analysis for the nine months and year ended December 31, 2021 for further discussion of these items, including, where applicable, reconciliations to measures calculated in accordance with IFRS. The purpose of the financial outlooks contained herein are to give the reader information about management's current expectations and plans and readers are cautioned that such information may not be appropriate for other purposes and is given as of the date of this presentation. The Company is not making any offer or invitation of any kind by communication of this document to the recipient and under no circumstances is it to be construed as a prospectus or an advertisement. All amounts referenced in this presentation are in Canadian currency unless otherwise specified. 2 TransAlta#3TransAlta at a Glance $9.5 billion ENTERPRISE VALUE Strong balance sheet and capital discipline 110 Years GENERATION EXPERIENCE The foundation of our focused strategy ~8,000 MW DIVERSIFIED PORTFOLIO 74 generating facilities in Canada, the United States and Australia 3 $455 $555 million - 2022 EXPECTED FREE CASH FLOW Continued strong performance $3.8 billion MARKET CAPITALIZATION Listed on the TSX and NYSE 1,300 EMPLOYEES Central to value creation 29 million tonnes ANNUAL EMISSIONS REDUCTIONS SINCE 2005 8% of Canada's emissions reduction target TransAlta#4Financial Strength ADJUSTED EBITDA1 ($MILLIONS) $1,263 $1,123 $984 $927 2022 Guidance $1,065 - $1,185 FCF1 ($MILLIONS) $367 $379 $358 $562 2022 Guidance $455-$555 $266 $115 2018 2019 2020 2021 2022 YTD 2018 2019 2020 2021 2022 YTD ~$2 Billion CASH AND AVAILABLE CREDIT FACILITY 4 1 EBITDA and Adjusted EBITDA, Free Cash Flow, and Free Cash Flow per share are non-IFRS measures. Reconciliations to the nearest IFRS measures are included in the Q1 earnings release and other documents available at www.transalta.com. FCF PER SHARE1 $1.28 $1.34 $1.30 $2.07 $0.42 2018 2019 2020 2021 2022 YTD TransAlta#52022 Outlook ($millions) Adjusted EBITDA FCF Sustaining Capital (1) Market Alberta Spot AECO Gas Price ($/GJ) 2022 Target $1,065 $1,185 $455-$555 $150 - $170 2022 Prices (Updated as at Q1) $90 to $100 $4.50 to $5.50 Alberta Hedging Hedged Production (GWh) Hedge Price ($/MWh) Hedged Gas Volume (GJ) Hedge Gas Price ($/GJ) Continuing Strong Cash Flow for 2022 LO 5 12022 Target excludes Kent Hills rehabilitation BOY 2022 Assumptions (Updated as at Q1) 4,890 ~$73 40 million ~$3.00 TransAlta#6Who We Are Our Vision A leader in clean electricity - committed to a sustainable future A Customer- Centred Clean Energy Leader OUR STRATEGY OUR VALUES Safety Customer Needs Operational Excellence People Shareholder Value Innovation Sustainability Respect Integrity TransAlta#7TransAlta's Core Businesses TransAlta TM MERCHANT HYDRO THERMAL GENERATION ENERGY MARKETING AND TRADING BUSINESS DEVELOPMENT TransAlta renewables™ Diversified and reliable generation with world-class trading and business development teams 7 TransAlta#8Fleet Overview Wind and Solar 29 Facilities Coal 1 Facility Hydro 27 Facilities 8 ¹After suspension of Sundance 5 and retirement of Keephills Unit 1 and Sundance Unit 4 Natural Gas¹ 15 Facilities TECHNOLOGY WIND SOLAR BATTERY NATURAL GAS COAL HYDRO TransAlta#9Clean Energy Transition Ahead of Plan CLEAN ENERGY GROWTH CARBON TRANSITION EMISSIONS REDUCTIONS Over 400 MW of renewables and storage added, including first utility-scale storage ✓ Established ~3 GW wind and solar pipeline Established Canadian, US and Australian growth teams 1,600 MW of coal generation retired by end of 2021 ✓ 1,660 MW of conversions completed by end of 