<SEC-DOCUMENT>0001137171-12-000412.txt : 20121029
<SEC-HEADER>0001137171-12-000412.hdr.sgml : 20121029
<ACCEPTANCE-DATETIME>20121026174728
ACCESSION NUMBER:		0001137171-12-000412
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20121026
FILED AS OF DATE:		20121029
DATE AS OF CHANGE:		20121026

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRANSALTA CORP
		CENTRAL INDEX KEY:			0001144800
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15214
		FILM NUMBER:		121165295

	BUSINESS ADDRESS:	
		STREET 1:		110 12TH AVE SW BOX 1900 STATION M
		STREET 2:		CALGARY ALBERTA T2P 2MI
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P2M1
		BUSINESS PHONE:		2128948400

	MAIL ADDRESS:	
		STREET 1:		110-12TH AVENUE SW
		CITY:			CALGARY ALBERTA CANADA
		STATE:			A0
		ZIP:			T2P2M1
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>transalta6k10262012c.htm
<DESCRIPTION>TRANSALTA CORPORATION 6-K
<TEXT>
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<TITLE>MD Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
<META NAME="author" CONTENT="LW">
<META NAME="date" CONTENT="10/16/2012">
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<P style="margin-top:0px; margin-bottom:37.333px; font-size:14pt" align=center><B>FORM 6-K<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>
<P style="margin-top:0px; margin-bottom:37.333px; font-size:14pt" align=center><B>Report of Foreign Private Issuer</B></P>
<P style="margin-top:0px; margin-bottom:48px; font-size:12pt" align=center><B>Pursuant to Rule 13a-16 or 15d-16 <BR>
of the Securities Exchange Act of 1934</B></P>
<P style="margin-top:0px; margin-bottom:32px; font-size:12pt">For the month of October 2012</P>
<P style="margin:0px; font-size:11pt" align=center><B>TRANSALTA CORPORATION</B></P>
<P style="margin:0px; font-size:12pt" align=center>(Translation of registrant&#146;s name into English)</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:11pt" align=center><B>110-12<SUP>th</SUP> Avenue S.W., Box 1900, Station &#147;M&#148;, Calgary, Alberta, T2P 2M1</B></P>
<P style="margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>(Address of principal executive offices)</P>
<P style="margin-top:0px; margin-bottom:16px; font-size:12pt">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</P>
<P style="margin-top:0px; margin-bottom:-2px; width:384px; font-size:12pt; float:left">Form 20-F____ &nbsp;&nbsp;</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-size:12pt">Form 40-F &nbsp;&nbsp;&nbsp;<U>X &nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:12.8px; font-size:12pt; clear:left">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:12.8px; font-size:12pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____</P>
<P style="margin-top:0px; margin-bottom:16px; font-size:12pt">Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:12pt; float:left">Yes</P>
<P style="margin-top:0px; margin-bottom:-2px; width:336px; font-size:12pt; float:left">_____</P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:12pt; float:left">No </P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:-2px; font-size:12pt"><U>X</U></P>
<P style="margin-top:0px; margin-bottom:16px; font-size:12pt; clear:left">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): <FONT style="font-size:11pt">&nbsp;</FONT>82-________ </P>
<P style="margin-top:0px; margin-bottom:16px; font-size:12pt">&nbsp;</P>
<P style="margin-top:0px; margin-bottom:16px" align=center><BR>
<BR></P>
<P style="margin:0px; font-size:12pt" align="center">1<BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin-top:0px; margin-bottom:16px; padding-left:54px; font-size:12pt; page-break-before:always" align=center><B>I</B></P>
<P style="margin-top:0px; margin-bottom:16px; font-size:12pt">The documents listed below in this Section and filed as Exhibits 13.1 and 13.2 to this form 6-K are hereby filed with the Securities and Exchange Commission for the purpose of being and hereby are incorporated by reference into the following registration statements filed by TransAlta Corporation under the Securities Act of 1933, as amended: </P>
<div align="center">
  <center>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=186 align="left" /><TD width=168 align="left" /></TR>
<TR><TD valign=top width=186 align="left"><P style="margin-top:0px; margin-bottom:16px; font-size:12pt"><U>Form:</U></P>
</TD><TD valign=top width=168 align="left"><P style="margin-top:0px; margin-bottom:16px; font-size:12pt"><U>Registration No.:</U></P>
</TD></TR>
<TR><TD valign=top width=186 align="left"><P style="margin-top:0px; margin-bottom:16px; font-size:12pt">S-8</P>
</TD><TD valign=top width=168 align="left"><P style="margin-top:0px; margin-bottom:16px; font-size:12pt">333-72454</P>
</TD></TR>
<TR><TD valign=top width=186 align="left"><P style="margin-top:0px; margin-bottom:16px; font-size:12pt">S-8</P>
</TD><TD valign=top width=168 align="left"><P style="margin-top:0px; margin-bottom:16px; font-size:12pt">333-101470</P>
</TD></TR>
<TR><TD valign=top width=186 align="left"><P style="margin-top:0px; margin-bottom:16px; font-size:12pt">F-10</P>
</TD><TD valign=top width=168 align="left"><P style="margin-top:0px; margin-bottom:16px; font-size:12pt">333-162418</P>
</TD></TR>
<TR><TD valign=top width=186 align="left"><P style="margin-top:0px; margin-bottom:16px; font-size:12pt">F-10</P>
</TD><TD valign=top width=168 align="left"><P style="margin-top:0px; margin-bottom:16px; font-size:12pt">333-170465</P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin-top:0px; margin-bottom:16px"><BR></P>
<P style="margin-top:0px; margin-bottom:16px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=97.2 /><TD width=541.2 /></TR>
<TR><TD style="margin-top:0px" valign=top width=97.2><P style="margin-top:0px; margin-bottom:16px; font-size:12pt">13.1</P>
</TD><TD style="margin-top:0px" valign=top width=541.2><P style="margin-top:0px; margin-bottom:16px; font-size:12pt"><a href="notes.htm">Consolidated comparative interim unaudited financial statements of the registrant for the three month period ended September 30, 2012.</a></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=97.2><P style="margin-top:0px; margin-bottom:16px; font-size:12pt">13.2</P>
</TD><TD style="margin-top:0px" valign=top width=541.2><P style="margin-top:0px; margin-bottom:16px; font-size:12pt"><a href="mda.htm">Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations of the registrant as at and for the period ended September 30, 2012.</a></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:16px; padding-left:54px; font-size:12pt" align=center><B>II</B></P>
<P style="margin-top:0px; margin-bottom:16px; font-size:12pt">The document listed below in this Section as 99.1 is being furnished, not filed, and will not be incorporated by reference into any registration statement filed by TransAlta Corporation under the Securities Act of 1933, as amended.</P>
<P style="margin-top:0px; margin-bottom:16px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=97.2 /><TD width=541.2 /></TR>
<TR><TD style="margin-top:0px" valign=top width=97.2><P style="margin-top:0px; margin-bottom:16px; font-size:12pt">99.1</P>
</TD><TD style="margin-top:0px" valign=top width=541.2><P style="margin-top:0px; margin-bottom:16px; font-size:12pt"><a href="newsrelease.htm">Press release dated October 26, 2012.</a></P>
</TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:16px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px; font-size:12pt" align="center">2<BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin-top:0px; margin-bottom:18.667px; font-size:14pt; page-break-before:always" align=center><B>Signatures</B></P>
<P style="margin-top:0px; margin-bottom:32px; font-size:12pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>
<P style="margin:0px; padding-right:13.2px; text-indent:384px; font-size:12pt"><B>TransAlta Corporation</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-right:12px; text-indent:384px; font-size:12pt">By<U>: </U><I><U>/s/ Brett Gellner</U></I></P>
<P style="line-height:14pt; margin:0px; padding-right:12px; text-indent:402px; font-size:12pt">Brett Gellner</P>
<P style="line-height:14pt; margin:0px; padding-left:402px; padding-right:12px; font-size:12pt">Chief Financial Officer</P>
<P style="margin-top:0px; margin-bottom:16px"><BR><BR></P>
<P style="margin-top:0px; margin-bottom:16px; padding-right:24px; font-size:12pt">Date: October 26, 2012</P>
<P style="margin-top:0px; margin-bottom:16px" align=center><BR>
<BR></P>
<P style="margin:0px; font-size:12pt" align="center">3</P>
<P style="margin:0px">&nbsp;</P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always" align=center><B>EXHIBIT INDEX</B></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=97.2 /><TD width=541.2 /></TR>
<TR><TD style="margin-top:0px" valign=top width=97.2><P style="margin-top:0px; margin-bottom:16px; font-size:12pt">13.1</P>
</TD><TD style="margin-top:0px" valign=top width=541.2><P style="margin-top:0px; margin-bottom:16px; font-size:12pt"><a href="notes.htm">Consolidated comparative interim unaudited financial statements of the registrant for the three month period ended September 30, 2012.</a></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=97.2><P style="margin-top:0px; margin-bottom:16px; font-size:12pt">13.2</P>
</TD><TD style="margin-top:0px" valign=top width=541.2><P style="margin-top:0px; margin-bottom:16px; font-size:12pt"><a href="mda.htm">Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations of the registrant as at and for the period ended September 30, 2012.</a></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=97.2><P style="margin-top:0px; margin-bottom:16px; font-size:12pt">31.1</P>
</TD><TD style="margin-top:0px" valign=top width=541.2><P style="margin-top:0px; margin-bottom:16px; font-size:12pt">Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=97.2><P style="margin-top:0px; margin-bottom:16px; font-size:12pt">31.2</P>
</TD><TD style="margin-top:0px" valign=top width=541.2><P style="margin-top:0px; margin-bottom:16px; font-size:12pt">Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=97.2><P style="margin-top:0px; margin-bottom:16px; font-size:12pt">32.1</P>
</TD><TD style="margin-top:0px" valign=top width=541.2><P style="margin-top:0px; margin-bottom:16px; font-size:12pt">Certification of Chief Executive Officer regarding Periodic Report Containing Financial Statements.</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=97.2><P style="margin-top:0px; margin-bottom:16px; font-size:12pt">32.2</P>
</TD><TD style="margin-top:0px" valign=top width=541.2><P style="margin-top:0px; margin-bottom:16px; font-size:12pt">Certification of Chief Financial Officer regarding Periodic Report Containing Financial Statements.</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=97.2><P style="margin-top:0px; margin-bottom:16px; font-size:12pt">99.1</P>
</TD><TD style="margin-top:0px" valign=top width=541.2><P style="margin-top:0px; margin-bottom:16px; font-size:12pt"><a href="newsrelease.htm">Press release dated October 26, 2012.</a></P>
</TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:16px"><BR></P>
<P style="margin-top:0px; margin-bottom:16px" align=right><BR>
<BR></P>
<P style="margin:0px; font-size:12pt" align="center">4</P>
<P style="margin:0px">&nbsp;</P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin-top:0px; margin-bottom:14.667px; padding-right:24px; font-size:11pt; page-break-before:always" align=right>Exhibit 31.1</P>
<P style="margin:0px; font-size:11pt" align=center><B>CERTIFICATIONS</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px">I, Dawn L. Farrell, certify that:</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left">1.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">I have reviewed this quarterly report on Form 6-K of TransAlta Corporation;<BR>
</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; clear:left; float:left">2.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;<BR>
</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; clear:left; float:left">3.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;<BR>
</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; clear:left; float:left">4.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:<BR>
</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:72px; width:96px; clear:left; float:left">(a)</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;<BR>
</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:72px; width:96px; clear:left; float:left">(b)</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and<BR>
</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:72px; width:96px; clear:left; float:left">(c)</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter (the registrant&#146;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and<BR>
</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; clear:left; float:left">5.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">The registrant&#146;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):<BR>
</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:72px; width:96px; clear:left; float:left">(a)</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px">all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize and report financial information; and<BR>
</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:72px; width:96px; clear:left; float:left">(b)</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px">any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; text-indent:384px"><I><u>/s/ Dawn L. Farrell</u></I></P>
<P style="margin-top:0px; margin-bottom:-2px; width:384px; float:left">Dated October 26, 2012</P>
<P style="margin:0px; text-indent:-2px"><SUB>Dawn L. Farrell</SUB></P>
<P style="margin:0px; text-indent:-2px">President and Chief Executive Officer</P>
<P style="margin:0px" align=right><BR>
<BR></P>
<P style="margin:0px; font-size:12pt" align="center">5</P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:11pt; page-break-before:always" align=right>Exhibit 31.2</P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>CERTIFICATIONS</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px">I, Brett Gellner, certify that:</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left">1.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">I have reviewed this quarterly report on Form 6-K of TransAlta Corporation;<BR>
</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; clear:left; float:left">2.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;<BR>
</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; clear:left; float:left">3.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;<BR>
</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; clear:left; float:left">4.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:<BR>
</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:72px; width:96px; clear:left; float:left">a.</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;<BR>
</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:72px; width:96px; clear:left; float:left">b.</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and<BR>
</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:72px; width:96px; clear:left; float:left">c.</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter (the registrant&#146;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and<BR>
</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; clear:left; float:left">5.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">The registrant&#146;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):<BR>
</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:72px; width:96px; clear:left; float:left">a.</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px">all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize and report financial information; and<BR>
</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:72px; width:96px; clear:left; float:left">b.</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px">any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; text-indent:384px">&nbsp;<I><u>/s/ Brett Gellner</u></I></P>
<P style="margin-top:0px; margin-bottom:-2px; width:384px; float:left">Dated October 26, 2012</P>
<P style="margin:0px; text-indent:-2px">Brett Gellner</P>
<P style="margin:0px; padding-left:384px; clear:left">Chief Financial Officer</P>
<P style="margin:0px" align=right><BR>
<BR></P>
<P style="margin:0px; font-size:12pt" align="center">6</P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:11pt; page-break-before:always" align=right>Exhibit 32.1</P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>Certification of Chief Executive Officer</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:24px; text-indent:24px">Pursuant to 18 U.S.C. &#167; 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of TransAlta Corporation (the &#147;<U>Company</U>&#148;) hereby certifies, to such officer&#146;s knowledge, that:</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; float:left">(i)</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px">the accompanying Report of Foreign Private Issuer on Form 6-K of the Company (the &#147;<U>Report</U>&#148;) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; float:left">(ii)</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px">the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:336px; float:left">Dated: October 26, 2012</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px"><I><U>/s/ Dawn L. Farrell</U></I></P>
<P style="margin:0px; padding-left:288px; text-indent:48px; clear:left">Dawn L. Farrell</P>
<P style="margin:0px; padding-left:288px; text-indent:48px">President and Chief Executive Officer</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=right><BR>
<BR></P>
<P style="margin:0px; font-size:12pt" align="center">7</P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:11pt; page-break-before:always" align=right>Exhibit 32.2</P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>Certification of Chief Financial Officer</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:24px; text-indent:24px">Pursuant to 18 U.S.C. &#167; 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of TransAlta Corporation (the &#147;<U>Company</U>&#148;) hereby certifies, to such officer&#146;s knowledge, that:</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; float:left">(i)</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px">the accompanying Report of Foreign Private Issuer on Form 6-K of the Company (the &#147;<U>Report</U>&#148;) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; float:left">(ii)</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px">the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:288px; float:left">Dated: October 26, 2012</P>
<P style="margin:0px; text-indent:-2px"><I><U>/s/ Brett Gellner</U></I></P>
<P style="margin:0px; padding-left:288px; clear:left">Brett Gellner</P>
<P style="margin:0px; padding-left:288px">Chief Financial Officer</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px; font-size:12pt" align="center">8</P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>2
<FILENAME>notes.htm
<DESCRIPTION>CONSOLIDATED COMPARATIVE INTERIM UNAUDITED FINANCIAL STATEMENTS OF THE REGISTRANT FOR THE THREE MONTH PERIOD ENDED SEPTEMBER 30, 2012
<TEXT>
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<HEAD>
<TITLE>MD Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
<META NAME="author" CONTENT="Mheglin">
<META NAME="date" CONTENT="08/15/2012">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<A NAME="RANGE!A1"></A><P style="margin:0px"><BR>
<BR>
<BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=208.8 /><TD width=30.6 /><TD width=30.533 /><TD width=30.533 /><TD width=24.733 /><TD width=27.067 /><TD width=15.267 /><TD width=1 /><TD width=59.733 /><TD width=72.733 /><TD width=16.267 /><TD width=60.667 /><TD width=75.2 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=300.467 colspan=4><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>TRANSALTA CORPORATION</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=15.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=60.733 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=72.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=60.667><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=75.2><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=428.267 colspan=9><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=72.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=60.667><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=75.2><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=325.2 colspan=5><P style="margin:0px; font-family:Arial; font-size:7.5pt"><I>(in millions of Canadian dollars except per share amounts)</I></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=59.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=72.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=60.667><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.2><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=208.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=132.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>3 months ended Sept. 30</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=135.867 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>9 months ended Sept. 30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=300.467 colspan=4><P style="margin:0px; font-family:Arial; font-size:7.5pt">Unaudited</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2011</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=60.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=75.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2011</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=208.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=59.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=60.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=300.467 colspan=4><P style="margin:0px; font-family:Arial; font-size:7.5pt">Revenues <FONT style="font-size:7pt"><I>(Note 6)</I></FONT></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>538</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>629</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=60.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>1,601</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>1,962</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=300.467 colspan=4><P style="margin:0px; font-family:Arial; font-size:7.5pt">Fuel and purchased power <FONT style="font-size:7pt"><I>(Note 7)</I></FONT></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>208</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>258</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=60.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>546</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=75.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>655</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=300.467 colspan=4><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Gross margin</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>330</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>371</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=60.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>1,055</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=75.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>1,307</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=300.467 colspan=4><P style="margin:0px; font-family:Arial; font-size:7.5pt">Operations, maintenance, and administration<I> </I><FONT style="font-size:7pt"><I>(Note 7)</I></FONT></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>117</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>138</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=60.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>375</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>400</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=300.467 colspan=4><P style="margin:0px; font-family:Arial; font-size:7.5pt">Depreciation and amortization</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>122</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>115</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=60.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>390</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>349</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=300.467 colspan=4><P style="margin:0px; font-family:Arial; font-size:7.5pt">Asset impairment charges (reversal) <FONT style="font-size:7pt"><I>(Note 8)</I></FONT></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(41)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>5</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=60.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>324</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>14</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=300.467 colspan=4><P style="margin:0px; font-family:Arial; font-size:7.5pt">Inventory writedown (reversal) <FONT style="font-size:7pt"><I>(Note 15)</I></FONT></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(8)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=60.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>34</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=300.467 colspan=4><P style="margin:0px; font-family:Arial; font-size:7.5pt">Taxes, other than income taxes</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>8</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>7</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=60.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>22</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=75.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>21</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=300.467 colspan=4><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Operating income (loss)</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>132</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>106</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=60.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(90)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=75.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>523</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=300.467 colspan=4><P style="margin:0px; font-family:Arial; font-size:7.5pt">Finance lease income</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>1</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=60.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>5</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>6</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=300.467 colspan=4><P style="margin:0px; font-family:Arial; font-size:7.5pt">Equity income (loss) <FONT style="font-size:7pt"><I>(Note 9)</I></FONT></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>14</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=60.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(5)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>16</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=208.8><P style="margin:0px; font-family:Arial; font-size:7.5pt">Sundance Units 1 and 2 arbitration <FONT style="font-size:7pt"><I>(Note 5)</I></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=30.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=30.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=30.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=24.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=27.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(7)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=60.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(254)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=300.467 colspan=4><P style="margin:0px; font-family:Arial; font-size:7.5pt">Gain on sale of facilities<I> </I><FONT style="font-size:7pt"><I>(Note 3)</I></FONT></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=60.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>3</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>3</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=269.933 colspan=3><P style="margin:0px; font-family:Arial; font-size:7.5pt">Other income</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>1</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=60.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>1</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=300.467 colspan=4><P style="margin:0px; font-family:Arial; font-size:7.5pt">Foreign exchange gain (loss)</P>
</TD><TD style="margin-top:0px" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>2</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>1</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=60.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(7)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=208.8><P style="margin:0px; font-family:Arial; font-size:7.5pt">Gain on sale of collateral <FONT style="font-size:7pt"><I>(Note 4)</I></FONT></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>15</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=60.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>15</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=300.467 colspan=4><P style="margin:0px; font-family:Arial; font-size:7.5pt">Net interest expense<I> </I><FONT style="font-size:7pt"><I>(Notes 10 and 13)</I></FONT></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(58)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(54)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=60.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(182)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=75.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(151)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=239.4 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Earnings (loss) before income taxes</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>85</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>70</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=60.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(514)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>399</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=300.467 colspan=4><P style="margin:0px; font-family:Arial; font-size:7.5pt">Income tax expense <FONT style="font-size:7pt"><I>(Note 11)</I></FONT></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>14</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>9</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=60.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>92</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=75.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>95</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=300.467 colspan=4><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Net earnings (loss)</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>71</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>61</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=60.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(606)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=75.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>304</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=208.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=59.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=60.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=300.467 colspan=4><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Net earnings (loss) attributable to:</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=59.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=60.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=75.2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=208.8><P style="margin:0px; font-family:Arial; font-size:7.5pt">TransAlta shareholders</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=91.667 colspan=3><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>64</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>54</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=60.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(631)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>277</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=208.8><P style="margin:0px; font-family:Arial; font-size:7.5pt">Non-controlling interests</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=91.667 colspan=3><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>7</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>7</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=60.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>25</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=75.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>27</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=208.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=30.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=30.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=30.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>71</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>61</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=60.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(606)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=75.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>304</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=208.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=59.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=60.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=325.2 colspan=5><P style="margin:0px; font-family:Arial; font-size:7.5pt">Net earnings (loss) attributable to TransAlta shareholders</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>64</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>54</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=60.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(631)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>277</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=300.467 colspan=4><P style="margin:0px; font-family:Arial; font-size:7.5pt">Preferred share dividends <FONT style="font-size:7pt"><I>(Note 23)</I></FONT></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>8</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>4</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=60.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>21</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=75.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>11</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=352.267 colspan=6><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Net earnings (loss) attributable to common shareholders</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>56</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>50</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=60.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(652)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=75.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>266</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=352.267 colspan=6><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Weighted average number of common shares <BR>
&nbsp;&nbsp;outstanding in the period </B><I>(millions)</I></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>234</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>223</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=60.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>229</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=75.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>222</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=208.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=30.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=30.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=30.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=59.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=60.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=75.2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=352.267 colspan=6><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Net earnings (loss) per share attributable to common <BR>
&nbsp;&nbsp;shareholders, basic and diluted</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>0.24</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>0.22</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=60.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(2.85)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=75.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>1.20</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=208.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=59.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=60.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=300.467 colspan=4><P style="margin:0px; font-family:Arial; font-size:7.5pt">See accompanying notes.</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=27.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.267 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=59.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=72.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=60.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=75.2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; color:#FF0000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; color:#FF0000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="line-height:18pt; margin:0px" align=justify><BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:6pt" align=right>TRANSALTA CORPORATION / Q3 2012<FONT style="font-size:7pt"> &nbsp;&nbsp;</FONT><b><font style="font-size: 7pt">1</font></b></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="line-height:18pt; margin:0px; page-break-before:always" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=328.2 /><TD width=17.667 /><TD width=17.667 /><TD width=67.267 /><TD width=17.667 /><TD width=79.6 /><TD width=16.8 /><TD width=67.267 /><TD width=16.8 /><TD width=79.533 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=328.2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt"><B>TRANSALTA CORPORATION</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=67.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=79.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=67.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=79.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=528.067 colspan=6><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=79.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=328.2><P style="margin:0px; font-family:Arial; font-size:7.5pt"><I>(in millions of Canadian dollars)</I></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=67.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=79.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=328.2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=67.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=79.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=67.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=79.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=328.2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=164.533 colspan=3><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>3 months ended Sept. 30</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=163.6 colspan=3><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>9 months ended Sept. 30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=328.2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Unaudited</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=67.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2011</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=67.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2011</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=328.2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=328.2><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Net earnings (loss)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>71</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>61</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(606)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>304</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=328.2><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Other comprehensive income (loss)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=328.2><P style="margin:0px; text-indent:10px; font-family:Arial; font-size:7.5pt">Gains (losses) on translating net assets of foreign operations</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(49)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>87</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(36)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>43</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=328.2><P style="margin:0px; text-indent:10px; font-family:Arial; font-size:7.5pt">Gains (losses) on financial instruments designated as hedges of <BR>
&nbsp;&nbsp;foreign operations, net of tax<SUP>(1)</SUP></P>
</TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>36</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(68)</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>25</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(42)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=328.2><P style="margin:0px; text-indent:10px; font-family:Arial; font-size:7.5pt">Gains (losses) on derivatives designated as cash flow hedges, <BR>
&nbsp;&nbsp;net of tax<SUP>(2)</SUP></P>
</TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(30)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>17</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(21)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(38)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=328.2><P style="margin:0px; text-indent:10px; font-family:Arial; font-size:7.5pt">Reclassification of losses on derivatives designated as cash flow <BR>
&nbsp;&nbsp;hedges to non-financial assets, net of tax<SUP>(3)</SUP></P>
</TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>2</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.6><P style="margin:0px; font-family:Arial; font-size:7pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>3</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=328.2><P style="margin:0px; text-indent:10px; font-family:Arial; font-size:7.5pt">Reclassification of (gains) losses on derivatives designated as <BR>
&nbsp;&nbsp;cash flow hedges to net earnings, net of tax<SUP>(4)</SUP></P>
</TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>62</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(54)</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>14</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(203)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=328.2><P style="margin:0px; text-indent:10px; font-family:Arial; font-size:7.5pt">Net actuarial gains (losses) on defined benefit plans, net of tax<SUP>(5)</SUP></P>
</TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(5)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(29)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(19)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=328.2><P style="margin:0px; text-indent:10px; font-family:Arial; font-size:7.5pt">Other comprehensive loss of equity investees, net of tax <FONT style="font-size:8.5pt"><SUP>(6)</SUP></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(2)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(2)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=328.2><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Other comprehensive income (loss)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=67.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>14</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=79.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(16)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=67.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(46)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=79.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(259)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=328.2><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Total comprehensive income (loss)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=67.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>85</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=79.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>45</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=67.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(652)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=79.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>45</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=328.2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=328.2><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Total comprehensive income (loss) attributable to:</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=328.2><P style="margin:0px; text-indent:10px; font-family:Arial; font-size:7.5pt">Common shareholders</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>77</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>40</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(671)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>22</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=328.2><P style="margin:0px; text-indent:10px; font-family:Arial; font-size:7.5pt">Non-controlling interests</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>8</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>5</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>19</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>23</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=328.2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=67.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>85</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=79.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>45</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=67.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(652)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=79.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>45</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=328.2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=708.467 colspan=10><P style="margin:0px; font-family:Arial; font-size:7.5pt"><I>(1) Net of income tax expense of 5 and 3 for the three and nine months ended Sept. 30, 2012 (2011 - 10 and 6 recovery), respectively.</I></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=708.467 colspan=10><P style="margin:0px; font-family:Arial; font-size:7.5pt"><I>(2) Net of income tax expense of 1 and 3 for the three and nine months ended Sept. 30, 2012 (2011 - 3 and 4 expense), respectively.</I></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=708.467 colspan=10><P style="margin:0px; font-family:Arial; font-size:7.5pt"><I>(3) Net of income tax recovery of 1 for the three and nine months ended Sept. 30, 2012 (2011 - nil), respectively.</I></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=708.467 colspan=10><P style="margin:0px; font-family:Arial; font-size:7.5pt"><I>(4) Net of income tax recovery of 10 and an expense of 13 for the three and nine months ended Sept. 30, 2012 (2011 - 6 and 99 expense), <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;respectively.</I></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=708.467 colspan=10><P style="margin:0px; font-family:Arial; font-size:7.5pt"><I>(5) Net of income tax recovery of 2 and 10 for the three and nine months ended Sept. 30, 2012 (2011 - nil and 7 recovery), respectively.</I></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=708.467 colspan=10><P style="margin:0px; font-family:Arial; font-size:7.5pt"><I>(6) Net of income tax recovery of 1 for the three and nine months ended Sept. 30, 2012 (2011 - nil), respectively.</I></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=328.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=328.2><P style="margin:0px; font-family:Arial; font-size:7.5pt">See accompanying notes.</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=67.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=79.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=67.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=16.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=79.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height: 18pt; font-family: Arial, 'Times New Roman'; font-size: 6pt; margin: 0px" align="left"><BR>&nbsp;2&nbsp;
TRANSALTA CORPORATION / Q3 2012&nbsp;</P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=justify><BR></P>
<A NAME="RANGE!A1:J71"></A><TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=210.533 /><TD width=14.8 /><TD width=14.8 /><TD width=24.333 /><TD width=30.8 /><TD width=23.067 /><TD width=89.133 /><TD width=102.6 /><TD width=14.8 /><TD width=14.8 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=240.133 colspan=3><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt"><B>TRANSALTA CORPORATION</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=89.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=132.2 colspan=3><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=539.667 colspan=10><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=225.333 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt"><I>(in millions of Canadian dollars)</I></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=89.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=102.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=210.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=89.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=102.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=210.533><P style="margin:0px; font-family:Arial; font-size:7.5pt">Unaudited</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>Sept. 30, 2012</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>Dec. 31, 2011</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=240.133 colspan=3><P style="margin:0px; font-family:Arial; font-size:7.5pt">Cash and cash equivalents<I> </I><FONT style="font-size:7pt"><I>(Note 14)</I></FONT></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>71</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>49</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=225.333 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Accounts receivable</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>562</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>541</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=240.133 colspan=3><P style="margin:0px; font-family:Arial; font-size:7.5pt">Current portion of finance lease receivable</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>8</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>3</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=225.333 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Collateral paid <FONT style="font-size:7pt"><I>(Note 13)</I></FONT></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>16</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>45</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=210.533><P style="margin:0px; font-family:Arial; font-size:7.5pt">Prepaid expenses</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>12</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>8</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=240.133 colspan=3><P style="margin:0px; font-family:Arial; font-size:7.5pt">Risk management assets <FONT style="font-size:7pt"><I>(Notes 12 and 13)</I></FONT></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>219</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>391</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=225.333 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Inventory <FONT style="font-size:7pt"><I>(Note 15)</I></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>98</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>85</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=240.133 colspan=3><P style="margin:0px; font-family:Arial; font-size:7.5pt">Income taxes receivable <FONT style="font-size:7pt"><I>(Note 16)</I></FONT></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>3</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=210.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>989</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>1,124</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=225.333 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Investments<I> </I><FONT style="font-size:7pt"><I>(Note 9)</I></FONT></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>178</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>193</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=225.333 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Long-term receivable<I> </I><FONT style="font-size:7pt"><I>(Note 4)</I></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>18</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240.133 colspan=3><P style="margin:0px; font-family:Arial; font-size:7.5pt">Finance lease receivable<I> </I><FONT style="font-size:7pt"><I>(Note 3)</I></FONT></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>347</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>42</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=240.133 colspan=3><P style="margin:0px; font-family:Arial; font-size:7.5pt">Property, plant, and equipment <FONT style="font-size:7pt"><I>(Note 17)</I></FONT></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=210.533><P style="margin:0px; font-family:Arial; font-size:7.5pt">Cost</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>11,331</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>11,386</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=225.333 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Accumulated depreciation</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(4,365)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(4,115)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=210.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>6,966</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>7,271</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=210.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=210.533><P style="margin:0px; font-family:Arial; font-size:7.5pt">Goodwill</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>447</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>447</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=210.533><P style="margin:0px; font-family:Arial; font-size:7.5pt">Intangible assets</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>279</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>276</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=225.333 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Deferred income tax assets</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>55</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>176</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=240.133 colspan=3><P style="margin:0px; font-family:Arial; font-size:7.5pt">Risk management assets <FONT style="font-size:7pt"><I>(Notes 12 and 13)</I></FONT></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>71</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>99</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=225.333 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Other assets<I> </I><FONT style="font-size:7pt"><I>(Note 18)</I></FONT></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>91</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>90</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=210.533><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Total assets</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>9,423</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>9,736</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=210.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=240.133 colspan=3><P style="margin:0px; font-family:Arial; font-size:7.5pt">Accounts payable and accrued liabilities</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>426</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>463</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=264.467 colspan=4><P style="margin:0px; font-family:Arial; font-size:7.5pt">Decommissioning and other provisions<I> </I><FONT style="font-size:7pt"><I>(Note 19)</I></FONT></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>53</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>99</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=225.333 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Collateral received<I> </I><FONT style="font-size:7pt"><I>(Note 13)</I></FONT></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>4</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>16</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=240.133 colspan=3><P style="margin:0px; font-family:Arial; font-size:7.5pt">Risk management liabilities<I> </I><FONT style="font-size:7pt"><I>(Notes 12 and 13)</I></FONT></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>207</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>208</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=225.333 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Income taxes payable</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>7</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>22</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240.133 colspan=3><P style="margin:0px; font-family:Arial; font-size:7.5pt">Dividends payable<I> </I><FONT style="font-size:7pt"><I>(Notes 13, 22 and 23)</I></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>69</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>67</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=264.467 colspan=4><P style="margin:0px; font-family:Arial; font-size:7.5pt">Current portion of long-term debt <FONT style="font-size:7pt"><I>(Notes 12, 13 and 20)</I></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>304</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>316</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=210.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>1,070</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>1,191</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240.133 colspan=3><P style="margin:0px; font-family:Arial; font-size:7.5pt">Long-term debt <FONT style="font-size:7pt"><I>(Notes 12, 13 and 20)</I></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>3,863</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>3,721</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=210.533><P style="margin:0px; font-family:Arial; font-size:7.5pt">Decommissioning and other provisions<I> </I><FONT style="font-size:7pt"><I>(Note 19)</I></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>281</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>283</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=225.333 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Deferred income tax liabilities</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>437</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>491</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=240.133 colspan=3><P style="margin:0px; font-family:Arial; font-size:7.5pt">Risk management liabilities<I> </I><FONT style="font-size:7pt"><I>(Notes 12 and 13)</I></FONT></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>126</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>142</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=295.267 colspan=5><P style="margin:0px; font-family:Arial; font-size:7.5pt">Deferred credits and other long-term liabilities<I> </I><FONT style="font-size:7pt"><I>(Note 21)</I></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>309</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>281</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=210.533><P style="margin:0px; font-family:Arial; font-size:7.5pt">Equity</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=225.333 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Common shares<I> </I><FONT style="font-size:7pt"><I>(Note 22)</I></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>2,677</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2,273</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=225.333 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Preferred shares <FONT style="font-size:7pt"><I>(Note 23)</I></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>781</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>562</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=225.333 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Contributed surplus</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>9</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>9</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=225.333 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Retained earnings (deficit)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(323)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>527</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=264.467 colspan=4><P style="margin:0px; font-family:Arial; font-size:7.5pt">Accumulated other comprehensive loss<I> </I><FONT style="font-size:7pt"><I>(Note 24)</I></FONT></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(142)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(102)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=240.133 colspan=3><P style="margin:0px; font-family:Arial; font-size:7.5pt">Equity attributable to shareholders</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>3,002</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>3,269</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=225.333 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Non-controlling interests</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>335</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>358</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=210.533><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Total equity</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>3,337</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>3,627</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=225.333 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Total liabilities and equity</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>9,423</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=102.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>9,736</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=210.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=225.333 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Contingencies<I> (Note 25)</I></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=89.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=102.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=225.333 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Commitments<I> (Notes 17 and 26)</I></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=89.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=102.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=225.333 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Subsequent events<I> (Note 29)</I></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=89.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=102.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=210.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=89.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=102.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=225.333 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">See accompanying notes.</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=24.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=30.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=89.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=102.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="line-height: 18pt; font-family: Arial, 'Times New Roman'; font-size: 6pt; margin: 0px" align=left>3&nbsp;
TRANSALTA CORPORATION / Q3 2012</P>
<hr>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=212.933 /><TD width=57.733 /><TD width=58.933 /><TD width=71.067 /><TD width=56.667 /><TD width=91.933 /><TD width=77.267 /><TD width=70.533 /><TD width=40.667 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=549.267 colspan=6 rowspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt"><B>TRANSALTA CORPORATION</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt" align=justify><B>CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=77.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=40.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=77.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=40.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=212.933><P style="margin:0px; font-family:Arial; font-size:7.5pt"><I>(in millions of Canadian dollars)</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=57.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.933><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=71.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=56.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=91.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=40.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=212.933><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=57.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.933><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=71.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=56.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=91.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=40.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=212.933><P style="margin:0px; font-family:Arial; font-size:8pt"><B>9 months ended Sept. 30, 2012</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=524.8 colspan=8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=212.933><P style="margin:0px; font-family:Arial; font-size:7.5pt">Unaudited</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=57.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>Common shares</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=58.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>Preferred shares</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=71.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>Contributed <BR>
surplus</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=56.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>Retained earnings (deficit)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=91.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>Accumulated other <BR>
comprehensive <BR>
loss<SUP>(1)</SUP></B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=77.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>Attributable to <BR>
shareholders</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=70.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>Attributable to <BR>
non-controlling <BR>
interests</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=40.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>Total</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=212.933><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=57.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.933><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=71.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=56.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=91.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=40.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=212.933><P style="margin:0px; font-family:Arial; font-size:7.5pt">Balance, Dec. 31, 2011</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=57.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2,273</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=58.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>562</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=71.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>9</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=56.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>527</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=91.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(102)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=77.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>3,269</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=70.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>358</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=40.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>3,627</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=212.933><P style="margin:0px; font-family:Arial; font-size:7.5pt">Net earnings (loss)</P>
</TD><TD style="margin-top:0px" valign=bottom width=57.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=71.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=56.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(631)</P>
</TD><TD style="margin-top:0px" valign=bottom width=91.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=77.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(631)</P>
</TD><TD style="margin-top:0px" valign=bottom width=70.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>25</P>
</TD><TD style="margin-top:0px" valign=bottom width=40.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(606)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=212.933><P style="margin:0px; font-family:Arial; font-size:7.5pt">Other comprehensive income (loss):</P>
</TD><TD style="margin-top:0px" valign=bottom width=57.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.933><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=71.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=56.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=91.933><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=40.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=212.933><P style="margin:0px; font-family:Arial; font-size:7.5pt">Net losses on translating net assets of foreign &nbsp;operations, net of hedges and of tax</P>
</TD><TD style="margin-top:0px" valign=bottom width=57.733><P style="margin:0px; padding-left:-105.467px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=71.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=56.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=91.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(11)</P>
</TD><TD style="margin-top:0px" valign=bottom width=77.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(11)</P>
</TD><TD style="margin-top:0px" valign=bottom width=70.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=40.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(11)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=212.933><P style="margin:0px; font-family:Arial; font-size:7.5pt">Net gains (losses) on derivatives designated as cash flow hedges, net of tax</P>
</TD><TD style="margin-top:0px" valign=bottom width=57.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=71.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=56.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=91.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2</P>
</TD><TD style="margin-top:0px" valign=bottom width=77.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2</P>
</TD><TD style="margin-top:0px" valign=bottom width=70.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(6)</P>
</TD><TD style="margin-top:0px" valign=bottom width=40.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(4)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=212.933><P style="margin:0px; font-family:Arial; font-size:7.5pt">Net actuarial losses on defined benefits plans, net of tax</P>
</TD><TD style="margin-top:0px" valign=bottom width=57.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=71.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=56.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=91.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(29)</P>
</TD><TD style="margin-top:0px" valign=bottom width=77.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(29)</P>
</TD><TD style="margin-top:0px" valign=bottom width=70.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=40.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(29)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=212.933><P style="margin:0px; font-family:Arial; font-size:7.5pt">Other comprehensive loss of equity investees</P>
</TD><TD style="margin-top:0px" valign=bottom width=57.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=71.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=56.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=91.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(2)</P>
</TD><TD style="margin-top:0px" valign=bottom width=77.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(2)</P>
</TD><TD style="margin-top:0px" valign=bottom width=70.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=40.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(2)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=212.933><P style="margin:0px; font-family:Arial; font-size:7.5pt">Total comprehensive income (loss)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=57.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=58.933><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=71.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=56.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=91.933><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=77.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(671)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=70.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>19</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=40.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(652)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=212.933><P style="margin:0px; font-family:Arial; font-size:7.5pt">Common share dividends</P>
</TD><TD style="margin-top:0px" valign=bottom width=57.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=71.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=56.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(198)</P>
</TD><TD style="margin-top:0px" valign=bottom width=91.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=77.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(198)</P>
</TD><TD style="margin-top:0px" valign=bottom width=70.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=40.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(198)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=212.933><P style="margin:0px; font-family:Arial; font-size:7.5pt">Preferred share dividends</P>
</TD><TD style="margin-top:0px" valign=bottom width=57.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=71.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=56.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(21)</P>
</TD><TD style="margin-top:0px" valign=bottom width=91.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=77.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(21)</P>
</TD><TD style="margin-top:0px" valign=bottom width=70.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=40.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(21)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=212.933><P style="margin:0px; font-family:Arial; font-size:7.5pt">Distributions to non-controlling interests</P>
</TD><TD style="margin-top:0px" valign=bottom width=57.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=71.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=56.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=91.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=77.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=70.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(42)</P>
</TD><TD style="margin-top:0px" valign=bottom width=40.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(42)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=212.933><P style="margin:0px; font-family:Arial; font-size:7.5pt">Common shares issued</P>
</TD><TD style="margin-top:0px" valign=bottom width=57.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>404</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=71.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=56.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=91.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=77.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>404</P>
</TD><TD style="margin-top:0px" valign=bottom width=70.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=40.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>404</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=212.933><P style="margin:0px; font-family:Arial; font-size:7.5pt">Preferred shares issued</P>
</TD><TD style="margin-top:0px" valign=bottom width=57.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>219</P>
</TD><TD style="margin-top:0px" valign=bottom width=71.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=56.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=91.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=77.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>219</P>
</TD><TD style="margin-top:0px" valign=bottom width=70.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=40.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>219</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=212.933><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Balance, Sept. 30, 2012</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=57.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>2,677</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=58.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>781</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=71.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>9</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=56.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(323)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=91.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(142)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=77.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>3,002</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=70.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>335</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=40.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>3,337</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:6pt" align=justify>4&nbsp;&nbsp;
TRANSALTA CORPORATION / Q3 2012<FONT style="font-size:7pt"> &nbsp;</FONT></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=220.733 /><TD width=55 /><TD width=56.133 /><TD width=66.133 /><TD width=54.467 /><TD width=82.267 /><TD width=72.267 /><TD width=69 /><TD width=53.467 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=220.733><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt">9 months ended Sept. 30, 2011</P>
</TD><TD style="margin-top:0px" valign=bottom width=508.733 colspan=8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=220.733><P style="margin:0px; font-family:Arial; font-size:7.5pt">Unaudited</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=55><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>Common shares</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=56.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>Preferred shares</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=66.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>Contributed <BR>
surplus</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=54.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>Retained earnings</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>Accumulated other <BR>
comprehensive <BR>
income (loss)<SUP>(1)</SUP></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>Attributable to <BR>
shareholders</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=69><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>Attributable to <BR>
non-controlling <BR>
interests</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=53.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>Total</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=220.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=55><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=56.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=54.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=69><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=53.467><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=220.733><P style="margin:0px; font-family:Arial; font-size:7.5pt">Balance, Dec. 31, 2010</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=55><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2,204</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=56.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>293</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=66.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>7</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=54.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>431</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>185</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>3,120</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=69><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>431</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=53.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>3,551</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=220.733><P style="margin:0px; font-family:Arial; font-size:7.5pt">Net earnings</P>
</TD><TD style="margin-top:0px" valign=bottom width=55><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=56.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=54.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>277</P>
</TD><TD style="margin-top:0px" valign=bottom width=82.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=72.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>277</P>
</TD><TD style="margin-top:0px" valign=bottom width=69><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>27</P>
</TD><TD style="margin-top:0px" valign=bottom width=53.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>304</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=220.733><P style="margin:0px; font-family:Arial; font-size:7.5pt">Other comprehensive income (loss):</P>
</TD><TD style="margin-top:0px" valign=bottom width=55><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=56.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=54.467><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=69><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=53.467><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=220.733><P style="margin:0px; font-family:Arial; font-size:7.5pt">Net gains on translating net assets of foreign operations, net of hedges and of tax</P>
</TD><TD style="margin-top:0px" valign=bottom width=55><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=56.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=54.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=82.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>1</P>
</TD><TD style="margin-top:0px" valign=bottom width=72.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>1</P>
</TD><TD style="margin-top:0px" valign=bottom width=69><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=53.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>1</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=220.733><P style="margin:0px; padding-right:-7px; font-family:Arial; font-size:7.5pt">Net losses on derivatives designated as cash flow hedges, net of tax</P>
</TD><TD style="margin-top:0px" valign=bottom width=55><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=56.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=54.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=82.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(237)</P>
</TD><TD style="margin-top:0px" valign=bottom width=72.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(237)</P>
</TD><TD style="margin-top:0px" valign=bottom width=69><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(4)</P>
</TD><TD style="margin-top:0px" valign=bottom width=53.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(241)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=220.733><P style="margin:0px; font-family:Arial; font-size:7.5pt">Net actuarial losses on defined benefits plans, <BR>
&nbsp;&nbsp;&nbsp;&nbsp;net of tax</P>
</TD><TD style="margin-top:0px" valign=bottom width=55><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=56.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=54.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=82.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(19)</P>
</TD><TD style="margin-top:0px" valign=bottom width=72.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(19)</P>
</TD><TD style="margin-top:0px" valign=bottom width=69><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=53.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(19)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=220.733><P style="margin:0px; font-family:Arial; font-size:7.5pt">Total comprehensive income</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=55><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=56.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=66.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=54.467><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=82.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=72.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>22</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=69><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>23</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=53.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>45</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=220.733><P style="margin:0px; font-family:Arial; font-size:7.5pt">Common share dividends</P>
</TD><TD style="margin-top:0px" valign=bottom width=55><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=56.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=54.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(130)</P>
</TD><TD style="margin-top:0px" valign=bottom width=82.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=72.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(130)</P>
</TD><TD style="margin-top:0px" valign=bottom width=69><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=53.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(130)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=220.733><P style="margin:0px; font-family:Arial; font-size:7.5pt">Preferred share dividends</P>
</TD><TD style="margin-top:0px" valign=bottom width=55><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=56.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=54.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(11)</P>
</TD><TD style="margin-top:0px" valign=bottom width=82.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=72.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(11)</P>
</TD><TD style="margin-top:0px" valign=bottom width=69><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=53.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(11)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=220.733><P style="margin:0px; font-family:Arial; font-size:7.5pt">Distributions to non-controlling interests</P>
