TransAlta Development and Strategic Accomplishments

Strategic Accomplishments Led to Dramatic Evolution 10 SENIOR CORPORATE DEBT ($ billion) $1.6 -27% FREE CASH FLOW ($ million) $1.1 $379 SHARE PRICE ($ / share) +40%¹ $500-$560 +41%² $9.28 $13.09 2019 2021 Q3 2019 2021 E 2019 Today 1Midpoint of 2021 guidance 2As of closing on January 13, 2022 8% annual dividend increase since 2019 TransAlta

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