TransAlta Development and Strategic Accomplishments

Disciplined Capital Allocation Factors Impacting Risk Premium 31 Project Development Technology Economies of Scale Future Business Synergies Operational Synergies Counterparty Quality Contract Tenor Merchant Exposure Geography 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

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