</TD><TD style="margin-top:0px" valign=bottom width=55><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=56.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=54.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=82.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=72.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=69><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(74)</P>
</TD><TD style="margin-top:0px" valign=bottom width=53.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(74)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=220.733><P style="margin:0px; font-family:Arial; font-size:7.5pt">Common shares issued</P>
</TD><TD style="margin-top:0px" valign=bottom width=55><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>52</P>
</TD><TD style="margin-top:0px" valign=bottom width=56.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=54.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=82.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=72.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>52</P>
</TD><TD style="margin-top:0px" valign=bottom width=69><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=53.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>52</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=220.733><P style="margin:0px; font-family:Arial; font-size:7.5pt">Effect of share-based payment plans</P>
</TD><TD style="margin-top:0px" valign=bottom width=55><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=56.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>1</P>
</TD><TD style="margin-top:0px" valign=bottom width=54.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=82.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=72.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>1</P>
</TD><TD style="margin-top:0px" valign=bottom width=69><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=53.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>1</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=220.733><P style="margin:0px; font-family:Arial; font-size:7.5pt">Balance, Sept. 30, 2011</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=55><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2,256</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=56.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>293</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=66.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>8</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=54.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>567</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=82.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(70)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=72.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>3,054</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=69><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>380</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=53.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>3,434</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=729.467 colspan=9><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=justify><I>(1) Refer to Note 24 for details on components of, and changes in, Accumulated other comprehensive income (loss).</I></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=220.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=55><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=56.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=54.467><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=69><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=53.467><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=220.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=justify>See accompanying notes.</P>
</TD><TD style="margin-top:0px" valign=bottom width=55><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=56.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=54.467><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=69><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=53.467><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR>
<BR></P>
<P style="line-height:18pt; margin:0px"><BR></P>
<P style="line-height: 18pt; font-family: Arial, 'Times New Roman'; font-size: 6pt; margin: 0px" align="justify"><BR>5&nbsp;&nbsp;
TRANSALTA CORPORATION / Q3 2012&nbsp;</P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=259.867 /><TD width=66.6 /><TD width=62.467 /><TD width=14.8 /><TD width=75.4 /><TD width=14.8 /><TD width=72.333 /><TD width=14.8 /><TD width=75.4 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=259.867><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt"><B>TRANSALTA CORPORATION</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=62.467><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=75.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=72.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=75.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=326.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=62.467><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=75.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=259.867><P style="margin:0px; font-family:Arial; font-size:7.5pt"><I>(in millions of Canadian dollars)</I></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=62.467><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=75.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=259.867><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=152.667 colspan=3><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>3 months ended Sept. 30</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=162.533 colspan=3><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>9 months ended Sept. 30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=259.867><P style="margin:0px; font-family:Arial; font-size:7.5pt">Unaudited</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2011</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2011</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=259.867><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=259.867><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Operating activities</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; padding:0px; font-size:6pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=259.867><P style="margin:0px; font-family:Arial; font-size:7.5pt">Net earnings (loss)</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>71</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>61</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(606)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>304</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=259.867><P style="margin:0px; font-family:Arial; font-size:7.5pt">Depreciation and amortization <FONT style="font-size:7pt"><I>(Note 27)</I></FONT></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>129</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>126</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>419</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>383</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=259.867><P style="margin:0px; font-family:Arial; font-size:7.5pt">Gain on sale of facilities <FONT style="font-size:7pt"><I>(Note 3)</I></FONT></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(3)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(3)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=259.867><P style="margin:0px; font-family:Arial; font-size:7.5pt">Accretion of provisions <FONT style="font-size:7pt"><I>(Note 19)</I></FONT></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>5</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>6</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>14</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>15</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=326.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Decommissioning and restoration costs settled &nbsp;<FONT style="font-size:7pt"><I>(Note 19)</I></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(12)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(7)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(25)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(23)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=326.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Deferred income tax expense (recovery) <FONT style="font-size:7pt"><I>(Note 11)</I></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>1</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>5</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>83</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>79</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px; font-family:Arial; font-size:7.5pt">Unrealized (gain) loss from risk management activities <FONT style="font-size:7pt"><I>(Note 13)</I></FONT></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>77</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(13)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>102</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(160)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px; font-family:Arial; font-size:7.5pt">Unrealized foreign exchange (gain) loss</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(4)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(10)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>7</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(8)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px; font-family:Arial; font-size:7.5pt">Provisions</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>19</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>17</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>22</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=326.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Asset impairment charges (reversal) <FONT style="font-size:7pt"><I>(Note 8)</I></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(41)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>5</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>324</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>14</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=326.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Sundance Units 1 and 2 impairment charge <FONT style="font-size:7pt"><I>(Notes 5 and 8)</I></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>43</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=259.867><P style="margin:0px; font-family:Arial; font-size:7.5pt">Equity (income) loss, net of distributions received <FONT style="font-size:7pt"><I>(Note 9)</I></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(14)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>5</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(16)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=259.867><P style="margin:0px; font-family:Arial; font-size:7.5pt">Other non-cash items</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(13)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>9</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(13)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>13</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000" valign=bottom width=326.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Cash flow from operations before changes in working capital</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>232</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>168</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>367</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>620</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=326.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Change in non-cash operating working capital balances<I> </I><FONT style="font-size:7pt"><I>(Note 28)</I></FONT></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(218)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>44</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(92)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(117)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=259.867><P style="margin:0px; font-family:Arial; font-size:7.5pt">Cash flow from operating activities</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>14</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>212</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>275</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>503</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=259.867><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=259.867><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Investing activities</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=326.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Additions to property, plant, and equipment<I> </I><FONT style="font-size:7pt"><I>(Note 17)</I></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(173)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(127)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(485)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(318)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=259.867><P style="margin:0px; font-family:Arial; font-size:7.5pt">Additions to intangibles</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(9)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(5)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(27)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(16)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px; font-family:Arial; font-size:7.5pt">Acquisition of finance lease<I> </I><FONT style="font-size:7pt"><I>(Note 3)</I></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(312)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(312)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=326.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Proceeds on sale of property, plant, and equipment</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>1</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>3</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px; font-family:Arial; font-size:7.5pt">Proceeds on sale of facilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>3</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>30</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px; font-family:Arial; font-size:7.5pt">Resolution of outstanding tax matters <FONT style="font-size:7pt"><I>(Note 16)</I></FONT></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>9</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>9</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>3</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px; font-family:Arial; font-size:7.5pt">Realized gains (losses) on financial instruments <FONT style="font-size:7pt"><I>(Note 13)</I></FONT></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>9</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(3)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(1)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(5)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=326.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Net decrease in collateral received from counterparties <FONT style="font-size:7pt"><I>(Note 13)</I></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(9)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(40)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(12)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(96)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=326.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Net (increase) decrease in collateral paid to counterparties <FONT style="font-size:7pt"><I>(Note 13)</I></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>18</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>1</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>27</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(8)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px; font-family:Arial; font-size:7.5pt">Decrease in finance lease receivable</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>1</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>1</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>2</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px; font-family:Arial; font-size:7.5pt">Other</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(1)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(19)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(8)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(4)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=326.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Change in non-cash investing working capital balances</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(16)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>9</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(18)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>9</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=259.867><P style="margin:0px; font-family:Arial; font-size:7.5pt">Cash flow used in investing activities</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(483)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(182)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(822)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(400)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=259.867><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=259.867><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Financing activities</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=326.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Net increase in borrowings under credit facilities<I> </I><FONT style="font-size:7pt"><I>(Note 20)</I></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>301</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>55</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>514</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>355</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px; font-family:Arial; font-size:7.5pt">Repayment of long-term debt <FONT style="font-size:7pt"><I>(Note 20)</I></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(307)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(2)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(312)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(232)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=326.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Dividends paid on common shares<I> </I><FONT style="font-size:7pt"><I>(Note 22)</I></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(18)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(48)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(86)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(143)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=326.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Dividends paid on preferred shares <FONT style="font-size:7pt"><I>(Note 23)</I></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(7)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(4)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(21)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(11)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=326.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Net proceeds on issuance of common shares<I> </I><FONT style="font-size:7pt"><I>(Note 22)</I></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>292</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>293</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>1</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=326.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Net proceeds on issuance of preferred shares <FONT style="font-size:7pt"><I>(Note 23)</I></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>217</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>217</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px; font-family:Arial; font-size:7.5pt">Realized gains on financial instruments</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>10</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>5</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>10</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>5</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=326.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Distributions paid to subsidiaries' non-controlling interests</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(9)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(9)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(42)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(44)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px; font-family:Arial; font-size:7.5pt">Other</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(1)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>1</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(5)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(4)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=326.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Cash flow from (used in) financing activities</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>478</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(2)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>568</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(73)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=326.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Cash flow from operating, investing, and financing activities</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>9</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>28</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>21</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>30</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=326.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Effect of translation on foreign currency cash</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>1</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>1</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>1</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=326.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Increase in cash and cash equivalents</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>10</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>28</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>22</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>31</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=326.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Cash and cash equivalents, beginning of period</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>61</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>38</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>49</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>35</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=326.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Cash and cash equivalents, end of period</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>71</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>66</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>71</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>66</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px; font-family:Arial; font-size:7.5pt">Cash income taxes paid (recovered)</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(3)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(1)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>24</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(5)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=259.867><P style="margin:0px; font-family:Arial; font-size:7.5pt">Cash interest paid</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=62.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>48</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>37</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=72.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>162</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=75.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>127</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=259.867><P style="margin:0px; font-family:Arial; font-size:7.5pt">See accompanying notes.</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=66.6><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>&nbsp;</P>
<P style="font-family: Arial, 'Times New Roman'; font-size: 6pt; line-height: 18pt; margin: 0px" align=justify>6&nbsp;&nbsp;
TRANSALTA CORPORATION / Q3 2012&nbsp;</P>
<hr>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS </B></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>(UNAUDITED)</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><I>(Tabular amounts in millions of Canadian dollars, except as otherwise noted)</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:48px; text-indent:-24px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>1. &nbsp;ACCOUNTING POLICIES</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>A. &nbsp;Basis of Preparation</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>These unaudited interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standard 34 <I>Interim Financial Reporting</I> using the same accounting policies as those used in TransAlta Corporation&#146;s (&#147;TransAlta&#148; or &#147;the Corporation&#148;) most recent annual consolidated financial statements. &nbsp;These unaudited interim condensed consolidated financial statements do not include all of the disclosures included in the Corporation&#146;s annual consolidated financial statements. Accordingly, these should be read in conjunction with the Corporation&#146;s most recent annual consolidated financial statements.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The unaudited interim condensed consolidated financial statements include the accounts of the Corporation and the subsidiaries that it controls. &nbsp;Control exists where the Corporation has the power to govern the financial and operating policies of the subsidiary so as to obtain benefits from its activities, generally indicated by ownership of, directly or indirectly, more than one-half of the voting rights. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The unaudited interim condensed consolidated financial statements have been prepared on a historical cost basis, except for certain financial assets and liabilities, which are stated at fair value. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>These unaudited interim condensed consolidated financial statements reflect all adjustments which consist of normal recurring adjustments and accruals that are, in the opinion of management, necessary for a fair presentation of results. &nbsp;TransAlta&#146;s results are partly seasonal due to the nature of the electricity market and related fuel costs. Higher maintenance costs are ordinarily incurred in the second and third quarters when electricity prices are expected to be lower as electricity prices generally increase in the winter months in the Canadian market.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>These unaudited interim condensed consolidated financial statements were authorized for issue by the Board of Directors on <BR>
Oct. 25, 2012.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>B. &nbsp;Use of Estimates</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The preparation of these condensed consolidated financial statements in accordance with International Financial Reporting Standards (&#147;IFRS&#148;) requires management to use judgment and make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the period. &nbsp;These estimates are subject to uncertainty. &nbsp;Actual results could differ from these estimates due to factors such as fluctuations in interest rates, foreign exchange rates, inflation and commodity prices, and changes in economic conditions, legislation and regulations. &nbsp;Refer to Note 2(Y) of the 2011 annual consolidated financial statements for a more detailed discussion of the critical accounting judgments and key sources of estimation uncertainty. &nbsp;</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:6pt" align=justify>7&nbsp;
TRANSALTA CORPORATION / Q3 2012</P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; padding-left:48px; text-indent:-24px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify><B>2. &nbsp;ACCOUNTING CHANGES</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Current Accounting Changes</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Change in Estimates &#150; Useful Lives</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>As a result of amendments to Canadian federal regulations requiring that coal-fired plants be shut down after 50 years of operation, the Corporation has reviewed the useful lives of its Alberta coal-fired generating facilities and related coal mining assets and where permitted under the regulations, extended the useful lives to a maximum of 50 years. &nbsp;The previous draft regulations proposed shut down after 45 years. &nbsp;As a result, depreciation expense was reduced by $6 million for the three and nine months ended Sept. 30, 2012. &nbsp;Depreciation expense is expected to be reduced by $12 million for the year ended Dec. 31, 2012 and by $23 million annually thereafter.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Prior Accounting Changes</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>On Jan. 1, 2011, the Corporation adopted IFRS for publicly accountable enterprises. &nbsp;For information on the impact of the transition to IFRS refer to Note 3 of the Corporation&#146;s most recent annual consolidated financial statements. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Future Accounting Changes</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>In June 2012, the International Accounting Standards Board (&#147;IASB&#148;) issued <I>Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance (Amendments to IFRS 10, IFRS 11 and IFRS 12).</I> The amendments clarify the transition guidance in IFRS 10 and provide additional transition relief for all three standards by limiting the requirement to provide adjusted comparative information to only the preceding comparative period. The amendments are effective for annual periods beginning on or after Jan. 1, 2013. &nbsp;The Corporation will apply these amendments along with the adoption of IFRS 10, 11 and 12 on Jan. 1, 2013.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Additional new or amended accounting standards that have been previously issued by the IASB but are not yet effective, and have not been applied by the Corporation, are as outlined in Note 2(Z) of the 2011 annual consolidated financial statements.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Comparative Figures</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Certain comparative figures have been reclassified to conform to the current period&#146;s presentation. &nbsp;These reclassifications did not impact previously reported net earnings.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px"><BR></P>
<P style="line-height: 18pt; font-family: Arial, 'Times New Roman'; font-size: 6pt; margin: 0px" align="justify"><BR>8&nbsp;
TRANSALTA CORPORATION / Q3 2012</P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; padding-left:48px; text-indent:-24px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify><B>3. &nbsp;ACQUISITIONS AND DISPOSALS</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Arial,Times New Roman; font-size:8pt; float:left"><B>A.</B></P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:8pt"><B>Acquisitions</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>On Sept. 28, 2012, the Corporation acquired the 125 MW Solomon power station located in Western Australia from Fortescue Metals Group Ltd. (&#147;Fortescue&#148;) for U.S. $318 million. The power station is currently under construction and is expected to be commissioned in the fourth quarter of 2012. The facility is fully contracted with Fortescue under a long-term Power Purchase Agreement (&#147;Agreement&#148;) with an initial term of 16 years commencing in October 2012, after which Fortescue will have the option to either extend the Agreement for an additional five years under the same terms, or to acquire the facility. &nbsp;The Corporation has accounted for the facility and associated Agreement as a finance lease with TransAlta being the lessor.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Amounts receivable under the Corporation&#146;s finance leases, including the Solomon power station finance lease, are as follows:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=182.6 /><TD width=55.4 /><TD width=79.4 /><TD width=115.067 /><TD width=14.8 /><TD width=79.8 /><TD width=100.067 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=182.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>As at</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=55.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=194.467 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Sept. 30, 2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=179.867 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right>Dec. 31, 2011</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=182.6><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=55.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>Minimum<BR>
lease <BR>
payments</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=115.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>Present value of <BR>
minimum lease <BR>
payments</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Minimum <BR>
lease <BR>
payments</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=100.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Present value of <BR>
minimum lease <BR>
payments</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=182.6><P style="margin:0px; font-family:Arial; font-size:8pt">Within one year</P>
</TD><TD style="margin-top:0px" valign=bottom width=55.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>45</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=115.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>42</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>10</P>
</TD><TD style="margin-top:0px" valign=bottom width=100.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>9</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=182.6><P style="margin:0px; font-family:Arial; font-size:8pt">Second to fifth years inclusive</P>
</TD><TD style="margin-top:0px" valign=bottom width=55.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>183</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=115.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>130</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>41</P>
</TD><TD style="margin-top:0px" valign=bottom width=100.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>25</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=182.6><P style="margin:0px; font-family:Arial; font-size:8pt">More than five years</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=55.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>412</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=115.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>151</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>31</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=100.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>11</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=182.6><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=55.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>640</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=115.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>323</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>82</P>
</TD><TD style="margin-top:0px" valign=bottom width=100.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>45</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=182.6><P style="margin:0px; font-family:Arial; font-size:8pt">Less: unearned finance income</P>
</TD><TD style="margin-top:0px" valign=bottom width=55.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>447</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=115.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>37</P>
</TD><TD style="margin-top:0px" valign=bottom width=100.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=182.6><P style="margin:0px; font-family:Arial; font-size:8pt">Add: &nbsp;unguaranteed residual value</P>
</TD><TD style="margin-top:0px" valign=bottom width=55.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>162</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=115.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>32</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=100.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=182.6><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Total finance lease receivable</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=55.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=79.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>355</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=115.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>355</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=79.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>45</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=100.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>45</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=182.6><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=55.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=115.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=100.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432.467 colspan=4><P style="margin:0px; font-family:Arial; font-size:8pt">Included in the Condensed Consolidated Statements of Financial Position as:</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=100.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=238 colspan=2><P style="margin:0px; text-indent:10.667px; font-family:Arial; font-size:8pt">Current portion of finance lease receivables</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>8</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=115.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>3</P>
</TD><TD style="margin-top:0px" valign=bottom width=100.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=238 colspan=2><P style="margin:0px; text-indent:10.667px; font-family:Arial; font-size:8pt">Non-current finance lease receivables</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>347</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=115.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>42</P>
</TD><TD style="margin-top:0px" valign=bottom width=100.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=182.6><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=55.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=79.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>355</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=115.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=79.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>45</P>
</TD><TD style="margin-top:0px" valign=bottom width=100.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Arial,Times New Roman; font-size:8pt; float:left"><B>B.</B></P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:8pt"><B>Disposals</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>During the three and nine months ended Sept. 30, 2012, the Corporation realized a pre-tax gain of nil and $3 million, respectively, related to the 2011 sale of its biomass facility. &nbsp;The gain resulted from the release of the remaining consideration related to the achievement of the Environmental Attribute Conditions by the purchaser. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>On Dec. 20, 2010, TransAlta Cogeneration, L.P., a subsidiary that is owned 50.01 per cent by TransAlta, entered into an agreement for the sale of its 50 per cent interest in the Meridian facility. &nbsp;As a result, the Corporation realized a pre-tax gain of <BR>
$3 million during the nine months ended Sept. 30, 2011.&nbsp; </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:48px; text-indent:-24px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>4. &nbsp;GAIN ON SALE OF COLLATERAL</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>During September 2012, the Corporation sold its claim against MF Global Inc. pertaining to the return of U.S. $36 million of collateral that had been posted by the Corporation, for net proceeds of U.S. $33 million. &nbsp;During 2011, a reserve of U.S. $18 million was taken on the collateral when the parent company of MF Global Inc. filed for bankruptcy protection. &nbsp;As a result, a pre-tax gain of $15 million ($11 million after tax) was realized. The claim, filed during the first quarter of 2012, related primarily to the Corporation&#146;s collateral on foreign futures transactions. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:6pt" align=justify>9&nbsp;
TRANSALTA CORPORATION / Q3 2012<FONT style="font-size:7pt"> &nbsp;</FONT></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; padding-left:48px; text-indent:-24px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify>&nbsp;</P>
<P style="margin:0px; padding-left:48px; text-indent:-24px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify><B>5. &nbsp;SUNDANCE UNITS 1 AND 2 ARBITRATION</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>On Dec. 16, 2010 and Dec. 19, 2010, Unit 1 and Unit 2, respectively, of the Corporation&#146;s Sundance facility were shut down due to conditions observed in the boilers at both units. &nbsp;On Feb. 8, 2011, the Corporation issued a notice of termination for destruction based on the determination that the units cannot be economically restored to service under the terms of the PPA. &nbsp;Due to the uncertainty of the results of the arbitration ruling, the Corporation had been continuing to accrue the capacity payments, net of a provision, and to depreciate the asset.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The matter was heard before an arbitration panel during the second quarter of 2012. &nbsp;On July 20, 2012, the arbitration panel concluded that Unit 1 and Unit 2 were not economically destroyed and the Corporation will restore the facility to service. &nbsp;The panel has affirmed that the event meets the criteria of force majeure beginning on Nov. 20, 2011 until such time that the units are returned to service. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The pre-tax income statement impact of the ruling that has been recorded under the caption &#147;Sundance Units 1 and 2 arbitration&#148; in current earnings during the three and nine months ended Sept. 30 is as follows:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=65.067 /><TD width=65.067 /><TD width=65.067 /><TD width=99.733 /><TD width=106.933 /><TD width=108.8 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=99.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=215.733 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>2012</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=99.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=106.933 rowspan=2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>3 months ended Sept. 30</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=108.8 rowspan=2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>9 months ended Sept. 30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=65.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=65.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=65.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=99.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=195.2 colspan=3><P style="margin:0px; font-family:Arial; font-size:8pt">Availability incentive penalties</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=99.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=106.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=108.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>260</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=294.933 colspan=4><P style="margin:0px; font-family:Arial; font-size:8pt">Reversal of provision on capacity payments</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=106.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=108.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(64)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=195.2 colspan=3><P style="margin:0px; font-family:Arial; font-size:8pt">Impairment of the units<FONT style="font-size:7.5pt"><I> (Note 8)</I></FONT></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=99.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=106.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=108.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>43</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt">Interest</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=99.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=106.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>1</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=108.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>9</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=130.133 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Legal and other costs</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=99.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=106.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>6</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=108.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>6</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=195.2 colspan=3><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Total pre-tax impact </B><FONT style="font-size:7.5pt"><I><SUP>(1)</SUP></I></FONT></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=99.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=106.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>7</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=108.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>254</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=510.667 colspan=6><P style="margin:0px; font-family:Arial; font-size:7.5pt"><I>(1) Related income tax impact for the three and nine months ended Sept. 30, 2012, is a recovery of $2 million <BR>
&nbsp;&nbsp;and $65 million, respectively.</I></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:48px; text-indent:-24px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>6. &nbsp;REVENUES</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Several of the Corporation&#146;s Power Purchase Arrangements (&#147;PPA&#148;) and other long-term contracts meet the criteria of operating leases. &nbsp;Total rental income, including contingent rent, related to these contracts, and reported in &#147;Revenues&#148; in the Condensed Consolidated Statements of Earnings (Loss) for the three and nine months ended Sept. 30, 2012, was $52 million <BR>
(Sept. 30, 2011 - $35 million), and $134 million (Sept. 30, 2011 - $118 million), respectively. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px"><BR></P>
<P style="line-height: 18pt; font-family: Arial, 'Times New Roman'; font-size: 6pt; margin: 0px" align="justify"><BR>10&nbsp;
TRANSALTA CORPORATION / Q3 2012&nbsp;</P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; padding-left:48px; text-indent:-24px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify>&nbsp;</P>
<P style="margin:0px; padding-left:48px; text-indent:-24px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify><B>7. &nbsp;EXPENSES BY NATURE </B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Expenses classified by nature are as follows:</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=136.933 /><TD width=14.8 /><TD width=18.4 /><TD width=90.333 /><TD width=121.4 /><TD width=18.4 /><TD width=90.333 /><TD width=121.4 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=151.733 colspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=211.733 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>3 months ended Sept. 30, 2012</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=211.733 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right>3 months ended Sept. 30, 2011</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=136.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>Fuel and purchased power</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=121.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>Operations, maintenance, and administration</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Fuel and purchased power</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=121.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Operations, maintenance, and administration</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=136.933><P style="margin:0px; font-family:Arial; font-size:8pt">Fuel</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>170</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=121.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>188</P>
</TD><TD style="margin-top:0px" valign=bottom width=121.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=136.933><P style="margin:0px; font-family:Arial; font-size:8pt">Purchased power</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>30</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=121.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>59</P>
</TD><TD style="margin-top:0px" valign=bottom width=121.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=151.733 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Salaries and benefits</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>1</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=121.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>65</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>1</P>
</TD><TD style="margin-top:0px" valign=bottom width=121.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>77</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=136.933><P style="margin:0px; font-family:Arial; font-size:8pt">Depreciation</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>7</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=121.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>10</P>
</TD><TD style="margin-top:0px" valign=bottom width=121.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=151.733 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Other operating expenses</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=121.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>52</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=121.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>61</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=136.933><P style="margin:0px; font-family:Arial; font-size:8pt">Total</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>208</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=121.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>117</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>258</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=121.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>138</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=136.933 /><TD width=14.8 /><TD width=18.4 /><TD width=90.333 /><TD width=121.4 /><TD width=18.4 /><TD width=90.333 /><TD width=121.4 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=151.733 colspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=211.733 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>9 months ended Sept. 30, 2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=211.733 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right>9 months ended Sept. 30, 2011</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=136.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>Fuel and purchased power</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=121.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>Operations, maintenance, and administration</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Fuel and purchased power</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=121.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Operations, maintenance, and administration</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=136.933><P style="margin:0px; font-family:Arial; font-size:8pt">Fuel</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>434</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=121.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>495</P>
</TD><TD style="margin-top:0px" valign=bottom width=121.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=136.933><P style="margin:0px; font-family:Arial; font-size:8pt">Purchased power</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>82</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=121.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>127</P>
</TD><TD style="margin-top:0px" valign=bottom width=121.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=151.733 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Salaries and benefits</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>3</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=121.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>197</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>4</P>
</TD><TD style="margin-top:0px" valign=bottom width=121.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>215</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=136.933><P style="margin:0px; font-family:Arial; font-size:8pt">Depreciation</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>27</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=121.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>29</P>
</TD><TD style="margin-top:0px" valign=bottom width=121.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=151.733 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Other operating expenses</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=121.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>178</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=121.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>185</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=136.933><P style="margin:0px; font-family:Arial; font-size:8pt">Total</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>546</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=121.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>375</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>655</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=121.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>400</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:48px; text-indent:-24px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>8. &nbsp;ASSET IMPAIRMENT CHARGES AND REVERSALS</B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Arial,Times New Roman; font-size:8pt; float:left"><B>A.</B></P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:8pt"><B>Sundance Units 1 and 2</B></P>
<P style="margin:0px; clear:left">&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>During the three months ended Sept. 30, 2012, the Corporation reversed $41 million of the $43 million impairment losses previously taken on Sundance Units 1 and 2 during the second quarter. &nbsp;&nbsp;The reversal arose as a result of the additional years of merchant operations expected to be realized at Units 1 and 2 due to the recent amendments to Canadian federal regulations requiring that coal-fired plants be shut down after a maximum of 50 years of operation. The previous draft regulations proposed shut down after 45 years. &nbsp;The recoverable amount was based on an estimate of fair value less costs to sell, derived from the cash flows expected to result over the revised useful life of the Units, taking into consideration the provisions of the PPA and prices evidenced in the market place. &nbsp;The second quarter impairment assessment was based on an estimate of fair value less costs to sell, derived from the cash flows expected to result under the provisions of the PPA. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The loss and reversal are included in the Generation Segment.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Arial,Times New Roman; font-size:8pt; float:left"><B>B.</B></P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:8pt"><B>Centralia Thermal</B></P>
<P style="margin:0px; clear:left">&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>In 2011, the TransAlta Energy Bill (the &#147;Bill&#148;) was signed into law in the State of Washington. The Bill, and a Memorandum of Agreement (the &#147;MoA&#148;) signed on Dec. 23, 2011, which is part of the Bill, provide a framework to transition from coal-fired energy produced at the Corporation&#146;s Centralia Thermal plant by 2025. The Bill and MoA include key elements regarding, among other things, the timing of the shut down of the units and the removal of restrictions on the terms of power contracts that the Corporation can enter into. </P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>&nbsp; </P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Since late 2011, a dedicated commercial team has been in place to pursue long-term contracts for the plant. On July 25, 2012, the Corporation announced that a long-term power agreement was signed for supply of power from December 2014 until the facility is fully retired in 2025. As a result, the Corporation was able to complete an assessment of whether the carrying amount of the Centralia Thermal plant is recoverable based on an estimate of fair value less costs to sell. The fair value was determined based on the future cash flows expected to be derived from the plant&#146;s operations, determined by prices evidenced in the agreement and in the marketplace. &nbsp;During the nine months ended, a pre-tax impairment charge of $347 million was recognized and included in the Generation Segment.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>In addition to the impairment charge, the Corporation wrote off $169 million of deferred income tax assets as it is no longer probable that sufficient taxable income will be available from the Corporation&#146;s U.S. operations, which have been impacted by the Centralia Thermal plant impairment, to allow the benefit associated with the deferred income tax assets to be utilized.</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="line-height: 18pt; font-family: Arial, 'Times New Roman'; font-size: 6pt; margin: 0px" align=justify>11&nbsp;
TRANSALTA CORPORATION / Q3 2012&nbsp;</P>
<hr>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Arial,Times New Roman; font-size:8pt; float:left"><B>C.</B></P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:8pt"><B>Other</B></P>
<P style="margin:0px; clear:left" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>During the three and nine months ended Sept. 30, 2012, the Corporation recognized a pre-tax impairment charge of nil and <BR>
$18 million, respectively, related to five assets within the renewables fleet.&nbsp; The impairments resulted from the completion of the annual impairment assessment based on estimates of fair value less costs to sell, derived from long range forecasts and prices evidenced in the market place.&nbsp; The assets were impaired primarily due to expectations regarding lower market prices.&nbsp; The impairment losses are included in the Generation Segment.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>During the three and nine months ended Sept. 30, 2011, the Corporation completed impairment assessments based on an estimate of fair value less costs to sell, derived from long range forecasts and prices evidenced in the market place. &nbsp;As a result, the Corporation recorded a pre-tax impairment charge of $5 million and $14 million, respectively, on assets within the renewables fleet, in order to write the assets down to fair value. &nbsp;The impairment loss was included in the Generation Segment for the applicable period. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Arial,Times New Roman; font-size:8pt; float:left"><B>D.</B></P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:8pt"><B>Reversals</B></P>
<P style="margin:0px; clear:left" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The remaining impairment charges and the reduction of the deferred tax asset can be reversed in future periods if the forecasted cash flows to be generated by the impacted plants, and the estimated taxable income to be generated by the Centralia Thermal plant, respectively, improve. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:48px; text-indent:-24px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>9. &nbsp;INVESTMENTS</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The Corporation&#146;s investments in jointly controlled entities accounted for using the equity method consist of its investments in <BR>
CE Generation, LLC and Wailuku River Hydroelectric, L.P.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Summarized information on the results of operations and financial position relating to the Corporation's pro-rata interests in these entities is as follows: &nbsp;</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=250.4 /><TD width=23.733 /><TD width=73.933 /><TD width=14.8 /><TD width=73.933 /><TD width=23.733 /><TD width=73.933 /><TD width=14.8 /><TD width=73.933 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=250.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=162.667 colspan=3><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>3 months ended Sept. 30</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=23.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=162.667 colspan=3><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>9 months ended Sept. 30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=250.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=23.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=73.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=73.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2011</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=23.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=73.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=73.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2011</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.4><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Results of operations</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=23.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.933><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.4><P style="margin:0px; font-family:Arial; font-size:8pt">Revenues</P>
</TD><TD style="margin-top:0px" valign=bottom width=23.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>34</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>45</P>
</TD><TD style="margin-top:0px" valign=bottom width=23.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>84</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>104</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=250.4><P style="margin:0px; font-family:Arial; font-size:8pt">Expenses</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=23.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=73.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(34)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=73.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(31)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=23.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=73.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(89)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=73.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(88)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=250.4><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Proportionate share of net income (loss)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=23.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=73.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=73.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>14</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=23.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=73.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(5)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=73.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>16</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="line-height: 18pt; font-family: Arial, 'Times New Roman'; font-size: 6pt; margin: 0px" align="justify">12&nbsp;
TRANSALTA CORPORATION / Q3 2012&nbsp;</P>
<hr>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=321.267 /><TD width=98.733 /><TD width=106.8 /><TD width=15.733 /><TD width=87.467 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=321.267><P style="margin:0px; font-family:Arial; font-size:8pt"><B>As at</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=98.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=106.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>Sept. 30, 2012</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=87.467><P style="margin:0px; padding-left:-15.733px; font-family:Arial; font-size:8pt" align=right>Dec. 31, 2011</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=321.267><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Financial position</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=98.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=106.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.467><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=321.267><P style="margin:0px; font-family:Arial; font-size:8pt">Current assets</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=98.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=106.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>34</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>42</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=321.267><P style="margin:0px; font-family:Arial; font-size:8pt">Long-term assets</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=98.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=106.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>398</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>423</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=321.267><P style="margin:0px; font-family:Arial; font-size:8pt">Current liabilities</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=98.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=106.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(33)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(29)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=321.267><P style="margin:0px; font-family:Arial; font-size:8pt">Long-term liabilities</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=98.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=106.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(207)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(229)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=321.267><P style="margin:0px; font-family:Arial; font-size:8pt">Non-controlling interests</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=98.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=106.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(14)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(14)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=321.267><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Proportionate share of net assets</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=98.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=106.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>178</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=87.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>193</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:48px; text-indent:-24px; font-family:Arial; font-size:8pt" align=justify><B>10. &nbsp;NET INTEREST EXPENSE</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>The components of net interest expense are as follows:</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=230.4 /><TD width=70.6 /><TD width=14.8 /><TD width=106.733 /><TD width=14.8 /><TD width=69.467 /><TD width=14.8 /><TD width=106.733 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=230.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=192.133 colspan=3><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>3 months ended Sept. 30</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=191 colspan=3><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>9 months ended Sept. 30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=230.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=70.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=106.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2011</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=69.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=106.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2011</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=230.4><P style="margin:0px; font-family:Arial; font-size:7.5pt">Interest on debt</P>
</TD><TD style="margin-top:0px" valign=bottom width=70.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>54</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=106.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>57</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=69.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>168</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=106.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>167</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=230.4><P style="margin:0px; font-family:Arial; font-size:7.5pt">Capitalized interest <FONT style="font-size:7pt"><I>(Note 17)</I></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=70.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(1)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=106.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(8)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=69.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(2)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=106.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(31)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=230.4><P style="margin:0px; font-family:Arial; font-size:7.5pt">Ineffectiveness on fair value hedges</P>
</TD><TD style="margin-top:0px" valign=bottom width=70.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>1</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=106.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(1)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=69.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>1</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=106.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(1)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=230.4><P style="margin:0px; font-family:Arial; font-size:7.5pt">Other</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=70.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(1)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=106.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=69.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>1</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=106.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>1</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=230.4><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Interest expense</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=70.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>53</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=106.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>48</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=69.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>168</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=106.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>136</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=230.4><P style="margin:0px; font-family:Arial; font-size:7.5pt">Accretion of provisions<I> </I><FONT style="font-size:7pt"><I>(Note 19)</I></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=70.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>5</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=106.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>6</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=69.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>14</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=106.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>15</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=230.4><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Net interest expense</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=70.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>58</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=106.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>54</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=69.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>182</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=106.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>151</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The Corporation capitalizes interest during the construction phase of growth capital projects. &nbsp;To date in 2012, $2 million was capitalized related to New Richmond. &nbsp;Capitalized interest in 2011 relates primarily to Keephills Unit 3.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:48px; text-indent:-24px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>11. &nbsp;INCOME TAXES</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The components of income tax expense are as follows: </P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=297.067 /><TD width=14.8 /><TD width=60.067 /><TD width=90.333 /><TD width=62.267 /><TD width=89.467 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=297.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=150.4 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt" align=right><B>3 months ended Sept. 30</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=151.733 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt" align=right><B>9 months ended Sept. 30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=297.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=60.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2011</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=62.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=89.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2011</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=311.867 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Current income tax expense</P>
</TD><TD style="margin-top:0px" valign=bottom width=60.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>10</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>4</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>18</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=89.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>16</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=297.067><P style="margin:0px; font-family:Arial; font-size:7.5pt">Adjustments in respect of current income tax of previous periods</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=60.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>2</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=89.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=297.067><P style="margin:0px; font-family:Arial; font-size:7.5pt">Adjustments in respect of deferred income tax of previous year</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=60.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(3)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=90.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(3)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=89.467><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=311.867 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Deferred income tax expense (recovery) related to the <BR>
&nbsp;&nbsp;origination and reversal of temporary differences</P>
</TD><TD style="margin-top:0px" valign=bottom width=60.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>8</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>5</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(76)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=89.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>79</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=311.867 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Deferred income tax expense resulting from changes <BR>
&nbsp;&nbsp;in tax rates or laws <SUP>(1)</SUP></P>
</TD><TD style="margin-top:0px" valign=bottom width=60.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>7</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=89.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=311.867 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Benefit arising from previously unrecognized tax loss, tax <BR>
&nbsp;&nbsp;credit or temporary difference of a prior period used to <BR>
&nbsp;&nbsp;reduce current tax expense</P>
</TD><TD style="margin-top:0px" valign=bottom width=60.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>3</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(11)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=89.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=311.867 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Benefit arising from previously unrecognized tax loss, tax <BR>
&nbsp;&nbsp;credit or temporary difference of a prior period used to <BR>
&nbsp;&nbsp;reduce deferred tax expense</P>
</TD><TD style="margin-top:0px" valign=bottom width=60.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(4)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(14)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=89.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=311.867 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Deferred income tax expense arising from the write down of <BR>
&nbsp;&nbsp;deferred tax assets <FONT style="font-size:7pt"><I>(Note 8)</I></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=60.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>169</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=89.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=297.067><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Income tax expense</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=60.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>14</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=90.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>9</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=62.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>92</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=89.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>95</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=614 colspan=6><P style="margin:0px; font-family:Arial; font-size:7.5pt"><I>(1) Relates to the impact of the Ontario budget bill, which freezes the Ontario general corporate tax rate at 11.5%. The Corporation <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;had been using the previously substantively enacted scheduled reduced tax rate of 10.0%.</I></P>
</TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:5.333px"><BR></P>
<P style="margin-top:0px; margin-bottom:5.333px"><BR>
<BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:6pt" align=justify>13&nbsp;
TRANSALTA CORPORATION / Q3 2012</P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin-top:0px; margin-bottom:5.333px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always">Presented in the Condensed Consolidated Statements of Earnings (Loss) as follows:</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=296.533 /><TD width=14.8 /><TD width=61.267 /><TD width=89.133 /><TD width=59.6 /><TD width=90.8 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=296.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=150.4 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt" align=right><B>3 months ended Sept. 30</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=150.4 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt" align=right><B>9 months ended Sept. 30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=296.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=61.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2011</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=59.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=90.8><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2011</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=311.333 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Current tax expense</P>
</TD><TD style="margin-top:0px" valign=bottom width=61.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>13</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>4</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>9</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=90.8><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>16</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=311.333 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Deferred tax expense</P>
</TD><TD style="margin-top:0px" valign=bottom width=61.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>1</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>5</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>83</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=90.8><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>79</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=296.533><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Income tax expense</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=61.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>14</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=89.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>9</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=59.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>92</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=90.8><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>95</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:48px; text-indent:-24px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>12. &nbsp;FINANCIAL INSTRUMENTS</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>A. &nbsp;Financial Assets and Liabilities - Classification and Measurement</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Financial assets and financial liabilities are measured on an ongoing basis at cost, fair value, or amortized cost. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>B. &nbsp;Fair Value of Financial Instruments</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The methods used by the Corporation to determine fair values, and descriptions of the fair value hierarchy, are more fully discussed in Note 13(B) of the most recent annual consolidated financial statements. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Energy Trading</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Energy trading includes risk management assets and liabilities that are used in the Energy Trading and Generation segments in relation to trading activities and certain contracting activities. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The following tables summarize the key factors impacting the fair value of energy trading risk management assets and liabilities by classification level during the nine months ended Sept. 30, 2012 and 2011, respectively:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=207.733 /><TD width=47.8 /><TD width=47.267 /><TD width=53.933 /><TD width=14.8 /><TD width=51.133 /><TD width=48.4 /><TD width=53.933 /><TD width=14.8 /><TD width=51.133 /><TD width=48.4 /><TD width=53.933 /></TR>
<TR><TD style="margin-top:0px" width=207.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=149 colspan=3><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt" align=center><B>Hedges</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=153.467 colspan=3><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt" align=center><B>Non-Hedges</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=153.467 colspan=3><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt" align=center><B>Total</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=207.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=47.8><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level I</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=47.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level II</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=53.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level III</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level I</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=48.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level II</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=53.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level III</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level I</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=48.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level II</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=53.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level III</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=207.733><P style="margin:0px; font-family:Arial; font-size:7.5pt">Net risk management assets (liabilities) at <BR>
&nbsp;&nbsp;Dec. 31, 2011</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" width=47.8><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" width=47.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(90)</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" width=53.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(14)</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" width=48.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>287</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" width=53.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>7</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" width=48.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>197</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" width=53.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(7)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=207.733><P style="margin:0px; font-family:Arial; font-size:7.5pt">Changes attributable to:</P>
</TD><TD style="margin-top:0px" width=47.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=47.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=53.933><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=48.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=53.933><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=48.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=53.933><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=207.733><P style="margin:0px; text-indent:10px; font-family:Arial; font-size:7.5pt">Market price changes on existing <BR>
&nbsp;&nbsp;contracts</P>
</TD><TD style="margin-top:0px" width=47.8><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=47.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>47</P>
</TD><TD style="margin-top:0px" width=53.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>12</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=48.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(32)</P>
</TD><TD style="margin-top:0px" width=53.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>22</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=48.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>15</P>