2021 ✓ Ceased active mining operations by end of 2021 Pioneer gas pipeline completed and sold ✓ CO2 emissions reduced by 61% from 2005 Targeting 75% below 2015 levels by 2026 ✓ ✓ Carbon neutrality by 2050 RENEWABLE CAPACITY (MW) ALBERTA THERMAL CAPACITY (MW) EMISSIONS REDUCTIONS (MM T CO2) 6 +28% 1,878 1,467 3,032 -52% 1,459 41.9 -70% 20.6 12.5 2019 2021 2019 Current 2005 2019 2021 TransAlta#10Strategic Accomplishments Led to Dramatic Evolution 10 SENIOR CORPORATE DEBT ($ billion) $1.6 -27% FREE CASH FLOW1 ($ million) +48% $1.1 $379 2019 2021 SHARE PRICE ($ / share) $562 +53%2 2019 2021 8% annual dividend increase since 2019 1 Free Cash Flow is a non-IFRS measures. Reconciliations to the nearest IFRS measures are included in the Q1 earnings release and other documents available at www.transalta.com. 2 As of closing on May 10, 2022 $9.28 $14.19 2019 Today TransAlta#11The Global Race to Decarbonize is On Global efforts to decarbonize are accelerating at a rapid pace Strong political support gaining momentum with explicit net zero goals Technology cost of renewables and energy storage declining rapidly and competing with fossil fuel generation SIGNIFICANT INVESTMENT REQUIRED TO MEET THE CHALLENGE $0.8 trillion - $1.8 trillion per year 2.5x to 6x higher than today 505 GW OF NEW WIND PER YEAR Corporations are delivering leadership by committing to net zero goals Investors are ramping up clean investments towards net zero push 11 Source: Bloomberg NEF New Energy Outlook 2021 + 455 GW OF NEW SOLAR PER YEAR 245 GW OF NEW STORAGE PER YEAR TransAlta#12Accelerating Renewables Growth: 2021 to 2030 2021 2025 12 2 GW $3 billion 2025 $250 million OF RENEWABLES GROWTH OF GROWTH CAPEX NEW ANNUAL EBITDA 5 GW OF GROWTH PIPELINE 2030 INCREASE IN 2X RENEWABLES FLEET TransAlta#13Our Clean Energy Evolution LEGEND 35% EBITDA TODAY 24% Renewables 11% 30% 70% EBITDA 20251 Energy Marketing Natural Gas Coal 5% 25% EBITDA attributable to renewables will reach 70% by end of 2025 13 1Post-Centralia retirement TransAlta#14Operational Excellence: Where We Are Going 14 AVAILABILITY GENERATION OM&A 94% +3% $400 92% 90% 88% 86% $350 $300 $250 84% 82% $200 2017-2020 Average 2022-2026 Average 2017-2020 Average $200 $150 $100 SUSTAINING CAPEX -25% - 23% 2022-2026 Average GENERATION STAFFING LEVELS 1400 1100 800 - 49% 500 $50 2017-2020 Average 2022-2026 Average 2017-2020 Average 2022-2026 Average TransAlta#15Our Investment Focus: 2021 to 2025 RENEWABLES AND STORAGE GAS GENERATION PARALLEL NEW INVESTMENTS Expand core focus of onshore wind in North America with customer-centred greenfield development • Establish position in solar targeting the United States, Canada and Australia markets through acquisition Establish position in storage, targeting Alberta to meet future grid stability requirements • Establish position in hybrid solutions in Alberta and Australia with customer- centred focus Optimize legacy Alberta Hydro assets and maximize cash flow from fleet . • Optimize existing gas generation to maximize value and cash flows to support renewables and storage growth • Assess parallel ESG or new industry sectors such as water treatment, transmission/distribution and car charging. • Monitor new technologies such as storage, hydrogen and carbon capture technologies for deployment post-2025 15 ~3 GW of development and three advanced-stage wind projects TransAlta#16Our Competitive Advantage: Foundations for Growth • Extensive North American renewables fleet Local Presence • 16 Extensive full lifecycle development, optimization and operational excellence Strong Robust balance sheet