Investor Presentaiton

Alberta Merchant Market is Evolving Strong customer demand for renewables and storage . Load growth moderating • • Cost of carbon emissions increasing • CCS/CCUS solutions costly and uncertain 2021 29 29 2022 HIGHER AVERAGE PRICING Moderate Volatility Baseload Generation Merchant exposure > Optimization . • Significant supply additions ~8,500 MW of gas, wind and solar planned or under construction ~2,500 MW of storage planned or under construction . 2023 2024 2030 LOWER AVERAGE PRICING Higher Volatility > Fleet diversity ➤ Peaking generation > Ancillary services >Low carbon footprint Hedging and optimization TransAlta

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