</TD><TD style="margin-top:0px" width=53.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>34</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=207.733><P style="margin:0px; text-indent:10px; font-family:Arial; font-size:7.5pt">New contracts</P>
</TD><TD style="margin-top:0px" width=47.8><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=47.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>5</P>
</TD><TD style="margin-top:0px" width=53.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=48.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(15)</P>
</TD><TD style="margin-top:0px" width=53.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>9</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=48.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(10)</P>
</TD><TD style="margin-top:0px" width=53.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>9</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=207.733><P style="margin:0px; text-indent:10px; font-family:Arial; font-size:7.5pt">Contracts settled</P>
</TD><TD style="margin-top:0px" width=47.8><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=47.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>10</P>
</TD><TD style="margin-top:0px" width=53.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>6</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(1)</P>
</TD><TD style="margin-top:0px" width=48.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(167)</P>
</TD><TD style="margin-top:0px" width=53.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(15)</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(1)</P>
</TD><TD style="margin-top:0px" width=48.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(157)</P>
</TD><TD style="margin-top:0px" width=53.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(9)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=207.733><P style="margin:0px; text-indent:10px; font-family:Arial; font-size:7.5pt">Discontinued hedge accounting on <BR>
&nbsp;&nbsp;certain contracts</P>
</TD><TD style="margin-top:0px" width=47.8><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=47.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(20)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=53.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=48.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>15</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=53.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>5</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=48.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(5)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=53.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>5</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=207.733><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Net risk management assets <BR>
&nbsp;&nbsp;(liabilities) at Sept. 30, 2012</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=47.8><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=47.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>(48)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=53.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>4</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>(1)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=48.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>88</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=53.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>28</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>(1)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=48.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>40</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=53.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>32</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=302.8 colspan=3><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Additional Level III gain (loss) information:</B></P>
</TD><TD style="margin-top:0px" width=53.933><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=48.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=53.933><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=48.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=53.933><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=207.733><P style="margin:0px; font-family:Arial; font-size:7.5pt">Change in fair value included in Other <BR>
&nbsp;&nbsp;Comprehensive Income (Loss) (&quot;OCI&quot;)</P>
</TD><TD style="margin-top:0px" width=47.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=47.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=53.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>18</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=48.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=53.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=48.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=53.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>18</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=207.733><P style="margin:0px; font-family:Arial; font-size:7.5pt">Realized gain (loss) included in earnings <BR>
&nbsp;&nbsp;before income taxes</P>
</TD><TD style="margin-top:0px" width=47.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=47.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=53.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(6)</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=48.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=53.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>15</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=48.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=53.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>9</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=207.733><P style="margin:0px; font-family:Arial; font-size:7.5pt">Unrealized gain included in earnings before<BR>
 &nbsp;income taxes relating to net assets held<BR>
 &nbsp;at Sept. 30, 2012</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=47.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=47.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=53.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=51.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=48.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=53.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>22</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=51.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=48.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=53.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>22</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="line-height: 18pt; font-family: Arial, 'Times New Roman'; font-size: 6pt; margin: 0px" align=justify>14&nbsp;
TRANSALTA CORPORATION / Q3 2012&nbsp;</P>
<hr>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=207.2 /><TD width=47.8 /><TD width=47.267 /><TD width=51.133 /><TD width=14.8 /><TD width=51.133 /><TD width=48.4 /><TD width=56.733 /><TD width=14.8 /><TD width=51.133 /><TD width=48.4 /><TD width=56.733 /></TR>
<TR><TD style="margin-top:0px" width=207.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=146.2 colspan=3><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt" align=center><B>Hedges</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=156.267 colspan=3><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt" align=center><B>Non-Hedges</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=156.267 colspan=3><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt" align=center><B>Total</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=207.2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=47.8><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level I</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=47.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level II</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level III</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level I</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=48.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level II</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=56.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level III</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level I</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=48.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level II</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=56.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level III</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=207.2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Net risk management assets (liabilities) at <BR>
&nbsp;&nbsp;Dec. 31, 2010</P>
</TD><TD style="margin-top:0px" width=47.8><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=47.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>319</P>
</TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(20)</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(1)</P>
</TD><TD style="margin-top:0px" width=48.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>53</P>
</TD><TD style="margin-top:0px" width=56.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(1)</P>
</TD><TD style="margin-top:0px" width=48.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>372</P>
</TD><TD style="margin-top:0px" width=56.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(20)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=207.2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Changes attributable to:</P>
</TD><TD style="margin-top:0px" width=47.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=47.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=48.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=56.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=48.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=56.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=207.2><P style="margin:0px; text-indent:10px; font-family:Arial; font-size:7.5pt">Market price changes on existing <BR>
&nbsp;&nbsp;contracts</P>
</TD><TD style="margin-top:0px" width=47.8><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=47.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>6</P>
</TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(23)</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(5)</P>
</TD><TD style="margin-top:0px" width=48.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(18)</P>
</TD><TD style="margin-top:0px" width=56.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>22</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(5)</P>
</TD><TD style="margin-top:0px" width=48.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(12)</P>
</TD><TD style="margin-top:0px" width=56.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(1)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=207.2><P style="margin:0px; text-indent:10px; font-family:Arial; font-size:7.5pt">New contracts</P>
</TD><TD style="margin-top:0px" width=47.8><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=47.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>8</P>
</TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>4</P>
</TD><TD style="margin-top:0px" width=48.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>50</P>
</TD><TD style="margin-top:0px" width=56.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>6</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>4</P>
</TD><TD style="margin-top:0px" width=48.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>58</P>
</TD><TD style="margin-top:0px" width=56.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>6</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=207.2><P style="margin:0px; text-indent:10px; font-family:Arial; font-size:7.5pt">Contracts settled</P>
</TD><TD style="margin-top:0px" width=47.8><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=47.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(146)</P>
</TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>1</P>
</TD><TD style="margin-top:0px" width=48.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(46)</P>
</TD><TD style="margin-top:0px" width=56.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>1</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>1</P>
</TD><TD style="margin-top:0px" width=48.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(192)</P>
</TD><TD style="margin-top:0px" width=56.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>1</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=207.2><P style="margin:0px; text-indent:10px; font-family:Arial; font-size:7.5pt">Discontinued hedge accounting on <BR>
&nbsp;&nbsp;certain contracts</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=47.8><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=47.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(253)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>30</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=48.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>253</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=56.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(30)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=48.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=56.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=207.2><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Net risk management assets <BR>
&nbsp;&nbsp;(liabilities) at Sept. 30, 2011</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=47.8><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=47.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>(66)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>(13)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>(1)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=48.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>292</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=56.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>(1)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>(1)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=48.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>226</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=56.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>(14)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=302.267 colspan=3><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Additional Level III gain (loss) information:</B></P>
</TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=48.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=56.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=48.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=56.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=207.2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Change in fair value included in OCI</P>
</TD><TD style="margin-top:0px" width=47.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=47.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(23)</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=48.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=56.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=48.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=56.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(23)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=207.2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Realized gain (loss) included in earnings <BR>
&nbsp;&nbsp;before income taxes</P>
</TD><TD style="margin-top:0px" width=47.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=47.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=48.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=56.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(1)</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=48.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=56.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(1)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=207.2><P style="margin:0px; font-family:Arial; font-size:7.5pt">Unrealized gain included in earnings before<BR>
 &nbsp;income taxes relating to net assets held<BR>
 &nbsp;at Sept. 30, 2011</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=47.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=47.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=51.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=51.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=48.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=56.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>35</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=51.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=48.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=56.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>35</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>To the extent applicable, changes in net risk management assets and liabilities for non-hedge positions are reflected within the gross margin of the Energy Trading and Generation business segments.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The effect of using reasonably possible alternative assumptions as inputs to valuation techniques from which the Level III energy trading fair values are determined at Sept. 30, 2012 is estimated to be +/- $33 million (Dec. 31, 2011 - +/- $33 million). <BR>
</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Other Risk Management Assets and Liabilities</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Other risk management assets and liabilities primarily include risk management assets and liabilities that are used in hedging <BR>
non-energy trading transactions, such as interest rates, the net investment in foreign operations, and other foreign currency risks. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The following tables summarize the key factors impacting the fair value of other risk management assets and liabilities by classification level during the nine months ended Sept. 30, 2012 and 2011, respectively:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=170.667 /><TD width=46.333 /><TD width=51.2 /><TD width=46.267 /><TD width=14.8 /><TD width=46.267 /><TD width=52.267 /><TD width=46.267 /><TD width=14.8 /><TD width=46.267 /><TD width=49.533 /><TD width=46.267 /></TR>
<TR><TD style="margin-top:0px" width=170.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=143.8 colspan=3><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt" align=center><B>Hedges</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=144.8 colspan=3><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt" align=center><B>Non-Hedges</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=142.067 colspan=3><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt" align=center><B>Total</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=170.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=46.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level I</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=51.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level II</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level III</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level I</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=52.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level II</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level III</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level I</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=49.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level II</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level III</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=170.667><P style="margin:0px; font-family:Arial; font-size:7.5pt">Net risk management liabilities at <BR>
&nbsp;&nbsp;Dec. 31, 2011</P>
</TD><TD style="margin-top:0px" width=46.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=51.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(50)</P>
</TD><TD style="margin-top:0px" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=52.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=49.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(50)</P>
</TD><TD style="margin-top:0px" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=170.667><P style="margin:0px; font-family:Arial; font-size:7.5pt">Changes attributable to:</P>
</TD><TD style="margin-top:0px" width=46.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=46.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=46.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=52.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=46.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=46.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=49.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=46.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=170.667><P style="margin:0px; text-indent:10px; font-family:Arial; font-size:7.5pt">Market price changes on existing <BR>
&nbsp;&nbsp;contracts</P>
</TD><TD style="margin-top:0px" width=46.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=51.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(31)</P>
</TD><TD style="margin-top:0px" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=52.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=49.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(31)</P>
</TD><TD style="margin-top:0px" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=170.667><P style="margin:0px; text-indent:10px; font-family:Arial; font-size:7.5pt">New contracts</P>
</TD><TD style="margin-top:0px" width=46.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=51.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(56)</P>
</TD><TD style="margin-top:0px" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=52.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=49.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(56)</P>
</TD><TD style="margin-top:0px" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=170.667><P style="margin:0px; text-indent:10px; font-family:Arial; font-size:7.5pt">Contracts settled</P>
</TD><TD style="margin-top:0px" width=46.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=51.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>23</P>
</TD><TD style="margin-top:0px" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=52.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=49.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>23</P>
</TD><TD style="margin-top:0px" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=170.667><P style="margin:0px; text-indent:10px; font-family:Arial; font-size:7.5pt">Discontinued hedge accounting <BR>
&nbsp;&nbsp;on certain contracts</P>
</TD><TD style="margin-top:0px" width=46.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=51.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>1</P>
</TD><TD style="margin-top:0px" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=52.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(1)</P>
</TD><TD style="margin-top:0px" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=49.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=170.667><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Net risk management liabilities <BR>
&nbsp;&nbsp;at Sept. 30, 2012</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=46.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>-</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=51.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>(113)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>-</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>-</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=52.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>(1)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>-</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>-</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=49.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>(114)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=46.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>-</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px"><BR></P>
<P style="line-height: 18pt; font-family: Arial, 'Times New Roman'; font-size: 6pt; margin: 0px" align="justify"><BR>15&nbsp;
TRANSALTA CORPORATION / Q3 2012&nbsp;</P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=203.133 /><TD width=46.733 /><TD width=50 /><TD width=49.533 /><TD width=14.8 /><TD width=46.733 /><TD width=48.933 /><TD width=49.533 /><TD width=14.8 /><TD width=46.733 /><TD width=50 /><TD width=49.533 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=203.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=146.267 colspan=3><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt" align=center><B>Hedges</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=145.2 colspan=3><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt" align=center><B>Non-Hedges</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=146.267 colspan=3><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt" align=center><B>Total</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=203.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=46.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level I</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=50><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level II</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=49.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level III</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=46.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level I</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=48.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level II</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=49.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level III</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=46.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level I</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=50><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level II</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=49.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>Level III</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=203.133><P style="margin:0px; font-family:Arial; font-size:7.5pt">Net risk management assets <BR>
&nbsp;&nbsp;(liabilities) at Dec. 31, 2010</P>
</TD><TD style="margin-top:0px" valign=bottom width=46.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=50><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(37)</P>
</TD><TD style="margin-top:0px" valign=bottom width=49.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=46.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=48.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>1</P>
</TD><TD style="margin-top:0px" valign=bottom width=49.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=46.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=50><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(36)</P>
</TD><TD style="margin-top:0px" valign=bottom width=49.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=203.133><P style="margin:0px; font-family:Arial; font-size:7.5pt">Changes attributable to:</P>
</TD><TD style="margin-top:0px" valign=bottom width=46.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=50><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=49.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=46.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=48.933><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=49.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=46.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=50><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=49.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=203.133><P style="margin:0px; text-indent:10px; font-family:Arial; font-size:7.5pt">Market price changes on existing <BR>
&nbsp;&nbsp;contracts</P>
</TD><TD style="margin-top:0px" valign=bottom width=46.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=50><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>43</P>
</TD><TD style="margin-top:0px" valign=bottom width=49.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=46.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=48.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=49.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=46.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=50><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>43</P>
</TD><TD style="margin-top:0px" valign=bottom width=49.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=203.133><P style="margin:0px; text-indent:10px; font-family:Arial; font-size:7.5pt">New contracts</P>
</TD><TD style="margin-top:0px" valign=bottom width=46.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=50><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(27)</P>
</TD><TD style="margin-top:0px" valign=bottom width=49.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=46.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=48.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>1</P>
</TD><TD style="margin-top:0px" valign=bottom width=49.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=46.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=50><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(26)</P>
</TD><TD style="margin-top:0px" valign=bottom width=49.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=203.133><P style="margin:0px; text-indent:10px; font-family:Arial; font-size:7.5pt">Contracts settled</P>
</TD><TD style="margin-top:0px" valign=bottom width=46.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=50><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(1)</P>
</TD><TD style="margin-top:0px" valign=bottom width=49.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=46.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=48.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=49.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=46.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=50><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>(1)</P>
</TD><TD style="margin-top:0px" valign=bottom width=49.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=203.133><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Net risk management assets<BR>
 &nbsp;&nbsp;(liabilities) at Sept. 30, 2011</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=46.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>-</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=50><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>(22)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=49.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>-</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=46.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>-</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=48.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>2</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=49.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>-</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=46.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>-</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=50><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>(20)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=49.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=center><B>-</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Other Financial Assets and Liabilities</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The fair value of financial assets and liabilities measured at other than fair value is as follows:</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=353.867 /><TD width=48.133 /><TD width=52.733 /><TD width=59.8 /><TD width=46.267 /><TD width=56.533 /></TR>
<TR><TD style="margin-top:0px" width=353.867><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=206.933 colspan=4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=center><B>Fair value</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=56.533 rowspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=center><B>Total carrying value</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=353.867><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=48.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>Level I</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=52.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>Level II</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=59.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>Level III</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=46.267><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>Total</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=353.867><P style="margin:0px; text-indent:10.733px; font-family:Arial; font-size:8pt"><B>Long-term debt - Sept. 30, 2012<SUP>(1)</SUP></B></P>
</TD><TD style="margin-top:0px" width=48.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>-</B></P>
</TD><TD style="margin-top:0px" width=52.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>4,388</B></P>
</TD><TD style="margin-top:0px" width=59.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>-</B></P>
</TD><TD style="margin-top:0px" width=46.267><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>4,388</B></P>
</TD><TD style="margin-top:0px" width=56.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>4,167</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=353.867><P style="margin:0px; text-indent:10.667px; font-family:Arial; font-size:8pt">Long-term debt - Dec. 31, 2011<SUP>(1)</SUP></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=48.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=52.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>4,324</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=59.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=46.267><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>4,324</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=56.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>4,037</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=353.867><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=100.867 colspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=59.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=46.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=56.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" width=617.333 colspan=6><P style="margin:0px; font-family:Arial; font-size:7.5pt"><I>(1) Includes current portion.</I></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The book value of other short-term financial assets and liabilities (cash and cash equivalents, accounts receivable, collateral paid, accounts payable and accrued liabilities, collateral received, and dividends payable) approximates fair value due to the liquid nature of the asset or liability. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>C. &nbsp;Inception Gains and Losses </B></P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>An inception gain or loss arises due to differences between the fair value of a financial instrument at initial recognition (the transaction price) and the amount calculated through a valuation model. &nbsp;The unrealized gain or loss related to Level III financial instruments is deferred in risk management assets or liabilities, and is recognized in net earnings over the term of the related contract. &nbsp;At Sept. 30, 2012, the unamortized gain is $8 million (Dec. 31, 2011 - $4 million gain). &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:6pt" align=justify>16&nbsp;
TRANSALTA CORPORATION / Q3 2012</P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; padding-left:48px; text-indent:-24px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify><B>13. &nbsp;RISK MANAGEMENT ACTIVITIES</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>A. &nbsp;Risk Management Assets and Liabilities</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Aggregate risk management assets and liabilities are as follows:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=65.133 /><TD width=69.067 /><TD width=52.267 /><TD width=71.933 /><TD width=64.4 /><TD width=70.667 /><TD width=83.733 /><TD width=64.4 /><TD width=88.4 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=65.133><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=center><B>As at</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=52.267><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=355.133 colspan=5><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=center><B>Sept. 30, 2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=88.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=center>Dec. 31, 2011</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=65.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=52.267><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=71.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>Net investment hedges</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=64.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>Cash flow hedges</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=70.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>Fair value hedges</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=83.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>Not designated as a hedge</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=64.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>Total</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=88.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>Total</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=186.467 colspan=3><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Risk management assets</B></P>
</TD><TD style="margin-top:0px" width=71.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=64.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=70.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=83.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=64.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=88.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" width=134.2 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Energy trading</B></P>
</TD><TD style="margin-top:0px" width=52.267><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=71.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=64.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=70.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=83.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=64.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=88.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" width=65.133><P style="margin:0px; font-family:Arial; font-size:8pt">Current</P>
</TD><TD style="margin-top:0px" width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=52.267><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=71.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=64.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>18</P>
</TD><TD style="margin-top:0px" width=70.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=83.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>199</P>
</TD><TD style="margin-top:0px" width=64.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>217</P>
</TD><TD style="margin-top:0px" width=88.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>390</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=65.133><P style="margin:0px; font-family:Arial; font-size:8pt">Long-term</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=52.267><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=71.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=64.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>12</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=70.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=83.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>49</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=64.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>61</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=88.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>73</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=186.467 colspan=3><P style="margin:0px; font-family:Arial; font-size:8pt">Total energy trading risk <BR>
&nbsp;&nbsp;management assets</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=71.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=64.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>30</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=70.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=83.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>248</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=64.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>278</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=88.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>463</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=65.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=52.267><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=71.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=64.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=70.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=83.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=64.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=88.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" width=65.133><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Other</B></P>
</TD><TD style="margin-top:0px" width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=52.267><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=71.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=64.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=70.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=83.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=64.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=88.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" width=65.133><P style="margin:0px; font-family:Arial; font-size:8pt">Current</P>
</TD><TD style="margin-top:0px" width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=52.267><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=71.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>1</P>
</TD><TD style="margin-top:0px" width=64.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=70.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=83.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>1</P>
</TD><TD style="margin-top:0px" width=64.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>2</P>
</TD><TD style="margin-top:0px" width=88.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>1</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=65.133><P style="margin:0px; font-family:Arial; font-size:8pt">Long-term</P>
</TD><TD style="margin-top:0px" width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=52.267><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=71.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=64.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=70.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>10</P>
</TD><TD style="margin-top:0px" width=83.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=64.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>10</P>
</TD><TD style="margin-top:0px" width=88.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>26</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=186.467 colspan=3><P style="margin:0px; font-family:Arial; font-size:8pt">Total other risk <BR>
&nbsp;&nbsp;management assets</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=71.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>1</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=64.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>-</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=70.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>10</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=83.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>1</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=64.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>12</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=88.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>27</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=65.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=52.267><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=71.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=64.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=70.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=83.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=64.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=88.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" width=186.467 colspan=3><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Risk management liabilities</B></P>
</TD><TD style="margin-top:0px" width=71.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=64.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=70.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=83.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=64.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=88.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" width=134.2 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Energy trading</B></P>
</TD><TD style="margin-top:0px" width=52.267><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=71.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=64.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=70.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=83.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=64.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=88.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" width=65.133><P style="margin:0px; font-family:Arial; font-size:8pt">Current</P>
</TD><TD style="margin-top:0px" width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=52.267><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=71.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=64.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>17</P>
</TD><TD style="margin-top:0px" width=70.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=83.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>128</P>
</TD><TD style="margin-top:0px" width=64.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>145</P>
</TD><TD style="margin-top:0px" width=88.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>167</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=65.133><P style="margin:0px; font-family:Arial; font-size:8pt">Long-term</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=52.267><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=71.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=64.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>57</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=70.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=83.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>5</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=64.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>62</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=88.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>106</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=186.467 colspan=3><P style="margin:0px; font-family:Arial; font-size:8pt">Total energy trading risk <BR>
&nbsp;&nbsp;management liabilities</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=71.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=64.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>74</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=70.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=83.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>133</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=64.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>207</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=88.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>273</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=65.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=52.267><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=71.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=64.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=70.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=83.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=64.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=88.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" width=65.133><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Other</B></P>
</TD><TD style="margin-top:0px" width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=52.267><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=71.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=64.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=70.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=83.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=64.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=88.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" width=65.133><P style="margin:0px; font-family:Arial; font-size:8pt">Current</P>
</TD><TD style="margin-top:0px" width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=52.267><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=71.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>1</P>
</TD><TD style="margin-top:0px" width=64.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>59</P>
</TD><TD style="margin-top:0px" width=70.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=83.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>2</P>
</TD><TD style="margin-top:0px" width=64.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>62</P>
</TD><TD style="margin-top:0px" width=88.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>41</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=65.133><P style="margin:0px; font-family:Arial; font-size:8pt">Long-term</P>
</TD><TD style="margin-top:0px" width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=52.267><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=71.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=64.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>64</P>
</TD><TD style="margin-top:0px" width=70.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>-</P>
</TD><TD style="margin-top:0px" width=83.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=64.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>64</P>
</TD><TD style="margin-top:0px" width=88.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>36</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=186.467 colspan=3><P style="margin:0px; font-family:Arial; font-size:8pt">Total other risk <BR>
&nbsp;&nbsp;management liabilities</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=71.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>1</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=64.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>123</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=70.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>-</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=83.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>2</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=64.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>126</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=88.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>77</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=65.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=52.267><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=71.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=64.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=70.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=83.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=64.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=88.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=186.467 colspan=3><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Net energy trading risk <BR>
&nbsp;&nbsp;management assets (liabilities)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=71.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>-</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=64.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>(44)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=70.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>-</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=83.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>115</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=64.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>71</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=88.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>190</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=186.467 colspan=3><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Net other risk management <BR>
&nbsp;&nbsp;assets (liabilities)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=71.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=64.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>(123)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=70.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>10</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=83.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>(1)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=64.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>(114)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=88.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>(50)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=186.467 colspan=3><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Net total risk management <BR>
&nbsp;&nbsp;assets (liabilities)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=71.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=64.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>(167)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=70.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>10</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=83.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>114</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=64.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>(43)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=88.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>140</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Additional information on derivative instruments has been presented on a net basis below.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="line-height:18pt; margin:0px"><BR></P>
<P style="line-height: 18pt; font-family: Arial, 'Times New Roman'; font-size: 6pt; margin: 0px" align="justify"><BR>17&nbsp;
TRANSALTA CORPORATION / Q3 2012&nbsp;</P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always"><B>I. &nbsp;Hedges</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>a. &nbsp;Net Investment Hedges</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The Corporation hedges its net investment in foreign operations with U.S. denominated borrowings, cross-currency interest rate swaps, and foreign currency forward contracts.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The Corporation&#146;s net investment hedges are comprised of U.S. dollar denominated long-term debt with a face value of U.S. $770 million (Dec. 31, 2011 - U.S. $820 million) and the following foreign currency forward contracts:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=119.267 /><TD width=14.8 /><TD width=80.867 /><TD width=14.8 /><TD width=54.867 /><TD width=14.8 /><TD width=68.867 /><TD width=14.8 /><TD width=52.2 /><TD width=15.733 /><TD width=61.133 /><TD width=14.8 /><TD width=61.667 /><TD width=14.8 /><TD width=49.2 /><TD width=0.8 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=119.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt" align=center><B>As at</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=234.2 colspan=5><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt" align=center><B>Sept. 30, 2012</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=270.333 colspan=8><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt" align=center>Dec. 31, 2011</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=119.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>Notional<BR>
amount<BR>
sold</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=80.867><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>Notional<BR>
amount<BR>
purchased</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=54.867><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>Fair &nbsp;<BR>
value<BR>
liability</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=68.867><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>Maturity</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=52.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>Notional<BR>
amount<BR>
sold</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=15.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=61.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>Notional<BR>
amount<BR>
purchased</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=61.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>Fair <BR>
value <BR>
liability</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=50 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>Maturity</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=368.267 colspan=7><P style="margin:0px; font-family:Arial; font-size:7.5pt"><I>Foreign Currency Forward Contracts</I></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=52.2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=15.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=61.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=61.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=50 colspan=2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" width=119.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>AUD175</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=80.867><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>CAD178</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=54.867><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=68.867><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=52.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>AUD185</P>
</TD><TD style="margin-top:0px" width=15.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=61.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>CAD184</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=61.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(4)</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=50 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2012</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=119.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=80.867><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=54.867><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=68.867><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=52.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>USD135</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=15.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=61.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>CAD138</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=61.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=50 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2012</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>During the nine months ended Sept. 30, 2012, the Corporation de-designated $300 million of borrowings under a U.S. dollar denominated credit facility, $50 million of U.S. dollar denominated senior notes, and U.S. $60 million of foreign currency forward contracts from its net investment hedges due to a reduction in its investment in foreign operations arising from the Centralia Thermal plant impairment. &nbsp;The cumulative net foreign exchange gains (losses) related to these hedges up to the date of de-designation will remain in OCI until a disposal of the related U.S. foreign operation occurs. &nbsp;These instruments were designated as part of the Corporation&#146;s net investment hedge at Dec. 31, 2011. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>&nbsp;b. &nbsp;Cash Flow Hedges</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>i. &nbsp;Energy Trading Risk Management</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The Corporation&#146;s outstanding Energy Trading derivative instruments designated as hedging instruments at Sept. 30, 2012, are as follows:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=163.733 /><TD width=79.4 /><TD width=76.333 /><TD width=14.8 /><TD width=75.6 /><TD width=83.4 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=163.733><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt"><B>As at</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=155.733 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt" align=right><B>Sept. 30, 2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=159 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt" align=right>Dec. 31, 2011</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=163.733><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Type<BR>
(Thousands)</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=79.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>Notional <BR>
amount <BR>
sold</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=76.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>Notional amount purchased</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=75.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>Notional <BR>
amount<BR>
sold</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=83.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>Notional amount purchased</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=163.733><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Electricity </B><I>(MWh)</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>4,765</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=76.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=75.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>7,817</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=83.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>4</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=163.733><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Natural gas </B><I>(GJ)</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>485</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=76.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>38,921</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=75.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2,032</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=83.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>39,022</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=163.733><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Oil</B> <I>(gallons)</I></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=79.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=76.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=75.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=83.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>6,300</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:6pt" align=justify>18&nbsp;
TRANSALTA CORPORATION / Q3 2012</P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify>During the three and nine months ended Sept. 30, 2012, unrealized pre-tax gains of nil (Sept. 30, 2011 - $3 million gain) and <BR>
$75 million (Sept. 30, 2011 - $207 million gain), respectively, related to certain power hedging relationships that were previously de-designated and deemed ineffective for accounting purposes, were released from Accumulated Other Comprehensive Income (Loss) (&#147;AOCI&#148;) and recognized in earnings. &nbsp;The cash flow hedges were in respect of future power production expected to occur during 2011 and into 2012. &nbsp;In the first quarter of 2011, the production was assessed as highly probable not to occur based on then forecast prices. These unrealized gains were calculated using current forward prices which will change between now and the time the contracts will be settled.&nbsp; Had these hedges not been deemed ineffective for accounting purposes, the revenues associated with these contracts would have been recorded in net earnings in the period in which they settle, the majority of which will occur during 2012. &nbsp;As these gains have already been recognized in earnings in the current and prior periods, future reported earnings will be lower, however, the expected cash flows from these contracts will not change. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>During 2012, the Corporation discontinued hedge accounting for certain cash flow hedges that no longer met the criteria for hedge accounting.&nbsp; As at Sept. 30, 2012, cumulative gains of $14 million will continue to be deferred in AOCI and will be reclassified to net earnings as the forecasted transactions occur.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>ii. &nbsp;Foreign Currency Rate Risk Management</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The Corporation uses foreign exchange forward contracts to hedge a portion of its future foreign denominated receipts and expenditures and to manage foreign exchange exposure on debt not designated as a net investment hedge, and cross-currency swaps to manage foreign exchange exposures on foreign denominated debt.</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=56.067 /><TD width=14.8 /><TD width=71.533 /><TD width=14.8 /><TD width=80.4 /><TD width=14.8 /><TD width=64.867 /><TD width=47.267 /><TD width=55.467 /><TD width=14.8 /><TD width=63.867 /><TD width=14.8 /><TD width=47.467 /><TD width=14.8 /><TD width=55.467 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=56.067><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt" align=center><B>As at</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=246.4 colspan=5><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt" align=center><B>Sept. 30, 2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=47.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=266.667 colspan=7><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt" align=center>Dec. 31, 2011</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=56.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>Notional <BR>
amount <BR>
sold</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=71.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>Notional <BR>
amount <BR>
purchased</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=80.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>Fair value<BR>
asset <BR>
(liability)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=112.133 colspan=2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=justify><B>Maturity</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=55.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>Notional <BR>
amount <BR>
sold</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=63.867><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>Notional <BR>
amount <BR>
purchased</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=47.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>Fair <BR>
value <BR>
liability</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=55.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>Maturity</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=420 colspan=9><P style="margin:0px; font-family:Arial; font-size:7.5pt"><I>Foreign Exchange Forward Contracts - foreign denominated receipts/expenditures</I></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=63.867><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=47.467><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=55.467><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" width=56.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>USD2</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=71.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>CAD2</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=80.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=64.867><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px" width=47.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=55.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>USD8</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=63.867><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>CAD8</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=47.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=55.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2012</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=56.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>CAD56</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=71.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>EUR43</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=80.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(1)</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=64.867><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px" width=47.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=55.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>CAD103</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=63.867><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>EUR74</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=47.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(6)</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=55.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2012</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=56.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>AUD4</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=71.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>USD4</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=80.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=64.867><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px" width=47.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=55.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=63.867><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=47.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=55.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=56.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>CAD252</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=71.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>USD235</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=80.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(14)</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=64.867><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>2012-2017</B></P>
</TD><TD style="margin-top:0px" width=47.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=55.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>CAD250</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=63.867><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>USD233</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=47.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(8)</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=55.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2012-2017</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=56.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=71.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=80.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=64.867><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=47.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=55.467><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=63.867><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=47.467><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=55.467><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" width=364.533 colspan=8><P style="margin:0px; font-family:Arial; font-size:7.5pt"><I>Foreign Exchange Forward Contracts - foreign denominated debt</I></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" width=55.467><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=63.867><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=47.467><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=55.467><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" width=56.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>CAD51</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=71.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>USD50</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=80.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(2)</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=64.867><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px" width=47.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=55.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=63.867><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=47.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=55.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=56.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>CAD314</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=71.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>USD300</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=80.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(17)</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=64.867><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>2013</B></P>
</TD><TD style="margin-top:0px" width=47.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=55.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>CAD314</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=63.867><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>USD300</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=47.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(5)</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=55.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2013</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=56.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>CAD308</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=71.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>USD300</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=80.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(12)</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=64.867><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>2013</B></P>
</TD><TD style="margin-top:0px" width=47.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=55.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=63.867><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=47.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=55.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=56.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=71.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=80.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=64.867><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=47.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=55.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>CAD312</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=63.867><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>USD300</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=47.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(5)</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=55.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2012</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=56.067><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=71.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=80.4><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=64.867><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=47.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=55.467><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=63.867><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=47.467><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=55.467><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" width=317.267 colspan=7><P style="margin:0px; font-family:Arial; font-size:7.5pt"><I>Cross-Currency Swaps - foreign denominated debt</I></P>
</TD><TD style="margin-top:0px" width=47.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=55.467><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=63.867><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=47.467><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=55.467><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=56.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>CAD530</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=71.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>USD500</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=80.4><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(36)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=64.867><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=47.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" width=55.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>CAD530</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" width=63.867><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>USD500</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=47.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(22)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=55.467><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2015</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px"><BR></P>
<P style="line-height: 18pt; font-family: Arial, 'Times New Roman'; font-size: 6pt; margin: 0px" align="justify"><BR>19&nbsp;
TRANSALTA CORPORATION / Q3 2012</P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify><B>iii. &nbsp;Interest Rate Risk Management </B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The Corporation has outstanding forward start interest rate swaps with fixed rates ranging from 3.07 per cent to 3.75 per cent <BR>
(Dec. 31, 2011 - 2.75 per cent to 3.43 per cent). &nbsp;Forward start interest rate swaps are used to offset the variability in cash flows resulting from anticipated issuances of long-term debt.</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=79.733 /><TD width=14.8 /><TD width=99.067 /><TD width=14.8 /><TD width=62.333 /><TD width=14.8 /><TD width=76 /><TD width=14.8 /><TD width=70.6 /><TD width=14.8 /><TD width=58.2 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=79.733><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt"><B>As at</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=205.8 colspan=5><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt" align=center><B>Sept. 30, 2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=234.4 colspan=5><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt" align=center>Dec. 31, 2011</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=79.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>Notional <BR>
amount</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=99.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>Fair &nbsp;<BR>
value<BR>
liability</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=62.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>Maturity</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=76><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>Notional <BR>
amount</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=70.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>Fair &nbsp;<BR>
value<BR>
liability</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=58.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>Maturity</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=79.733><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>USD300</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=99.067><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(41)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=62.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>2013</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=76><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>USD300</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=70.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>(25)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=58.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2012</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>iv. &nbsp;Cash Flow Hedge Impacts</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The following tables summarize the impacts of cash flow hedges: </P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=126.8 /><TD width=102.2 /><TD width=14.8 /><TD width=101.733 /><TD width=111.467 /><TD width=14.8 /><TD width=116.067 /><TD width=101.933 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=689.8 colspan=8><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=center><B>3 months ended Sept. 30, 2012</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=126.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=102.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=101.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>Effective portion</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=111.467><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=218 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Ineffective portion</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=126.8><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Derivatives in cash <BR>
flow hedging <BR>
relationships</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=102.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>Pre-tax <BR>
gain (loss) <BR>
recognized in OCI</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=101.733><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Location of (gain) loss reclassified <BR>
from OCI</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=111.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>Pre-tax (gain) loss<BR>
reclassified <BR>
from OCI</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=116.067><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Location of (gain) loss reclassified <BR>
from OCI</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=101.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>Pre-tax <BR>
(gain) loss<BR>
recognized in earnings</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=126.8><P style="margin:0px; font-family:Arial; font-size:8pt">Commodity contracts</P>
</TD><TD style="margin-top:0px" width=102.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>49</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=101.733><P style="margin:0px; font-family:Arial; font-size:8pt">Revenue</P>
</TD><TD style="margin-top:0px" width=111.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>6</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=116.067><P style="margin:0px; font-family:Arial; font-size:8pt">Revenue</P>
</TD><TD style="margin-top:0px" width=101.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=126.8><P style="margin:0px; font-family:Arial; font-size:8pt">Foreign exchange forwards <BR>
&nbsp;&nbsp;on project hedges</P>
</TD><TD style="margin-top:0px" width=102.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(13)</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=101.733><P style="margin:0px; font-family:Arial; font-size:8pt">Property, plant, <BR>
&nbsp;&nbsp;&nbsp;and equipment</P>
</TD><TD style="margin-top:0px" width=111.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>3</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=116.067><P style="margin:0px; font-family:Arial; font-size:8pt">Foreign exchange<BR>
 &nbsp;(gain) loss</P>
</TD><TD style="margin-top:0px" width=101.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=126.8><P style="margin:0px; font-family:Arial; font-size:8pt">Foreign exchange forwards <BR>
&nbsp;&nbsp;on U.S. debt hedges</P>
</TD><TD style="margin-top:0px" width=102.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(39)</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=101.733><P style="margin:0px; font-family:Arial; font-size:8pt">Foreign exchange<BR>
 &nbsp;(gain) loss</P>
</TD><TD style="margin-top:0px" width=111.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>38</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=116.067><P style="margin:0px; font-family:Arial; font-size:8pt">Foreign exchange<BR>
 &nbsp;(gain) loss</P>
</TD><TD style="margin-top:0px" width=101.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=126.8><P style="margin:0px; font-family:Arial; font-size:8pt">Cross-currency <BR>
&nbsp;&nbsp;swaps</P>
</TD><TD style="margin-top:0px" width=102.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(26)</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=101.733><P style="margin:0px; font-family:Arial; font-size:8pt">Foreign exchange<BR>
 &nbsp;(gain) loss</P>
</TD><TD style="margin-top:0px" width=111.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>26</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=116.067><P style="margin:0px; font-family:Arial; font-size:8pt">Foreign exchange<BR>
 &nbsp;(gain) loss</P>
</TD><TD style="margin-top:0px" width=101.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=126.8><P style="margin:0px; font-family:Arial; font-size:8pt">Forward start interest <BR>
&nbsp;&nbsp;rate swaps</P>
</TD><TD style="margin-top:0px" width=102.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=101.733><P style="margin:0px; font-family:Arial; font-size:8pt">Interest expense</P>
</TD><TD style="margin-top:0px" width=111.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=116.067><P style="margin:0px; font-family:Arial; font-size:8pt">Interest expense</P>
</TD><TD style="margin-top:0px" width=101.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=126.8><P style="margin:0px; font-family:Arial; font-size:8pt"><B>OCI impact</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=102.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(29)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=101.733><P style="margin:0px; font-family:Arial; font-size:8pt"><B>OCI impact</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=111.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>73</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=116.067><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Net earnings impact</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=101.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=124.933 /><TD width=100.667 /><TD width=15.067 /><TD width=96.333 /><TD width=111.533 /><TD width=15.067 /><TD width=110.667 /><TD width=100.8 /></TR>
<TR><TD style="margin-top:0px" width=675.067 colspan=8><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=center>3 months ended Sept. 30, 2011</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=124.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=100.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=15.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=96.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>Effective portion</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=111.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=15.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=211.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>Ineffective portion</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=124.933><P style="margin:0px; font-family:Arial; font-size:8pt">Derivatives in cash <BR>
flow hedging <BR>
relationships</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=100.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Pre-tax <BR>
