Investor Presentaiton

2022 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

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