and competitive cost of capital with TransAlta Renewables Balance Sheet ESG Strategy Customer Focus Operational Excellence Highly Credible Developer Optimization and Trading Expertise TransAlta#17Development Pipeline UNITED STATES LEGEND 17 ADVANCED-STAGE DEVELOPMENT SITE UNDER CONSTRUCTION EARLY-STAGE DEVELOPMENT SITE PROJECT Total All Stages: 1,275 MW MW FUEL LOCATION STAGE COD RANGE White Rock West 100 Wind OK 2023 White Rock East 200 Wind OK 2023 Horizon Hill 200 Wind OK 2023 Prairie Violet 130 Wind IL 2026 Old Town 185 Wind IL 2024-2025 Big Timber 50 50 Wind PA 2026 Other US Wind Prospects 410 Wind Various TBD TransAlta#18Development Pipeline CANADA LEGEND: 18 ADVANCED-STAGE DEVELOPMENT SITE UNDER CONSTRUCTION EARLY-STAGE DEVELOPMENT SITE Total All Stages: 1,520 – 2,120 MW PROJECT MW FUEL LOCATION STAGE COD RANGE Garden Plain 130 Wind AB Tempest Riplinger Willow Creek 1 2022 100 Wind AB 2024 300 Wind AB 2025 70 70 Wind AB 2024-2025 Willow Creek 2 70 10 WaterCharger Wind AB 19 2024-2025 180 Battery AB 2023 SunHills Solar 80 Solar AB 2024 Alberta Solar 40 Solar AB 2024 Canadian Wind 250 Wind Various TBD Brazeau Pumped Storage 300- 900 Hydro AB 2032 TransAlta#19Development Pipeline AUSTRALIA LEGEND 19 ADVANCED-STAGE DEVELOPMENT SITE UNDER CONSTRUCTION EARLY-STAGE DEVELOPMENT SITE Total All Stages: 228 MW PROJECT MW FUEL LOCATION STAGE COD RANGE Northern Goldfields Solar 48 Solar and Battery WA 2022 Mt Keith 132kV Expansion N/A Transmission WA 2023 SCE Capacity Expansion 40 40 Goldfields Expansions South Hedland Solar Gas WA 2023 Wind, Solar, 90 WA 2024 Gas 50 50 Solar WA 2024 TransAlta#20Clean Electricity Growth Plan Execution MW Location Capital ($ millions) PPA Term Garden Plain Wind 130 Hanna, AB $190 - $200 17 years¹ Customer Pembina and investment-grade customer EBITDA ($ millions) $14-$18 COD H2 2022 Northern Goldfields Solar 48 Western Australia White Rock Wind 300 Caddo County, OK North Carolina Solar 122 Horizon Hill Wind 200 North Carolina Logan County, OK AU$69 - $73 US$460-$470 US$99 US$290-$310 16 years Long-term 11 years Long-term BHP Amazon AU$9 - $10 H2 2022 US$42 - $46 H2 2023 Duke Meta US$9 US$27-$30 In service H2 2023 Mt Keith Transmission NA Western Australia AU$50 - $53 15 years BHP AU$6-$7 H2 2023 Expansion Capacity Target 2 GW 40% Capital Target $3 48% Billion Incremental EBITDA Target $250 55% Million 40% of Clean Electricity Growth Plan secured with over 3 years remaining in plan 20 1 Weighted average contract life TransAlta#21Windrise Project Highlights Location Ft Macleod, Alberta Contracted 100% Size 206 MW Customer AESO Technology Siemens Gamesa Term 20 years COD November 2021 EBITDA $20-$22 million Now in commercial operations All turbines commissioned and now in operation Transmission interconnection fully complete and commissioned Work successfully competed through the pandemic Our 10th wind facility in Alberta 21 21 TransAlta#22Garden Plain Location Hanna, Alberta Size 130 MW Customer Project Highlights Contracted 100% Pembina and Investment-grade Technology Siemens Gamesa Term 17 years COD H2 2022 EBITDA $14-$18 million Construction activities now underway Alberta Utilities Commission permits have been secured for the wind and interconnection facilities Detailed engineering ongoing with full geotechnical complete Fully contracted Our 11th wind facility in Alberta 22 22 TransAlta#23Northern Goldfields Project Highlights Location Western Australia Contracted 100% Size 48 MW Customer BHP Technology Solar PV & Battery Term 16.3 years COD H2 2022 EBITDA $8-$9 million Construction activities underway Reduces