gain (loss) <BR>
recognized in OCI</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=15.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=96.333><P style="margin:0px; font-family:Arial; font-size:8pt">Location of (gain) loss reclassified <BR>
from OCI</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=111.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Pre-tax (gain) loss<BR>
reclassified <BR>
from OCI</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=15.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=110.667><P style="margin:0px; font-family:Arial; font-size:8pt">Location of (gain) loss reclassified <BR>
from OCI</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=100.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Pre-tax <BR>
(gain) loss<BR>
recognized in earnings</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=124.933><P style="margin:0px; font-family:Arial; font-size:8pt">Commodity contracts</P>
</TD><TD style="margin-top:0px" width=100.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(29)</P>
</TD><TD style="margin-top:0px" width=15.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=96.333><P style="margin:0px; font-family:Arial; font-size:8pt">Revenue</P>
</TD><TD style="margin-top:0px" width=111.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>12</P>
</TD><TD style="margin-top:0px" width=15.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=110.667><P style="margin:0px; font-family:Arial; font-size:8pt">Revenue</P>
</TD><TD style="margin-top:0px" width=100.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(3)</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=124.933><P style="margin:0px; font-family:Arial; font-size:8pt">Foreign exchange forwards <BR>
&nbsp;&nbsp;on project hedges</P>
</TD><TD style="margin-top:0px" width=100.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>11</P>
</TD><TD style="margin-top:0px" width=15.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=96.333><P style="margin:0px; font-family:Arial; font-size:8pt">Property, plant, <BR>
&nbsp;&nbsp;&nbsp;and equipment</P>
</TD><TD style="margin-top:0px" width=111.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=15.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=110.667><P style="margin:0px; font-family:Arial; font-size:8pt">Foreign exchange<BR>
 &nbsp;(gain) loss</P>
</TD><TD style="margin-top:0px" width=100.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=124.933><P style="margin:0px; font-family:Arial; font-size:8pt">Foreign exchange forwards <BR>
&nbsp;&nbsp;on U.S. debt hedges</P>
</TD><TD style="margin-top:0px" width=100.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>31</P>
</TD><TD style="margin-top:0px" width=15.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=96.333><P style="margin:0px; font-family:Arial; font-size:8pt">Foreign exchange<BR>
 &nbsp;(gain) loss</P>
</TD><TD style="margin-top:0px" width=111.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(79)</P>
</TD><TD style="margin-top:0px" width=15.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=110.667><P style="margin:0px; font-family:Arial; font-size:8pt">Foreign exchange<BR>
 &nbsp;(gain) loss</P>
</TD><TD style="margin-top:0px" width=100.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=124.933><P style="margin:0px; font-family:Arial; font-size:8pt">Cross-currency <BR>
&nbsp;&nbsp;swaps</P>
</TD><TD style="margin-top:0px" width=100.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>28</P>
</TD><TD style="margin-top:0px" width=15.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=96.333><P style="margin:0px; font-family:Arial; font-size:8pt">Foreign exchange<BR>
 &nbsp;(gain) loss</P>
</TD><TD style="margin-top:0px" width=111.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>10</P>
</TD><TD style="margin-top:0px" width=15.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=110.667><P style="margin:0px; font-family:Arial; font-size:8pt">Foreign exchange<BR>
 &nbsp;(gain) loss</P>
</TD><TD style="margin-top:0px" width=100.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=124.933><P style="margin:0px; font-family:Arial; font-size:8pt">Forward start interest <BR>
&nbsp;&nbsp;rate swaps</P>
</TD><TD style="margin-top:0px" width=100.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(21)</P>
</TD><TD style="margin-top:0px" width=15.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=96.333><P style="margin:0px; font-family:Arial; font-size:8pt">Interest expense</P>
</TD><TD style="margin-top:0px" width=111.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=15.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=110.667><P style="margin:0px; font-family:Arial; font-size:8pt">Interest expense</P>
</TD><TD style="margin-top:0px" width=100.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=124.933><P style="margin:0px; font-family:Arial; font-size:8pt">OCI impact</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=100.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>20</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=15.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=96.333><P style="margin:0px; font-family:Arial; font-size:8pt">OCI impact</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=111.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(57)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=15.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=110.667><P style="margin:0px; font-family:Arial; font-size:8pt">Net earnings impact</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=100.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(3)</P>
</TD></TR>
</TABLE>
<P style="line-height:18pt; margin:0px" align=justify>&nbsp;</P>
<P style="line-height: 18pt; font-family: Arial, 'Times New Roman'; font-size: 6pt; margin: 0px" align=justify>20&nbsp;
TRANSALTA CORPORATION / Q3 2012&nbsp;</P>
<hr>
<P style="line-height:18pt; margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=129.933 /><TD width=104.667 /><TD width=16.933 /><TD width=104.267 /><TD width=113.867 /><TD width=17.667 /><TD width=118.933 /><TD width=104.667 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=710.933 colspan=8><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=center><B>9 months ended Sept. 30, 2012</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=129.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=104.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=16.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=104.267><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>Effective portion</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=113.867><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=17.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=223.6 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>Ineffective portion</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=129.933><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Derivatives in cash <BR>
flow hedging <BR>
relationships</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=104.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>Pre-tax <BR>
gain (loss) <BR>
recognized in OCI</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=16.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=104.267><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Location of (gain) loss reclassified <BR>
from OCI</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=113.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>Pre-tax (gain) loss<BR>
reclassified <BR>
from OCI</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=17.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=118.933><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Location of (gain) loss reclassified <BR>
from OCI</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=104.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>Pre-tax <BR>
(gain) loss<BR>
recognized in earnings</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=129.933><P style="margin:0px; font-family:Arial; font-size:8pt">Commodity contracts</P>
</TD><TD style="margin-top:0px" width=104.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>50</B></P>
</TD><TD style="margin-top:0px" width=16.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=104.267><P style="margin:0px; font-family:Arial; font-size:8pt">Revenue</P>
</TD><TD style="margin-top:0px" width=113.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>16</B></P>
</TD><TD style="margin-top:0px" width=17.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=118.933><P style="margin:0px; font-family:Arial; font-size:8pt">Revenue</P>
</TD><TD style="margin-top:0px" width=104.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(75)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=129.933><P style="margin:0px; font-family:Arial; font-size:8pt">Foreign exchange forwards <BR>
&nbsp;&nbsp;on project hedges</P>
</TD><TD style="margin-top:0px" width=104.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(10)</B></P>
</TD><TD style="margin-top:0px" width=16.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=104.267><P style="margin:0px; font-family:Arial; font-size:8pt">Property, plant, <BR>
&nbsp;&nbsp;&nbsp;and equipment</P>
</TD><TD style="margin-top:0px" width=113.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>4</B></P>
</TD><TD style="margin-top:0px" width=17.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=118.933><P style="margin:0px; font-family:Arial; font-size:8pt">Foreign exchange<BR>
 &nbsp;(gain) loss</P>
</TD><TD style="margin-top:0px" width=104.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=129.933><P style="margin:0px; font-family:Arial; font-size:8pt">Foreign exchange forwards <BR>
&nbsp;&nbsp;on U.S. debt hedges</P>
</TD><TD style="margin-top:0px" width=104.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(28)</B></P>
</TD><TD style="margin-top:0px" width=16.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=104.267><P style="margin:0px; font-family:Arial; font-size:8pt">Foreign exchange<BR>
 &nbsp;(gain) loss</P>
</TD><TD style="margin-top:0px" width=113.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>36</B></P>
</TD><TD style="margin-top:0px" width=17.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=118.933><P style="margin:0px; font-family:Arial; font-size:8pt">Foreign exchange<BR>
 &nbsp;(gain) loss</P>
</TD><TD style="margin-top:0px" width=104.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=129.933><P style="margin:0px; font-family:Arial; font-size:8pt">Cross-currency <BR>
&nbsp;&nbsp;swaps</P>
</TD><TD style="margin-top:0px" width=104.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(14)</B></P>
</TD><TD style="margin-top:0px" width=16.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=104.267><P style="margin:0px; font-family:Arial; font-size:8pt">Foreign exchange<BR>
 &nbsp;(gain) loss</P>
</TD><TD style="margin-top:0px" width=113.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>20</B></P>
</TD><TD style="margin-top:0px" width=17.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=118.933><P style="margin:0px; font-family:Arial; font-size:8pt">Foreign exchange<BR>
 &nbsp;(gain) loss</P>
</TD><TD style="margin-top:0px" width=104.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=129.933><P style="margin:0px; font-family:Arial; font-size:8pt">Forward start interest <BR>
&nbsp;&nbsp;rate swaps</P>
</TD><TD style="margin-top:0px" width=104.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(16)</B></P>
</TD><TD style="margin-top:0px" width=16.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=104.267><P style="margin:0px; font-family:Arial; font-size:8pt">Interest expense</P>
</TD><TD style="margin-top:0px" width=113.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=17.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=118.933><P style="margin:0px; font-family:Arial; font-size:8pt">Interest expense</P>
</TD><TD style="margin-top:0px" width=104.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=129.933><P style="margin:0px; font-family:Arial; font-size:8pt"><B>OCI impact</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=104.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(18)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=16.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=104.267><P style="margin:0px; font-family:Arial; font-size:8pt"><B>OCI impact</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=113.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>78</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=17.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=118.933><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Net earnings impact</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=104.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(73)</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=131.2 /><TD width=105.733 /><TD width=17 /><TD width=101.133 /><TD width=117.2 /><TD width=17.667 /><TD width=116.2 /><TD width=105.733 /></TR>
<TR><TD style="margin-top:0px" width=711.867 colspan=8><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=center>9 months ended Sept. 30, 2011</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=131.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=105.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=17><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=101.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>Effective portion</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=117.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=17.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=221.933 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>Ineffective portion</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=131.2><P style="margin:0px; font-family:Arial; font-size:8pt">Derivatives in cash <BR>
flow hedging <BR>
relationships</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=105.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Pre-tax <BR>
gain (loss) <BR>
recognized in OCI</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=17><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=101.133><P style="margin:0px; font-family:Arial; font-size:8pt">Location of (gain) loss reclassified <BR>
from OCI</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=117.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Pre-tax (gain) loss<BR>
reclassified <BR>
from OCI</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=17.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=116.2><P style="margin:0px; font-family:Arial; font-size:8pt">Location of (gain) loss reclassified <BR>
from OCI</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=105.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Pre-tax <BR>
(gain) loss<BR>
recognized in earnings</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=131.2><P style="margin:0px; font-family:Arial; font-size:8pt">Commodity contracts</P>
</TD><TD style="margin-top:0px" width=105.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(45)</P>
</TD><TD style="margin-top:0px" width=17><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=101.133><P style="margin:0px; font-family:Arial; font-size:8pt">Revenue</P>
</TD><TD style="margin-top:0px" width=117.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(60)</P>
</TD><TD style="margin-top:0px" width=17.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=116.2><P style="margin:0px; font-family:Arial; font-size:8pt">Revenue</P>
</TD><TD style="margin-top:0px" width=105.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(207)</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=131.2><P style="margin:0px; font-family:Arial; font-size:8pt">Foreign exchange forwards <BR>
&nbsp;&nbsp;on project hedges</P>
</TD><TD style="margin-top:0px" width=105.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>6</P>
</TD><TD style="margin-top:0px" width=17><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=101.133><P style="margin:0px; font-family:Arial; font-size:8pt">Property, plant, <BR>
&nbsp;&nbsp;&nbsp;and equipment</P>
</TD><TD style="margin-top:0px" width=117.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=17.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=116.2><P style="margin:0px; font-family:Arial; font-size:8pt">Foreign exchange<BR>
 &nbsp;(gain) loss</P>
</TD><TD style="margin-top:0px" width=105.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=131.2><P style="margin:0px; font-family:Arial; font-size:8pt">Foreign exchange forwards <BR>
&nbsp;&nbsp;on U.S. debt hedges</P>
</TD><TD style="margin-top:0px" width=105.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>12</P>
</TD><TD style="margin-top:0px" width=17><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=101.133><P style="margin:0px; font-family:Arial; font-size:8pt">Foreign exchange<BR>
 &nbsp;(gain) loss</P>
</TD><TD style="margin-top:0px" width=117.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(62)</P>
</TD><TD style="margin-top:0px" width=17.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=116.2><P style="margin:0px; font-family:Arial; font-size:8pt">Foreign exchange<BR>
 &nbsp;(gain) loss</P>
</TD><TD style="margin-top:0px" width=105.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=131.2><P style="margin:0px; font-family:Arial; font-size:8pt">Cross-currency <BR>
&nbsp;&nbsp;swaps</P>
</TD><TD style="margin-top:0px" width=105.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>14</P>
</TD><TD style="margin-top:0px" width=17><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=101.133><P style="margin:0px; font-family:Arial; font-size:8pt">Foreign exchange<BR>
 &nbsp;(gain) loss</P>
</TD><TD style="margin-top:0px" width=117.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>26</P>
</TD><TD style="margin-top:0px" width=17.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=116.2><P style="margin:0px; font-family:Arial; font-size:8pt">Foreign exchange<BR>
 &nbsp;(gain) loss</P>
</TD><TD style="margin-top:0px" width=105.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=131.2><P style="margin:0px; font-family:Arial; font-size:8pt">Forward start interest <BR>
&nbsp;&nbsp;rate swaps</P>
</TD><TD style="margin-top:0px" width=105.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(21)</P>
</TD><TD style="margin-top:0px" width=17><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=101.133><P style="margin:0px; font-family:Arial; font-size:8pt">Interest expense</P>
</TD><TD style="margin-top:0px" width=117.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>1</P>
</TD><TD style="margin-top:0px" width=17.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=116.2><P style="margin:0px; font-family:Arial; font-size:8pt">Interest expense</P>
</TD><TD style="margin-top:0px" width=105.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=131.2><P style="margin:0px; font-family:Arial; font-size:8pt">OCI impact</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=105.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(34)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=17><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=101.133><P style="margin:0px; font-family:Arial; font-size:8pt">OCI impact</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=117.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(95)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=17.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=116.2><P style="margin:0px; font-family:Arial; font-size:8pt">Net earnings impact</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=105.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(207)</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Over the next 12 months, the Corporation estimates that $4 million of after-tax gains will be reclassified from AOCI to net earnings. &nbsp;These estimates assume constant natural gas and power prices, interest rates, and exchange rates over time; however, the actual amounts that will be reclassified will vary based on changes in these factors. &nbsp;&nbsp;In addition, it is the Corporation&#146;s intent to settle a substantial portion of the cash flow hedges by physical delivery of the underlying commodity, resulting in gross settlement at the contract price. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:6pt" align=justify>21&nbsp;
TRANSALTA CORPORATION / Q3 2012</P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify><B>c. &nbsp;Fair Value Hedges</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>i. &nbsp;Interest Rate Risk Management</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The Corporation has converted a portion of its fixed interest rate debt with a rate of 6.65 per cent, to floating rate debt through interest rate swaps as outlined below:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=79.733 /><TD width=14.8 /><TD width=98.8 /><TD width=14.8 /><TD width=62.6 /><TD width=14.8 /><TD width=66.867 /><TD width=14.8 /><TD width=81.667 /><TD width=14.8 /><TD width=55.333 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=79.733><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt"><B>As at</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=205.8 colspan=5><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt" align=center><B>Sept. 30, 2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=233.467 colspan=5><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt" align=center>Dec. 31, 2011</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=79.733><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Notional <BR>
amount</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=98.8><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>Fair <BR>
value <BR>
asset</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=62.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>Maturity</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=66.867><P style="margin:0px; font-family:Arial; font-size:7.5pt">Notional <BR>
amount</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=81.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>Fair <BR>
value <BR>
asset</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=55.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>Maturity</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=79.733><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>USD50</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=98.8><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>10</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=62.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>2018</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=66.867><P style="margin:0px; font-family:Arial; font-size:7.5pt">USD150</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=81.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>25</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=55.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2018</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Including the interest rate swaps above, 33 per cent of the Corporation&#146;s debt as at Sept. 30, 2012 is subject to floating interest rates (Dec. 31, 2011 - 23 per cent).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>ii. &nbsp;Fair Value Hedge Impacts</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The net impact of the ineffective portion of fair value hedges recognized in net interest expense in the Condensed Consolidated Statements of Earnings for the three and nine months ended Sept. 30, 2012 was a $1 million loss (Sept. 30, 2011 - $1 million gain) and a $1 million loss (Sept. 30, 2011 - $1 million gain), respectively.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>II. &nbsp;Non-Hedges</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The Corporation enters into various derivative transactions that do not qualify for hedge accounting or where a choice was made not to apply hedge accounting. &nbsp;As a result, the related assets and liabilities are classified as held for trading. &nbsp;The net realized and unrealized gains or losses from changes in the fair value of these derivatives are reported in earnings in the period the change occurs. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>a. &nbsp;Energy Trading Risk Management Non-Hedge Derivatives</B></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=163.733 /><TD width=79.6 /><TD width=76.133 /><TD width=14.8 /><TD width=75.6 /><TD width=83.933 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=163.733><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt"><B>As at</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=155.733 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt" align=center><B>Sept. 30, 2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=159.533 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt" align=center>Dec. 31, 2011</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=163.733><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Type<BR>
(Thousands)</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=79.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>Notional <BR>
amount <BR>
sold</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=76.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>Notional amount purchased</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=75.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>Notional <BR>
amount<BR>
sold</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=83.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>Notional amount purchased</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=163.733><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Electricity </B><I>(MWh)</I></P>
</TD><TD style="margin-top:0px" width=79.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>49,487</B></P>
</TD><TD style="margin-top:0px" width=76.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>37,889</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=75.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>56,374</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" width=83.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>47,133</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=163.733><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Natural gas </B><I>(GJ)</I></P>
</TD><TD style="margin-top:0px" width=79.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>1,735,481</B></P>
</TD><TD style="margin-top:0px" width=76.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>1,717,530</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=75.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>1,007,959</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" width=83.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>1,030,710</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=163.733><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Transmission </B><I>(MWh)</I></P>
</TD><TD style="margin-top:0px" width=79.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" width=76.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>3,058</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=75.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" width=83.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2,908</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=163.733><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Emissions </B><I>(tonnes)</I></P>
</TD><TD style="margin-top:0px" width=79.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>65</B></P>
</TD><TD style="margin-top:0px" width=76.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>30</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=75.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" width=83.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=163.733><P style="margin:0px; font-family:Arial; font-size:7.5pt"><B>Oil</B> <I>(gallons)</I></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=79.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=76.133><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>2,394</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=75.6><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" width=83.933><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>6,552</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="line-height:18pt; margin:0px"><BR></P>
<P style="line-height: 18pt; font-family: Arial, 'Times New Roman'; font-size: 6pt; margin: 0px" align="justify"><BR>22&nbsp;
TRANSALTA CORPORATION / Q3 2012&nbsp;</P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always">&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always">&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always"><B>b. &nbsp;Other Non-Hedge Derivatives</B></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=60.267 /><TD width=14.8 /><TD width=76.2 /><TD width=101.667 /><TD width=53.333 /><TD width=25.533 /><TD width=67.667 /><TD width=91.533 /><TD width=67.667 /><TD width=14.8 /><TD width=70.267 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=60.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt" align=center><B>As at</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=256.733 colspan=4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt" align=center><B>Sept. 30, 2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=311.933 colspan=5><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7.5pt" align=center>Dec. 31, 2011</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=60.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>Notional <BR>
amount <BR>
sold</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=76.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>Notional <BR>
amount<BR>
purchased</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=101.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>Fair value<BR>
asset &nbsp;<BR>
(liability)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=53.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>Maturity</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=25.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=67.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>Notional <BR>
amount <BR>
sold</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=91.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>Notional <BR>
amount<BR>
purchased</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=67.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>Fair <BR>
value &nbsp;<BR>
liability</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=70.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>Maturity</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=252.933 colspan=4><P style="margin:0px; font-family:Arial; font-size:7.5pt"><I>Foreign Exchange Forward Contracts</I></P>
</TD><TD style="margin-top:0px" width=53.333><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=25.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=67.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=91.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=67.667><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=70.267><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" width=60.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>AUD18</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=76.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>CAD19</B></P>
</TD><TD style="margin-top:0px" width=101.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" width=53.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px" width=25.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=67.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>CAD37</P>
</TD><TD style="margin-top:0px" width=91.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>AUD36</P>
</TD><TD style="margin-top:0px" width=67.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=70.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2012</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=60.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>USD254</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=76.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>CAD250</B></P>
</TD><TD style="margin-top:0px" width=101.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" width=53.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px" width=25.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=67.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>CAD19</P>
</TD><TD style="margin-top:0px" width=91.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>USD19</P>
</TD><TD style="margin-top:0px" width=67.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=70.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>2012</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=60.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>CAD1</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=76.2><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>USD-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=101.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>(1)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=53.333><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=25.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=67.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=91.533><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=67.667><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=70.267><P style="margin:0px; font-family:Arial; font-size:7.5pt" align=right>-</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>c. &nbsp;Total Return Swaps</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The Corporation has certain compensation and deferred share unit programs, the values of which depend on the common share price of the Corporation. &nbsp;The Corporation has fixed a portion of the settlement cost of these programs by entering into a total return swap for which hedge accounting has not been applied. &nbsp;The total return swap is cash settled every quarter based upon the difference between the fixed price and the market price of the Corporation&#146;s common shares at the end of each quarter. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>d. &nbsp;Non-Hedge Impacts</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>For the three and nine months ended Sept. 30, 2012, the Corporation recognized net unrealized losses of $53 million <BR>
(Sept. 30, 2011 - $61 million gain) and $111 million (Sept. 30, 2011 - $81 million gain), respectively, related to commodity derivatives.</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="OLE_LINK12"></A><A NAME="OLE_LINK17"></A><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>For the three months ended Sept. 30, 2012, a gain of $1 million (Sept. 30, 2011 - $1 million gain) related to foreign exchange derivatives was recognized and is comprised of a net unrealized gain of nil (Sept. 30, 2011 - $3 million gain) and a net realized gain of $1 million (Sept. 30, 2011 - $2 million loss). &nbsp;For the nine months ended Sept. 30, 2012, a loss of $1 million <BR>
(Sept. 30, 2011 - $3 million loss) was recognized and is comprised of a net unrealized loss of nil (Sept. 30, 2011 - $5 million gain) and a net realized loss of $1 million (Sept. 30, 2011 - $8 million loss).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>B. &nbsp;Nature and Extent of Risks Arising from Financial Instruments </B></P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The following discussion is limited to the nature and extent of risks arising from financial instruments, which are also more fully discussed in Note 14(B) of the 2011 annual consolidated financial statements. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>I. &nbsp;Market Risk</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>a. &nbsp;Commodity Price Risk </B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>i. &nbsp;Commodity Price Risk - Proprietary Trading</B></P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The Corporation&#146;s Energy Trading Segment conducts proprietary trading activities and uses a variety of instruments to manage risk, earn trading revenue, and gain market information. &nbsp;Value at Risk (&#147;VaR&#148;) is the most commonly used metric employed to track and manage the market risk associated with trading positions. &nbsp;VaR is used to determine the potential change in value of the Corporation&#146;s proprietary trading portfolio, over a three day period within a 95 per cent confidence level, resulting from normal market fluctuations. &nbsp;VaR is estimated using the historical variance/covariance approach. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:6pt" align=justify>23&nbsp;
TRANSALTA CORPORATION / Q3 2012<FONT style="font-size:7pt"> &nbsp;</FONT></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify>VaR at Sept. 30, 2012 associated with the Corporation&#146;s proprietary energy trading activities was $2 million <BR>
(Dec. 31, 2011 - $5 million). &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>ii. &nbsp;Commodity Price Risk - Generation </B></P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The Generation Segment utilizes various commodity contracts to manage the commodity price risk associated with its electricity generation, fuel purchases, emissions, and byproducts, as considered appropriate. &nbsp;VaR at Sept. 30, 2012 associated with the Corporation&#146;s commodity derivative instruments used in generation hedging activities was $6 million (Dec. 31, 2011 - $5 million). &nbsp;VaR at Sept. 30, 2012 associated with positions and economic hedges that do not meet hedge accounting requirements was<BR>
$9 million (Dec. 31, 2011 - $9 million).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>b. &nbsp;Interest Rate Risk</B></P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Interest rate risk arises as the fair value or future cash flows of a financial instrument can fluctuate due to changes in market interest rates. </P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The possible effect on net earnings and OCI, due to changes in market interest rates affecting the Corporation&#146;s floating rate debt, interest-bearing assets, and interest rate derivatives, outstanding as at the date of the Statement of Financial Position, is outlined below. &nbsp;The sensitivity analysis has been prepared using management&#146;s assessment that a 50 basis point (Sept. 30, 2011 - 50 basis point) increase or decrease is a reasonable potential change in market interest rates over the next quarter. </P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=231.2 /><TD width=96.733 /><TD width=14.8 /><TD width=88.467 /><TD width=14.8 /><TD width=83.867 /><TD width=14.8 /><TD width=82.133 /></TR>
<TR><TD style="margin-top:0px" width=231.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=395.6 colspan=7><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=center><B>9 months ended Sept. 30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=231.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=200 colspan=3><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=180.8 colspan=3><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>2011</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=231.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=96.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>Net earnings increase<SUP>(1)</SUP></B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=88.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><BR>
<B>OCI loss<SUP>(1)</SUP></B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=83.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Net earnings increase<SUP>(1)</SUP></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=82.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><BR>
OCI loss<SUP>(1)</SUP></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=231.2><P style="margin:0px; font-family:Arial; font-size:8pt">50 basis point change</P>
</TD><TD style="margin-top:0px" width=96.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>4</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=88.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(11)</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=83.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>4</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=82.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(11)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=231.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=96.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=88.467><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=83.867><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=82.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" width=626.8 colspan=8><P style="margin:0px; font-family:Arial; font-size:7.5pt">(1)<I><SUP> </SUP>This calculation assumes a decrease in market interest rates. &nbsp;An increase would have the opposite effect.</I></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>c. &nbsp;Currency Rate Risk &nbsp;</B></P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The Corporation has exposure to various currencies, such as the Euro, and the U.S. and Australian dollars, as a result of investments and operations in foreign jurisdictions, the net earnings from those operations, and the acquisition of equipment and services from foreign suppliers. &nbsp;&nbsp;</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The possible effect on net earnings and OCI due to changes in foreign exchange rates associated with financial instruments outstanding as at the date of the Statement of Financial Position, is outlined below. &nbsp;The sensitivity analysis has been prepared using management&#146;s assessment that an average six cent (Sept. 30, 2011 - six cent) increase or decrease in these currencies relative to the Canadian dollar is a reasonable potential change over the next quarter, and is limited to the risks that arise on financial instruments denominated in currencies other than the functional currency.</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height: 18pt; font-family: Arial, 'Times New Roman'; font-size: 6pt; margin: 0px" align="justify"><BR>24&nbsp;
TRANSALTA CORPORATION / Q3 2012&nbsp;</P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=209.067 /><TD width=106.733 /><TD width=14.8 /><TD width=86.533 /><TD width=14.8 /><TD width=93.267 /><TD width=14.8 /><TD width=86.533 /></TR>
<TR><TD style="margin-top:0px" width=209.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=417.467 colspan=7><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=center><B>9 months ended Sept. 30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=209.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=208.067 colspan=3><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=194.6 colspan=3><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>2011</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=209.067><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Currency</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=106.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>Net earnings decrease<SUP>(1)</SUP></B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=86.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><BR>
<B>OCI gain<SUP>(1), (2)</SUP></B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=93.267><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Net earnings decrease<SUP>(1)</SUP></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=86.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><BR>
OCI gain<SUP>(1), (2)</SUP></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=209.067><P style="margin:0px; font-family:Arial; font-size:8pt">USD</P>
</TD><TD style="margin-top:0px" width=106.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(16)</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=86.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>12</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=93.267><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(3)</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=86.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>11</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=209.067><P style="margin:0px; font-family:Arial; font-size:8pt">AUD</P>
</TD><TD style="margin-top:0px" width=106.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(1)</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=86.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=93.267><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(1)</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=86.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=209.067><P style="margin:0px; font-family:Arial; font-size:8pt">EUR</P>
</TD><TD style="margin-top:0px" width=106.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=86.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=93.267><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=86.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>3</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=209.067><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Total</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=106.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(17)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=86.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>14</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=93.267><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(4)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=86.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>14</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=626.533 colspan=8><P style="margin:0px; font-family:Arial; font-size:7.5pt"><I>(1) These calculations assume an increase in the value of these currencies relative to the Canadian dollar. &nbsp;A decrease would <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;have the opposite effect.</I></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=626.533 colspan=8><P style="margin:0px; font-family:Arial; font-size:7.5pt"><I>(2) The foreign exchange impact related to financial instruments designated as hedging instruments in net investment hedges <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;has been excluded.</I></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>II. &nbsp;Credit Risk </B></P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Credit risk is the risk that customers or counterparties will cause a financial loss for the Corporation by failing to discharge their obligations, and the risk to the Corporation associated with changes in creditworthiness of entities with which commercial exposures exist.</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>At Sept. 30, 2012, TransAlta had one counterparty whose net settlement position accounted for greater than 10 per cent of the total trade receivables outstanding. &nbsp;The Corporation has evaluated the risk of default related to this counterparty to be minimal.</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The Corporation&#146;s maximum exposure to credit risk at Sept. 30, 2012, without taking into account collateral held or right of set-off, is represented by the carrying amounts of accounts receivable and risk management assets as per the Condensed Consolidated Statements of Financial Position. &nbsp;Letters of credit and cash are the primary types of collateral held as security related to these amounts. &nbsp;The maximum credit exposure to any one counterparty for commodity trading operations and hedging, excluding the California market receivables (Refer to Note 32 of the 2011 annual consolidated financial statements) and including the fair value of open trading positions, net of any collateral held, at Sept. 30, 2012 was $26 million (Dec. 31, 2011 - $38 million). &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The Corporation uses external credit ratings, as well as internal ratings in circumstances where external ratings are not available, to establish credit limits for customers and counterparties. &nbsp;The following table outlines the distribution, by credit rating, of certain financial assets as at Sept. 30, 2012:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=238.4 /><TD width=17.4 /><TD width=126 /><TD width=17.4 /><TD width=135.067 /><TD width=65.067 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=238.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><I>(Per cent)</I></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=126><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=center><B>Investment grade</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=center><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=135.067><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=center><B>Non-investment grade</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=65.067><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=center><B>Total</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=238.4><P style="margin:0px; font-family:Arial; font-size:8pt">Accounts receivable</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=126><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>95</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=135.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>5</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>100</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=238.4><P style="margin:0px; font-family:Arial; font-size:8pt">Risk management assets</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.4><P style="margin:0px; font-family:Arial; font-size:8pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=126><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>95</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=135.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>5</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=center><B>100</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:6pt" align=justify>25&nbsp;
TRANSALTA CORPORATION / Q3 2012<FONT style="font-size:7pt"> &nbsp;</FONT></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify><B>III. &nbsp;Liquidity Risk</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Liquidity risk relates to the Corporation&#146;s ability to access capital to be used for proprietary trading activities, commodity hedging, capital projects, debt refinancing, and general corporate purposes. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>A maturity analysis of the Corporation&#146;s financial liabilities is as follows:</P>
<DIV align=right><TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=257.067 /><TD width=47.667 /><TD width=47.667 /><TD width=47.667 /><TD width=47.6 /><TD width=47.6 /><TD width=63.667 /><TD width=49.067 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=257.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=47.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=47.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2013</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=47.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2014</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=47.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=47.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=63.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2017 and thereafter</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=49.067><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Total</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=257.067><P style="margin:0px; font-family:Arial; font-size:8pt">Accounts payable and accrued liabilities</P>
</TD><TD style="margin-top:0px" width=47.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>426</P>
</TD><TD style="margin-top:0px" width=47.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=47.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=47.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=47.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=63.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=49.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>426</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=257.067><P style="margin:0px; font-family:Arial; font-size:8pt">Collateral received</P>
</TD><TD style="margin-top:0px" width=47.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>4</P>
</TD><TD style="margin-top:0px" width=47.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=47.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=47.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=47.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=63.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=49.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>4</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=257.067><P style="margin:0px; font-family:Arial; font-size:8pt">Debt<SUP>(1)</SUP></P>
</TD><TD style="margin-top:0px" width=47.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>3</P>
</TD><TD style="margin-top:0px" width=47.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>874</P>
</TD><TD style="margin-top:0px" width=47.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>209</P>
</TD><TD style="margin-top:0px" width=47.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>647</P>
</TD><TD style="margin-top:0px" width=47.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>769</P>
</TD><TD style="margin-top:0px" width=63.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>1,646</P>
</TD><TD style="margin-top:0px" width=49.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>4,148</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=257.067><P style="margin:0px; font-family:Arial; font-size:8pt">Energy trading risk management (assets) liabilities</P>
</TD><TD style="margin-top:0px" width=47.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(32)</P>
</TD><TD style="margin-top:0px" width=47.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(39)</P>
</TD><TD style="margin-top:0px" width=47.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(22)</P>
</TD><TD style="margin-top:0px" width=47.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>4</P>
</TD><TD style="margin-top:0px" width=47.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>5</P>
</TD><TD style="margin-top:0px" width=63.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>13</P>
</TD><TD style="margin-top:0px" width=49.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(71)</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=257.067><P style="margin:0px; font-family:Arial; font-size:8pt">Other risk management (assets) liabilities</P>
</TD><TD style="margin-top:0px" width=47.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>4</P>
</TD><TD style="margin-top:0px" width=47.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>75</P>
</TD><TD style="margin-top:0px" width=47.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>3</P>
</TD><TD style="margin-top:0px" width=47.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>39</P>
</TD><TD style="margin-top:0px" width=47.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2</P>
</TD><TD style="margin-top:0px" width=63.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(9)</P>
</TD><TD style="margin-top:0px" width=49.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>114</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=257.067><P style="margin:0px; font-family:Arial; font-size:8pt">Interest on long-term debt</P>
</TD><TD style="margin-top:0px" width=47.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>51</P>
</TD><TD style="margin-top:0px" width=47.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>203</P>
</TD><TD style="margin-top:0px" width=47.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>169</P>
</TD><TD style="margin-top:0px" width=47.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>138</P>
</TD><TD style="margin-top:0px" width=47.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>120</P>
</TD><TD style="margin-top:0px" width=63.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>820</P>
</TD><TD style="margin-top:0px" width=49.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>1,501</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=257.067><P style="margin:0px; font-family:Arial; font-size:8pt">Dividends payable</P>
</TD><TD style="margin-top:0px" width=47.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>69</P>
</TD><TD style="margin-top:0px" width=47.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=47.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=47.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=47.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=63.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=49.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>69</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=257.067><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Total</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=47.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>525</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=47.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>1,113</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=47.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>359</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=47.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>828</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=47.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>896</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=63.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2,470</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=49.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>6,191</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=608 colspan=8><P style="margin:0px; font-family:Arial; font-size:7pt"><I>(1) Excludes impact of hedge accounting and includes drawn credit facilities that are currently scheduled to mature in 2013 and 2016.</I></P>
</TD></TR>
</TABLE></DIV>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>C. &nbsp;Collateral</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>I. &nbsp;Financial Assets Provided as Collateral </B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>At Sept. 30, 2012, the Corporation provided $16 million (Dec. 31, 2011 - $45 million) in cash as collateral to regulated clearing agents as security for commodity trading activities. &nbsp;These funds are held in segregated accounts by the clearing agents.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>II. &nbsp;Financial Assets Held as Collateral</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>At Sept. 30, 2012, the Corporation received $4 million (Dec. 31, 2011 - $16 million) in cash collateral associated with counterparty obligations. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>III. &nbsp;Contingent Features in Derivative Instruments</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Collateral is posted in the normal course of business based on the Corporation&#146;s senior unsecured credit rating as determined by certain major credit rating agencies. Certain of the Corporation&#146;s derivative instruments contain financial assurance provisions that require collateral to be posted only if a material adverse credit-related event occurs.&nbsp; If a material adverse event resulted in the Corporation&#146;s senior unsecured debt to fall below investment grade, the counterparties to such derivative instruments could request ongoing full collateralization.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>As at Sept. 30, 2012, the Corporation had posted collateral of $68 million (Dec. 31, 2011 - $62 million) in the form of letters of credit on derivative instruments in a net liability position. &nbsp;Certain derivative agreements contain credit-risk-contingent features, including a credit rating downgrade to below investment grade, which if triggered would result in the Corporation having to post an additional<BR>
$58 million of collateral to its counterparties based upon the value of the derivatives at Sept. 30, 2012.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px"><BR></P>
<P style="line-height: 18pt; font-family: Arial, 'Times New Roman'; font-size: 6pt; margin: 0px" align="justify"><BR>26&nbsp;
TRANSALTA CORPORATION / Q3 2012&nbsp;</P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; padding-left:48px; text-indent:-24px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify><B>14. &nbsp;RESTRICTED CASH</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The Corporation has $25 million of cash and cash equivalents at Sept. 30, 2012 (Dec. 31, 2011 - $17 million) that is not available for general use, all of which relates to Project Pioneer. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:48px; text-indent:-24px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>15. &nbsp;INVENTORY</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Inventory held in the normal course of business includes coal, emission credits, and natural gas, and is valued at the lower of cost and net realizable value. Inventory held for Energy Trading, which also includes natural gas, is valued at fair value less costs to sell. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The classifications are as follows:</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=327.733 /><TD width=85.6 /><TD width=14.8 /><TD width=85.6 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=327.733><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>As at</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=85.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Sept. 30, 2012</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=85.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right>Dec. 31, 2011</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" width=327.733><P style="margin:0px; font-family:Arial; font-size:8pt">Coal</P>
</TD><TD style="margin-top:0px" width=85.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>91</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=85.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>78</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=327.733><P style="margin:0px; font-family:Arial; font-size:8pt">Natural gas</P>
</TD><TD style="margin-top:0px" width=85.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>3</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=85.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>5</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=327.733><P style="margin:0px; font-family:Arial; font-size:8pt">Purchased emission credits</P>
</TD><TD style="margin-top:0px" width=85.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>4</B></P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=85.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=327.733><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Total</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=85.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>98</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=85.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>85</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>During the three and nine months ended Sept. 30, 2012, the Corporation recognized an $8 million reversal of a previous writedown and a $34 million writedown, respectively, on coal inventory at the Corporation&#146;s Centralia Thermal plant. &nbsp;The writedown resulted from the previous de-designation of hedges at Centralia Thermal and the continued low price environment in the Pacific Northwest.&nbsp;&nbsp; The reversal during the three months ended Sept. 30, 2012 is a result of a recovery in power prices and reduced operating costs compared to prior quarters. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:48px; text-indent:-24px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>16. &nbsp;INCOME TAXES RECEIVABLE</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>In 2008, the Corporation was reassessed by taxation authorities in Canada relating to the sale of its previously operated Transmission Business, requiring the Corporation to pay $49 million in taxes and interest.&nbsp; The Corporation challenged this reassessment. &nbsp;During 2010, a decision from the Tax Court of Canada was received that allowed for the recovery of $38 million of the previously paid taxes and interest. &nbsp;TransAlta filed an appeal with the Federal Court in 2010 to pursue the remaining $11 million. &nbsp;The appeal decision from the Federal Court was received on Jan. 20, 2012, and the ruling was in TransAlta&#146;s favour. &nbsp;The Crown had 60 days from the date of judgment to appeal the decision. &nbsp;No appeal was filed by the Crown. &nbsp;TransAlta has received $9 million to date in 2012, and expects to receive the remaining $2 million before the end of the year. &nbsp;</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:6pt" align=justify>27&nbsp;
TRANSALTA CORPORATION / Q3 2012</P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; padding-left:48px; text-indent:-24px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify><B>17. &nbsp;PROPERTY, PLANT, AND EQUIPMENT</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>A reconciliation of the changes in the carrying amount of property, plant, and equipment (&#147;PP&amp;E&#148;) is as follows:</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=160.267 /><TD width=60.4 /><TD width=68.933 /><TD width=68.933 /><TD width=70.133 /><TD width=68.333 /><TD width=79 /><TD width=60.4 /><TD width=60.4 /><TD width=14.8 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=160.267><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=60.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Land</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.933><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Thermal generation</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.933><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Gas generation</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=70.133><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Renewable generation</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.333><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Mining property and equipment</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Assets under construction</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=60.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Capital spares and other</B><B><SUP>(1)</SUP></B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=75.2 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Total</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=160.267><P style="margin:0px; font-family:Arial; font-size:8pt">As at Dec. 31, 2011</P>
</TD><TD style="margin-top:0px" valign=bottom width=60.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>74</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>3,153</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>1,041</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=70.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2,057</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>534</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>196</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=60.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>216</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.2 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>7,271</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=160.267><P style="margin:0px; font-family:Arial; font-size:8pt">Additions</P>
</TD><TD style="margin-top:0px" valign=bottom width=60.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>1</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=70.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>470</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=60.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>14</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.2 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>485</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=160.267><P style="margin:0px; font-family:Arial; font-size:8pt">Depreciation</P>
</TD><TD style="margin-top:0px" valign=bottom width=60.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(201)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(72)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=70.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(66)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(26)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=60.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(9)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.2 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(374)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=160.267><P style="margin:0px; font-family:Arial; font-size:8pt">Asset impairment charges <FONT style="font-size:7.5pt"><I>(Note 8)</I></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=60.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(378)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=70.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(18)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(12)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=60.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.2 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(408)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=160.267><P style="margin:0px; font-family:Arial; font-size:8pt">Asset impairment reversal <FONT style="font-size:7.5pt"><I>(Note 8)</I></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=60.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>29</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=70.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>12</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=60.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.2 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>41</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=160.267><P style="margin:0px; font-family:Arial; font-size:8pt">Revisions and additions to <BR>
&nbsp;&nbsp;decommissioning and restoration <BR>
&nbsp;&nbsp;costs</P>
</TD><TD style="margin-top:0px" valign=bottom width=60.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(6)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>11</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=70.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(4)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(2)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=60.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.2 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(1)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=160.267><P style="margin:0px; font-family:Arial; font-size:8pt">Retirement of assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=60.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(25)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(2)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=70.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(2)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=60.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.2 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(29)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=160.267><P style="margin:0px; font-family:Arial; font-size:8pt">Change in foreign exchange rates</P>
</TD><TD style="margin-top:0px" valign=bottom width=60.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(1)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(11)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(1)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=70.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(1)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=60.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(2)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.2 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(16)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=160.267><P style="margin:0px; font-family:Arial; font-size:8pt">Transfers</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=60.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>1</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>201</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>26</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=70.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>25</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>6</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(276)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=60.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>14</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.2 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(3)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=160.267><P style="margin:0px; font-family:Arial; font-size:8pt"><B>As at Sept. 30, 2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=60.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>74</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=68.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2,763</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=68.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>1,003</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=70.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>1,992</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>512</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=79><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>389</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=60.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>233</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=75.2 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>6,966</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=696.8 colspan=9><P style="margin:0px; font-family:Arial; font-size:7pt"><I>(1) Includes major spare parts and stand-by equipment available, but not in service, and spare parts used for routine, preventative or planned maintenance.</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>During the three and nine months ended Sept. 30, 2012, the Corporation capitalized $1 million and $2 million <BR>
(Sept. 30, 2011 - $8 million and $31 million) of interest to PP&amp;E at a weighted average rate of 5.43 per cent and 5.39 per cent <BR>
(Sept. 30, 2011 - 5.49 and 5.34 per cent), respectively. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>During the third quarter 2012, the Corporation entered into an agreement with Alstom Power &amp; Transport Canada Inc. for the manufacture, delivery and erection of the Sundance Units 1 and 2 waterwalls. &nbsp;The total fixed price commitment under the contract is $79 million, with $24 million expected to be incurred in 2012 and $55 million in 2013. &nbsp;Payments will be made as agreed milestones are achieved. &nbsp;Additional costs to be paid under the contract include reimbursable items, such as direct labour, subcontractors, and labour incentive allowances.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:48px; text-indent:-24px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>18. &nbsp;OTHER ASSETS</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The components of other assets are as follows:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=215.733 /><TD width=82.4 /><TD width=66.4 /><TD width=87.733 /><TD width=81.733 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=215.733><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>As at</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=82.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=66.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=87.733><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Sept. 30, 2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=81.733><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right>Dec. 31, 2011</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=215.733><P style="margin:0px; font-family:Arial; font-size:8pt">Deferred license fees</P>
</TD><TD style="margin-top:0px" width=82.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=66.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=87.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>21</B></P>
</TD><TD style="margin-top:0px" width=81.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>22</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=215.733><P style="margin:0px; font-family:Arial; font-size:8pt">Project development costs</P>
</TD><TD style="margin-top:0px" width=82.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=66.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=87.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>38</B></P>
</TD><TD style="margin-top:0px" width=81.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>33</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=215.733><P style="margin:0px; font-family:Arial; font-size:8pt">Deferred service costs</P>
</TD><TD style="margin-top:0px" width=82.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=66.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=87.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>19</B></P>
</TD><TD style="margin-top:0px" width=81.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>18</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=215.733><P style="margin:0px; font-family:Arial; font-size:8pt">Keephills Unit 3 transmission deposit</P>
</TD><TD style="margin-top:0px" width=82.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=66.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=87.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>7</B></P>
</TD><TD style="margin-top:0px" width=81.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>8</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=215.733><P style="margin:0px; font-family:Arial; font-size:8pt">Other</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=82.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=66.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=87.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>6</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=81.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>9</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=215.733><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Total other assets</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=82.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=66.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=87.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>91</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=81.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>90</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px"><BR></P>
<P style="line-height: 18pt; font-family: Arial, 'Times New Roman'; font-size: 6pt; margin: 0px" align="justify"><BR>28&nbsp;
TRANSALTA CORPORATION / Q3 2012&nbsp;</P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; padding-left:48px; text-indent:-24px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify><B>19. &nbsp;DECOMMISSIONING AND OTHER PROVISIONS</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The change in decommissioning and other provision balances is outlined below:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=65.067 /><TD width=65.067 /><TD width=89.067 /><TD width=38.4 /><TD width=43.733 /><TD width=51.733 /><TD width=106.333 /><TD width=74.4 /><TD width=66.4 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=65.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=65.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=89.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=38.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=43.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=51.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=106.333><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Decommissioning and restoration</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=74.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Other</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=66.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Total</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=130.133 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Balance, Dec. 31, 2011</P>
</TD><TD style="margin-top:0px" width=89.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=38.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=43.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=106.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>301</P>
</TD><TD style="margin-top:0px" width=74.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>81</P>
</TD><TD style="margin-top:0px" width=66.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>382</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=219.2 colspan=3><P style="margin:0px; font-family:Arial; font-size:8pt">Liabilities incurred in period</P>
</TD><TD style="margin-top:0px" width=38.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=43.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=106.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>15</P>
</TD><TD style="margin-top:0px" width=74.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>46</P>
</TD><TD style="margin-top:0px" width=66.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>61</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=130.133 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Liabilities settled in period</P>
</TD><TD style="margin-top:0px" width=89.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=38.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=43.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=106.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(35)</P>
</TD><TD style="margin-top:0px" width=74.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(2)</P>
</TD><TD style="margin-top:0px" width=66.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(37)</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt">Accretion</P>
</TD><TD style="margin-top:0px" width=65.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=89.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=38.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=43.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=106.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>13</P>
</TD><TD style="margin-top:0px" width=74.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>1</P>
</TD><TD style="margin-top:0px" width=66.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>14</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=219.2 colspan=3><P style="margin:0px; font-family:Arial; font-size:8pt">Revisions in estimated cash flows</P>
</TD><TD style="margin-top:0px" width=38.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=43.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=106.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2</P>
</TD><TD style="margin-top:0px" width=74.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2</P>
</TD><TD style="margin-top:0px" width=66.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>4</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=219.2 colspan=3><P style="margin:0px; font-family:Arial; font-size:8pt">Revisions in discount rates</P>
</TD><TD style="margin-top:0px" width=38.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=43.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=106.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(15)</P>
</TD><TD style="margin-top:0px" width=74.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=66.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(15)</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt">Reversals</P>
</TD><TD style="margin-top:0px" width=65.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=89.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=38.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=43.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=106.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=74.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(71)</P>
</TD><TD style="margin-top:0px" width=66.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(71)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=219.2 colspan=3><P style="margin:0px; font-family:Arial; font-size:8pt">Change in foreign exchange rates</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=38.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=43.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=51.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=106.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(4)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=74.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=66.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(4)</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=65.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=65.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=89.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=38.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=43.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=51.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=106.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>277</P>
</TD><TD style="margin-top:0px" width=74.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>57</P>
