TransAlta Development and Strategic Accomplishments

2022 Outlook ($millions) Comparable EBITDA FCF Sustaining Capital (1) 2022 Target $1,065 $1,185 $455-$555 $150-$170 2021 Target (as at Q3 2021) $1,200 $1,300 $500 - $560 $200 - $225 Market Alberta Spot AECO Gas Price ($/GJ) 2022 Prices $80 to $90 $3.60 2021 Prices (as at Q3 2021) $95 to $105 $3.45 Alberta Hedging Hedged Production (GWh) Hedge Price ($/MWh) Hedged Gas Volume (GJ) Hedge Gas Price ($/GJ) 2022 Assumptions Continuing Strong Cash Flow for 2022 LO 5 12022 Target excludes Kent Hills rehabilitation 6,278 $75 50 million $2.75 2022 Assumptions (as at Q3 2021) 4,387 $71 49 million $2.74 TransAlta

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