BHP's Scope 2 emissions by up to 12% at Mount Keith and Leinster Comprised of 38 MW solar portfolio and 10 MW/5 MWh battery energy storage system First major growth project under extended PPA executed in 2020 Our 1st renewable project in Australia 23 23 TransAlta#24North Carolina Solar Portfolio Highlights Location North Carolina Contracted 100% Size 122 MW Customer Duke Energy Technology Solar PV Term 12 years Acquisition November 5, 2021 EBITDA US$9 million COD dates ranging from Nov. 2019 to May 2021 Acquisition cost of US$99 million Expected production of approximately 195,000 MWh per year Long term contracted cashflows with investment grade counterparties 20 operating facilities across North Carolina ranging in size from 3.2 MW to 6.7 MW Our 2nd solar portfolio in the US 24 24 FACILITY SOLAR TransAlta#25White Rock East and West Project Highlights Location Caddo County, OK Contracted 100% Size 300 MW Customer Technology Vestas COD H2 2023 Term EBITDA Amazon Long-term US$44 million On-site construction to begin in later 2022 White Rock East and White Rock West will collectively be TransAlta's largest wind facility Provides a significant step towards 2 GW target Consists of 51 Vestas turbines between both sites 25 Our 6th and 7th wind facilities in the US TransAlta#26Horizon Hill Wind Project Highlights Location Logan County, OK Contracted 100% Size 200 MW Customer Meta Technology Vestas EBITDA COD H2 2023 Term US$27-30 million Long-term ~90% of project capital fixed Provides a significant step towards 2 GW target Consists of 34 Vestas turbines Our 8th wind facility in the US 26 On-site construction to begin in Q4 2022 TransAlta#27Mt. Keith Transmission Expansion Project Highlights Location Customer W. Australia Contracted 100% BHP EBITDA AU$6-7 million COD H2 2023 Term 15 years Supports BHP's operations Facilitates the connection of additional generating capacity to our network Building our relationship with BHP 27 27 On-site construction underway TransAlta#28Alberta Business MAXIMIZE shareholder returns through active management of our diversified merchant portfolio PROVIDE dynamic, cost-effective and low carbon solutions to meet customer power demand and ESG goals IDENTIFY and evaluate market and technological sources for long-term growth 28 TECHNOLOGY WIND HYDRO BATTERY NATURAL GAS TransAlta#29Alberta Merchant Market is Evolving Strong customer demand for renewables and storage . Load growth moderating • • Cost of carbon emissions increasing • CCS/CCUS solutions costly and uncertain 2021 29 29 2022 HIGHER AVERAGE PRICING Moderate Volatility Baseload Generation Merchant exposure > Optimization . • Significant supply additions ~8,500 MW of gas, wind and solar planned or under construction ~2,500 MW of storage planned or under construction . 2023 2024 2030 LOWER AVERAGE PRICING Higher Volatility > Fleet diversity ➤ Peaking generation > Ancillary services >Low carbon footprint Hedging and optimization TransAlta#30Price Volatility Expected to Increase FORECASTED POWER PRICE LEVELS ($ / MWH) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 30 $0 <$50 $50-$100 >$100 Number of $0 hours expected to increase TransAlta well-positioned to compete in $50+ zone TransAlta#31Alberta Electricity Portfolio Q1 2022 Realized Prices $130 $110 20% ALBERTA HYDRO AVERAGE PREMIUM IN Q1 2022 $90 $70 $50 $30 Hydro Gas and Energy Wind Transition Average Spot Price in Quarter Demonstrating the value of our diversified fleet in Alberta 31 14% GAS AND ENERGY TRANSITION AVERAGE PREMIUM IN Q1 2022 TransAlta#32Performance Standard Change Makes CTG More