</TD><TD style="margin-top:0px" width=66.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>334</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=130.133 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Less: current portion</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=89.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=38.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=43.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=51.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=106.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(26)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=74.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(27)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=66.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(53)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=219.2 colspan=3><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Balance, Sept. 30, 2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=38.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=43.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=51.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=106.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>251</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=74.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>30</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=66.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>281</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Other provisions include an amount related to a portion of the Corporation&#146;s fixed price commitments under several natural gas transportation contracts for firm transportation that is not expected to be used. Accordingly, the unavoidable costs of meeting these obligations exceed the economic benefits expected to be received. &nbsp;The contracts extend to 2018. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Other provisions also include provisions arising from ongoing business activities and include amounts related to commercial disputes between the Corporation and customers or suppliers. &nbsp;Information about the expected timing of settlement and uncertainties that could impact the amount or timing of settlement has not been provided as this may impact the Corporation&#146;s ability to settle the provisions in the most favourable manner. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:48px; text-indent:-24px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>20. &nbsp;LONG-TERM DEBT</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The amounts outstanding are as follows:</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=277.133 /><TD width=58.267 /><TD width=56.333 /><TD width=61.133 /><TD width=23.733 /><TD width=54.733 /><TD width=53.2 /><TD width=58.133 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=277.133><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>As at</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=175.733 colspan=3><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=center><B>Sept. 30, 2012</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=23.733><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=center><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=166.067 colspan=3><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=center>Dec. 31, 2011</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=277.133><P style="margin:0px; font-family:Arial; font-size:8pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=58.267><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>Carrying value </B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=56.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>Face value</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=61.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>Interest<SUP>(1)</SUP></B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=23.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=54.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Carrying value</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=53.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Face value</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=58.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Interest<SUP>(1)</SUP></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=277.133><P style="margin:0px; font-family:Arial; font-size:8pt">Credit facilities<SUP>(2)</SUP></P>
</TD><TD style="margin-top:0px" valign=bottom width=58.267><P style="margin:0px; font-family:Arial; font-size:8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,309 </B></P>
</TD><TD style="margin-top:0px" valign=bottom width=56.333><P style="margin:0px; font-family:Arial; font-size:8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;1,309 </B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2.5%</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=23.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=54.733><P style="margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806 </P>
</TD><TD style="margin-top:0px" valign=bottom width=53.2><P style="margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806 </P>
</TD><TD style="margin-top:0px" valign=bottom width=58.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2.1%</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=277.133><P style="margin:0px; font-family:Arial; font-size:8pt">Debentures</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.267><P style="margin:0px; font-family:Arial; font-size:8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837 </B></P>
</TD><TD style="margin-top:0px" valign=bottom width=56.333><P style="margin:0px; font-family:Arial; font-size:8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851 </B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>6.6%</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=23.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=54.733><P style="margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833 </P>
</TD><TD style="margin-top:0px" valign=bottom width=53.2><P style="margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851 </P>
</TD><TD style="margin-top:0px" valign=bottom width=58.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>6.6%</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=277.133><P style="margin:0px; font-family:Arial; font-size:8pt">Senior notes<SUP>(3)</SUP></P>
</TD><TD style="margin-top:0px" valign=bottom width=58.267><P style="margin:0px; font-family:Arial; font-size:8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,609 </B></P>
</TD><TD style="margin-top:0px" valign=bottom width=56.333><P style="margin:0px; font-family:Arial; font-size:8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;1,570 </B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>5.9%</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=23.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=54.733><P style="margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;1,979 </P>
</TD><TD style="margin-top:0px" valign=bottom width=53.2><P style="margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;1,940 </P>
</TD><TD style="margin-top:0px" valign=bottom width=58.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>6.0%</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=277.133><P style="margin:0px; font-family:Arial; font-size:8pt">Non-recourse<SUP>(4) </SUP></P>
</TD><TD style="margin-top:0px" valign=bottom width=58.267><P style="margin:0px; font-family:Arial; font-size:8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 </B></P>
</TD><TD style="margin-top:0px" valign=bottom width=56.333><P style="margin:0px; font-family:Arial; font-size:8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 </B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>5.9%</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=23.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=54.733><P style="margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 </P>
</TD><TD style="margin-top:0px" valign=bottom width=53.2><P style="margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 </P>
</TD><TD style="margin-top:0px" valign=bottom width=58.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>5.9%</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=277.133><P style="margin:0px; font-family:Arial; font-size:8pt">Other</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=58.267><P style="margin:0px; font-family:Arial; font-size:8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 </B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=56.333><P style="margin:0px; font-family:Arial; font-size:8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 </B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=61.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>6.5%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=23.733><P style="margin:0px; font-family:Arial; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=54.733><P style="margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=53.2><P style="margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=58.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>6.6%</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=277.133><P style="margin:0px; font-family:Arial; font-size:8pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.267><P style="margin:0px; font-family:Arial; font-size:8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,167 </B></P>
</TD><TD style="margin-top:0px" valign=bottom width=56.333><P style="margin:0px; font-family:Arial; font-size:8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;4,148 </B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=54.733><P style="margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;4,037 </P>
</TD><TD style="margin-top:0px" valign=bottom width=53.2><P style="margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;4,023 </P>
</TD><TD style="margin-top:0px" valign=bottom width=58.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=277.133><P style="margin:0px; font-family:Arial; font-size:8pt">Less: recourse current portion</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.267><P style="margin:0px; font-family:Arial; font-size:8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(303)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=56.333><P style="margin:0px; font-family:Arial; font-size:8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(303)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=54.733><P style="margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(314)</P>
</TD><TD style="margin-top:0px" valign=bottom width=53.2><P style="margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(314)</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=277.133><P style="margin:0px; font-family:Arial; font-size:8pt">Less: non-recourse current portion</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.267><P style="margin:0px; font-family:Arial; font-size:8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=56.333><P style="margin:0px; font-family:Arial; font-size:8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=54.733><P style="margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)</P>
</TD><TD style="margin-top:0px" valign=bottom width=53.2><P style="margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=277.133><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Total long-term debt</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=58.267><P style="margin:0px; font-family:Arial; font-size:8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,863 </B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=56.333><P style="margin:0px; font-family:Arial; font-size:8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;3,844 </B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=61.133><P style="margin:0px; font-family:Arial; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=23.733><P style="margin:0px; font-family:Arial; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=54.733><P style="margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;3,721 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=53.2><P style="margin:0px; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;3,707 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=58.133><P style="margin:0px; font-family:Arial; font-size:8pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=531.333 colspan=6><P style="margin:0px; font-family:Arial; font-size:7.5pt"><I>(1) Interest is an average rate weighted by principal amounts outstanding before the effect of hedging. </I></P>
</TD><TD style="margin-top:0px" valign=bottom width=53.2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=642.667 colspan=8><P style="margin:0px; font-family:Arial; font-size:7.5pt"><I>(2) Composed of bankers' acceptances and other commercial borrowings under long-term committed credit facilities. &nbsp;<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Includes U.S.$300 million at Sept. 30, 2012 (Dec. 31, 2011 - U.S.$300 million).</I></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=452.867 colspan=4><P style="margin:0px; font-family:Arial; font-size:7.5pt"><I>(3) U.S. face value at Sept. 30, 2012 - U.S.$1,600 million (Dec. 31, 2011 - U.S.$1,900 million).</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=23.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=54.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=53.2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=391.733 colspan=3><P style="margin:0px; font-family:Arial; font-size:7.5pt"><I>(4) Includes U.S.$20 million at Sept. 30, 2012 (Dec. 31, 2011 - U.S.$20 million). </I></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=54.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=53.2><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.133><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:6pt" align=justify>29&nbsp;
TRANSALTA CORPORATION / Q3 2012<FONT style="font-size:7pt"> &nbsp;</FONT></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify>TransAlta has a total of $2.4 billion (Dec. 31, 2011 - $2.0 billion) of committed credit facilities, of which $0.8 billion <BR>
(Dec. 31, 2011 - $0.9 billion) is not drawn, and is available as of Sept. 30, 2012, subject to customary borrowing conditions.&nbsp;In addition to the $0.8 billion available under the credit facilities, TransAlta also has $46 million of available cash and cash equivalents.</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>In April 2012, the Corporation completed a renewal of its $1.5 billion committed syndicated credit facility, and extended the maturity from 2015 to 2016. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:48px; text-indent:-24px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>21. &nbsp;DEFERRED CREDITS AND OTHER LONG-TERM LIABILITIES</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The components of deferred credits and other long-term liabilities are as follows:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=171.467 /><TD width=54.667 /><TD width=54.733 /><TD width=54.733 /><TD width=48 /><TD width=42.4 /><TD width=102 /><TD width=90 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=171.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>As at</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=54.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=54.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=54.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=48><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=42.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=102><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Sept. 30, 2012</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=90><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right>Dec. 31, 2011</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" width=226.133 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Deferred coal revenues</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" width=54.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=54.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=48><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=42.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=102><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>51</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" width=90><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>52</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=171.467><P style="margin:0px; font-family:Arial; font-size:8pt">Present value of defined benefit obligations</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" width=54.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=54.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=54.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=48><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=42.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=102><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>227</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" width=90><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>190</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=280.867 colspan=3><P style="margin:0px; font-family:Arial; font-size:8pt">Long-term incentive accruals</P>
</TD><TD style="margin-top:0px" width=54.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=48><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=42.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=102><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>15</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" width=90><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>18</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=171.467><P style="margin:0px; font-family:Arial; font-size:8pt">Other</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=54.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=54.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=54.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=48><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=42.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=102><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>16</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" width=90><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>21</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" width=383.6 colspan=5><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Total deferred credits and other long-term liabilities</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" width=42.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=102><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>309</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=90><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>281</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Deferred coal revenues consist of payments received from Keephills 3 Limited Partnership for future coal deliveries. &nbsp;Since commercial operations of Keephills Unit 3 began on Sept. 1, 2011, these amounts are being amortized into revenue over the life of the coal supply agreement. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:48px; text-indent:-24px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>22. &nbsp;COMMON SHARES</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>A. &nbsp;Issued and Outstanding </B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>TransAlta is authorized to issue an unlimited number of voting common shares without nominal or par value. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="OLE_LINK13"></A><A NAME="OLE_LINK14"></A><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>At Sept. 30, 2012, the Corporation had 251.1 million (Dec. 31, 2011 - 223.6 million) common shares issued and outstanding. &nbsp;During the three months ended Sept. 30, 2012, 24.1 million (Sept. 30, 2011 - 0.9 million) common shares were issued for $342 million <BR>
(Sept. 30, 2011 - $17 million). &nbsp;In September 2012, the Corporation issued 21.2 million common shares through a public offering and related underwriters&#146; over-allotment option for total net proceeds of $295 million. &nbsp;In addition, 2.9 million (Sept. 30, 2011 - 0.8 million) common shares were issued for $48 million (Sept. 30, 2011 - $17 million) for dividends reinvested under the terms of the Premium Dividend<SUP>TM</SUP>, Dividend Reinvestment and Optional Common Share Purchase Plan (&#147;the Plan&#148;) and a nominal number <BR>
(Sept. 30, 2011 - a nominal number) were issued for a nominal amount (Sept. 30, 2011 - a nominal amount). &nbsp;During the nine months ended Sept. 30, 2012, 27.5 million (Sept. 30, 2011 - 2.5 million) common shares were issued for $407 million <BR>
(Sept. 30, 2011 - $51 million). &nbsp;In addition to the public offering, 6.2 million (Sept. 30, 2011 - 2.5 million) common shares were issued for $110 million (Sept. 30, 2011 - $49 million) for dividends reinvested under the terms of the Plan and 0.1 million <BR>
(Sept. 30, 2011 - 0.1 million) common shares were issued for $2 million (Sept. 30, 2011 - $2 million).&nbsp; </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>B. &nbsp;Share Based Payment Plans</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The Corporation issues common shares under share-based payment plans, such as the Stock Option Plans and the Performance Share Ownership Plan (&#147;PSOP&#148;), which are more fully described in Note 27 of the Corporation&#146;s most recent annual consolidated financial statements. &nbsp;During the nine months ended Sept. 30, 2012, a nominal number of employee stock options were exercised, expired or were cancelled (Sept. 30, 2011 - 0.5 million). &nbsp;</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px"><BR></P>
<P style="line-height: 18pt; font-family: Arial, 'Times New Roman'; font-size: 6pt; margin: 0px" align="justify"><BR>30&nbsp;
TRANSALTA CORPORATION / Q3 2012&nbsp;</P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify>During the nine months ended Sept. 30, 2012, 1.4 million (Sept. 30, 2011 - 1.5 million) PSOP units were granted and a nominal number (Sept. 30, 2011 - nil) were awarded and exchanged for common shares.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>C. &nbsp;Premium Dividend</B><B><SUP>TM</SUP></B><B>, Dividend Reinvestment and Optional Common Share Purchase Plan</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>During February 2012, the Corporation added a Premium Dividend<SUP>TM</SUP> component to its Dividend Reinvestment and Share Purchase plan. &nbsp;The amended and restated plan is called the Premium Dividend<SUP>TM</SUP>, Dividend Reinvestment and Optional Common Share Purchase Plan, and is more fully discussed in Note 24(C) of the most recent annual consolidated financial statements. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Of the dividend that was payable on Oct. 1, 2012, 73 per cent was settled through the dividend reinvestment option under the Plan. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>D. &nbsp;Dividends</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The following tables summarize the common share dividends declared in 2011 and 2012:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=90 /><TD width=17.4 /><TD width=87.933 /><TD width=85.267 /><TD width=67.933 /><TD width=75.933 /><TD width=103.933 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=90><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>Date <BR>
declared</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=87.933><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Payment <BR>
date</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=85.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Dividend per <BR>
share </B><FONT style="font-size:7pt"><I>($)</I></FONT></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=67.933><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Total <BR>
dividends</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=75.933><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Dividends<BR>
paid in cash</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=103.933><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Dividends paid <BR>
in shares<BR>
under the Plan</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=90><P style="margin:0px; font-family:Arial; font-size:8pt">Jan. 25, 2012</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Apr. 1, 2012</P>
</TD><TD style="margin-top:0px" valign=bottom width=85.267><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.29</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>65</P>
</TD><TD style="margin-top:0px" valign=bottom width=75.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>23</P>
</TD><TD style="margin-top:0px" valign=bottom width=103.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>43</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=90><P style="margin:0px; font-family:Arial; font-size:8pt">Apr. 25, 2012</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>July 1, 2012</P>
</TD><TD style="margin-top:0px" valign=bottom width=85.267><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.29</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>66</P>
</TD><TD style="margin-top:0px" valign=bottom width=75.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>18</P>
</TD><TD style="margin-top:0px" valign=bottom width=103.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>48</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=90><P style="margin:0px; font-family:Arial; font-size:8pt">July 13, 2012</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Oct. 1, 2012</P>
</TD><TD style="margin-top:0px" valign=bottom width=85.267><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.29</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>67</P>
</TD><TD style="margin-top:0px" valign=bottom width=75.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>18</P>
</TD><TD style="margin-top:0px" valign=bottom width=103.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>49</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=90><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Total</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=17.4><P style="margin:0px; font-family:Arial; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=87.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=85.267><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>0.87</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=67.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>198</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=75.933><P style="margin:0px; font-family:Arial; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=103.933><P style="margin:0px; font-family:Arial; font-size:8pt"><B>&nbsp;</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=94.667 /><TD width=17.4 /><TD width=87.933 /><TD width=85.2 /><TD width=67.933 /><TD width=76 /><TD width=104 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=94.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>Date <BR>
declared</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=17.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=87.933><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Payment <BR>
date</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=85.2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Dividend per <BR>
share </B><FONT style="font-size:7pt"><I>($)</I></FONT></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=67.933><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Total <BR>
dividends</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=76><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Dividends<BR>
paid in cash</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=104><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Dividends paid <BR>
in shares<BR>
under the Plan</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=94.667><P style="margin:0px; font-family:Arial; font-size:8pt">Apr. 28, 2011</P>
</TD><TD style="margin-top:0px" width=17.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=87.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>July 1, 2011</P>
</TD><TD style="margin-top:0px" width=85.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.29</P>
</TD><TD style="margin-top:0px" width=67.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>64</P>
</TD><TD style="margin-top:0px" width=76><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>48</P>
</TD><TD style="margin-top:0px" width=104><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>16</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=94.667><P style="margin:0px; font-family:Arial; font-size:8pt">July 27, 2011</P>
</TD><TD style="margin-top:0px" width=17.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=87.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Oct. 1, 2011</P>
</TD><TD style="margin-top:0px" width=85.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.29</P>
</TD><TD style="margin-top:0px" width=67.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>65</P>
</TD><TD style="margin-top:0px" width=76><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>48</P>
</TD><TD style="margin-top:0px" width=104><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>17</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=94.667><P style="margin:0px; font-family:Arial; font-size:8pt">Oct. 27, 2011</P>
</TD><TD style="margin-top:0px" width=17.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=87.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Jan. 1, 2012</P>
</TD><TD style="margin-top:0px" width=85.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.29</P>
</TD><TD style="margin-top:0px" width=67.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>65</P>
</TD><TD style="margin-top:0px" width=76><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>45</P>
</TD><TD style="margin-top:0px" width=104><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>20</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=94.667><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Total</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=17.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=87.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=85.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>0.87</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=67.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>194</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=76><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=104><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>There have been no other transactions involving common shares between the reporting date and the date of completion of these condensed consolidated financial statements.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px; padding-left:48px; text-indent:-24px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>23. &nbsp;PREFERRED SHARES</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>A. &nbsp;Issued and Outstanding </B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>TransAlta is authorized to issue an unlimited number of first preferred shares, and the Board of Directors is authorized to determine the rights, privileges, restrictions and conditions attaching to such shares, subject to certain limitations. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>On Aug. 10, 2012, TransAlta completed a public offering of 9 million Series E Cumulative Redeemable Rate Reset First Preferred Shares for net proceeds of $219 million. &nbsp;The holders of the preferred shares are entitled to receive fixed cumulative cash dividends at an annual rate of $1.25 per share as approved by the Board of Directors, payable quarterly, yielding 5.0 per cent per annum, for the initial period ending Sept. 30, 2017. The dividend rate will reset on Sept. 30, 2017 and every five years thereafter to a yield per annum equal to the sum of the then five-year Government of Canada bond yield plus 3.65 per cent. The preferred shares are redeemable at the option of TransAlta on or after Sept. 30, 2017 and on Sept. 30 of every fifth year thereafter at a price of $25.00 per share plus all declared and unpaid dividends.&nbsp; </P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The Series E preferred shareholders will have the right at their option to convert their shares into Series F Cumulative Redeemable Rate Reset First Preferred Shares on Sept. 30, 2017 and on Sept. 30 of every fifth year thereafter. The holders of Series F preferred shares will be entitled to receive quarterly floating rate cumulative dividends as approved by the Board of Directors at a yield per annum equal to the sum of the then three-month Government of Canada Treasury Bill rate plus 3.65 per cent.</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>At Sept. 30, 2012, the Corporation had 12.0 million Series A (Dec. 31, 2011 - 12.0 million), 11.0 million Series C (Dec. 31, 2011 - 11.0 million), and 9.0 million Series E (Dec. 31, 2011 - nil) Cumulative Redeemable Rate Reset First Preferred shares, respectively, issued and outstanding. &nbsp;</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="line-height: 18pt; font-family: Arial, 'Times New Roman'; font-size: 6pt; margin: 0px" align=justify>31&nbsp;
TRANSALTA CORPORATION / Q3 2012&nbsp;</P>
<hr>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>B. &nbsp;Dividends </B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The following tables summarize the preferred share dividends declared in 2011 and 2012:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Series A Cumulative Redeemable Rate Reset First Preferred Shares:</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=90 /><TD width=17.4 /><TD width=96.6 /><TD width=85.2 /><TD width=67.933 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=90><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>Date <BR>
declared</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=17.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=96.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Payment <BR>
date</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=85.2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Dividend per<BR>
share </B><FONT style="font-size:7pt"><I>($)</I></FONT></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=67.933><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Total <BR>
dividends</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=90><P style="margin:0px; font-family:Arial; font-size:8pt">Jan. 25, 2012</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>March 31, 2012</P>
</TD><TD style="margin-top:0px" valign=bottom width=85.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.2875</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>3</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=90><P style="margin:0px; font-family:Arial; font-size:8pt">Apr. 25, 2012</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>June 30, 2012</P>
</TD><TD style="margin-top:0px" valign=bottom width=85.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.2875</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>4</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=90><P style="margin:0px; font-family:Arial; font-size:8pt">July 13, 2012</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Sept. 30, 2012</P>
</TD><TD style="margin-top:0px" valign=bottom width=85.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.2875</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>4</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=90><P style="margin:0px; font-family:Arial; font-size:8pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=17.4><P style="margin:0px; font-family:Arial; font-size:8pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=96.6><P style="margin:0px; font-family:Arial; font-size:8pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=85.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>0.8625</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=67.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>11</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=92.8 /><TD width=17.933 /><TD width=90.667 /><TD width=87.867 /><TD width=70.067 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=92.8><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>Date <BR>
declared</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=17.933><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=90.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Payment <BR>
date</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=87.867><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Dividend per<BR>
share </B><FONT style="font-size:7pt"><I>($)</I></FONT></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=70.067><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Total <BR>
dividends</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=92.8><P style="margin:0px; font-family:Arial; font-size:8pt">Apr. 28, 2011</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>June 30, 2011</P>
</TD><TD style="margin-top:0px" valign=bottom width=87.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.2875</P>
</TD><TD style="margin-top:0px" valign=bottom width=70.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>3</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=92.8><P style="margin:0px; font-family:Arial; font-size:8pt">July 27, 2011</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Sept. 30, 2011</P>
</TD><TD style="margin-top:0px" valign=bottom width=87.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.2875</P>
</TD><TD style="margin-top:0px" valign=bottom width=70.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>4</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=92.8><P style="margin:0px; font-family:Arial; font-size:8pt">Oct. 27, 2011</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=17.933><P style="margin:0px; font-family:Arial; font-size:8pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=90.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Dec. 31, 2011</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=87.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.2875</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=70.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>4</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=92.8><P style="margin:0px; font-family:Arial; font-size:8pt">Total</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=17.933><P style="margin:0px; font-family:Arial; font-size:8pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=90.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=87.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.8625</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=70.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>11</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Series C Cumulative Redeemable Rate Reset First Preferred Shares:</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=93.4 /><TD width=18.067 /><TD width=102.4 /><TD width=83.933 /><TD width=67 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=93.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>Date <BR>
declared</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=18.067><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=102.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Payment <BR>
date</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=83.933><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Dividend per<BR>
share </B><FONT style="font-size:7pt"><I>($)</I></FONT></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=67><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Total <BR>
dividends</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=111.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Jan. 25, 2012<FONT style="font-size:9pt"><SUP>(1)</SUP></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>March 31, 2012</P>
</TD><TD style="margin-top:0px" valign=bottom width=83.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.3844</P>
</TD><TD style="margin-top:0px" valign=bottom width=67><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>4</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=93.4><P style="margin:0px; font-family:Arial; font-size:8pt">Apr. 25, 2012</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=102.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>June 30, 2012</P>
</TD><TD style="margin-top:0px" valign=bottom width=83.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.2875</P>
</TD><TD style="margin-top:0px" valign=bottom width=67><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>3</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=93.4><P style="margin:0px; font-family:Arial; font-size:8pt">July 13, 2012</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=102.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Sept. 30, 2012</P>
</TD><TD style="margin-top:0px" valign=bottom width=83.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.2875</P>
</TD><TD style="margin-top:0px" valign=bottom width=67><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>3</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=93.4><P style="margin:0px; font-family:Arial; font-size:8pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=18.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=102.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=83.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>0.9594</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=67><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>10</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=364.8 colspan=5><P style="margin:0px; font-family:Arial; font-size:7.5pt"><I>(1) &nbsp;Includes dividends of $0.0969 per share for the period from<BR>
 &nbsp;&nbsp;&nbsp;Nov. 29, 2011 to Dec. 31, 2011. &nbsp;</I></P>
</TD></TR>
</TABLE>
<P style="line-height:18pt; margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>At Sept. 30, 2012, dividends on the Series E Cumulative Redeemable Rate Reset First Preferred shares were accrued. &nbsp;There have been no dividends declared in 2012 to date.</P>
<P style="line-height:18pt; margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:6pt" align=justify>32&nbsp;
TRANSALTA CORPORATION / Q3 2012</P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; padding-left:48px; text-indent:-24px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify><B>24. &nbsp;ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The components of, and changes in, AOCI are presented below:</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=276 /><TD width=100.533 /><TD width=63.733 /><TD width=63.733 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=276><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=100.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=63.733><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=63.733><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right>2011</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" width=276><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=100.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=63.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=63.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" width=276><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Currency translation adjustment</B></P>
</TD><TD style="margin-top:0px" width=100.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" width=276><P style="margin:0px; font-family:Arial; font-size:8pt">Opening balance</P>
</TD><TD style="margin-top:0px" width=100.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(28)</B></P>
</TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(27)</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=376.533 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Gains (losses) on translating net assets of foreign operations</P>
</TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(36)</B></P>
</TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>43</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=376.533 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Gains (losses) on financial instruments designated as hedges of foreign <BR>
&nbsp;&nbsp;operations, net of tax<SUP>(1)</SUP></P>
</TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>25</B></P>
</TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(42)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=276><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Balance, Sept. 30</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=100.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(39)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(26)</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=276><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=100.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" width=276><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Cash flow hedges</B></P>
</TD><TD style="margin-top:0px" width=100.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" width=276><P style="margin:0px; font-family:Arial; font-size:8pt">Opening balance</P>
</TD><TD style="margin-top:0px" width=100.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(28)</B></P>
</TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>232</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=376.533 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Losses on derivatives designated as cash flow hedges, net of tax<SUP>(2)</SUP></P>
</TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(15)</B></P>
</TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(34)</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=376.533 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Reclassification of losses on derivatives designated as cash flow hedges to <BR>
&nbsp;&nbsp;non-financial assets, net of tax<SUP>(3)</SUP></P>
</TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>3</B></P>
</TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=376.533 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Reclassification of (gains) losses on derivatives designated as cash flow <BR>
&nbsp;&nbsp;hedges to net earnings, net of tax<SUP>(4)</SUP></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>14</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(203)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=276><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Balance, Sept. 30</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=100.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(26)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(5)</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=276><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=100.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" width=276><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Employee future benefits</B></P>
</TD><TD style="margin-top:0px" width=100.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" width=276><P style="margin:0px; font-family:Arial; font-size:8pt">Opening balance</P>
</TD><TD style="margin-top:0px" width=100.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(46)</B></P>
</TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(20)</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=376.533 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Net actuarial losses on defined benefit plans, net of tax<SUP>(5)</SUP></P>
</TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(29)</B></P>
</TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(19)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=276><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Balance, Sept. 30</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=100.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(75)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(39)</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=276><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=100.533><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" width=276><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Equity investees</B></P>
</TD><TD style="margin-top:0px" width=100.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" width=276><P style="margin:0px; font-family:Arial; font-size:8pt">Opening balance</P>
</TD><TD style="margin-top:0px" width=100.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=276><P style="margin:0px; font-family:Arial; font-size:8pt">Other comprehensive loss of equity investees, net of tax<SUP>(6)</SUP></P>
</TD><TD style="margin-top:0px" width=100.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(2)</B></P>
</TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=276><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Balance, Sept. 30</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=100.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(2)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=276><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Accumulated other comprehensive loss</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=100.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(142)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(70)</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=276><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=100.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" width=504 colspan=4><P style="margin:0px; font-family:Arial; font-size:7.5pt"><I>(1) Net of income tax expense of 3 for the nine months ended Sept. 30, 2012 (2011 - 6 recovery).</I></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=504 colspan=4><P style="margin:0px; font-family:Arial; font-size:7.5pt"><I>(2) Net of income tax expense of 3 for the nine months ended Sept. 30, 2012 (2011 - 4 expense).</I></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=440.267 colspan=3><P style="margin:0px; font-family:Arial; font-size:7.5pt"><I>(3) Net of income tax recovery of 1 for the nine months ended Sept. 30, 2012 (2011 - nil).</I></P>
</TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" width=504 colspan=4><P style="margin:0px; font-family:Arial; font-size:7.5pt"><I>(4) Net of income tax expense of 13 for the nine months ended Sept. 30, 2012 (2011 - 99 expense).</I></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=504 colspan=4><P style="margin:0px; font-family:Arial; font-size:7.5pt"><I>(5) Net of income tax recovery of 10 for the nine months ended Sept. 30, 2012 (2011 - 7 recovery).</I></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=440.267 colspan=3><P style="margin:0px; font-family:Arial; font-size:7.5pt"><I>(6) Net of income tax recovery of 1 for the nine months ended Sept. 30, 2012 (2011 - nil).</I></P>
</TD><TD style="margin-top:0px" width=63.733><P style="margin:0px; padding:0px; font-size:7.5pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="OLE_LINK4"></A><A NAME="OLE_LINK5"></A><P style="margin:0px; padding-left:48px; text-indent:-24px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>25. &nbsp;CONTINGENCIES</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>TransAlta is occasionally named as a party in various claims and legal proceedings that arise during the normal course of its business. TransAlta reviews each of these claims, including the nature of the claim, the amount in dispute or claimed, and the availability of insurance coverage. &nbsp;There can be no assurance that any particular claim will be resolved in the Corporation&#146;s favour or that such claims may not have a material adverse effect on TransAlta<FONT style="color:#FF0000">. &nbsp;</FONT>Inquiries from regulatory bodies may also arise in the normal course of business, to which the Corporation responds as required.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px"><BR></P>
<P style="line-height: 18pt; font-family: Arial, 'Times New Roman'; font-size: 6pt; margin: 0px" align="justify"><BR>33&nbsp;
TRANSALTA CORPORATION / Q3 2012&nbsp;</P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; padding-left:48px; text-indent:-24px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify>&nbsp;</P>
<P style="margin:0px; padding-left:48px; text-indent:-24px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify><B>26. &nbsp;COMMITMENTS</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>A. &nbsp;Guarantees - Letters of credit</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Letters of credit are issued to counterparties under various contractual arrangements with the Corporation and certain subsidiaries of the Corporation. &nbsp;If the Corporation or its subsidiary does not perform under such contracts, the counterparty may present its claim for payment to the financial institution through which the letter of credit was issued. &nbsp;Any amounts owed by the Corporation or its subsidiaries are reflected in the Consolidated Statements of Financial Position. &nbsp;All letters of credit expire within one year and are expected to be renewed, as needed, in the normal course of business. &nbsp;The total outstanding letters of credit as at Sept. 30, 2012 was $316 million (Dec. 31, 2011 - $328 million) with no (Dec. 31, 2011 - nil) amounts exercised by third parties under these arrangements. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>B. &nbsp;Purchase Commitments</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>During the third quarter 2012, the Corporation entered into several agreements for the purchase of natural gas to meet fuel requirements, and related transportation for the balance of 2012 and 2013. &nbsp;The future payments are estimated to be $5 million for 2012 and $43 million for 2013. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:48px; text-indent:-24px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>27. &nbsp;SEGMENT DISCLOSURES</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>A. &nbsp;Reported Segment Earnings (Loss)</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Each business segment assumes responsibility for its operating results to operating income. </P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=65.067 /><TD width=253.067 /><TD width=85.067 /><TD width=58.667 /><TD width=69.067 /><TD width=65.067 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=318.133 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>3 months ended Sept. 30, 2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=85.067><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Generation</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=58.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Energy <BR>
Trading</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=69.067><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Corporate</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=65.067><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Total</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=center>Revenues</P>
</TD><TD style="margin-top:0px" width=253.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>554</B></P>
</TD><TD style="margin-top:0px" width=58.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(16)</B></P>
</TD><TD style="margin-top:0px" width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>538</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=318.133 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Fuel and purchased power</P>
</TD><TD style="margin-top:0px" width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>208</B></P>
</TD><TD style="margin-top:0px" width=58.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>208</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=318.133 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Gross margin</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>346</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=58.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(16)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>330</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=318.133 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Operations, maintenance and administration</P>
</TD><TD style="margin-top:0px" width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>89</B></P>
</TD><TD style="margin-top:0px" width=58.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>7</B></P>
</TD><TD style="margin-top:0px" width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>21</B></P>
</TD><TD style="margin-top:0px" width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>117</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=318.133 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Depreciation and amortization</P>
</TD><TD style="margin-top:0px" width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>117</B></P>
</TD><TD style="margin-top:0px" width=58.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>5</B></P>
</TD><TD style="margin-top:0px" width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>122</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=318.133 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Asset impairment charges (reversal)</P>
</TD><TD style="margin-top:0px" width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(41)</B></P>
</TD><TD style="margin-top:0px" width=58.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(41)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=318.133 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Inventory writedown (reversal)</P>
</TD><TD style="margin-top:0px" width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(8)</B></P>
</TD><TD style="margin-top:0px" width=58.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(8)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=318.133 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Taxes, other than income taxes</P>
</TD><TD style="margin-top:0px" width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>8</B></P>
</TD><TD style="margin-top:0px" width=58.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>8</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=318.133 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Intersegment cost allocation</P>
</TD><TD style="margin-top:0px" width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>3</B></P>
</TD><TD style="margin-top:0px" width=58.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(3)</B></P>
</TD><TD style="margin-top:0px" width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=318.133 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Operating income (loss)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>178</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=58.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(20)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(26)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>132</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=318.133 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Finance lease income</P>
</TD><TD style="margin-top:0px" width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>1</B></P>
</TD><TD style="margin-top:0px" width=58.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>1</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=318.133 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Gain on sale of collateral</P>
</TD><TD style="margin-top:0px" width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" width=58.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>15</B></P>
</TD><TD style="margin-top:0px" width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>15</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=318.133 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Sundance Units 1 and 2 arbitration</P>
</TD><TD style="margin-top:0px" width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(7)</B></P>
</TD><TD style="margin-top:0px" width=58.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(7)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=318.133 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Foreign exchange gain</P>
</TD><TD style="margin-top:0px" width=85.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=58.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=318.133 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Net interest expense</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=85.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=58.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(58)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=318.133 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Earnings before income taxes</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=85.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=58.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>85</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:6pt" align=justify>34&nbsp;
TRANSALTA CORPORATION / Q3 2012<FONT style="font-size:7pt"> &nbsp;</FONT></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=129.733 /><TD width=232.733 /><TD width=78.267 /><TD width=59.867 /><TD width=63.533 /><TD width=59.867 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" width=129.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=232.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=78.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=59.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=63.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=59.867><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=362.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">3 months ended Sept. 30, 2011</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=78.267><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Generation</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Energy <BR>
Trading</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=63.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Corporate</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Total</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=129.733><P style="margin:0px; font-family:Arial; font-size:8pt">Revenues</P>
</TD><TD style="margin-top:0px" width=232.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=78.267><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>584</P>
</TD><TD style="margin-top:0px" width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>45</P>
</TD><TD style="margin-top:0px" width=63.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>629</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=362.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Fuel and purchased power</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=78.267><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>258</P>
</TD><TD style="margin-top:0px" width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=63.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>258</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=362.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Gross margin</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=78.267><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>326</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>45</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=63.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>371</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=362.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Operations, maintenance and administration</P>
</TD><TD style="margin-top:0px" width=78.267><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>100</P>
</TD><TD style="margin-top:0px" width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>12</P>
</TD><TD style="margin-top:0px" width=63.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>26</P>
</TD><TD style="margin-top:0px" width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>138</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=362.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Depreciation and amortization</P>
</TD><TD style="margin-top:0px" width=78.267><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>111</P>
</TD><TD style="margin-top:0px" width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=63.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>4</P>
</TD><TD style="margin-top:0px" width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>115</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=362.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Asset impairment charges</P>
</TD><TD style="margin-top:0px" width=78.267><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>5</P>
</TD><TD style="margin-top:0px" width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=63.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>5</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=362.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Taxes, other than income taxes</P>
</TD><TD style="margin-top:0px" width=78.267><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>7</P>
</TD><TD style="margin-top:0px" width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=63.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>7</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=362.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Intersegment cost allocation</P>
</TD><TD style="margin-top:0px" width=78.267><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2</P>
</TD><TD style="margin-top:0px" width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(2)</P>
</TD><TD style="margin-top:0px" width=63.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=362.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Operating income (loss)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=78.267><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>101</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>35</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=63.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(30)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>106</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" width=129.733><P style="margin:0px; font-family:Arial; font-size:8pt">Finance lease income</P>
</TD><TD style="margin-top:0px" width=232.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=78.267><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2</P>
</TD><TD style="margin-top:0px" width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=63.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=362.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Equity income</P>
</TD><TD style="margin-top:0px" width=78.267><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>14</P>
</TD><TD style="margin-top:0px" width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=63.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>14</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=362.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Other income</P>
</TD><TD style="margin-top:0px" width=78.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=59.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=63.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>1</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=362.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Foreign exchange gain</P>
</TD><TD style="margin-top:0px" width=78.267><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=59.867><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=63.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>1</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=129.733><P style="margin:0px; font-family:Arial; font-size:8pt">Net interest expense</P>
</TD><TD style="margin-top:0px" width=232.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=78.267><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=59.867><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=63.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(54)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=129.733><P style="margin:0px; font-family:Arial; font-size:8pt">Earnings before income taxes</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=232.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=78.267><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=59.867><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=63.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>70</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=316.133 /><TD width=14.8 /><TD width=85.067 /><TD width=59.733 /><TD width=69.067 /><TD width=65.067 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=330.933 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>9 months ended Sept. 30, 2012</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=85.067><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Generation</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=59.733><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Energy <BR>
Trading</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=69.067><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Corporate</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=65.067><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Total</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=316.133><P style="margin:0px; font-family:Arial; font-size:8pt">Revenues</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>1,611</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(10)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>1,601</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=330.933 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Fuel and purchased power</P>
</TD><TD style="margin-top:0px" valign=bottom width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>546</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>546</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=330.933 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Gross margin</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>1,065</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(10)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>1,055</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=330.933 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Operations, maintenance and administration</P>
</TD><TD style="margin-top:0px" valign=bottom width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>292</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>20</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>63</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>375</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=330.933 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Depreciation and amortization</P>
</TD><TD style="margin-top:0px" valign=bottom width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>375</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>15</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>390</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=330.933 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Asset impairment charges (reversal)</P>
</TD><TD style="margin-top:0px" valign=bottom width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>324</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>324</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=330.933 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Inventory writedown</P>
</TD><TD style="margin-top:0px" valign=bottom width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>34</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>34</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=330.933 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Taxes, other than income taxes</P>
</TD><TD style="margin-top:0px" valign=bottom width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>22</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>22</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=316.133><P style="margin:0px; font-family:Arial; font-size:8pt">Intersegment cost allocation</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>10</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(10)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=330.933 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Operating income (loss)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>8</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(20)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(78)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(90)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=330.933 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Finance lease income</P>
</TD><TD style="margin-top:0px" valign=bottom width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>5</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>5</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=316.133><P style="margin:0px; font-family:Arial; font-size:8pt">Equity loss</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(5)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(5)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=330.933 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Gain on sale of collateral</P>
</TD><TD style="margin-top:0px" valign=bottom width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>15</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>15</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=330.933 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Sundance Units 1 and 2 arbitration</P>
</TD><TD style="margin-top:0px" valign=bottom width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(254)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=59.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(254)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=330.933 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Gain on sale of facilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=85.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=59.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>3</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=330.933 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Other income</P>
</TD><TD style="margin-top:0px" valign=bottom width=85.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=59.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>1</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=330.933 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Foreign exchange loss</P>
</TD><TD style="margin-top:0px" valign=bottom width=85.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=59.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(7)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=330.933 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Net interest expense</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=85.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=59.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(182)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=330.933 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Loss before income taxes</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=85.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=59.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(514)</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="line-height:18pt; margin:0px"><BR></P>
<P style="line-height: 18pt; font-family: Arial, 'Times New Roman'; font-size: 6pt; margin: 0px" align="justify"><BR>35&nbsp;
TRANSALTA CORPORATION / Q3 2012&nbsp;</P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=312.6 /><TD width=14.8 /><TD width=85.067 /><TD width=59.733 /><TD width=69.067 /><TD width=65.067 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=327.4 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt">9 months ended Sept. 30, 2011</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=85.067><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right>Generation</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=59.733><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right>Energy <BR>
Trading</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=69.067><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right>Corporate</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=65.067><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right>Total</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=312.6><P style="margin:0px; font-family:Arial; font-size:8pt">Revenues</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>1,865</P>
</TD><TD style="margin-top:0px" width=59.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>97</P>
</TD><TD style="margin-top:0px" width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>1,962</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=327.4 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Fuel and purchased power</P>
</TD><TD style="margin-top:0px" width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>655</P>
</TD><TD style="margin-top:0px" width=59.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>655</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=312.6><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>1,210</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=59.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>97</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>1,307</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" width=312.6><P style="margin:0px; font-family:Arial; font-size:8pt">Operations, maintenance and administration</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>309</P>
</TD><TD style="margin-top:0px" width=59.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>27</P>
</TD><TD style="margin-top:0px" width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>64</P>
</TD><TD style="margin-top:0px" width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>400</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" width=312.6><P style="margin:0px; font-family:Arial; font-size:8pt">Depreciation and amortization</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>333</P>
</TD><TD style="margin-top:0px" width=59.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>1</P>
</TD><TD style="margin-top:0px" width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>15</P>
</TD><TD style="margin-top:0px" width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>349</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=327.4 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Asset impairment charges</P>
</TD><TD style="margin-top:0px" width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>14</P>
</TD><TD style="margin-top:0px" width=59.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>14</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" width=312.6><P style="margin:0px; font-family:Arial; font-size:8pt">Taxes, other than income taxes</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>21</P>
</TD><TD style="margin-top:0px" width=59.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>21</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=312.6><P style="margin:0px; font-family:Arial; font-size:8pt">Intersegment cost allocation</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>6</P>
</TD><TD style="margin-top:0px" width=59.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(6)</P>
</TD><TD style="margin-top:0px" width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=312.6><P style="margin:0px; font-family:Arial; font-size:8pt">Operating income (loss)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>527</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=59.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>75</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(79)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>523</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" width=312.6><P style="margin:0px; font-family:Arial; font-size:8pt">Finance lease income</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>6</P>
</TD><TD style="margin-top:0px" width=59.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>6</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" width=312.6><P style="margin:0px; font-family:Arial; font-size:8pt">Equity income</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>16</P>
</TD><TD style="margin-top:0px" width=59.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>16</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" width=312.6><P style="margin:0px; font-family:Arial; font-size:8pt">Gain on sale of facilities</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=85.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>3</P>
</TD><TD style="margin-top:0px" width=59.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=69.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>3</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=327.4 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Other income</P>
</TD><TD style="margin-top:0px" width=85.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=59.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=69.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=312.6><P style="margin:0px; font-family:Arial; font-size:8pt">Net interest expense</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=85.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=59.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(151)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=312.6><P style="margin:0px; font-family:Arial; font-size:8pt">Earnings before income taxes</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=85.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=59.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>399</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Included in the Generation Segment results for the three and nine months ended Sept. 30, 2012 are $4 million <BR>
(Sept. 30, 2011 - $4 million) and $17 million (Sept. 30, 2011 - $16 million) of incentives received under a Government of Canada program in respect of power generation from qualifying wind and hydro projects.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>B. &nbsp;Selected Condensed Consolidated Statements of Financial Position Information</B></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=278.467 /><TD width=81.067 /><TD width=79.267 /><TD width=79.267 /><TD width=79.267 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=278.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>Total segment assets</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=81.067><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Generation</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=79.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Energy <BR>
Trading</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=79.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Corporate</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=79.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Total</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=278.467><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Sept. 30, 2012</B></P>
</TD><TD style="margin-top:0px" width=81.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>8,878</B></P>
</TD><TD style="margin-top:0px" width=79.267><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>289</B></P>
</TD><TD style="margin-top:0px" width=79.267><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>256</B></P>
</TD><TD style="margin-top:0px" width=79.267><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>9,423</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=278.467><P style="margin:0px; font-family:Arial; font-size:8pt">Dec. 31, 2011</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=81.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>8,983</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=79.267><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>394</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=79.267><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>359</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=79.267><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>9,736</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>C. Depreciation and Amortization on the Condensed Consolidated Statements of Cash Flows</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The reconciliation between depreciation and amortization reported on the Condensed Consolidated Statements of Earnings and the Condensed Consolidated Statements of Cash Flows is presented below:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=299.733 /><TD width=74.2 /><TD width=73.533 /><TD width=14.8 /><TD width=71.2 /><TD width=71.2 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" width=299.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=147.733 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=center><B>3 months ended Sept. 30</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=142.4 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=center><B>9 months ended Sept. 30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" width=299.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=74.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=73.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2011</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=71.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=71.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2011</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" width=299.733><P style="margin:0px; font-family:Arial; font-size:8pt">Depreciation and amortization expense on the Condensed &nbsp;<BR>
&nbsp;&nbsp;&nbsp;Consolidated Statement of Earnings</P>
</TD><TD style="margin-top:0px" width=74.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>122</B></P>
</TD><TD style="margin-top:0px" width=73.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>115</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=71.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>390</B></P>
</TD><TD style="margin-top:0px" width=71.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>349</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" width=299.733><P style="margin:0px; font-family:Arial; font-size:8pt">Depreciation included in fuel and purchased power</P>
</TD><TD style="margin-top:0px" width=74.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>7</B></P>
</TD><TD style="margin-top:0px" width=73.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>10</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=71.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>27</B></P>
</TD><TD style="margin-top:0px" width=71.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>29</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" width=299.733><P style="margin:0px; font-family:Arial; font-size:8pt">Other</P>
</TD><TD style="margin-top:0px" width=74.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" width=73.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>1</P>
</TD><TD style="margin-top:0px" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=71.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2</B></P>
</TD><TD style="margin-top:0px" width=71.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>5</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=299.733><P style="margin:0px; font-family:Arial; font-size:8pt">Depreciation and amortization expense on the Condensed <BR>
&nbsp;&nbsp;Consolidated Statements of Cash Flows</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=74.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>129</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=73.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>126</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=71.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>419</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=71.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>383</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:6pt" align=justify>36&nbsp;
TRANSALTA CORPORATION / Q3 2012</P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; padding-left:48px; text-indent:-24px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify>&nbsp;</P>
<P style="margin:0px; padding-left:48px; text-indent:-24px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify><B>28. &nbsp;CHANGES IN NON-CASH OPERATING WORKING CAPITAL </B></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=64.533 /><TD width=64.533 /><TD width=149.867 /><TD width=80.533 /><TD width=80.533 /><TD width=80.533 /><TD width=80.533 /></TR>
<TR><TD style="margin-top:0px" width=64.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=64.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=149.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=161.067 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>3 months ended Sept. 30</B></P>
</TD><TD style="margin-top:0px" width=161.067 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>9 months ended Sept. 30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=64.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=64.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=149.867><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2011</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2011</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=129.067 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Source (use) of cash:</P>
</TD><TD style="margin-top:0px" width=149.867><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=80.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=80.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=80.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=80.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" width=129.067 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Accounts receivable</P>
