Investor Presentaiton

Price 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

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