Competitive 32 32 Marginal Cost ($/MWh) $90 $80 $70 $60 $50 $40 MARGINAL COST UNDER EVOLVING PERFORMANCE STANDARD $30 $20 $10 $0 2022 Existing CCGT ■Converted Gas 2025 2030 ■Proposed New CCGT (Unabated) Converted gas (CTG) to have lower variable costs under more stringent policy TransAlta#33Our Evolving Position in the Alberta Market LEGEND: 10 MW 2020 REPORTED 1,250 MW 265 MW 2025 WITH GROWTH1 AND RETIREMENTS2 1,724 MW 1,967 MW 2,666 MW Renewables Battery Natural Gas Coal 110 MW Well-positioned to perform in energy-only market 1 Growth includes Windrise, Garden Plain, Riplinger, SunHills Solar and Watercharger 33 2Includes the suspension of Sundance Unit 5 and the retirements of Sundance Unit 4 and Keephills Unit 1 TransAlta#34Disciplined Capital Allocation Factors Impacting Risk Premium Project Development Technology Economies of Scale Future Business Synergies Operational Synergies Counterparty Quality Contract Tenor Merchant Exposure Geography 34 == Regulatory Exposure Inflation Exposure Project Return Future Optimizations and Synergies • Tax Optimization • • Operational and Platform Commercial • Financing • Power Marketing Drop-downs to RNW • Merchant Optimization Portfolio Return Capital Recovery Our ability to identify and capture value drives enhanced portfolio returns TransAlta#3535 55 Prudent Capital Allocation DECONSOLIDATED FFO1 Amortizing Debt (6-8%) Preferred Dividends (8-10%) Common Dividends (10-15%) Sustaining Capital (25-35%) Growth Capital Debt Reduction Share Buyback (30-50%) 1 Refer to Forward Looking Statements (slide 2) 5-YEAR TREND Improving performance provides increased allocation to: Growth Dividends Share Buybacks TransAlta#36Growth Plan is Fully Funded CONSOLIDATED SOURCES AND USES 2021-2025 RNW Equity & Other Adjusted FFO 1 Return to Shareholders³ RNW Dividend Amortizing Debt Growth Capital Project Financing Net Cash 2 2022 Bond Refinance Sources 2022 Bond Maturity Uses 2 GW growth plan fully funded with cash flow and asset-level financing 1Adjusted FFO is equal to FFO, less sustaining capital, lease obligations and distributions to NCI (excluding RNW public NCI). 36 2Net Cash is equal to cash less credit facility as of December 31, 2020 3 Includes common share dividend, dividend on preferred shares and share buybacks TransAlta#37Sustainability Target Highlights ENVIRONMENTAL GOALS SOCIAL GOALS GOVERNANCE GOALS End coal generation by 2021 in Canada and 2025 in US Support Indigenous communities • Reduce safety incidents • • Reduce GHG emissions by 75% from 2015 levels by 2026 50% female representation on the Board by 2030 company by 2030 40% female employment across the . Reclaim mined land in Alberta and Washington State • Equal pay for women in equivalent roles as men Carbon neutral by 2050 37 • Remove systemic barriers across the organization Demonstrate leadership on ESG reporting within financial disclosures Our sustainability goals and targets support the long-term success of our business TransAlta#38Strategic Priorities to 2025 38 1 Clean Electricity Growth Plan Accelerate growth into customer-centred renewables and storage 2 Targeted approach to diversification 3 Maintain financial strength and capital allocation discipline 4 Define next generation of power solutions 5 Lead in ESG policy development 6 Successfully navigate through COVID-19 pandemic TransAlta#39Diversified and Clean power leader Our Value Proposition resilient fleet ~3 GW growth pipeline with ESG focus Strong financial position 39 I TransAlta#40Questions & Answers Visit us at: www.transalta.com Investor [email protected] 40 40 TransAlta