</TD><TD style="margin-top:0px" width=149.867><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(67)</B></P>
</TD><TD style="margin-top:0px" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(76)</P>
</TD><TD style="margin-top:0px" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>11</B></P>
</TD><TD style="margin-top:0px" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(73)</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=129.067 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Prepaid expenses</P>
</TD><TD style="margin-top:0px" width=149.867><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>10</B></P>
</TD><TD style="margin-top:0px" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>1</P>
</TD><TD style="margin-top:0px" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(3)</B></P>
</TD><TD style="margin-top:0px" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(6)</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=129.067 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Income taxes receivable</P>
</TD><TD style="margin-top:0px" width=149.867><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>5</B></P>
</TD><TD style="margin-top:0px" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(1)</P>
</TD><TD style="margin-top:0px" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(9)</B></P>
</TD><TD style="margin-top:0px" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>17</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=64.533><P style="margin:0px; font-family:Arial; font-size:8pt">Inventory</P>
</TD><TD style="margin-top:0px" width=64.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=149.867><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(1)</B></P>
</TD><TD style="margin-top:0px" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>18</P>
</TD><TD style="margin-top:0px" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(16)</B></P>
</TD><TD style="margin-top:0px" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(40)</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=278.933 colspan=3><P style="margin:0px; font-family:Arial; font-size:8pt">Accounts payable and accrued liabilities</P>
</TD><TD style="margin-top:0px" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(167)</B></P>
</TD><TD style="margin-top:0px" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>86</P>
</TD><TD style="margin-top:0px" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(20)</B></P>
</TD><TD style="margin-top:0px" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(45)</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=278.933 colspan=3><P style="margin:0px; font-family:Arial; font-size:8pt">Decommissioning and other provisions</P>
</TD><TD style="margin-top:0px" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>10</P>
</TD><TD style="margin-top:0px" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(41)</B></P>
</TD><TD style="margin-top:0px" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>28</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=129.067 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Income taxes payable</P>
</TD><TD style="margin-top:0px" width=149.867><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2</B></P>
</TD><TD style="margin-top:0px" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>6</P>
</TD><TD style="margin-top:0px" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(14)</B></P>
</TD><TD style="margin-top:0px" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=278.933 colspan=3><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Change in non-cash operating working capital</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(218)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>44</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(92)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(117)</P>
</TD></TR>
</TABLE>
<P style="line-height:18pt; margin:0px" align=justify><BR></P>
<P style="line-height:18pt; margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:48px; text-indent:-24px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>29. &nbsp;SUBSEQUENT EVENTS</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>On Oct. 25, 2012, TransAlta and MidAmerican Energy Holdings Company (&#147;MidAmerican&#148;) entered into a new strategic partnership through which the two companies will work together to develop, build, and operate new natural gas-fired electricity generation projects in Canada. &nbsp;The agreement encompasses all new natural gas-fired generation opportunities considered by either TransAlta or MidAmerican in Canada, including TransAlta's proposed Sundance 7 project. &nbsp;&nbsp;All development and construction, or acquisition, of approved projects will be funded equally by each partner and TransAlta will be responsible for construction management and operation and maintenance of projects that proceed.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px"><BR></P>
<P style="line-height: 18pt; font-family: Arial, 'Times New Roman'; font-size: 6pt; margin: 0px" align="justify"><BR>37&nbsp;
TRANSALTA CORPORATION / Q3 2012</P>
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<DESCRIPTION>MANAGEMENT'S DISCUSSION & ANALYSIS
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<!doctype html public "-//IETF//DTD HTML//EN">
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<HEAD>
<TITLE>MD Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
<META NAME="author" CONTENT="mcromart">
<META NAME="date" CONTENT="03/22/2012">
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<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
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<P style="margin:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
<P style="margin-top:0px; margin-bottom:4.467px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
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    <td width="50%"></td>
    <td width="50%" align="right" valign="bottom"></td>
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    <td width="50%"><img src="mda002.gif" alt="[mda002.gif]" align=top height=40 width=150></td>
    <td width="50%" align="right" valign="bottom">
      <p style="word-spacing: 0; line-height: 100%; margin-top: 0; margin-bottom: 0"><B><font size="2">TRANSALTA CORPORATION</font></B></p>
      <p style="word-spacing: 0; line-height: 100%; margin-top: 0; margin-bottom: 0"><B><font size="2">THIRD QUARTER REPORT FOR 2012</font></B></td>
  </tr>
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<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>This Management&#146;s Discussion and Analysis (&#147;MD&amp;A&#148;) contains forward looking statements. &nbsp;These statements are based on certain estimates and assumptions and involve risks and uncertainties. &nbsp;Actual results may differ materially. &nbsp;See the Forward Looking Statements section of this MD&amp;A for additional information.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>This MD&amp;A should be read in conjunction with the unaudited interim condensed consolidated financial statements of TransAlta Corporation as at and for the three and nine months ended Sept. 30, 2012 and 2011, and should also be read in conjunction with the audited consolidated financial statements and MD&amp;A contained within our 2011 Annual Report. &nbsp;In this MD&amp;A, unless the context otherwise requires, &#145;we&#146;, &#145;our&#146;, &#145;us&#146;, the &#145;Corporation&#146; and &#145;TransAlta&#146; refers to TransAlta Corporation and its subsidiaries. &nbsp;The condensed consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (&#147;IFRS&#148;). &nbsp;All tabular amounts in the following discussion are in millions of Canadian dollars unless otherwise noted. &nbsp;This MD&amp;A is dated Oct. 25, 2012. &nbsp;Additional information respecting TransAlta, including its Annual Information Form, is available on SEDAR at www.sedar.com.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify><B>RESULTS OF OPERATIONS</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>The results of operations are presented on a consolidated basis and by business segment. &nbsp;We have three business segments: Generation, Energy Trading, and Corporate. &nbsp;In this MD&amp;A, the impact of foreign exchange fluctuations on foreign currency denominated transactions and balances is discussed with the relevant Condensed Consolidated Statements of Earnings and Condensed Consolidated Statements of Financial Position items. &nbsp;While individual line items in the Condensed Consolidated Statements of Financial Position may be impacted by foreign exchange fluctuations, the net impact of the translation of these items relating to foreign operations to our presentation currency is reflected in Accumulated Other Comprehensive Income (Loss) (&#147;AOCI&#148;) in the equity section of the Condensed Consolidated Statements of Financial Position.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify><B>HIGHLIGHTS</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify><B><I>Third Quarter Highlights</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>Performance from the Generation Segment improved quarter over quarter with overall fleet availability increasing seven per cent to <BR>
90.9 per cent despite higher planned outages. While prices in both Alberta and the Pacific Northwest remained softer <BR>
period-over-period, the increased availability drove a $51 million increase in Generation comparable gross margins. &nbsp;The Generation comparable gross margins for the quarter were $386 million.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>The Energy Trading Segment reported a decrease in gross margins of $61 million to a negative gross margin of $16 million for the quarter as a result of unexpected weather patterns and unfavourable market expectations relative to positions held. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>Funds from Operations (&#147;FFO&#148;) increased $64 million in the quarter to $232 million, driven by increased cash earnings after adjusting for unrealized losses on risk management activities and cash settlements of contracts previously recognized in earnings.</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="line-height: 18pt; font-family: Arial; font-size: 6pt; margin: 0px" align=justify>TRANSALTA CORPORATION / Q3 2012 &nbsp;&nbsp;1<BR></P>
<hr>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>A quarterly dividend of $0.29 per share was declared on common shares, returning value to shareholders.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>We reported net earnings attributable to common shareholders of $56 million ($0.24 per share), up from $50 million <BR>
($0.22 per share) in 2011, which included:</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:72px; width:96px; font-family:Wingdings; font-size:8pt; float:left">&#167;</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px; font-family:Arial; font-size:8pt" align=justify>Sundance Units 1 and 2 asset impairment reversal of $31 million</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:72px; width:96px; font-family:Wingdings; font-size:8pt; clear:left; float:left">&#167;</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px; font-family:Arial; font-size:8pt" align=justify>Inventory writedown reversal of $18 million</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:72px; width:96px; font-family:Wingdings; font-size:8pt; clear:left; float:left">&#167;</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px; font-family:Arial; font-size:8pt" align=justify>Gain on sale of collateral at MF Global Inc. of $11 million</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>These items, along with the impact of the de-designated hedges, have been adjusted in calculating comparable earnings of <BR>
$41 million ($0.18 per share), down from $61 million ($0.27 per share) in 2011. &nbsp;The decrease in comparable earnings is primarily due to the loss in Energy Trading.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>We acquired the 125 megawatt (&#147;MW&#148;) Solomon power station for U.S.$318 million. The power station is fully contracted and is expected to generate pre-financing cash flows of approximately $40 million per year and be accretive to both earnings and free cash flow per share.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify><B><I>Year-To-Date Highlights</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>Overall fleet availability increased over four per cent despite higher planned major maintenance. &nbsp;The Generation comparable gross margins have increased $18 million to $1,103 million.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>The Energy Trading Segment reported a decrease of $107 million to a negative gross margin of $10 million for the period. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>FFO decreased $49 million for the first nine months to $571 million, primarily due to lower comparable earnings. &nbsp;Excluding the impact of the Sundance Units 1 and 2 arbitration ruling, we remain on track to deliver at the low end of our stated range of <BR>
$800 - $900 million for the full year.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>We reported a net loss attributable to common shareholders of $652 million ($2.85 per share), down from net earnings attributable to common shareholders of $266 million ($1.20 per share) in 2011, which included: </P>
<ul>
  <li>
    <p style="margin:0px; padding-left:96px; text-indent:-2px; font-family:Arial; font-size:8pt" align="justify">Centralia asset impairment of $329 million</li>
  <li>
    <p style="margin:0px; padding-left:96px; text-indent:-2px; font-family:Arial; font-size:8pt" align="justify">Writeoff of deferred tax assets of $169 million</li>
  <li>
    <p style="margin:0px; padding-left:96px; text-indent:-2px; font-family:Arial; font-size:8pt" align="justify">Impact of Sundance Unit 1 and 2 arbitration results of $189 million</li>
  <li>
    <p style="margin:0px; padding-left:96px; text-indent:-2px; font-family:Arial; font-size:8pt" align="justify">Gain on sale of collateral at MF Global Inc. of $11 million</li>
</ul>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>These items, along with the impact of the de-designated hedges, have been adjusted in calculating comparable earnings of <BR>
$64 million ($0.28 per share), down from $201 million ($0.91 per share) in 2011. &nbsp;The decrease in comparable earnings is primarily due to the loss in Energy Trading and higher planned major maintenance.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial; font-size:6pt" align=justify>2&nbsp;
TRANSALTA CORPORATION / Q3 2012</P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify>The following table depicts key financial results and statistical operating data:<FONT style="color:#FFFFFF"><SUP>1</SUP></FONT></P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="RANGE!A1"></A><TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=132.067 /><TD width=203.933 /><TD width=74.333 /><TD width=69.467 /><TD width=76 /><TD width=68.2 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=132.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=203.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=143.8 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>3 months ended Sept. 30</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=144.2 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>9 months ended Sept. 30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=132.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=203.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=74.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=69.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2011</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2011</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=336 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Availability (%)<SUP>(1)</SUP></P>
</TD><TD style="margin-top:0px" valign=bottom width=74.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>90.9</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=69.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>83.9</P>
</TD><TD style="margin-top:0px" valign=bottom width=76><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>88.1</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>83.7</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=336 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Production (GWh)<SUP>(1)</SUP></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=74.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>10,155</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=69.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>10,368</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>27,870</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>29,350</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=336 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Revenues</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=74.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>538</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=69.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>629</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>1,601</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>1,962</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=132.067><P style="margin:0px; font-family:Arial; font-size:8pt">Gross margin<SUP>(2)</SUP></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=203.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=74.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>330</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=69.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>371</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>1,055</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>1,307</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=132.067><P style="margin:0px; font-family:Arial; font-size:8pt">Operating income (loss)<SUP>(2)</SUP></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=203.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=74.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>132</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=69.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>106</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(90)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>523</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=132.067><P style="margin:0px; font-family:Arial; font-size:8pt">Comparable operating income<SUP>(3)</SUP></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=203.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=74.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>125</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=69.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>120</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>300</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>421</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=336 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Net earnings (loss) attributable to common shareholders</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=74.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>56</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=69.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>50</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(652)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>266</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=336 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Net earnings (loss) per share attributable to <BR>
&nbsp;&nbsp;common shareholders, basic and diluted</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=74.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>0.24</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=69.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.22</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(2.85)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>1.20</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=336 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Comparable net earnings per share<SUP>(3)</SUP></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=74.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>0.18</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=69.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.27</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>0.28</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.91</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=336 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Comparable EBITDA<SUP>(3)</SUP></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=74.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>254</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=69.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>237</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>699</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>772</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=336 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Funds from operations<SUP>(3)</SUP></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=74.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>232</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=69.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>168</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>571</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>620</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=336 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Funds from operations per share<SUP>(3)</SUP></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=74.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>0.99</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=69.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.75</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2.49</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2.79</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=132.067><P style="margin:0px; font-family:Arial; font-size:8pt">Cash flow from operating activities</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=203.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=74.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>14</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=69.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>212</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>275</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>503</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=336 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Free cash flow (deficiency)<SUP>(3)</SUP></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=74.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>78</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=69.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(5)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>54</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>176</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=336 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Dividends paid per common share</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=74.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>0.29</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=69.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.29</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=76><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>0.87</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=68.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.87</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=274.4 /><TD width=76.867 /><TD width=78.2 /><TD width=86.6 /><TD width=89.933 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=274.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>As at</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76.867><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=78.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Sept. 30, 2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=89.933><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right>Dec. 31, 2011</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=274.4><P style="margin:0px; font-family:Arial; font-size:8pt">Total assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=76.867><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=78.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>9,423</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=89.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>9,736</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=274.4><P style="margin:0px; font-family:Arial; font-size:8pt">Total long-term liabilities</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76.867><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=78.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>5,016</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=89.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>4,918</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>AVAILABILITY &amp; PRODUCTION</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Availability for the three and nine months ended Sept. 30, 2012 increased compared to the same periods in 2011 primarily due to lower planned and unplanned outages at Centralia Thermal and lower unplanned outages at the Alberta coal Power Purchase Arrangement (&#147;PPA&#148;) facilities, partially offset by higher planned outages at the Alberta coal PPA facilities.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Production for the three and nine months ended Sept. 30, 2012 decreased 213 gigawatt hours (&#147;GWh&#148;) and 1,480 GWh, respectively, compared to the same periods in 2011 due to higher economic dispatching at Centralia Thermal, higher planned outages at the Alberta coal PPA facilities, lower PPA customer demand, and market curtailments, partially offset by lower planned and unplanned outages at Centralia Thermal, the commencement of commercial operations at Keephills Unit 3, lower unplanned outages at the Alberta coal PPA facilities, and higher hydro volumes. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The outages at Centralia Thermal did not negatively impact our gross margins for the three and nine months ended Sept. 30, 2012 as we were able to extend our planned outage to take advantage of lower market prices to purchase power on the market to fulfill our power contracts. &nbsp;Overall fleet availability, after adjusting for the extended planned outage at Centralia, was 91.7 per cent <BR>
(Sept. 30, 2011 - 88.3 per cent) and 90.3 per cent (Sept. 30, 2011 - 88.2 per cent) for the three and nine months ended <BR>
Sept. 30, 2012, respectively.</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>----------------------------------------</P>
<P style="margin:0px; padding-left:14.4px; text-indent:-14.4px; font-family:Arial; font-size:6.5pt" align=justify><I>(1) Availability and production includes all generating assets (generation operations, finance lease, and equity investments).</I></P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px; padding-left:14.4px; text-indent:-14.4px; font-family:Arial; font-size:6.5pt" align=justify><I>(2) These items are Additional IFRS Measures. &nbsp;Refer to the Additional IFRS Measures section of this MD&amp;A for further discussion of these items.</I></P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px; padding-left:14.4px; text-indent:-14.4px; font-family:Arial; font-size:6.5pt" align=justify><I>(3) These items are not defined under IFRS. &nbsp;Refer to the Non-IFRS Measures section of this MD&amp;A for further discussion of these items, including, where applicable, reconciliations to measures calculated in accordance with IFRS. </I></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>&nbsp;</P>
<P style="font-family: Arial; font-size: 6pt; line-height: 18pt; margin: 0px" align=justify>3&nbsp;
TRANSALTA CORPORATION / Q3 2012</P>
<hr>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>NET EARNINGS (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The primary factors contributing to the change in net earnings (loss) attributable to common shareholders for the three and nine months ended Sept. 30, 2012 are presented below:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=312 /><TD width=144 /><TD width=150 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=312><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=144><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>3 months ended Sept. 30</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=150><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>9 months ended Sept. 30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=312><P style="margin:0px; font-family:Arial; font-size:8pt">Net earnings attributable to common shareholders, 2011</P>
</TD><TD style="margin-top:0px" valign=bottom width=144><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>50</P>
</TD><TD style="margin-top:0px" valign=bottom width=150><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>266</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=312><P style="margin:0px; font-family:Arial; font-size:8pt">Increase in Generation comparable gross margins</P>
</TD><TD style="margin-top:0px" valign=bottom width=144><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>51</P>
</TD><TD style="margin-top:0px" valign=bottom width=150><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>18</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=312><P style="margin:0px; font-family:Arial; font-size:8pt">Mark-to-market movements and de-designations - Generation</P>
</TD><TD style="margin-top:0px" valign=bottom width=144><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(51)</P>
</TD><TD style="margin-top:0px" valign=bottom width=150><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(183)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=312><P style="margin:0px; font-family:Arial; font-size:8pt">Decrease in Energy Trading gross margins</P>
</TD><TD style="margin-top:0px" valign=bottom width=144><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(61)</P>
</TD><TD style="margin-top:0px" valign=bottom width=150><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(107)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=312><P style="margin:0px; font-family:Arial; font-size:8pt">Decrease in operations, maintenance, and administrative costs</P>
</TD><TD style="margin-top:0px" valign=bottom width=144><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>21</P>
</TD><TD style="margin-top:0px" valign=bottom width=150><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>25</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=312><P style="margin:0px; font-family:Arial; font-size:8pt">Increase in depreciation and amortization expense</P>
</TD><TD style="margin-top:0px" valign=bottom width=144><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(7)</P>
</TD><TD style="margin-top:0px" valign=bottom width=150><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(41)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=312><P style="margin:0px; font-family:Arial; font-size:8pt">Decrease (increase) in asset impairment charges</P>
</TD><TD style="margin-top:0px" valign=bottom width=144><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>46</P>
</TD><TD style="margin-top:0px" valign=bottom width=150><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(310)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=312><P style="margin:0px; font-family:Arial; font-size:8pt">Recovery of (increase in) inventory writedown, net of consumption</P>
</TD><TD style="margin-top:0px" valign=bottom width=144><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>28</P>
</TD><TD style="margin-top:0px" valign=bottom width=150><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(14)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=312><P style="margin:0px; font-family:Arial; font-size:8pt">Increase in net interest expense</P>
</TD><TD style="margin-top:0px" valign=bottom width=144><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(4)</P>
</TD><TD style="margin-top:0px" valign=bottom width=150><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(31)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=312><P style="margin:0px; font-family:Arial; font-size:8pt">Decrease in equity income</P>
</TD><TD style="margin-top:0px" valign=bottom width=144><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(14)</P>
</TD><TD style="margin-top:0px" valign=bottom width=150><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(21)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=312><P style="margin:0px; font-family:Arial; font-size:8pt">Impact of Sundance Units 1 and 2 arbitration</P>
</TD><TD style="margin-top:0px" valign=bottom width=144><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(7)</P>
</TD><TD style="margin-top:0px" valign=bottom width=150><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(254)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=312><P style="margin:0px; font-family:Arial; font-size:8pt">(Increase) decrease in income tax expense</P>
</TD><TD style="margin-top:0px" valign=bottom width=144><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(5)</P>
</TD><TD style="margin-top:0px" valign=bottom width=150><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>3</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=312><P style="margin:0px; font-family:Arial; font-size:8pt">Increase in preferred share dividends</P>
</TD><TD style="margin-top:0px" valign=bottom width=144><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(4)</P>
</TD><TD style="margin-top:0px" valign=bottom width=150><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(10)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=312><P style="margin:0px; font-family:Arial; font-size:8pt">Increase in gain on sale of collateral</P>
</TD><TD style="margin-top:0px" valign=bottom width=144><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>15</P>
</TD><TD style="margin-top:0px" valign=bottom width=150><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>15</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=312><P style="margin:0px; font-family:Arial; font-size:8pt">Other</P>
</TD><TD style="margin-top:0px" valign=bottom width=144><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(2)</P>
</TD><TD style="margin-top:0px" valign=bottom width=150><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(8)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=312><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Net earnings (loss) attributable to common shareholders, 2012</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=144><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>56</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=150><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(652)</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Generation comparable gross margins, excluding the impact of mark-to-market movements, for the three and nine months ended <BR>
Sept. 30, 2012 increased compared to the same period in 2011 primarily due to higher hydro margins, lower unplanned outages at the Alberta coal PPA facilities, and the commencement of commercial operations of Keephills Unit 3, partially offset by higher planned outages at the Alberta coal PPA facilities and unfavourable coal costs.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Mark-to-market movements decreased for the three and nine months ended Sept. 30, 2012 compared to the same periods in 2011 due to the recognition of mark-to-market gains in 2011 resulting from certain power hedging relationships being deemed ineffective, which reduced the gains on contracts recognized in 2012. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>For the three months ended Sept. 30, 2012, Energy Trading gross margins decreased compared to the same period in 2011 primarily due to the impact of unexpected weather patterns and unfavourable market expectations on power and gas pricing for trading positions held.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Energy Trading gross margins for the nine months ended Sept. 30, 2012 decreased compared to the same period in 2011 primarily due to gas supply conditions that impacted gas prices, unexpected weather patterns, power plant outages, and the impact of unfavourable market expectations on power and gas pricing for trading positions held.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Operations, maintenance, and administrative (&#147;OM&amp;A&#148;) costs for the three and nine months ended Sept. 30, 2012 decreased primarily due to lower compensation costs.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Depreciation and amortization expense for the three and nine months ended Sept. 30, 2012 increased compared to 2011 primarily due to an increased asset base, largely due to the commencement of commercial operations at Keephills Unit 3, and asset retirements, partially offset by a reduction in depreciation expense due to the change in the economic useful lives of Alberta <BR>
coal-fired plants.</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>&nbsp;</P>
<P style="font-family: Arial; font-size: 6pt; line-height: 18pt; margin: 0px" align=justify>4&nbsp;
TRANSALTA CORPORATION / Q3 2012</P>
<hr>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Asset impairment charges for the three months ended Sept. 30, 2012 decreased due to the reversal of asset impairment charges recognized in the prior quarter on Sundance Units 1 and 2 due to the change in the economic useful life of these assets and the recognition of lower asset impairments in the comparable quarter in 2011.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>For the nine months ended Sept. 30, 2012, asset impairment charges increased due to the recognition of a higher amount of impairment charges on the Centralia Thermal plant and on assets within our renewables fleet, in order to write these assets down to their fair values. &nbsp;The impairment charges can be reversed in future periods if the forecasted cash flows generated by these plants improve. &nbsp;No assurances can be given if any reversal will occur or the amount or timing of any such reversal.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>During the three months ended Sept. 30, 2012, $8 million of inventory writedowns taken previously were reversed, due to a recovery in power prices and reduced operating costs. &nbsp;An additional $20 million benefit, reflected in Generation gross margins, resulted from the consumption of previously written down inventories.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The inventory writedown recorded in the nine months ended Sept. 30, 2012 is due to a $34 million net writedown of coal inventories resulting from de-designation of the hedges at the Centralia Thermal plant and the continued low price environment in the Pacific Northwest. &nbsp;The de-designation prevents us from including these contracts as part of the calculation of the net recoverable amount of the inventory. &nbsp;A $20 million benefit, reflected in Generation gross margins, resulted from the consumption of previously written down inventories.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Net interest expense for the three months ended Sept. 30, 2012 increased compared to the same periods in 2011 due to lower capitalized interest, partially offset by lower interest rates and lower amortization of financing costs.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>For the nine months ended Sept. 30, 2012, net interest expense increased compared to the same periods in 2011 due to lower capitalized interest and higher interest rates, partially offset by lower debt levels.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Equity income for the three months ended Sept. 30, 2012 decreased due to higher unplanned outages and unfavourable pricing at CE Generation, LLC (&#147;CE Gen&#148;).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>For the nine months ended Sept. 30, 2012, equity income decreased due to higher planned and unplanned outages and unfavourable pricing at CE Gen.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>For the three months ended Sept. 30, 2012, Sundance Units 1 and 2 arbitration costs increased due to additional interest, legal, and other costs.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Sundance Units 1 and 2 arbitration for the nine months ended Sept. 30, 2012 increased due to the results of the arbitration being released and recorded during the second quarter of 2012.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Income tax expense for the three months ended Sept. 30, 2012 increased compared to the same period in 2011 due to higher net earnings.</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Income tax expense for the nine months ended Sept. 30, 2012 decreased compared to the same period in 2011 due to lower net earnings which included the impact of the Sundance Units 1 and 2 arbitration, the positive resolution of certain outstanding tax matters, partially offset by the writeoff of $169 million in income tax assets related to our U.S. operations, which have been impacted by the Centralia Thermal plant valuation.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The preferred share dividends for the three and nine months ended Sept. 30, 2012 increased compared to the same periods in 2011 due to a higher balance of preferred shares outstanding during 2012. &nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>During the third quarter, we sold our claim against MF Global Inc. pertaining to the return of collateral, resulting in a gain.</P>
<P style="font-family: Arial; font-size: 6pt; line-height: 18pt; margin: 0px" align=justify><BR>5&nbsp;
TRANSALTA CORPORATION / Q3 2012</P>
<hr>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>FUNDS FROM OPERATIONS AND FREE CASH FLOW </B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Funds from operations for the three months ended Sept. 30, 2012 increased $64 million compared to the same period in 2011 primarily due to improved net earnings after adjusting for non-cash adjustments, primarily unrealized losses from risk management activities and cash settlements of contracts previously recognized in earnings.</P>
<P style="line-height:18pt; margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>For the nine months ended Sept. 30, 2012, funds from operations decreased $49 million compared to the same period in 2011 primarily due to lower comparable net earnings, after excluding the impact of the Sundance Units 1 and 2 arbitration from earnings.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>Free cash flow for the three months ended Sept. 30, 2012 increased $83 million compared to the same period in 2011 due to the increase in funds from operations and lower cash dividends paid as a result of increased participation in the Premium Dividend<SUP>TM</SUP>, Dividend Reinvestment and Optional Common Share Purchase Plan (&#147;the Plan&#148;).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>For the nine months ended Sept. 30, 2012, free cash flow, after excluding the impact of the Sundance Units 1 and 2 arbitration from earnings, decreased $122 million compared to the same period in 2011 due to the decrease in funds from operations and higher sustaining capital and productivity expenditures. &nbsp;A significant part of the sustaining capital and productivity expenditures incurred during 2012 relates to more comprehensive planned major maintenance, primarily at Keephills Units 1 and 2, including significant component replacements that should not be replaced again over the balance of the life of the plant.&nbsp; </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify><B>SIGNIFICANT EVENTS</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify><B><I>Three months ended Sept. 30, 2012</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify><B>Sale of Common Shares</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>On Sept. 13, 2012, we completed our public offering of 19,250,000 common shares and on Sept. 20, 2012, the underwriters exercised in part their over-allotment option to purchase 1,992,000 common shares, all at a price of $14.30 per common share, which resulted in total gross proceeds of $304 million. &nbsp;The proceeds of the offering were used to partially fund the acquisition of the Solomon power station in Australia, to fund the construction of our 68 MW New Richmond wind project, to repay <BR>
short-term debt, and for general corporate purposes.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify><B>Acquisition of Solomon Power Station</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>On Sept. 28, 2012, we announced that we completed the acquisition from Fortescue Metal Groups Ltd. (&#147;Fortescue&#148;) of its <BR>
125 MW natural gas- and diesel-fired Solomon power station in Western Australia for U.S.$318 million. &nbsp;The facility is currently under construction and is expected to be commissioned in the fourth quarter of 2012. &nbsp;The facility will be fully contracted with Fortescue under a long-term Power Purchase Agreement (&#147;Agreement&#148;) with an initial term of 16 years, commencing in <BR>
October 2012, after which Fortescue will have the option to either extend the Agreement by an additional five years under the same terms, or to acquire the facility. &nbsp;The facility and associated Agreement will be accounted for as a finance lease with TransAlta being the
lessor.</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px"><BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:7pt"><b>6</b>&nbsp;&nbsp;<FONT style="font-size:6pt">TRANSALTA CORPORATION / Q3 2012</FONT></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify><B>Sundance Unit 6</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>On Aug. 18, 2011 the Sundance Unit 6 Generator Step-Up Transformer was damaged as a result of a fire.&nbsp; We gave notice and claimed force majeure relief under the PPA.&nbsp;We have been refunded the penalties that were paid during the outage, a portion of which has been provided for resulting in a net charge of $18 million in net earnings. &nbsp;During the quarter, the PPA Buyer has informed us that they will be taking the matter to arbitration.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>MF Global Inc.</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>During September 2012, we sold our claim against MF Global Inc. pertaining to the return of U.S.$36 million of collateral that we had posted, for net proceeds of U.S.$33 million. During 2011, a reserve of U.S.$18 million was taken on the collateral when the parent company of MF Global Inc. filed for bankruptcy protection. &nbsp;As a result, a pre-tax gain of $15 million ($11 million after tax) was realized. Our claim, filed during the first quarter of 2012, related primarily to our collateral on foreign futures transactions. &nbsp;Please refer to the Significant Events section of our 2011 Annual Report for additional information regarding MF Global Inc.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Reversal of Asset Impairment Charges </B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>During the three months ended Sept. 30, 2012, we reversed $41 million of pre-tax impairment losses previously taken on Sundance <BR>
Units 1 and 2. The reversal arose as a result of the additional years of merchant operations expected to be realized at Units 1 and 2 due to the recent amendments to Canadian federal regulations. &nbsp;Please refer to the Climate Change and the Environment section of this MD&amp;A for additional information.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Change in Economic Useful Life</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>As a result of amendments to Canadian federal regulations requiring that coal-fired plants be shut down after a maximum of <BR>
50 years of operation, we have reviewed the useful lives of our Alberta coal-fired generating facilities and related coal mining assets and where permitted under the regulations, extended the useful lives to a maximum of 50 years. &nbsp;The previous draft regulations proposed shut down after 45 years.&nbsp; As a result, pre-tax depreciation expense was reduced by $6 million for the three and nine months ended Sept. 30, 2012. &nbsp;Pre-tax depreciation expense is expected to be reduced by $12 million for the year ended <BR>
Dec. 31, 2012 and by $23 million annually thereafter.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Sale of Preferred Shares</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>On Aug. 10, 2012, we completed our public offering of 9 million Series E 5.0 per cent Cumulative Redeemable Rate Reset First Preferred Shares, resulting in gross proceeds of $225 million. The proceeds from the offering were used for general corporate purposes, including the funding of capital projects and the reduction of short-term indebtedness of the Corporation.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Centralia Thermal</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>On July 25, 2012, we announced that we entered into an 11-year agreement to provide electricity from the Centralia Thermal plant to Puget Sound Energy (&#147;PSE&#148;).&nbsp; The contract begins in 2014 and runs until 2025 when the plant is scheduled to be shut down.&nbsp; Under the agreement, PSE will buy 180 MW of firm, base-load power starting in December 2014.&nbsp; In December 2015 the contract increases to 280 MW and from December 2016 to December 2024 the contract is for 380 MW.&nbsp; In the last year of the contract, the contracted volume is 300 MW.&nbsp; The agreement is subject to approval by the Washington Utilities and Transportation Commission.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:6pt" align=justify>7&nbsp;
TRANSALTA CORPORATION / Q3 2012</P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify><B>Centralia Coal Inventory Writedown </B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>During the three and nine months ended Sept. 30, 2012, we recognized a pre-tax $8 million reversal of a previous writedown and a net pre-tax writedown of $34 million, respectively, related to the coal inventory at our Centralia plant.&nbsp; The writedown resulted from the previous de-designation of hedges at Centralia Thermal and the continued low price environment in the Pacific Northwest.&nbsp; During the first quarter, we recognized $85 million of pre-tax gains related to de-designated and ineffective hedges at Centralia Thermal, which had previously been used in calculating the net recoverable amount of the coal inventory at Centralia Thermal.&nbsp; The de-designation prevents us from including these contracts as part of the net recoverable amount of the coal.&nbsp; The $8 million reversal recognized during the three months ended Sept. 30, 2012 is a result of a recovery in power prices and reduced operating costs compared to prior quarters.&nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>During the first quarter, a pre-tax comparable earnings adjustment of $34 million was recognized to offset the effect of the writedown related to inventory that was on hand at the time the hedges were de-designated. Any additional impairments or reversals are also being treated as a comparable earnings adjustment.&nbsp; The overall adjustment is being reversed as the related inventory is consumed.&nbsp; Accordingly, pre-tax comparable earnings for the three and nine months ended Sept. 30, 2012, have been reduced by <BR>
$28 million,&nbsp;and increased by $5 million, respectively, due to consumption and changes in the net recoverable amount of the inventory. Please refer to the Non-IFRS Measures section of this MD&amp;A.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B><I>Nine months ended Sept. 30, 2012</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Sundance Units 1 and 2 </B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>On Dec. 16, 2010 and Dec. 19, 2010, Unit 1 and Unit 2, respectively, of our Sundance facility were shut down due to conditions observed in the boilers at both units. &nbsp;On Feb. 8, 2011, we issued a notice of termination for destruction based on the determination that the units cannot be economically restored to service under the terms of the PPA. &nbsp;Due to the uncertainty of the results of the arbitration ruling, we had been continuing to accrue the capacity payments, net of a provision, and to depreciate the asset.</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The matter was heard before an arbitration panel during the second quarter of 2012. &nbsp;On July 20, 2012, the arbitration panel concluded that Units 1 and 2 were not economically destroyed and we will restore the facility to service. &nbsp;The panel has affirmed that the event meets the criteria of force majeure beginning on Nov. 20, 2011 until such time that the units are returned to service. &nbsp;We recorded penalties net of capacity payments, impairment on the units, and interest. &nbsp;The pre-tax earnings impact recorded during the second quarter of 2012 was $247 million. &nbsp;Please refer to<I> Note 5 </I>of our interim condensed consolidated financial statements as at and for the three and nine months ended Sept. 30, 2012 for additional information regarding Sundance Units 1 and 2.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The cost to repair the Units is estimated at approximately $190 million. This investment is expected to start generating cash flow in the fall of 2013.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Asset Impairment Charges</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><I>Centralia Thermal</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>In 2011, the TransAlta Energy Bill (the &#147;Bill&#148;) was signed into law in the State of Washington. The Bill, and a Memorandum of Agreement (the &#147;MoA&#148;) signed on Dec. 23, 2011, which is part of the Bill, provide a framework to transition from coal-fired energy produced at our Centralia Thermal plant by 2025. The Bill and MoA include key elements regarding, among other things, the timing of the shut down of the units and the removal of restrictions on the terms of power contracts that we can enter into. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="font-family: Arial; font-size: 6pt; line-height: 18pt; margin: 0px" align=justify>8&nbsp;
TRANSALTA CORPORATION / Q3 2012</P>
<hr>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Since late 2011, a dedicated commercial team has been in place to pursue long-term contracts for the plant. &nbsp;On July 25, 2012, we announced that a long-term power agreement was signed for the supply of power from December 2014 until the facility is fully retired in 2025. &nbsp;As a result, we were able to complete an assessment of whether the carrying amount of the Centralia Thermal plant was recoverable based on an estimate of fair value less costs to sell. The fair value was determined based on the future cash flows expected to be derived from the plant&#146;s operations, determined by prices evidenced in the agreement and in the marketplace. &nbsp;A pre-tax impairment charge of $347 million resulted and is included in the Generation Segment.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>In addition to the impairment charge, we have written off $169 million of deferred income tax assets as it is no longer probable that sufficient taxable income will be available from our U.S. operations to allow the benefit associated with the deferred income tax assets to be utilized.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The cumulative $516 million impact associated with the plant impairment and writeoff of deferred income tax assets has been adjusted in calculating earnings on a comparable basis. &nbsp;Please refer to the Non-IFRS Measures section of this MD&amp;A.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><I>Sundance Units 1 and 2</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>During the nine months ended Sept. 30, 2012, we recognized a net pre-tax impairment of $2 million, comprised of the $41 million reversal discussed previously and a $43 million charge in the second quarter that resulted from the conclusion of the Sundance Units 1 and 2 arbitration. Please refer to the Sundance Units 1 and 2 section above for more details.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><I>Other</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>During the second quarter, we recognized a pre-tax impairment charge of $18 million related to five assets within the renewables fleet. &nbsp;The impairments resulted from the completion of the annual impairment assessment based on estimates of fair value less costs to sell, derived from the long range forecasts and prices evidenced in the market place. &nbsp;The assets were impaired primarily due to expectations regarding lower market prices. &nbsp;The impairment losses are included in the Generation Segment.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><I>Reversals</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The impairment charges can be reversed in future periods if the forecasted cash flows to be generated by the impacted plants improve. The reduction of the deferred income tax asset can also be reversed if the estimated taxable income to be generated by our U.S. operations, which include the Centralia Thermal plant, improve. No assurances can be given if any reversal will occur or the amount or timing of any such reversal.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Keephills Units 1 and 2 Uprates</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>During the second quarter, the uprates at Keephills Units 1 and 2 were completed. The total costs of the projects are estimated at <BR>
$51 million and it is expected that a 40 MW efficiency uprate will be achieved at the facility.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Project Pioneer</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>On April 26, 2012, Project Pioneer&#146;s industry partners announced they would not proceed with the joint carbon capture and storage (&#147;CCS&#148;) project. Project Pioneer was a joint effort by TransAlta, the Capital Power Corporation, Enbridge Inc., and the federal and provincial governments to demonstrate the commercial-scale viability of CCS technology. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px"><BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:7pt"><b>9
</b>&nbsp;<FONT style="font-size:6pt">TRANSALTA CORPORATION / Q3 2012</FONT></P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify>The first step of the project was to prove the technical and economic feasibility of CCS through a front end engineering and design (&#147;FEED&#148;) study before making any major capital commitments.&nbsp; Following the conclusion of the FEED study, the industry partners determined that although the technology works and capital costs were in line with expectations, the revenue from carbon sales and the price of emissions reductions were insufficient to allow the project to proceed. &nbsp;The impact of the cancellation of the project is not expected to be material for our 2012 results.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>SUBSEQUENT EVENTS</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B><I>Strategic Partnership</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>On Oct. 25, 2012, TransAlta and MidAmerican Energy Holdings Company (&#147;MidAmerican&#148;) entered into a new strategic partnership through which the two companies will work together to develop, build, and operate new natural gas-fired electricity generation projects in Canada. The agreement encompasses all new natural gas-fired generation opportunities considered by either TransAlta or MidAmerican in Canada, including our proposed Sundance 7 project. &nbsp;All development and construction, or acquisition, of approved projects will be funded equally by each partner and TransAlta will be responsible for construction management and operation and maintenance of projects that proceed.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>BUSINESS ENVIRONMENT</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><I>We operate in a variety of business environments to generate electricity, find buyers for the power we generate, and arrange for its transmission. &nbsp;The major markets we own and operate facilities in are Western Canada, the Western U.S., and Eastern Canada. &nbsp;For a further description of the regions in which we operate as well as the impact of prices of electricity and natural gas upon our financial results</I>, <I>refer to our 2011 Annual MD&amp;A.</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B><I>Contracted Cash Flows</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>During the third quarter of 2012, 90 per cent of our consolidated power portfolio was contracted through the use of PPAs and other long-term contracts. &nbsp;We also entered into short-term physical and financial contracts for the remaining volumes, which are primarily for periods of up to five years, with the average price of these contracts for the balance of 2012 ranging from <BR>
$60 to $65 per megawatt hour (&#147;MWh&#148;) in Alberta, and from U.S.$50 to $55 per MWh in the Pacific Northwest. &nbsp;For further information on the contracts related to the Pacific Northwest, please refer to the Non-IFRS Measures section of this MD&amp;A. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:6pt" align=justify>10&nbsp;
TRANSALTA CORPORATION / Q3 2012</P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify><B><I>Electricity Prices</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Please refer to the Business Environment section of our 2011 Annual MD&amp;A for a full discussion of the spot electricity market and the impact of electricity prices on our business, as well as our strategy to hedge our risks associated with changes in these prices. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The average spot electricity prices for the three and nine months ended Sept. 30, 2012 and 2011 in our three major markets are shown in the following graphs.</P>
<P style="margin:0px" align=justify><BR></P>

<p align="center">

<img border="0" src="ep1.jpg" width="468" height="287"><BR>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>For the three and nine months ended Sept. 30, 2012, average spot prices in Alberta decreased compared to the same periods in 2011 due to lower natural gas prices and lower weather-driven demand. &nbsp;In the Pacific Northwest and Ontario, average spot prices decreased due to lower natural gas prices.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height: 18pt; font-family: Arial; font-size: 6pt; margin: 0px" align="justify"><BR>11
&nbsp;&nbsp;<FONT style="font-size:6pt">TRANSALTA CORPORATION / Q3 2012</FONT></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify><B><I>Spark Spreads</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Please refer to the Business Environment section of our 2011 Annual MD&amp;A for a full discussion of spark spreads and the impact of spark spreads on our business. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The average spark spreads for the three and nine months ended Sept. 30, 2012 and 2011 in our three major markets are shown in the following graphs.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=center><img border="0" src="ss1.jpg" width="475" height="279"><BR></P>
<P style="margin:0px; text-indent:48px; font-family:Arial; font-size:6.5pt" align=center><I>(1)</I><FONT style="font-size:7pt"><I> For a 7,000 Btu/KWh heat rate plant.</I></FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>For the three and nine months ended Sept. 30, 2012, average spark spreads decreased in Alberta compared to the same periods in 2011 due to lower power prices. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>In the Pacific Northwest and Ontario, spark spreads for the three and nine months ended Sept. 30, 2012 increased compared to the same periods in 2011 due to lower natural gas prices.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial; font-size:6pt" align=justify>12&nbsp;
TRANSALTA CORPORATION / Q3 2012<FONT style="font-size:7pt"> &nbsp;</FONT></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify><B>GENERATION:</B><I> &nbsp;TransAlta owns and operates hydro, wind, natural gas- and coal-fired facilities, and related mining operations in Canada, the U.S., and Australia. &nbsp;Generation revenues and overall profitability are derived from the availability and production of electricity and steam as well as ancillary services such as system support. &nbsp;For a full listing of all of our generating assets and the regions in which they operate, refer to the Plant Summary section of our 2011 Annual MD&amp;A.</I></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B><I>Generation Operations:</I></B><I> &nbsp;At Sept. 30, 2012, our generating assets had 8,213 MW of gross generating capacity</I><I><SUP>(1</SUP></I><SUP>)</SUP> in operation <BR>
(7,870 MW net ownership interest), 83 MW net under construction, and 560 MW under restoration in the Sundance Units 1 and 2 major project. &nbsp;The following information excludes assets that are accounted for as a finance lease or using the equity method, which are discussed separately within this discussion of the Generation Segment.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The results of Generation Operations are as follows:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=65.067 /><TD width=154.4 /><TD width=47.067 /><TD width=94.533 /><TD width=78.067 /><TD width=61.6 /><TD width=21.133 /><TD width=72.533 /><TD width=59.867 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=154.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=281.267 colspan=4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=center><B>2012</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=21.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=132.4 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=center>2011</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=219.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt"><B>3 months ended Sept. 30</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=47.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>Total</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=94.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>Comparable<BR>
 adjustments</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=78.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>Comparable<BR>
 total<SUP>(2)</SUP></B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=61.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>Per installed <BR>
MWh</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Comparable<BR>
 total<SUP>(2)</SUP></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Per installed <BR>
MWh</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt">Revenues</P>
</TD><TD style="margin-top:0px" valign=bottom width=154.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=47.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>554</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=94.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>60</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=78.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>614</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>33.86</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>593</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>32.78</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=219.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Fuel and purchased power</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=47.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>208</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=94.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>20</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=78.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>228</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=61.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>12.57</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>258</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>14.26</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=219.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Gross margin</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=47.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>346</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=94.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>40</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=78.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>386</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=61.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>21.29</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=21.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>335</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>18.52</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=219.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Operations, maintenance, and administration</P>
</TD><TD style="margin-top:0px" valign=bottom width=47.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>89</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=94.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(2)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=78.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>87</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>4.80</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>100</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>5.53</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=219.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Depreciation and amortization</P>
</TD><TD style="margin-top:0px" valign=bottom width=47.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>117</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=94.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=78.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>117</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>6.45</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>111</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>6.14</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=219.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Asset impairment charges (reversal)</P>
</TD><TD style="margin-top:0px" valign=bottom width=47.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(41)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=94.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>41</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=78.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>5</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.28</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=219.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Inventory writedown (reversal)</P>
</TD><TD style="margin-top:0px" valign=bottom width=47.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(8)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=94.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>8</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=78.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=219.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Taxes, other than income taxes</P>
</TD><TD style="margin-top:0px" valign=bottom width=47.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>8</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=94.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=78.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>8</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>0.44</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>7</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.39</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=219.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Intersegment cost allocation</P>
</TD><TD style="margin-top:0px" valign=bottom width=47.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>3</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=94.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=78.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>3</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=61.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>0.17</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.11</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=219.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Operating income (loss)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=47.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>178</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=94.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(7)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=78.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>171</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=61.6><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>9.43</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=21.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>110</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=59.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>6.07</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=219.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Installed capacity (GWh)</P>
</TD><TD style="margin-top:0px" valign=bottom width=47.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>18,134</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=94.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=78.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>18,134</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=21.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>18,088</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.867><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=219.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Production (GWh)</P>
</TD><TD style="margin-top:0px" valign=bottom width=47.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>9,562</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=94.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=78.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>9,562</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=21.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>9,826</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.867><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=219.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Availability (%)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=47.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>90.5</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=94.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=78.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>90.5</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=61.6><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=21.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>83.0</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=59.867><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify><BR>--------------------------</P>
<P style="margin:0px; padding-left:14.4px; text-indent:-14.4px; font-family:Arial; font-size:6.5pt" align=justify><I>(1) We measure capacity as net maximum capacity (see Glossary of Key Terms for definition of this and other key items) which is consistent with industry standards. &nbsp;Capacity figures represent capacity owned and in operation unless otherwise stated. </I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:14.4px; text-indent:-14.4px; font-family:Arial; font-size:6.5pt" align=justify><I>(2) Comparable revenues, comparable gross margin, and comparable operating income figures are not defined under IFRS. &nbsp;Refer to the Non-IFRS Measures section of this MD&amp;A for further discussion of comparable adjustments.</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:7pt"><b>13</b>
&nbsp;&nbsp;<FONT style="font-size:6pt">TRANSALTA CORPORATION / Q3 2012</FONT></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=65.067 /><TD width=154.4 /><TD width=47.067 /><TD width=95 /><TD width=78.467 /><TD width=61.867 /><TD width=21.133 /><TD width=72.533 /><TD width=59.933 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=65.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=154.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=282.4 colspan=4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=center><B>2012</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=21.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=132.467 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=center>2011</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=219.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt"><B>9 months ended Sept. 30</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=47.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>Total</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=95><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>Comparable<BR>
 adjustments</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=78.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>Comparable<BR>
 total<SUP>(1)</SUP></B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>Per installed <BR>
MWh</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Comparable<BR>
 total<SUP>(2)</SUP></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=59.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Per installed <BR>
MWh</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Revenues</P>
</TD><TD style="margin-top:0px" valign=bottom width=154.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=47.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>1,611</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=95><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>58</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=78.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>1,669</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>30.95</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>1,740</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>33.06</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=219.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Fuel and purchased power</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=47.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>546</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=95><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>20</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=78.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>566</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>10.50</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>655</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>12.44</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=219.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Gross margin</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=47.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>1,065</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=95><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>38</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=78.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>1,103</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>20.45</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>1,085</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=59.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>20.62</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=219.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Operations, maintenance and administration</P>
</TD><TD style="margin-top:0px" valign=bottom width=47.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>292</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=95><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(3)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=78.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>289</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>5.36</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>304</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>5.78</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=219.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Depreciation and amortization</P>
</TD><TD style="margin-top:0px" valign=bottom width=47.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>375</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=95><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=78.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>375</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>6.95</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>329</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>6.25</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=219.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Asset impairment charges</P>
</TD><TD style="margin-top:0px" valign=bottom width=47.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>324</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=95><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(324)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=78.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>14</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.27</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=219.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Inventory writedown</P>
</TD><TD style="margin-top:0px" valign=bottom width=47.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>34</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=95><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(25)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=78.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>9</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>0.17</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=219.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Taxes, other than income taxes</P>
</TD><TD style="margin-top:0px" valign=bottom width=47.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>22</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=95><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=78.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>22</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>0.41</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>21</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.40</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=219.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Intersegment cost allocation</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=47.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>10</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=95><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=78.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>10</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>0.19</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>6</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=59.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.11</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=219.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Operating income (loss)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=47.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>8</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=95><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>390</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=78.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>398</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=61.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>7.37</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=21.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>411</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=59.933><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>7.81</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=219.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Installed capacity (GWh)</P>
</TD><TD style="margin-top:0px" valign=bottom width=47.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>53,922</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=95><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=78.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>53,922</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.867><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=21.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>52,634</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=219.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Production (GWh)</P>
</TD><TD style="margin-top:0px" valign=bottom width=47.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>26,327</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=95><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=78.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>26,327</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=61.867><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>27,753</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=59.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=219.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Availability (%)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=47.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>87.7</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=95><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=78.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>87.7</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=61.867><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=21.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>82.9</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=59.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; color:#FFFFFF" align=justify><SUP>1</SUP></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Generation Operations Production and Comparable Gross Margins</B><SUP>(1)</SUP></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Production volumes, comparable revenues<SUP>(1)</SUP>, fuel and purchased power expenses, and comparable gross margins based on geographical regions and fuel types are presented below.</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=150.333 /><TD width=63.667 /><TD width=52.267 /><TD width=68.4 /><TD width=61.6 /><TD width=68.4 /><TD width=68.4 /><TD width=61.6 /><TD width=70 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=150.333><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt"><B>3 months ended Sept. 30, 2012</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=63.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>Production (GWh)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=52.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>Installed (GWh)</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>Comparable revenues</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>Fuel &amp; purchased power</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>Comparable <BR>
gross margin</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>Comparable revenues per <BR>
installed MWh</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>Fuel &amp; purchased power per installed MWh</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=70><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>Comparable <BR>
gross margin per <BR>
installed MWh</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=150.333><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=63.667><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=52.267><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=150.333><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Coal</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>4,985</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=52.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>7,110</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>286</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>124</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>162</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>40.23</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>17.44</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=70><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>22.79</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=150.333><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Gas</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>633</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=52.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>786</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>28</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>5</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>23</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>35.62</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>6.36</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=70><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>29.26</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=150.333><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Renewables</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=63.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>1,051</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=52.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>2,953</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>67</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>3</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>64</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>22.69</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>1.02</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=70><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>21.67</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=150.333><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Total Western Canada</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>6,669</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=52.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>10,849</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>381</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>132</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>249</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>35.12</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>12.17</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=70><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>22.95</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=150.333><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=63.667><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=52.267><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=150.333><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Gas</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>1,036</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=52.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>1,656</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>86</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>41</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>45</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>51.93</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>24.76</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=70><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>27.17</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=150.333><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Renewables</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=63.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>260</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=52.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>1,458</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>25</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>1</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>24</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>17.15</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>0.69</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=70><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>16.46</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=150.333><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Total Eastern Canada</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>1,296</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=52.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>3,114</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>111</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>42</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>69</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>35.65</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>13.49</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=70><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>22.16</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=150.333><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=63.667><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=52.267><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=150.333><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Coal</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>1,242</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=52.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>2,961</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>95</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>46</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>49</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>32.08</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>15.54</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=70><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>16.54</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=150.333><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Gas</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=63.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>355</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=52.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>1,210</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>27</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>8</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>19</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>22.31</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>6.61</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=70><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>15.70</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=150.333><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Total International</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>1,597</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=52.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>4,171</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>122</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>54</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>68</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>29.25</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>12.95</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=70><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>16.30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=150.333><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=63.667><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=52.267><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=150.333><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=63.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>9,562</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=52.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>18,134</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>614</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>228</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>386</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>33.86</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>12.57</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=70><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>21.29</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px; padding-left:14.4px; text-indent:-14.4px; font-family:Arial; font-size:6.5pt" align=justify><I>(1) Comparable revenues, comparable gross margin, and comparable operating income figures are not defined under
IFRS. &nbsp;Refer to the Non-IFRS Measures section of this MD&amp;A for further discussion of comparable adjustments.</I></P>
<P style="margin:0px" align=justify><BR><font style="font-size: 6pt">14</font> &nbsp;&nbsp;<FONT style="font-size:6pt">TRANSALTA CORPORATION / Q3 2012</FONT></P>
<hr>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=144.667 /><TD width=59.067 /><TD width=49.267 /><TD width=65.4 /><TD width=58.2 /><TD width=65.467 /><TD width=65.467 /><TD width=62.467 /><TD width=90 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=144.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">3 months ended Sept. 30, 2011</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=59.067><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>Production (GWh)</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=49.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>Installed (GWh)</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>Comparable revenues</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=58.2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>Fuel &amp; purchased power</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>Comparable gross margin</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>Comparable revenues per <BR>
installed MWh</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=62.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>Fuel &amp;<BR>
 purchased power per installed MWh</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=90><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>Comparable <BR>
gross margin per <BR>
installed MWh</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=144.667><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=59.067><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=49.267><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=58.2><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=62.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=90><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=144.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Coal</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=59.067><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>5,237</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=49.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>7,022</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>229</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>109</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>120</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>32.61</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>15.52</P>
</TD><TD style="margin-top:0px" valign=bottom width=90><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>17.09</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=144.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Gas</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.067><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>500</P>
</TD><TD style="margin-top:0px" valign=bottom width=49.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>841</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>19</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>6</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>13</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>22.59</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>7.13</P>
</TD><TD style="margin-top:0px" valign=bottom width=90><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>15.46</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=144.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Renewables</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=59.067><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>827</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=49.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>2,939</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>54</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=58.2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>3</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>51</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>18.37</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=62.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>1.02</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=90><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>17.35</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=144.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Total Western Canada</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=59.067><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>6,564</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=49.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>10,802</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>302</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>118</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>184</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>27.96</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>10.92</P>
</TD><TD style="margin-top:0px" valign=bottom width=90><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>17.04</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=144.667><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=59.067><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=49.267><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.2><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=144.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Gas</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=59.067><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>898</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=49.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>1,656</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>91</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>51</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>40</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>54.95</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>30.80</P>
</TD><TD style="margin-top:0px" valign=bottom width=90><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>24.15</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=144.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Renewables</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=59.067><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>242</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=49.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>1,459</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>23</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=58.2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>1</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>22</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>15.76</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=62.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>0.69</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=90><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>15.07</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=144.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Total Eastern Canada</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=59.067><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>1,140</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=49.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>3,115</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>114</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>52</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>62</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>36.60</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>16.69</P>
</TD><TD style="margin-top:0px" valign=bottom width=90><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>19.91</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=144.667><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=59.067><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=49.267><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.2><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=144.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Coal</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.067><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>1,767</P>
</TD><TD style="margin-top:0px" valign=bottom width=49.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>2,961</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>147</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>79</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>68</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>49.65</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>26.68</P>
</TD><TD style="margin-top:0px" valign=bottom width=90><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>22.97</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=144.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Gas</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=59.067><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>355</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=49.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>1,210</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>30</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=58.2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>9</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>21</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>24.79</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=62.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>7.44</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=90><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>17.35</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=144.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Total International</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=59.067><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>2,122</P>
</TD><TD style="margin-top:0px" valign=bottom width=49.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>4,171</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>177</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=58.2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>88</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>89</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>42.44</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>21.10</P>
</TD><TD style="margin-top:0px" valign=bottom width=90><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>21.34</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=144.667><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=59.067><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=49.267><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=58.2><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=144.667><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=59.067><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>9,826</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=49.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>18,088</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>593</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=58.2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>258</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>335</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>32.78</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=62.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>14.26</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=90><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>18.52</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=150.333 /><TD width=63.667 /><TD width=52.267 /><TD width=68.4 /><TD width=61.6 /><TD width=68.4 /><TD width=68.4 /><TD width=61.6 /><TD width=70 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=150.333><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt"><B>9 months ended Sept. 30, 2012</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=63.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>Production (GWh)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=52.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>Installed (GWh)</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>Comparable revenues</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>Fuel &amp; purchased power</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>Comparable <BR>
gross margin</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>Comparable revenues per <BR>
installed MWh</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>Fuel &amp; purchased power per installed MWh</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=70><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>Comparable <BR>
gross margin per <BR>
installed MWh</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=150.333><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=63.667><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=52.267><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=150.333><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Coal</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>14,980</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=52.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>21,086</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>732</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>311</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>421</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>34.71</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>14.75</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=70><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>19.96</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=150.333><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Gas</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>1,883</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=52.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>2,342</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>80</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>15</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>65</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>34.16</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>6.40</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=70><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>27.76</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=150.333><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Renewables</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=63.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>2,737</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=52.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>8,795</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>162</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>9</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>153</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>18.42</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>1.02</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=70><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>17.40</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=150.333><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Total Western Canada</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>19,600</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=52.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>32,223</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>974</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>335</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>639</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>30.23</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>10.40</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=70><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>19.83</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=150.333><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=63.667><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=52.267><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=150.333><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Gas</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>2,997</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=52.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>4,932</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>271</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>121</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>150</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>54.95</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>24.53</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=70><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>30.42</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=150.333><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Renewables</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=63.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>1,055</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=52.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>4,344</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>102</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>5</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>97</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>23.48</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>1.15</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=70><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>22.33</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=150.333><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Total Eastern Canada</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>4,052</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=52.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>9,276</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>373</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>126</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>247</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>40.21</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>13.58</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=70><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>26.63</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=150.333><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=63.667><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=52.267><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=150.333><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Coal</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>1,646</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=52.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>8,819</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>240</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>83</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>157</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>27.21</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>9.41</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=70><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>17.80</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=150.333><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Gas</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=63.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>1,029</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=52.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>3,604</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>82</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>22</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>60</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>22.75</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>6.10</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=70><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>16.65</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=150.333><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Total International</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>2,675</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=52.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>12,423</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>322</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>105</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>217</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>25.92</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>8.45</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=70><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>17.47</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=150.333><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=63.667><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=52.267><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=68.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=61.6><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=150.333><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=63.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>26,327</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=52.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>53,922</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>1,669</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>566</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>1,103</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=68.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>30.95</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=61.6><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>10.50</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=70><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right><B>20.45</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=144.667 /><TD width=59.133 /><TD width=49.267 /><TD width=65.4 /><TD width=58.2 /><TD width=65.4 /><TD width=65.467 /><TD width=68.467 /><TD width=90 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=144.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">9 months ended Sept. 30, 2011</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=59.133><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>Production (GWh)</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=49.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>Installed (GWh)</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>Comparable revenues</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=58.2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>Fuel &amp; purchased power</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>Comparable gross margin</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>Comparable revenues per <BR>
installed MWh</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=68.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>Fuel &amp;<BR>
 purchased power per installed MWh</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=90><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>Comparable <BR>
gross margin per <BR>
installed MWh</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=144.667><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=59.133><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=49.267><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=58.2><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=68.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=90><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=144.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Coal</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=59.133><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>16,057</P>
</TD><TD style="margin-top:0px" valign=bottom width=49.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>19,824</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>649</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=58.2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>263</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>386</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>32.74</P>
</TD><TD style="margin-top:0px" valign=bottom width=68.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>13.27</P>
</TD><TD style="margin-top:0px" valign=bottom width=90><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>19.47</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=144.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Gas</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=59.133><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>1,897</P>
</TD><TD style="margin-top:0px" valign=bottom width=49.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>2,496</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>86</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=58.2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>25</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>61</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>34.46</P>
</TD><TD style="margin-top:0px" valign=bottom width=68.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>10.02</P>
</TD><TD style="margin-top:0px" valign=bottom width=90><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>24.44</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=144.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Renewables</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=59.133><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>2,422</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=49.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>8,692</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>155</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=58.2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>8</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>147</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>17.83</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>0.92</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=90><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>16.91</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=144.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Total Western Canada</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=59.133><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>20,376</P>
</TD><TD style="margin-top:0px" valign=bottom width=49.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>31,012</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>890</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=58.2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>296</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>594</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>28.70</P>
</TD><TD style="margin-top:0px" valign=bottom width=68.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>9.54</P>
</TD><TD style="margin-top:0px" valign=bottom width=90><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>19.16</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=144.667><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=59.133><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=49.267><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=65.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=58.2><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=68.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=144.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Gas</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=59.133><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>2,723</P>
</TD><TD style="margin-top:0px" valign=bottom width=49.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>4,914</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>308</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=58.2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>172</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>136</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>62.68</P>
</TD><TD style="margin-top:0px" valign=bottom width=68.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>35.00</P>
</TD><TD style="margin-top:0px" valign=bottom width=90><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>27.68</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=144.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Renewables</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=59.133><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>1,035</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=49.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>4,331</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>99</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=58.2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>5</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>94</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>22.86</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>1.15</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=90><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>21.71</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=144.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Total Eastern Canada</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=59.133><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>3,758</P>
</TD><TD style="margin-top:0px" valign=bottom width=49.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>9,245</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>407</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=58.2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>177</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>230</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>44.02</P>
</TD><TD style="margin-top:0px" valign=bottom width=68.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>19.15</P>
</TD><TD style="margin-top:0px" valign=bottom width=90><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>24.87</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=144.667><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=59.133><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=49.267><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=65.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=58.2><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=68.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=144.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Coal</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=59.133><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>2,583</P>
</TD><TD style="margin-top:0px" valign=bottom width=49.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>8,786</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>352</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=58.2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>154</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>198</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>40.06</P>
</TD><TD style="margin-top:0px" valign=bottom width=68.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>17.53</P>
</TD><TD style="margin-top:0px" valign=bottom width=90><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>22.53</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=144.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Gas</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=59.133><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>1,036</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=49.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>3,591</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>91</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=58.2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>28</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>63</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>25.34</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>7.80</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=90><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>17.54</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=144.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt">Total International</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=59.133><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>3,619</P>
</TD><TD style="margin-top:0px" valign=bottom width=49.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>12,377</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>443</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=58.2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>182</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>261</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>35.79</P>
</TD><TD style="margin-top:0px" valign=bottom width=68.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>14.70</P>
</TD><TD style="margin-top:0px" valign=bottom width=90><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>21.09</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=144.667><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=59.133><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=49.267><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=65.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=58.2><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.4><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=68.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=144.667><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=59.133><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>27,753</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=49.267><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>52,634</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>1,740</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=58.2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>655</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=65.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>1,085</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=65.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>33.06</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=68.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>12.44</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=90><P style="margin:0px; font-family:Arial,Times New Roman; font-size:7pt" align=right>20.62</P>
</TD><A NAME="OLE_LINK5"></A></TR>
</TABLE>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><font style="font-size: 6pt">15
</font> &nbsp;&nbsp;<FONT style="font-size:6pt">TRANSALTA CORPORATION / Q3 2012</FONT></P>
<hr>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><I>Western Canada</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Our Western Canada assets consist of coal, natural gas, hydro, and wind facilities. &nbsp;Refer to the Discussion of Segmented Results section<I> </I>of our 2011 Annual MD&amp;A for further details on our Western Canadian operations. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The primary factors contributing to the change in production for the three and nine months ended Sept. 30, 2012 are presented below:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=381.733 /><TD width=22.4 /><TD width=105.867 /><TD width=102 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=381.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=22.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=105.867><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>3 months ended<BR>
Sept. 30</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=102><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>9 months ended<BR>
Sept. 30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=381.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=105.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(GWh)</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=102><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(GWh)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt">Production, 2011</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>6,564</P>
</TD><TD style="margin-top:0px" valign=bottom width=102><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>20,376</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt">Higher planned outages at the Alberta coal PPA facilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(397)</P>
</TD><TD style="margin-top:0px" valign=bottom width=102><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(1,196)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt">Lower PPA customer demand</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(233)</P>
</TD><TD style="margin-top:0px" valign=bottom width=102><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(1,013)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt">Market curtailments</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(184)</P>
</TD><TD style="margin-top:0px" valign=bottom width=102><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(346)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt">Lower (higher) unplanned outages at Genesee Unit 3</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2</P>
</TD><TD style="margin-top:0px" valign=bottom width=102><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(114)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt">Lower wind volumes</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(67)</P>
</TD><TD style="margin-top:0px" valign=bottom width=102><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(19)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt">Commencement of commercial operations of Keephills Unit 3</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>180</P>
</TD><TD style="margin-top:0px" valign=bottom width=102><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>1,063</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt">Lower unplanned outages at the Alberta coal PPA facilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>345</P>
</TD><TD style="margin-top:0px" valign=bottom width=102><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>407</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt">Higher hydro volumes</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>290</P>
</TD><TD style="margin-top:0px" valign=bottom width=102><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>333</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt">Higher production at natural gas-fired facilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>161</P>
</TD><TD style="margin-top:0px" valign=bottom width=102><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>74</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt">Higher production due to facility uprates</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>25</P>
</TD><TD style="margin-top:0px" valign=bottom width=102><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>25</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt">Other</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(17)</P>
</TD><TD style="margin-top:0px" valign=bottom width=102><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>10</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Production, 2012</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=105.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>6,669</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=102><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>19,600</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The primary factors contributing to the change in comparable gross margin<SUP> </SUP>for the three and nine months ended Sept. 30, 2012 are presented below: </P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=382.667 /><TD width=21.333 /><TD width=106 /><TD width=108 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=382.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=106><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>3 months ended<BR>
Sept. 30</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=108><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>9 months ended<BR>
Sept. 30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=382.667><P style="margin:0px; font-family:Arial; font-size:8pt">Comparable gross margin, 2011</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.333><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=106><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>184</P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>594</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=382.667><P style="margin:0px; font-family:Arial; font-size:8pt">Commencement of commercial operations of Keephills Unit 3</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.333><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=106><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>15</P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>46</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=382.667><P style="margin:0px; font-family:Arial; font-size:8pt">Higher hydro margins</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=21.333><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=106><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>38</P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>40</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=382.667><P style="margin:0px; font-family:Arial; font-size:8pt">Lower unplanned outages at the Alberta coal PPA facilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.333><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=106><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>38</P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>36</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=382.667><P style="margin:0px; font-family:Arial; font-size:8pt">Pricing, primarily related to penalties paid and recovered under <BR>
&nbsp;&nbsp;Alberta coal PPAs</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.333><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=106><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>34</P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>31</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=382.667><P style="margin:0px; font-family:Arial; font-size:8pt">Higher production due to facility uprates</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.333><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=106><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>4</P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>4</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=382.667><P style="margin:0px; font-family:Arial; font-size:8pt">Higher planned outages at the Alberta coal PPA facilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.333><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=106><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(23)</P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(55)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=382.667><P style="margin:0px; font-family:Arial; font-size:8pt">Unfavourable coal pricing</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.333><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=106><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(17)</P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(23)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=382.667><P style="margin:0px; font-family:Arial; font-size:8pt">Market curtailments</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.333><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=106><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(15)</P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(15)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=382.667><P style="margin:0px; font-family:Arial; font-size:8pt">Higher unplanned outages at Genesee Unit 3</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.333><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=106><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(6)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=382.667><P style="margin:0px; font-family:Arial; font-size:8pt">Lower wind volumes</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.333><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=106><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(4)</P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(2)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=382.667><P style="margin:0px; font-family:Arial; font-size:8pt">Other</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.333><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=106><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(5)</P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(11)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=382.667><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Comparable gross margin, 2012</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=21.333><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=106><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>249</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=108><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>639</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:6pt" align=justify>16&nbsp;
TRANSALTA CORPORATION / Q3 2012<FONT style="font-size:7pt"> &nbsp;</FONT></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify><I>Eastern Canada</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Our Eastern Canada assets consist of natural gas, hydro, and wind facilities. &nbsp;Refer to the Discussion of Segmented Results section of our 2011 Annual MD&amp;A for further details on our Eastern Canadian operations. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The primary factors contributing to the change in production for the three and nine months ended Sept. 30, 2012 are presented below:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=383.8 /><TD width=20.733 /><TD width=105.467 /><TD width=114 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=383.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=20.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=105.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>3 months ended<BR>
Sept. 30</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=114><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>9 months ended<BR>
Sept. 30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=383.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=20.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=105.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(GWh)</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=114><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(GWh)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=383.8><P style="margin:0px; font-family:Arial; font-size:8pt">Production, 2011</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=20.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>1,140</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>3,758</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=383.8><P style="margin:0px; font-family:Arial; font-size:8pt">Favourable market conditions at natural gas-fired facilities</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=20.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>139</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>274</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=383.8><P style="margin:0px; font-family:Arial; font-size:8pt">Higher wind volumes</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=20.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>21</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>35</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=383.8><P style="margin:0px; font-family:Arial; font-size:8pt">Other</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=20.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(4)</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(15)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=383.8><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Production, 2012</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=20.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=105.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>1,296</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=114><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>4,052</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The primary factors contributing to the change in gross margin for the three and nine months ended Sept. 30, 2012 are presented below:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=381.733 /><TD width=22.4 /><TD width=105.867 /><TD width=114 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=381.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=22.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=105.867><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>3 months ended<BR>
Sept. 30</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=114><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>9 months ended<BR>
Sept. 30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt">Gross margin, 2011</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>62</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>230</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt">Favourable contracted gas input costs</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>5</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>14</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt">Higher wind volumes</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt">Other</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>1</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Gross margin, 2012</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=105.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>69</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=114><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>247</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><I>International</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>Our International assets consist of coal, natural gas, and hydro facilities in various locations in the United States, and natural gas and diesel assets in Australia. &nbsp;Refer to the Discussion of Segmented Results section of our 2011 Annual MD&amp;A for further details on our International operations. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>The primary factors contributing to the change in production for the three and nine months ended Sept. 30, 2012 are presented below:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=381.733 /><TD width=22.4 /><TD width=105.867 /><TD width=108 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=381.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=22.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=105.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>3 months ended<BR>
Sept. 30</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=108><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>9 months ended<BR>
Sept. 30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=381.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=105.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(GWh)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=108><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(GWh)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt">Production, 2011</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2,122</P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>3,619</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt">Higher economic dispatching at Centralia Thermal</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(1,395)</P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(3,406)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt">Lower planned and unplanned outages at Centralia Thermal</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>871</P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2,473</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt">Other</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(1)</P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(11)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Production, 2012</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=105.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>1,597</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=108><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2,675</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px"><BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:7pt"><B>17</B> &nbsp;&nbsp;<FONT style="font-size:6pt">TRANSALTA CORPORATION / Q3 2012</FONT></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify>The primary factors contributing to the change in comparable gross margin<SUP> </SUP>for the three and nine months ended Sept. 30, 2012 are presented below:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=381.733 /><TD width=22.4 /><TD width=105.867 /><TD width=102 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=381.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=22.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=105.867><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>3 months ended<BR>
Sept. 30</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=102><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>9 months ended<BR>
Sept. 30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt">Comparable gross margin, 2011</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>89</P>
</TD><TD style="margin-top:0px" valign=bottom width=102><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>261</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt">Unfavourable pricing, including margins on purchased power</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(12)</P>
</TD><TD style="margin-top:0px" valign=bottom width=102><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(43)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt">Favourable foreign exchange</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=102><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>1</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt">Other</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(9)</P>
</TD><TD style="margin-top:0px" valign=bottom width=102><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(2)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Comparable gross margin, 2012</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=105.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>68</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=102><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>217</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The outages at Centralia Thermal did not negatively impact our gross margins for the three and nine months ended Sept. 30, 2012 as we were able to extend our planned outage to take advantage of lower market prices to purchase power on the market to fulfill our power contracts. &nbsp;Overall fleet availability, after adjusting for the extended planned outage at Centralia, was 91.7 per cent <BR>
(Sept. 30, 2011 - 88.3 per cent) and 90.3 per cent (Sept. 30, 2011 - 88.2 per cent) for the three and nine months ended <BR>
Sept. 30, 2012, respectively.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Operations, Maintenance, and Administration Expense </B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>OM&amp;A expenses for the three and nine months ended Sept. 30, 2012 decreased compared to the same periods in 2011 due to lower costs associated with productivity initiatives and lower compensation costs.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>Depreciation and Amortization Expense</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The primary factors contributing to the change in depreciation and amortization expense for the three and nine months ended <BR>
Sept. 30, 2012 are presented below:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=381.733 /><TD width=22.4 /><TD width=117.867 /><TD width=108 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=381.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=22.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=117.867><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>3 months ended<BR>
Sept. 30</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=108><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>9 months ended<BR>
Sept. 30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt">Depreciation and amortization expense, 2011</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=117.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>111</P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>333</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt">Increase in asset base</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=117.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>11</P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>32</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt">Asset retirements</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=117.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>5</P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>18</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt">Unfavourable foreign exchange</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=117.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt">Change in economic life</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=117.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(6)</P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(6)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt">Other</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=117.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(4)</P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(4)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=381.733><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Depreciation and amortization expense, 2012</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=22.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=117.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>117</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=108><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>375</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="OLE_LINK6"></A><A NAME="OLE_LINK1"></A><P style="margin:0px" align=justify><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:6pt" align=justify>18&nbsp;
TRANSALTA CORPORATION / Q3 2012<FONT style="font-size:7pt"> &nbsp;&nbsp;</FONT></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always"><B><I>Finance Lease</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Fort Saskatchewan</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Fort Saskatchewan is a natural gas-fired facility with a gross generating capacity of 118 MW in operation, of which TransAlta Cogeneration, L.P. has a 60 per cent ownership interest (35 MW net ownership interest). &nbsp;Key operational information adjusted to reflect our interest in the Fort Saskatchewan facility, which we continue to operate, is summarized below:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=70 /><TD width=217.067 /><TD width=79.2 /><TD width=79.2 /><TD width=79.2 /><TD width=79.2 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=70><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=217.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=158.4 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>3 months ended Sept. 30</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=158.4 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>9 months ended Sept. 30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=70><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=217.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2011</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2011</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=70><P style="margin:0px; font-family:Arial; font-size:8pt">Availability (%)</P>
</TD><TD style="margin-top:0px" valign=bottom width=217.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>92.1</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>92.2</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>88.1</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>97.3</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=287.067 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Production (GWh)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>113</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>118</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>332</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>351</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Availability for the three months ended Sept. 30, 2012 was consistent with the same period in 2011.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>For the nine months ended Sept. 30, 2012, availability decreased compared to the same period in 2011 due to higher planned outages and seasonal derates due to milder than expected winter temperatures.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Production for the three and nine months ended Sept. 30, 2012 decreased by 5 GWh and 19 GWh, respectively, compared to the same periods in 2011 due to higher planned outages, partially offset by increased customer demand.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Finance lease income for the three and nine months ended Sept. 30, 2012 was consistent with the same periods in 2011 at <BR>
$1 million and $5 million, respectively.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Please refer to <I>Note 6 </I>of our audited consolidated financial statements within our 2011 Annual Report for additional information regarding the Fort Saskatchewan finance lease. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Solomon</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>On Sept. 28, 2012, we announced that we completed the acquisition from Fortescue of its 125 MW natural gas- and diesel-fired Solomon power station in Western Australia for U.S.$318 million. &nbsp;The facility and associated Agreement will be accounted for as a finance lease. &nbsp;The facility is currently under construction and is expected to be commissioned in the fourth quarter of 2012. &nbsp;Please refer to the Significant Events section of this MD&amp;A for additional information.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="line-height:18pt; margin:0px"><BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:7pt"><b>19</b>
&nbsp;&nbsp;<FONT style="font-size:6pt">TRANSALTA CORPORATION / Q3 2012</FONT></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always"><B><I>Equity Investments</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Our interests in the CE Gen and Wailuku River Hydroelectric, L.P. joint ventures are accounted for using the equity method and are comprised of geothermal, natural gas, and hydro facilities in various locations throughout the U.S., with 839 MW of gross generating capacity (390 MW net ownership interest). &nbsp;The table below summarizes key operational information adjusted to reflect our interest in these investments:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=70 /><TD width=209.067 /><TD width=80.533 /><TD width=80.533 /><TD width=80.533 /><TD width=80.533 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=70><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=209.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=161.067 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>3 months ended Sept. 30</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=161.067 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>9 months ended Sept. 30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=70><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=209.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2011</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2011</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=70><P style="margin:0px; font-family:Arial; font-size:8pt">Availability (%)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=209.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>96.8</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>98.5</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>94.3</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>96.4</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=279.067 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Production (GWh)</P>
</TD><TD style="margin-top:0px" valign=bottom width=80.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=80.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=80.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=80.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=70><P style="margin:0px; font-family:Arial; font-size:8pt">Gas</P>
</TD><TD style="margin-top:0px" valign=bottom width=209.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>155</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>79</P>
</TD><TD style="margin-top:0px" valign=bottom width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>290</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>284</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=279.067 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Renewables</P>
</TD><TD style="margin-top:0px" valign=bottom width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>325</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>345</P>
</TD><TD style="margin-top:0px" valign=bottom width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>921</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>962</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=279.067 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Total production</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>480</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>424</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>1,211</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=80.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>1,246</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Availability for the three months ended Sept. 30, 2012 decreased compared to the same period in 2011 due to higher unplanned outages.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>For the nine months ended Sept. 30, 2012, availability decreased compared to the same period in 2011 due to higher planned and unplanned outages.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Production for the three months ended Sept. 30, 2012 increased compared to the same period in 2011 due to higher customer demand, partially offset by higher unplanned outages.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>For the nine months ended Sept. 30, 2012, production decreased compared to the same period in 2011 due to higher planned and unplanned outages, partially offset by higher customer demand.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Equity income for the three months ended Sept. 30, 2012 decreased $14 million due to higher unplanned outages and unfavourable pricing.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>For the nine months ended Sept. 30, 2012, equity income decreased $21 million due to higher planned and unplanned outages and unfavourable pricing.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Since 2001, a significant portion of the CE Gen plants have been operating under modified fixed energy price contracts.&nbsp; Commencing May 1, 2012, the terms of the contracts reverted to a pricing clause that permits the power purchaser to pay their short-run avoided costs (&#147;SRAC&#148;) as the price for power.&nbsp; The SRAC is linked to the price of natural gas.&nbsp; There can be no assurances that prices based on the avoided cost of energy after May 1, 2012 will result in revenues equivalent to those realized under the fixed energy price structure.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Please refer to <I>Note 7 </I>of our audited consolidated financial statements within our 2011 Annual Report and <I>Note 9</I> of our interim condensed consolidated financial statements as at and for the three and nine months ended Sept. 30, 2012 for additional financial information regarding our investments accounted for using the equity method. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:6pt" align=justify>20&nbsp;
TRANSALTA CORPORATION / Q3 2012<FONT style="font-size:7pt"> &nbsp;</FONT></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify><B>ENERGY TRADING:</B> <I>Derives revenue and earnings from the wholesale trading of electricity and other energy-related commodities and derivatives. &nbsp;Achieving gross margins, while remaining within Value at Risk (&#147;VaR&#148;) limits, is a key measure of Energy Trading&#146;s activities. &nbsp;Refer to the Value at Risk and Trading Positions discussion in the Risk Management section of our 2011 Annual MD&amp;A for further discussion on VaR.</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><I>Energy Trading utilizes contracts of various durations for the forward purchase and sale of electricity and for the purchase and sale of natural gas and transmission capacity. &nbsp;If the activities are performed on behalf of the Generation Segment, the results of these activities are included in the Generation Segment.</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><I>For a more in-depth discussion of our Energy Trading activities, refer to the Discussion of Segmented Results section of our 2011 Annual MD&amp;A. </I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The results of the Energy Trading Segment, with all trading results presented on a net basis, are as follows:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=283.733 /><TD width=79.2 /><TD width=79.2 /><TD width=79.2 /><TD width=79.2 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=283.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=158.4 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>3 months ended Sept. 30</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=158.4 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>9 months ended Sept. 30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=283.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2011</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2011</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=283.733><P style="margin:0px; font-family:Arial; font-size:8pt">Revenues</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(16)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>45</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(10)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>97</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=283.733><P style="margin:0px; font-family:Arial; font-size:8pt">Fuel and purchased power</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=283.733><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Gross margin</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(16)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>45</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(10)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>97</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=283.733><P style="margin:0px; font-family:Arial; font-size:8pt">Operations, maintenance, and administration</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>7</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>12</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>20</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>27</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=283.733><P style="margin:0px; font-family:Arial; font-size:8pt">Depreciation and amortization</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>1</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=283.733><P style="margin:0px; font-family:Arial; font-size:8pt">Intersegment cost allocation</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(3)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(2)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(10)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(6)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=283.733><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Operating income (loss)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(20)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>35</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(20)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>75</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<A NAME="OLE_LINK3"></A><P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>For the three months ended Sept. 30, 2012, Energy Trading gross margins decreased compared to the same period in 2011 primarily due to the impact of unexpected weather patterns and unfavourable market expectations on power and gas pricing for trading positions held.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Energy Trading gross margins for the nine months ended Sept. 30, 2012 decreased compared to the same period in 2011 primarily due to gas supply conditions that impacted gas prices, unexpected weather patterns, power plant outages, and the impact of unfavourable market expectations on power and gas pricing for trading positions held.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>OM&amp;A expenses for the three and nine months ended Sept. 30, 2012 decreased compared to the same periods in 2011 primarily due to decreased compensation costs.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>For the three and nine months ended Sept. 30, 2012, the intersegment cost allocation increased compared to the same periods in 2011 due to additional support costs charged to the Generation Segment.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px"><BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:7pt"><b>21</b>
&nbsp;&nbsp;<FONT style="font-size:6pt">TRANSALTA CORPORATION / Q3 2012</FONT></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify><B>CORPORATE:</B> <I>Our Generation and Energy Trading Segments are supported by a Corporate group that provides finance, tax, treasury, legal, regulatory, environmental, health and safety, sustainable development, corporate communications, government and investor relations, information technology, risk management, human resources, internal audit, and other administrative support.</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The expenses incurred by the Corporate Segment are as follows:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=231.733 /><TD width=61.067 /><TD width=76.533 /><TD width=76.533 /><TD width=76.533 /><TD width=76.533 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=231.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=61.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=153.067 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>3 months ended Sept. 30</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=153.067 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>9 months ended Sept. 30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=231.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=61.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2011</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2011</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=231.733><P style="margin:0px; font-family:Arial; font-size:8pt">Operations, maintenance, and administration</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=61.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>21</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>26</P>
</TD><TD style="margin-top:0px" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>63</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>64</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=231.733><P style="margin:0px; font-family:Arial; font-size:8pt">Depreciation and amortization</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=61.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>5</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>4</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>15</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>15</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=231.733><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Operating loss</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=61.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>26</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>30</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>78</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>79</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>For the three months ended Sept. 30, 2012, OM&amp;A expenses decreased compared to the same periods in 2011 primarily due to lower compensation costs and lower costs associated with productivity initiatives. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>NET INTEREST EXPENSE </B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The components of net interest expense are shown below:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=178.4 /><TD width=69.067 /><TD width=73.067 /><TD width=79.733 /><TD width=99.733 /><TD width=99.733 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=178.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=69.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=152.8 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>3 months ended Sept. 30</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=199.467 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>9 months ended Sept. 30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=178.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=73.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2011</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=99.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=99.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2011</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=178.4><P style="margin:0px; font-family:Arial; font-size:8pt">Interest on debt</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>54</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>57</P>
</TD><TD style="margin-top:0px" valign=bottom width=99.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>168</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=99.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>167</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=178.4><P style="margin:0px; font-family:Arial; font-size:8pt">Capitalized interest</P>
</TD><TD style="margin-top:0px" valign=bottom width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(1)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(8)</P>
</TD><TD style="margin-top:0px" valign=bottom width=99.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(2)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=99.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(31)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=247.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Ineffectiveness on fair value hedges</P>
</TD><TD style="margin-top:0px" valign=bottom width=73.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>1</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(1)</P>
</TD><TD style="margin-top:0px" valign=bottom width=99.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>1</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=99.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(1)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=178.4><P style="margin:0px; font-family:Arial; font-size:8pt">Other</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=73.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(1)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=99.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>1</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=99.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>1</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=178.4><P style="margin:0px; font-family:Arial; font-size:8pt">Interest expense</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>53</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>48</P>
</TD><TD style="margin-top:0px" valign=bottom width=99.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>168</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=99.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>136</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=178.4><P style="margin:0px; font-family:Arial; font-size:8pt">Accretion of provisions</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>5</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>6</P>
</TD><TD style="margin-top:0px" valign=bottom width=99.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>14</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=99.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>15</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=178.4><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Net interest expense</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=73.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>58</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=79.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>54</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=99.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>182</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=99.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>151</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The change in net interest expense for the three and nine months ended Sept. 30, 2012,<B> </B>compared to the same periods in 2011, is shown below:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=176.8 /><TD width=69.067 /><TD width=70.8 /><TD width=79.733 /><TD width=98.467 /><TD width=98.467 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=176.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=69.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=70.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=98.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>3 months ended <BR>
Sept. 30</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=98.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>9 months ended <BR>
Sept. 30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=176.8><P style="margin:0px; font-family:Arial; font-size:8pt">Net interest expense, 2011</P>
</TD><TD style="margin-top:0px" valign=bottom width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=98.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>54</P>
</TD><TD style="margin-top:0px" valign=bottom width=98.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>151</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=176.8><P style="margin:0px; font-family:Arial; font-size:8pt">Lower capitalized interest</P>
</TD><TD style="margin-top:0px" valign=bottom width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=98.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>7</P>
</TD><TD style="margin-top:0px" valign=bottom width=98.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>29</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=245.867 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">(Lower) higher interest rates</P>
</TD><TD style="margin-top:0px" valign=bottom width=70.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=98.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(2)</P>
</TD><TD style="margin-top:0px" valign=bottom width=98.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>3</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=245.867 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Unfavourable foreign exchange impacts</P>
</TD><TD style="margin-top:0px" valign=bottom width=70.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=98.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=98.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>1</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=245.867 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Ineffectiveness on fair value hedges</P>
</TD><TD style="margin-top:0px" valign=bottom width=70.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=98.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2</P>
</TD><TD style="margin-top:0px" valign=bottom width=98.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=176.8><P style="margin:0px; font-family:Arial; font-size:8pt">(Lower) higher financing costs</P>
</TD><TD style="margin-top:0px" valign=bottom width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=98.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(2)</P>
</TD><TD style="margin-top:0px" valign=bottom width=98.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>1</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=245.867 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Higher interest income</P>
</TD><TD style="margin-top:0px" valign=bottom width=70.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=98.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=98.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(1)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=316.667 colspan=3><P style="margin:0px; font-family:Arial; font-size:8pt">Lower decommissioning and restoration accretion</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=98.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(1)</P>
</TD><TD style="margin-top:0px" valign=bottom width=98.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(1)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=176.8><P style="margin:0px; font-family:Arial; font-size:8pt">Lower debt levels</P>
</TD><TD style="margin-top:0px" valign=bottom width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=98.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=98.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(3)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=176.8><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Net interest expense, 2012</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=69.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=70.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=79.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=98.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>58</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=98.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>182</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:6pt" align=justify>22&nbsp;
TRANSALTA CORPORATION / Q3 2012<FONT style="font-size:7pt"> &nbsp;&nbsp;</FONT></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always"><B>INCOME TAXES</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>A reconciliation of income taxes and effective tax rates on earnings, excluding non-comparable items, is presented below:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=302.4 /><TD width=14.8 /><TD width=67.667 /><TD width=83.133 /><TD width=65.467 /><TD width=76.533 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=302.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=150.8 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>3 months ended Sept. 30</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=142 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>9 months ended Sept. 30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=302.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=67.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=83.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2011</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=65.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2011</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=302.4><P style="margin:0px; font-family:Arial; font-size:8pt">Earnings (loss) before income taxes</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>85</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=83.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>70</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(514)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>399</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=302.4><P style="margin:0px; font-family:Arial; font-size:8pt">Income attributable to non-controlling interests</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(7)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=83.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(7)</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(25)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(27)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=302.4><P style="margin:0px; font-family:Arial; font-size:8pt">Equity income (loss)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=83.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(14)</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>5</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(16)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=302.4><P style="margin:0px; font-family:Arial; font-size:8pt">Impacts associated with certain de-designated and <BR>
&nbsp;&nbsp;ineffective hedges</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>60</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=83.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>9</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>58</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(125)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=302.4><P style="margin:0px; font-family:Arial; font-size:8pt">Asset impairment charges (reversal)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(41)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=83.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>5</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>324</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>14</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=302.4><P style="margin:0px; font-family:Arial; font-size:8pt">Inventory writedown</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(28)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=83.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>5</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=302.4><P style="margin:0px; font-family:Arial; font-size:8pt">Gain on sale of facilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=83.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(3)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(3)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=302.4><P style="margin:0px; font-family:Arial; font-size:8pt">Sundance Units 1 and 2 arbitration</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>7</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=83.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>254</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=302.4><P style="margin:0px; font-family:Arial; font-size:8pt">Gain on sale of collateral</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(15)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=83.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(15)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=302.4><P style="margin:0px; font-family:Arial; font-size:8pt">Other non-comparable items</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=67.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=83.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=65.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>3</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>9</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=302.4><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Earnings (loss) attributable to TransAlta <BR>
&nbsp;&nbsp;shareholders, excluding non-comparable items, <BR>
&nbsp;&nbsp;subject to tax</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=67.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>63</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=83.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>63</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=65.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>92</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>251</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=302.4><P style="margin:0px; font-family:Arial; font-size:8pt">Income tax expense</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>14</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=83.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>9</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>92</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>95</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=302.4><P style="margin:0px; font-family:Arial; font-size:8pt">Income tax recovery (expense) related to impacts associated <BR>
&nbsp;&nbsp;with certain de-designated and ineffective hedges</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>21</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=83.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>20</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(45)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=302.4><P style="margin:0px; font-family:Arial; font-size:8pt">Income tax (expense) recovery related to asset impairment <BR>
&nbsp;&nbsp;charges</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(10)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=83.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>1</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(5)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>3</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=302.4><P style="margin:0px; font-family:Arial; font-size:8pt">Income tax recovery (expense) related to inventory <BR>
&nbsp;&nbsp;writedown</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(10)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=83.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=302.4><P style="margin:0px; font-family:Arial; font-size:8pt">Income tax expense related to gain on sale of facilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=83.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(1)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(1)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=302.4><P style="margin:0px; font-family:Arial; font-size:8pt">Income tax recovery related to Sundance Units 1 and 2 <BR>
&nbsp;&nbsp;arbitration</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=83.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>65</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=302.4><P style="margin:0px; font-family:Arial; font-size:8pt">Income tax rexpense related to gain on sale of collateral</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(4)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=83.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(4)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=302.4><P style="margin:0px; font-family:Arial; font-size:8pt">Income tax expense related to writeoff of deferred income <BR>
&nbsp;&nbsp;tax assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=83.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(169)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=302.4><P style="margin:0px; font-family:Arial; font-size:8pt">Income tax expense related to changes in corporate <BR>
&nbsp;&nbsp;income tax rates</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=83.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(8)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=302.4><P style="margin:0px; font-family:Arial; font-size:8pt">Income tax recovery related to the resolution of certain <BR>
&nbsp;&nbsp;outstanding tax matters</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=83.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>9</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=302.4><P style="margin:0px; font-family:Arial; font-size:8pt">Income tax recovery related to other non-comparable items</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=67.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>1</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=83.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=65.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>1</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>3</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=302.4><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Income tax expense excluding non-comparable items</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>14</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=83.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>12</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=65.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>55</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=302.4><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Effective tax rate on earnings (loss) attributable to <BR>
&nbsp;&nbsp;TransAlta shareholders excluding non-comparable <BR>
&nbsp;&nbsp;items (%)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=67.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>22</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=83.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>19</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=65.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=76.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>22</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<A NAME="OLE_LINK10"></A><A NAME="OLE_LINK11"></A><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The income tax expense excluding non-comparable items for the three months ended Sept. 30, 2012 increased compared to the same period in 2011 due to changes in the amount of earnings between the jurisdictions in which pre-tax income is earned.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The income tax expense excluding non-comparable items for the nine months ended Sept. 30, 2012 decreased compared to the same period in 2011 due to lower comparable earnings, changes in the amount of earnings between the jurisdictions in which <BR>
pre-tax income is earned, and the positive resolution of certain outstanding tax matters. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The effective tax rate on earnings attributable to TransAlta shareholders excluding non-comparable items for the three months ended Sept. 30, 2012 increased compared to the same period in 2011 due to changes in the amount of earnings between the jurisdictions in which pre-tax income is earned and the effect of certain deductions that do not fluctuate with earnings.</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The effective tax rate on earnings attributable to TransAlta shareholders excluding non-comparable items for the nine months ended Sept. 30, 2012 decreased compared to the same period in 2011 due to changes in the amount of earnings between the jurisdictions in which pre-tax income is earned, the effect of certain deductions that do not fluctuate with earnings, and the positive resolution of certain outstanding tax matters.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify><font style="font-size: 6pt">23</font> &nbsp;&nbsp;<FONT style="font-size:6pt">TRANSALTA CORPORATION / Q3 2012</FONT></P>
<hr>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>NON-CONTROLLING INTERESTS</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Net earnings attributable to non-controlling interests for the three and nine months ended Sept. 30, 2012 was comparable to the same periods in 2011.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px"><BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:7pt"><b>24</b>
&nbsp;&nbsp;<FONT style="font-size:6pt">TRANSALTA CORPORATION / Q3 2012</FONT></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify><B>FINANCIAL POSITION</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The following chart highlights significant changes in the Condensed Consolidated Statements of Financial Position from <BR>
Dec. 31, 2011 to Sept. 30, 2012:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=233.8 /><TD width=69 /><TD width=14.8 /><TD width=282.4 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=233.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=69><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Increase/</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=282.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=233.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=69><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(Decrease)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=282.4><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Primary factors explaining change</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=233.8><P style="margin:0px; font-family:Arial; font-size:8pt">Cash and cash equivalents</P>
</TD><TD style="margin-top:0px" valign=bottom width=69><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>22</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=282.4><P style="margin:0px; font-family:Arial; font-size:8pt">Timing of receipts and payments</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=233.8><P style="margin:0px; font-family:Arial; font-size:8pt">Accounts receivable</P>
</TD><TD style="margin-top:0px" valign=bottom width=69><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>21</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=282.4><P style="margin:0px; font-family:Arial; font-size:8pt">Timing of customer receipts</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=233.8><P style="margin:0px; font-family:Arial; font-size:8pt">Collateral paid</P>
</TD><TD style="margin-top:0px" valign=bottom width=69><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(29)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=282.4><P style="margin:0px; font-family:Arial; font-size:8pt">Decreased collateral requirements associated with changes in forward prices</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=233.8><P style="margin:0px; font-family:Arial; font-size:8pt">Inventory</P>
</TD><TD style="margin-top:0px" valign=bottom width=69><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>13</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=282.4><P style="margin:0px; font-family:Arial; font-size:8pt">Higher average coal costs partially offset by writedown of coal inventory</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=233.8><P style="margin:0px; font-family:Arial; font-size:8pt">Investments</P>
</TD><TD style="margin-top:0px" valign=bottom width=69><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(15)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=282.4><P style="margin:0px; font-family:Arial; font-size:8pt">Equity loss and unfavourable foreign exchange</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=233.8><P style="margin:0px; font-family:Arial; font-size:8pt">Long-term receivable</P>
</TD><TD style="margin-top:0px" valign=bottom width=69><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(18)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=282.4><P style="margin:0px; font-family:Arial; font-size:8pt">Sale of collateral on hand at MF Global Inc.</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=233.8><P style="margin:0px; font-family:Arial; font-size:8pt">Finance lease receivable</P>
</TD><TD style="margin-top:0px" valign=bottom width=69><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>305</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=282.4><P style="margin:0px; font-family:Arial; font-size:8pt">Acquisition of Solomon power station</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=233.8><P style="margin:0px; font-family:Arial; font-size:8pt">Property, plant, and equipment, net</P>
</TD><TD style="margin-top:0px" valign=bottom width=69><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(305)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=282.4><P style="margin:0px; font-family:Arial; font-size:8pt">Asset impairments and depreciation partially offset by additions</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=233.8><P style="margin:0px; font-family:Arial; font-size:8pt">Deferred income tax assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=69><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(121)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=282.4><P style="margin:0px; font-family:Arial; font-size:8pt">Writeoff of deferred income tax assets related to profitability of U.S. operations</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=233.8><P style="margin:0px; font-family:Arial; font-size:8pt">Risk management assets (current and long-term)</P>
</TD><TD style="margin-top:0px" valign=bottom width=69><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(200)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=282.4><P style="margin:0px; font-family:Arial; font-size:8pt">Price movements and changes in underlying positions</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=233.8><P style="margin:0px; font-family:Arial; font-size:8pt">Accounts payable and accrued liabilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=69><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(37)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=282.4><P style="margin:0px; font-family:Arial; font-size:8pt">Timing of payments and lower capital accruals</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=233.8><P style="margin:0px; font-family:Arial; font-size:8pt">Collateral received</P>
</TD><TD style="margin-top:0px" valign=bottom width=69><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(12)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=282.4><P style="margin:0px; font-family:Arial; font-size:8pt">Reduction in collateral received from counterparties associated with changes in forward prices</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=233.8><P style="margin:0px; font-family:Arial; font-size:8pt">Income taxes payable</P>
</TD><TD style="margin-top:0px" valign=bottom width=69><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(15)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=282.4><P style="margin:0px; font-family:Arial; font-size:8pt">Increase in instalment payments</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=233.8><P style="margin:0px; font-family:Arial; font-size:8pt">Long-term debt (including current portion)</P>
</TD><TD style="margin-top:0px" valign=bottom width=69><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>130</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=282.4><P style="margin:0px; font-family:Arial; font-size:8pt">Increased borrowings under credit facilities partially offset by repayments</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=233.8><P style="margin:0px; font-family:Arial; font-size:8pt">Decommissioning and other provisions (current <BR>
&nbsp;&nbsp;and long-term)</P>
</TD><TD style="margin-top:0px" valign=bottom width=69><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(48)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=282.4><P style="margin:0px; font-family:Arial; font-size:8pt">Decrease in decommissioning and commercial provisions, including the Sundance Units 1 and 2 arbitration impacts</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=233.8><P style="margin:0px; font-family:Arial; font-size:8pt">Deferred credits and other long-term liabilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=69><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>28</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=282.4><P style="margin:0px; font-family:Arial; font-size:8pt">Increase in defined benefit accrual</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=233.8><P style="margin:0px; font-family:Arial; font-size:8pt">Deferred income tax liabilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=69><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(54)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=282.4><P style="margin:0px; font-family:Arial; font-size:8pt">Positive resolution of certain tax matters and the Sundance Units 1 and 2 arbitration impacts</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=233.8><P style="margin:0px; font-family:Arial; font-size:8pt">Risk management liabilities (current and long-term)</P>
</TD><TD style="margin-top:0px" valign=bottom width=69><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(17)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=282.4><P style="margin:0px; font-family:Arial; font-size:8pt">Price movements and changes in underlying positions</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=233.8><P style="margin:0px; font-family:Arial; font-size:8pt">Equity attributable to shareholders</P>
</TD><TD style="margin-top:0px" valign=bottom width=69><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(267)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=282.4><P style="margin:0px; font-family:Arial; font-size:8pt">Net loss for the period and share dividends, partially offset by issuance of common and preferred shares</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=233.8><P style="margin:0px; font-family:Arial; font-size:8pt">Non-controlling interests</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=69><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(23)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=282.4><P style="margin:0px; font-family:Arial; font-size:8pt">Distributions to non-controlling interests net of <BR>
non-controlling interests' portion of net earnings</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>FINANCIAL INSTRUMENTS</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>Refer to <I>Note 13</I> of the notes to the consolidated financial statements within our 2011 Annual Report and <I>Note 12 </I>of our interim condensed consolidated financial statements as at and for the three and nine months ended Sept. 30, 2012 for details on Financial Instruments. &nbsp;Refer to the Risk Management section of our 2011 Annual Report and <I>Note 13</I> of our interim condensed consolidated financial statements for further details on our risks and how we manage them. &nbsp;Our risk management profile and practices have not changed materially from Dec. 31, 2011.</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial; font-size:6pt" align=justify>25&nbsp;
TRANSALTA CORPORATION / Q3 2012<FONT style="font-size:7pt"> &nbsp;</FONT></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify>Energy Trading may enter into commodity transactions involving non-standard features for which market observable data is not available. &nbsp;These are defined under IFRS as Level III financial instruments. &nbsp;Level III financial instruments are not traded in an active market and fair value is, therefore, developed using valuation models based upon internally developed assumptions or inputs. &nbsp;Our <BR>
Level III fair values are determined using data such as unit availability, transmission congestion, or demand profiles. &nbsp;Fair values are validated on a quarterly basis by using reasonably possible alternative assumptions as inputs to valuation techniques, and any material differences are disclosed in the notes to the financial statements.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>We also have various contracts with terms that extend beyond five years.&nbsp; As forward price forecasts are not available for the full period of these contracts, the value of these contracts must be derived by reference to a forecast that is based on a combination of external and internal fundamental modeling, including discounting.&nbsp; As a result, these contracts are classified in Level III. &nbsp;These contracts are for specified prices with counterparties that we believe to be creditworthy.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>At Sept. 30, 2012, total Level III financial instruments had a net asset carrying value of $32 million (Dec. 31, 2011 - $7 million net liability).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>During the three and nine months ended Sept. 30, 2012, unrealized pre-tax gains of nil (Sept. 30, 2011 - $3 million gain) and <BR>
$75 million (Sept. 30, 2011 - $207 million gain), respectively, related to certain power hedging relationships that were previously <BR>
de-designated and deemed ineffective for accounting purposes were released from AOCI and recognized in earnings. &nbsp;The cash flow hedges were in respect of future power production expected to occur during 2011 and into 2012. &nbsp;In the first quarter of 2011, the production was assessed as highly probable not to occur based on then forecast prices. These unrealized gains were calculated using current forward prices which will change between now and the time the contracts will be settled.&nbsp; Had these hedges not been deemed ineffective for accounting purposes, the revenues associated with these contracts would have been recorded in net earnings in the period in which they settle, the majority of which will occur during 2012. &nbsp;As these gains have already been recognized in earnings in the current and prior periods, future reported earnings will be lower, however, the expected cash flows from these contracts will not change.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>In addition, during 2012, we discontinued hedge accounting for certain cash flow hedges that no longer met the criteria for hedge accounting.&nbsp; As at Sept. 30, 2012, cumulative gains of $14 million will continue to be deferred in AOCI and will be reclassified to net earnings as the forecasted transactions occur.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px"><BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:7pt"><b>26</b>&nbsp;&nbsp;<FONT style="font-size:6pt">TRANSALTA CORPORATION / Q3 2012</FONT></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify><B>STATEMENTS OF CASH FLOWS</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The following charts highlight significant changes in the Condensed Consolidated Statements of Cash Flows for the three and nine months ended Sept. 30, 2012 compared to the same periods in 2011:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=218.4 /><TD width=62.4 /><TD width=62.4 /><TD width=255.733 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=218.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>3 months ended Sept. 30</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right>2011</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=255.733><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>Primary factors explaining change</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=218.4><P style="margin:0px; font-family:Arial; font-size:8pt">Cash and cash equivalents, beginning <BR>
&nbsp;&nbsp;&nbsp;of period</P>
</TD><TD style="margin-top:0px" valign=top width=62.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>61</B></P>
</TD><TD style="margin-top:0px" valign=top width=62.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>38</P>
</TD><TD style="margin-top:0px" valign=top width=255.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=218.4><P style="margin:0px; font-family:Arial; font-size:8pt">Provided by (used in):</P>
</TD><TD style="margin-top:0px" valign=top width=62.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=62.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=255.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=218.4><P style="margin:0px; font-family:Arial; font-size:8pt">Operating activities</P>
</TD><TD style="margin-top:0px" valign=top width=62.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>14</B></P>
</TD><TD style="margin-top:0px" valign=top width=62.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>212</P>
</TD><TD style="margin-top:0px" valign=top width=255.733><P style="margin:0px; font-family:Arial; font-size:8pt">Unfavourable changes in working capital of $262 million partially offset by higher cash earnings of $64 million</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=218.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=62.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=62.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=255.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=218.4><P style="margin:0px; font-family:Arial; font-size:8pt">Investing activities</P>
</TD><TD style="margin-top:0px" valign=top width=62.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(483)</B></P>
</TD><TD style="margin-top:0px" valign=top width=62.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(182)</P>
</TD><TD style="margin-top:0px" valign=top width=255.733><P style="margin:0px; font-family:Arial; font-size:8pt">Acquisition of finance lease for $312 million and an increase in additions to PP&amp;E and intangibles of $50 million, partially offset by a net positive cash impact of $48 million related to changes in collateral received from or paid to counterparties</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=218.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=62.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=62.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=255.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=218.4><P style="margin:0px; font-family:Arial; font-size:8pt">Financing activities</P>
</TD><TD style="margin-top:0px" valign=top width=62.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>478</B></P>
</TD><TD style="margin-top:0px" valign=top width=62.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(2)</P>
</TD><TD style="margin-top:0px" valign=top width=255.733><P style="margin:0px; font-family:Arial; font-size:8pt">Issuance of common shares for $292 million and preferred shares for $217 million, increased borrowings under credit facilities, and a decrease in common share cash dividends of $30 million due to dividends reinvested through the dividend reinvestment plan, partially offset by an increase in debt repayments and an increase in preferred share dividends of $3 million</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=218.4><P style="margin:0px; font-family:Arial; font-size:8pt">Translation of foreign currency cash</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>1</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=255.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=218.4><P style="margin:0px; font-family:Arial; font-size:8pt">Cash and cash equivalents, end of period</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=62.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>71</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=62.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>66</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=255.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=218.4 /><TD width=62.4 /><TD width=62.4 /><TD width=255.733 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=218.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>9 months ended Sept. 30</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right>2011</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=255.733><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>Primary factors explaining change</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=218.4><P style="margin:0px; font-family:Arial; font-size:8pt">Cash and cash equivalents, beginning <BR>
&nbsp;&nbsp;&nbsp;of period</P>
</TD><TD style="margin-top:0px" valign=top width=62.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>49</B></P>
</TD><TD style="margin-top:0px" valign=top width=62.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>35</P>
</TD><TD style="margin-top:0px" valign=top width=255.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=218.4><P style="margin:0px; font-family:Arial; font-size:8pt">Provided by (used in):</P>
</TD><TD style="margin-top:0px" valign=top width=62.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=62.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=255.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=218.4><P style="margin:0px; font-family:Arial; font-size:8pt">Operating activities</P>
</TD><TD style="margin-top:0px" valign=top width=62.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>275</B></P>
</TD><TD style="margin-top:0px" valign=top width=62.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>503</P>
</TD><TD style="margin-top:0px" valign=top width=255.733><P style="margin:0px; font-family:Arial; font-size:8pt">Lower cash earnings of $49 million and unfavourable changes in working capital of $179 million, net of a $204 million impact associated with the Sundance Units 1 and 2 arbitration</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=218.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=62.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=62.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=255.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=218.4><P style="margin:0px; font-family:Arial; font-size:8pt">Investing activities</P>
</TD><TD style="margin-top:0px" valign=top width=62.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(822)</B></P>
</TD><TD style="margin-top:0px" valign=top width=62.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(400)</P>
</TD><TD style="margin-top:0px" valign=top width=255.733><P style="margin:0px; font-family:Arial; font-size:8pt">Acquisition of finance lease for $312 million, an increase in additions to PP&amp;E and intangibles of $178 million and a decrease in proceeds on sale of facilities of $27 million, partially offset by a net positive impact of $119 million related to changes in collateral received from or paid to counterparties</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=218.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=62.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=62.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=255.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=218.4><P style="margin:0px; font-family:Arial; font-size:8pt">Financing activities</P>
</TD><TD style="margin-top:0px" valign=top width=62.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>568</B></P>
</TD><TD style="margin-top:0px" valign=top width=62.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(73)</P>
</TD><TD style="margin-top:0px" valign=top width=255.733><P style="margin:0px; font-family:Arial; font-size:8pt">Issuance of common shares for $293 million and preferred shares for $217 million, increased borrowings under credit facilities, and a decrease in common share cash dividends of $57 million due to dividends reinvested through the dividend reinvestment plan, partially offset by an increase in debt repayments and an increase in preferred share dividends of $10 million</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=218.4><P style="margin:0px; font-family:Arial; font-size:8pt">Translation of foreign currency cash</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>1</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>1</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=255.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=218.4><P style="margin:0px; font-family:Arial; font-size:8pt">Cash and cash equivalents, end of period</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=62.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>71</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=62.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>66</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=255.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>&nbsp;</P>
<P style="margin: 0px" align=justify><font style="font-size: 6pt">27</font>&nbsp;&nbsp;<FONT style="font-size:6pt">TRANSALTA CORPORATION / Q3 2012</FONT></P>
<hr>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>LIQUIDITY AND CAPITAL RESOURCES</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Liquidity risk arises from our ability to meet general funding needs, engage in trading and hedging activities, and manage the assets, liabilities and capital structure of the Corporation. &nbsp;Liquidity risk is managed by maintaining sufficient liquid financial resources to fund obligations as they come due in the most cost-effective manner.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Our liquidity needs are met through a variety of sources, including cash generated from operations, borrowings under our long-term credit facilities, long-term debt and equity issued under our Canadian and U.S. shelf registrations, and our dividend reinvestment program. &nbsp;Our primary uses of funds are operational expenses, capital expenditures, dividends, distributions to <BR>
non-controlling limited partners, and interest and principal payments on debt securities.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B><I>Debt</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Long-term debt totalled $4.2 billion at Sept. 30, 2012 and $4.0 billion at Dec. 31, 2011. &nbsp;Total long-term debt increased from <BR>
Dec. 31, 2011 primarily due to higher borrowings under our credit facilities, partially offset by favourable changes in foreign exchange rates.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B><I>Credit Facilities </I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>At Sept. 30, 2012, we have a total of $2.4 billion (Dec. 31, 2011 - $2.0 billion) of committed credit facilities of which $0.8 billion <BR>
(Dec. 31, 2011 - $0.9 billion) is not drawn and is available, subject to customary borrowing conditions. &nbsp;At Sept. 30, 2012, the <BR>
$1.6 billion (Dec. 31, 2011 - $1.1 billion) of credit utilized under these facilities is comprised of actual drawings of $1.3 billion <BR>
(Dec. 31, 2011 - $0.8 billion) and of letters of credit of $0.3 billion (Dec. 31, 2011 - $0.3 billion). &nbsp;These facilities are comprised of a $1.5 billion committed syndicated bank facility, with the remainder comprised of bilateral credit facilities which mature between the third and fourth quarters of 2013. &nbsp;We anticipate renewing these facilities as required, based on reasonable commercial terms, prior to their maturities. &nbsp;In April 2012, we completed a renewal of our $1.5 billion committed syndicated bank facility, and extended the maturity from 2015 to 2016. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>In addition to the $0.8 billion available under the credit facilities, we also have $46 million of cash available.</P>
<A NAME="OLE_LINK8"></A><P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B><I>Share Capital</I></B></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>On Oct. 25, 2012, we had 254.7 million common shares outstanding, 12.0 million Series A, 11.0 million Series C, and 9.0 million Series E first preferred shares outstanding.&nbsp; At Sept. 30, 2012, we had 251.1 million (Dec. 31, 2011 - 223.6 million) common shares issued and outstanding. &nbsp;At Sept. 30, 2012, we also had 12.0 million (Dec. 31, 2011 - 12.0 million) Series A, 11.0 million <BR>
(Dec. 31, 2011 - 11.0 million) Series C, and 9.0 million Series E (Dec. 31, 2011 - nil) first preferred shares issued and outstanding.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>We issue common shares for cash proceeds, on exercise of stock options and other share-based payment plans, or for reinvestment of dividends.&nbsp; During February 2012, we added a Premium Dividend<SUP>TM</SUP> component to the Plan. &nbsp;Please refer to the Subsequent Events section of our 2011 Annual Report for additional information regarding the amendments.&nbsp; </P>
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<BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:6pt" align=justify>28&nbsp;
TRANSALTA CORPORATION / Q3 2012<FONT style="font-size:7pt"> &nbsp;</FONT></P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify>&nbsp; </P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify>&nbsp; </P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify>During the three months ended Sept. 30, 2012, 24.1 million (Sept. 30, 2011 - 0.9 million) common shares were issued for <BR>
$342 million (Sept. 30, 2011 - $17 million). &nbsp;In September 2012, we issued 21.2 million common shares through a public offering and related underwriters&#146; over-allotment option for total net proceeds of $295 million. &nbsp;In addition, 2.9 million (Sept. 30, 2011 - 0.8 million) common shares were issued for $48 million (Sept. 30, 2011 - $17 million) for dividends reinvested under the terms of the Plan and a nominal number (Sept. 30, 2011 - a nominal number) were issued for a nominal amount (Sept. 30, 2011 - a nominal amount). During the nine months ended Sept. 30, 2012, 27.5 million (Sept. 30, 2011 - 2.5 million) common shares were issued for <BR>
$407 million (Sept. 30, 2011 - $51 million). &nbsp;In addition to the public offering, 6.2 million (Sept. 30, 2011 - 2.5 million) common shares were issued for $110 million (Sept. 30, 2011 - $49 million) for dividends reinvested under the terms of the Plan and 0.1 million <BR>
(Sept. 30, 2011 - 0.1 million) common shares were issued other proceeds of $2 million (Sept. 30, 2011 - $2 million).&nbsp; </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>We employ a variety of share-based payment plans to align employee and corporate objectives. &nbsp;During the nine months ended Sept. 30, 2012, a nominal number of employee stock options were exercised, expired or were cancelled <BR>
(Sept. 30, 2011 - 0.5 million). &nbsp;During the nine months ended Sept. 30, 2012, 1.4 million (Sept. 30, 2011 - 1.5 million) Performance Share Ownership Plan units were granted and a nominal number (Sept. 30, 2011 - nil) were awarded and exchanged for common shares.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>On Aug. 10, 2012, we completed a public offering of 9.0 million Series E Cumulative Redeemable Rate Reset First Preferred Shares for gross proceeds of $225 million.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B><I>Guarantee Contracts </I></B></P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="OLE_LINK2"></A><A NAME="OLE_LINK9"></A><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>We have obligations to issue letters of credit and cash collateral to secure potential liabilities to certain parties including those related to potential environmental obligations, energy trading activities, hedging activities, and purchase obligations. &nbsp;<BR>
At Sept. 30, 2012, we provided letters of credit totalling $316 million (Dec. 31, 2011 - $328 million) and cash collateral of <BR>
$16 million (Dec. 31, 2011 - $45 million). &nbsp;These letters of credit and cash collateral secure certain amounts included on our Condensed Consolidated Statements of Financial Positions under &#147;Risk Management Liabilities&#148; and &#147;Decommissioning and Other Provisions&#148;.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>CLIMATE CHANGE AND THE ENVIRONMENT</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>On Sept. 11, 2012, the Canadian federal Government published the final regulations governing greenhouse gas (&#147;GHG&#148;) emissions from coal-fired power plants, to become effective on July 1, 2015. &nbsp;The regulations provide for 50 years of life for coal units, at which point units must meet an emissions performance standard of approximately 420 tonnes per GWh. &nbsp;There are some exceptions that require older units commissioned before 1975 to reach end of life by Dec. 31, 2019, and units commissioned between 1975 and 1986 to reach end of life by Dec. 31, 2029. &nbsp;Compared to the initial draft version of these regulations, the final regulation provides additional operating time and increased flexibility for our Canadian coal units, allowing for a smoother transition of those units in a more cost-effective manner.</P>
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<BR></P>
<P style="line-height:18pt; margin:0px"><BR></P>
<P style="margin: 0px" align="justify">&nbsp;<font style="font-size: 6pt">29</font>
&nbsp;<FONT style="font-size:6pt">TRANSALTA CORPORATION / Q3 2012</FONT></P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify>In addition, in Alberta there are requirements for coal-fired generation units to implement additional air emission controls for oxides of nitrogen (&#147;NOx&#148;), sulphur dioxide (&#147;SO<SUB>2</SUB>&#148;), and particulate matter, once they reach the end of their PPAs, in most cases at 2020.&nbsp; These regulatory requirements were developed by the province in 2004 as a result of multi-stakeholder discussions under Alberta&#146;s Clean Air Strategic Alliance (&#147;CASA&#148;).&nbsp; However, the release of the federal GHG regulations creates a misalignment between the CASA air pollutant requirements and schedules, and the GHG retirement schedules for older coal plants, which in themselves will result in significant reductions of NOx, SO<SUB>2</SUB>, and particulates. &nbsp;We are in discussions with the provincial government to ensure coordination between GHG and air pollutant regulations, such that emission reduction objectives are achieved in the most effective manner while taking into consideration the reliability and cost of Alberta&#146;s generation supply.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>On March 27, 2012, the U.S. Environmental Protection Agency (&#147;EPA&#148;) proposed GHG emission standards for future <BR>
coal-fired power plants. &nbsp;It is intended that the proposed standard would be met with fuel switching or clean coal technologies. &nbsp;As this regulatory framework is for new coal-fired plants, we expect no material impact on our existing coal units at Centralia. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>In December 2011, the EPA issued national standards for mercury emissions from power plants. &nbsp;Existing sources will have up to four years to comply. &nbsp;We have already voluntarily installed mercury capture technology at our Centralia coal-fired plant, and began full capture operations in early 2012. &nbsp;We are also installing additional technology to further reduce NOx, consistent with the Washington State Bill passed in April 2011 requiring TransAlta to begin operating such technology by Jan. 1, 2013.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>We continue to make operational improvements and investments to our existing generating facilities to reduce the environmental impact of generating electricity. &nbsp;We installed mercury control equipment at our Alberta Thermal operations in 2010 in order to meet the province&#146;s 70 per cent reduction objectives. Our new Keephills Unit 3 plant began operations in September 2011 using supercritical combustion technology to maximize thermal efficiency, as well as SO<SUB>2</SUB> capture and low NOx combustion technology, which is consistent with the technology that is currently in use at Genesee Unit 3. &nbsp;Uprate projects at our Keephills and Sundance plants will improve the energy and emissions efficiency of those units.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>2012 OUTLOOK</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B><I>Business Environment</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Power Prices</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>For the remainder of 2012, our expectation is that power prices in Alberta will be lower compared to the same period last year primarily driven by lower natural gas prices, partially offset by continued load growth. &nbsp;The potential for higher prices exists and are expected to be the result of weather-driven demand and the frequency of unplanned outages. In the Pacific Northwest, we continue to expect weak prices due to historically low natural gas prices, weak load growth, and the addition of wind assets.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Environmental Legislation</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The finalization of the federal Canadian GHG regulations for coal-fired power has initiated further activities. &nbsp;It is anticipated that the Government of Alberta will subsequently develop an equivalency agreement with the federal government to allow provincial jurisdiction and management of equivalent emissions targets. &nbsp;This may provide additional flexibility to coal-fired generators in meeting the regulatory requirements.</P>
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</P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:6pt" align=justify>30&nbsp;
TRANSALTA CORPORATION / Q3 2012<FONT style="font-size:7pt"> &nbsp;</FONT></P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify>In addition, there are ongoing discussions between the federal and provincial governments regarding a national Air Quality Management System for air pollutants. &nbsp;In Alberta&#146;s recently released Clean Air Strategy, the province indicated that its provincial air quality management system will operationalize any national system.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>In the U.S., it is not yet clear how climate change legislation for existing fossil-fuel-based generation will unfold. &nbsp;Additionally, new air pollutant regulations for the power sector are anticipated, but will not directly affect our coal-fired operations in Washington State. &nbsp;TransAlta&#146;s agreement with Washington State, established in April 2011, provides regulatory clarity at the state level regarding an emissions regime related to the Centralia Coal plant until 2025. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The California Air Resource Board has not finalized its rules regarding resource shuffling of imported power, but electricity imports into California from Centralia Generation and our proprietary trading will begin to incur a liability under California&#146;s Cap and Trade Program Jan. 1, 2013. &nbsp;TransAlta and other entities are meeting with regulators to advocate for regulatory clarity on issues such as resource shuffling. The annual impact of compliance will be dependent on actual electricity imports into California, the established fee rate, final regulations on resource shuffling, and our trading within the cap and trade program. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>We continue to closely monitor the progress and risks associated with environmental legislation changes on our future operations.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The siting, construction, and operation of electrical energy&nbsp;facilities requires interaction with many stakeholders. &nbsp;Recently, certain stakeholders have brought actions against government agencies and owners over alleged adverse impacts of&nbsp;wind projects. &nbsp;We are monitoring these claims in order to assess the risk associated with these activities.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Economic Environment </B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The economic environment showed signs of weakness during 2012 and we expect slow to moderate growth in Alberta and Australia through the remainder of the year, and weak growth in other markets. &nbsp;We continue to monitor global events and their potential impact on the economy and our supplier and commodity counterparty relationships.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>We had no material counterparty losses in the third quarter of 2012, and we continue to monitor counterparty credit risk and act in accordance with our established risk management policies. &nbsp;We do not anticipate any material change to our existing credit practices and continue to deal primarily with investment grade counterparties. &nbsp;</P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B><I>Operations</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Capacity, Production, and Availability </B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Generating capacity is expected to be constant for the remainder of 2012. &nbsp;Although the uprate at Sundance Unit 3 will be completed in the fourth quarter of 2012, the increased capacity resulting from the uprate will not be realized until we replace the generator stator. &nbsp;Overall production is expected to increase for the remainder of 2012 due to lower planned outages. &nbsp;Overall availability in 2012 is expected to increase for the remainder of 2012 due to lower planned and unplanned outages, and is expected to be in the range of 89 to 90 per cent. </P>
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<BR></P>
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<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:7pt"><b>31</b>
&nbsp;&nbsp;<FONT style="font-size:6pt">TRANSALTA CORPORATION / Q3 2012</FONT></P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify><B>Contracted Cash Flows</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Through the use of Alberta PPAs, long-term contracts, and other short-term physical and financial contracts, on average, approximately 75 per cent of our capacity is contracted over the next seven years. &nbsp;On an aggregated portfolio basis, we target being up to 90 per cent contracted for the upcoming year. &nbsp;As at the end of the third quarter, approximately 90 per cent of our 2012 capacity was contracted. &nbsp;The average price of our short-term physical and financial contracts for the balance of 2012 ranges from $60 to $65 per MWh in Alberta, and from U.S.$50 to U.S.$55 per MWh in the Pacific Northwest. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Fuel Costs </B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Mining coal in Alberta is subject to cost increases due to greater overburden removal, inflation, capital investments, and commodity prices. &nbsp;Seasonal variations in coal costs at our Alberta mine are minimized through the application of standard costing. &nbsp;Coal costs for 2012, on a standard cost basis, are expected to increase by approximately 15 per cent compared to 2011 due to the drivers mentioned above and lower coal production volumes driven by lower plant production.</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Although we own the Centralia mine in the State of Washington, it is not currently operational. &nbsp;Fuel at Centralia Thermal is purchased from external suppliers in the Powder River Basin and delivered by rail. &nbsp;The delivered cost of fuel per MWh for 2012 is expected to increase by approximately four per cent due to higher diesel and commodity costs, and coal dust mitigation expenses. &nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>&nbsp;&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The value of coal inventories are assessed for impairment at the end of each reporting period. &nbsp;If the inventory is impaired, further charges will be recognized in net earnings. &nbsp;For more information on the inventory impairment charges and reversals recorded in 2012, please refer to the Significant Events section of this MD&amp;A.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>We purchase natural gas from outside companies coincident with production or have it supplied by our customers, thereby minimizing our risk to changes in prices. &nbsp;The continued success of unconventional gas production in North America could reduce the year to year volatility of prices in the near term.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>During the third quarter of 2012, we entered into several agreements for the purchase of natural gas to meet fuel requirements and related transportation for the balance of 2012 and 2013. &nbsp;The future payments are estimated to be $5 million for 2012 and <BR>
$43 million for 2013.</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>&nbsp;&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>We closely monitor the risks associated with changes in electricity and input fuel prices on our future operations and, where we consider it appropriate, use various physical and financial instruments to hedge our assets and operations from such price risks. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Operations, Maintenance, and Administration Costs </B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>OM&amp;A costs for 2012 are expected to be approximately five per cent lower than 2011 OM&amp;A.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Energy Trading </B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Earnings from our Energy Trading Segment are affected by prices in the market, overall strategies adopted, and changes in legislation. &nbsp;We continuously monitor both the market and our exposure, to maximize earnings while still maintaining an acceptable risk profile.&nbsp; Our outlook is for Energy Trading to contribute up to $20 million in gross margin for the year. </P>
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<BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:6pt" align=justify>32&nbsp;
TRANSALTA CORPORATION / Q3 2012<FONT style="font-size:7pt"> &nbsp;&nbsp;</FONT></P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify><B>Exposure to Fluctuations in Foreign Currencies </B></P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_DV_X200"></A><A NAME="_DV_C185"></A><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Our strategy is to minimize the impact of fluctuations in the Canadian dollar against the U.S. dollar, Euro, and Australian dollar, by offsetting foreign denominated assets with foreign denominated liabilities and by entering into foreign exchange contracts. &nbsp;We also have foreign denominated expenses, including interest charges, which largely offset our net foreign denominated earnings.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Net Interest Expense </B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Net interest expense for 2012 is expected to be higher than our reported 2011 net interest expense mainly due to lower capitalized interest. &nbsp;However, changes in interest rates and in the value of the Canadian dollar relative to the U.S. dollar will affect the amount of net interest expense incurred.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Liquidity and Capital Resources </B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>If there is increased volatility in power and natural gas markets, or if market trading activities increase, we may need additional liquidity in the future. &nbsp;We expect to maintain adequate available liquidity under our committed credit facilities.</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>&nbsp;</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Accounting Estimates</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>A number of our accounting estimates, including those outlined in in the Critical Accounting Policies and Estimates section of our 2011 Annual MD&amp;A, are based on the current economic environment and outlook. &nbsp;As a result of the current economic environment, market fluctuations could impact, among other things, future commodity prices, foreign exchange rates, and interest rates, which could, in turn, impact future earnings and the unrealized gains or losses associated with our risk management assets and liabilities and asset valuation for our asset impairment calculations.&nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>Income Taxes</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The effective tax rate on earnings excluding non-comparable items for 2012 is expected to be approximately 10 to 15 per cent, which is lower than the statutory tax rate due to certain income tax recoveries which are not impacted by earnings. &nbsp;If certain income tax recoveries which are not impacted by earnings are excluded, the effective tax rate on earnings excluding non-comparable items for 2012 is expected to be approximately 23 to 28 per cent.</P>
<P style="margin:0px"><BR>
<BR></P>
<P style="line-height:18pt; margin:0px"><BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:7pt"><b>33</b>
&nbsp;&nbsp;<FONT style="font-size:6pt">TRANSALTA CORPORATION / Q3 2012</FONT></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always"><B><I>Capital Expenditures</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Our major projects are focused on sustaining our current operations and supporting our growth strategy. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>Growth and Major Project Expenditures</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>We have two significant growth capital projects that are currently in progress with targeted completion dates of Q4 2012 and <BR>
Q1 2013 and one additional major project with a targeted completion date of Q4 2013. &nbsp;A summary of each of these items is outlined below:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=102 /><TD width=66.133 /><TD width=58 /><TD width=15.733 /><TD width=65.4 /><TD width=73.8 /><TD width=91.733 /><TD width=19.733 /><TD width=161.067 /></TR>
<TR><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=124.133 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=center><B>Total Project</B></P>
</TD><TD style="margin-top:0px" valign=top width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=139.2 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=center><B>2012</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=91.733><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Target</B></P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=161.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=66.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>Estimated spend</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=58><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>Spent to date<SUP>(1)</SUP></B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=65.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>Estimated spend</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=73.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>Spent to date<SUP>(1)</SUP></B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=91.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>completion<BR>
date</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=161.067><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Details</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=73.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=91.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=161.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=102><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Growth</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=58><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=91.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=161.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=73.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=91.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=161.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-family:Arial; font-size:8pt">Keephills Unit 1 <BR>
&nbsp;&nbsp;uprate</P>
</TD><TD style="margin-top:0px" valign=top width=66.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>25</P>
</TD><TD style="margin-top:0px" valign=top width=58><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>25</P>
</TD><TD style="margin-top:0px" valign=top width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>10 - 20</P>
</TD><TD style="margin-top:0px" valign=top width=73.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>12</P>
</TD><TD style="margin-top:0px" valign=top width=91.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Commercial <BR>
operations <BR>
began <BR>
Q2 2012</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=161.067><P style="margin:0px; font-family:Arial; font-size:8pt">An expected 23 MW efficiency uprate at our Keephills facility</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-family:Arial; font-size:8pt">Keephills Unit 2 <BR>
&nbsp;&nbsp;uprate</P>
</TD><TD style="margin-top:0px" valign=top width=66.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>26</P>
</TD><TD style="margin-top:0px" valign=top width=58><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>25</P>
</TD><TD style="margin-top:0px" valign=top width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>10 - 20</P>
</TD><TD style="margin-top:0px" valign=top width=73.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>15</P>
</TD><TD style="margin-top:0px" valign=top width=91.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Commercial <BR>
operations <BR>
began <BR>
Q2 2012</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=161.067><P style="margin:0px; font-family:Arial; font-size:8pt">A 17 MW efficiency uprate at our Keephills facility</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-family:Arial; font-size:8pt">Sundance Unit 3 <BR>
&nbsp;&nbsp;uprate<SUP>(2)</SUP></P>
</TD><TD style="margin-top:0px" valign=top width=66.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>27</P>
</TD><TD style="margin-top:0px" valign=top width=58><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>18</P>
</TD><TD style="margin-top:0px" valign=top width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>15 - 20</P>
</TD><TD style="margin-top:0px" valign=top width=73.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>7</P>
</TD><TD style="margin-top:0px" valign=top width=91.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Q4 2012</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=161.067><P style="margin:0px; font-family:Arial; font-size:8pt">An expected 15 MW efficiency uprate at our Sundance facility</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-family:Arial; font-size:8pt">New Richmond<SUP>(3)</SUP></P>
</TD><TD style="margin-top:0px" valign=top width=66.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>205</P>
</TD><TD style="margin-top:0px" valign=top width=58><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>125</P>
</TD><TD style="margin-top:0px" valign=top width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>165 - 185</P>
</TD><TD style="margin-top:0px" valign=top width=73.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>96</P>
</TD><TD style="margin-top:0px" valign=top width=91.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Q1 2013</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=161.067><P style="margin:0px; font-family:Arial; font-size:8pt">A 68 MW wind farm in Quebec</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=102><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Total growth</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=66.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>283</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=58><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>193</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=65.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>200 - 245</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>130</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=91.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=161.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=102><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=73.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=91.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=161.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=102><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Major Projects</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=58><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=91.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=161.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=102><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=73.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=91.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=161.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-family:Arial; font-size:8pt">Sundance Units 1 <BR>
&nbsp;&nbsp;and 2</P>
</TD><TD style="margin-top:0px" valign=top width=66.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>190</P>
</TD><TD style="margin-top:0px" valign=top width=58><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>10</P>
</TD><TD style="margin-top:0px" valign=top width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>35 - 55</P>
</TD><TD style="margin-top:0px" valign=top width=73.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>10</P>
</TD><TD style="margin-top:0px" valign=top width=91.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Q4 2013</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=161.067><P style="margin:0px; font-family:Arial; font-size:8pt">Sundance Units 1 and 2 comprising 560 MW of our Sundance power plant</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=102><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Total major projects and growth</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=66.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>473</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=58><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>203</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=65.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>235 - 300</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=73.8><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>140</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=91.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=161.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; color:#FFFFFF" align=justify><SUP>1</SUP></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>During the third quarter 2012, we entered into an agreement with Alstom Power &amp; Transport Canada Inc. for the manufacture, delivery and erection of the Sundance Units 1 and 2 waterwalls. The total fixed price commitment under the contract is $79 million, with $24 million expected to be incurred in 2012 and $55 million in 2013. Payments will be made as agreed milestones are achieved. Additional costs to be paid under the contract include reimbursable items, such as direct labour, subcontractors, and labour incentive allowances.</P>
<P style="margin:0px" align=justify><BR>------------------------------</P>
<P style="margin:0px; padding-left:14.4px; text-indent:-14.4px; font-family:Arial; font-size:6.5pt" align=justify><I>(1) Represents amounts spent as of Sept. 30, 2012. &nbsp;In 2012, we also spent a combined $2 million on facilities that had previously commenced operations. &nbsp;During the second quarter, we transferred $1 million from growth capital projects to sustaining capital expenditures for capital spares.</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:14.4px; text-indent:-14.4px; font-family:Arial; font-size:6.5pt" align=justify><I>(2) Although the uprate is expected to be completed in Q4 2012, the increased capacity resulting from the uprate will not be realized until we replace the generator stator.</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:14.4px; text-indent:-14.4px; font-family:Arial; font-size:6.5pt" align=justify><I>(3) New Richmond total project costs spent to date include expenditures of $5 million which were included in project development costs in 2011. </I></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:6pt" align=justify>34&nbsp;
TRANSALTA CORPORATION / Q3 2012<FONT style="font-size:7pt"> &nbsp;</FONT></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always"><I>Transmission</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>For the three and nine months ended Sept. 30, 2012, a total of $1 million and $3 million, respectively, was spent on transmission projects.&nbsp; The estimated spend for 2012 for transmission projects is $8 million.&nbsp; Transmission projects consist of the major maintenance and reconfiguration of the transmission networks of Alberta to increase capacity of power flow in the lines.&nbsp; </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>Sustaining Capital and Productivity Expenditures</B><FONT style="color:#FFFFFF"><B><SUP>(1)</SUP></B></FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>For 2012, our estimate for total sustaining capital and productivity expenditures, net of any contributions received, is allocated among the following:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=163.733 /><TD width=43.467 /><TD width=43.467 /><TD width=43.467 /><TD width=86.4 /><TD width=73 /><TD width=74.067 /><TD width=69.733 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=163.733><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>Category</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=130.4 colspan=3><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>Description</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=73><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=74.067><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Expected <BR>
cost</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=69.733><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Spent to date</B><FONT style="font-size:9pt"><B><SUP>(1)</SUP></B></FONT></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=163.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=43.467><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=43.467><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=43.467><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=74.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=69.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=163.733><P style="margin:0px; font-family:Arial; font-size:8pt">Routine capital</P>
</TD><TD style="margin-top:0px" valign=bottom width=289.8 colspan=5><P style="margin:0px; font-family:Arial; font-size:8pt">Expenditures to maintain our existing generating capacity</P>
</TD><TD style="margin-top:0px" valign=bottom width=74.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>100 - 115</P>
</TD><TD style="margin-top:0px" valign=bottom width=69.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>80</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=163.733><P style="margin:0px; font-family:Arial; font-size:8pt">Productivity capital</P>
</TD><TD style="margin-top:0px" valign=bottom width=289.8 colspan=5><P style="margin:0px; font-family:Arial; font-size:8pt">Projects to improve power production efficiency</P>
</TD><TD style="margin-top:0px" valign=bottom width=74.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>50 - 70</P>
</TD><TD style="margin-top:0px" valign=bottom width=69.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>41</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=163.733><P style="margin:0px; font-family:Arial; font-size:8pt">Mining equipment and <BR>
&nbsp;&nbsp;&nbsp;land purchases</P>
</TD><TD style="margin-top:0px" valign=bottom width=289.8 colspan=5><P style="margin:0px; font-family:Arial; font-size:8pt">Expenditures related to mining equipment and <BR>
&nbsp;&nbsp;&nbsp;land purchases</P>
</TD><TD style="margin-top:0px" valign=bottom width=74.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>40 - 50</P>
</TD><TD style="margin-top:0px" valign=bottom width=69.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>29</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=163.733><P style="margin:0px; font-family:Arial; font-size:8pt">Planned major maintenance</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=289.8 colspan=5><P style="margin:0px; font-family:Arial; font-size:8pt">Regularly scheduled major maintenance</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=74.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>265 - 285</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=69.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>218</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=294.133 colspan=4><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Total sustaining and productivity expenditures</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=86.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=73><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=74.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>455 - 520</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=69.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>368</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Our planned major maintenance program relates to regularly scheduled major maintenance activities and includes costs related to inspection, repair and maintenance, and replacement of existing components. It excludes amounts for day-to-day routine maintenance, unplanned maintenance activities, and minor inspections and overhauls, which are expensed as incurred. Details of the 2012 planned major maintenance program are outlined as follows:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=163.733 /><TD width=18.4 /><TD width=15.733 /><TD width=95.333 /><TD width=84.867 /><TD width=76.067 /><TD width=74.4 /><TD width=70.467 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=163.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=95.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=84.867><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Coal</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76.067><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Gas and Renewables</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=74.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Expected <BR>
spend <BR>
in 2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=70.467><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Spent <BR>
to date</B><FONT style="font-size:9pt"><B><SUP>(1)</SUP></B></FONT></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=163.733><P style="margin:0px; font-family:Arial; font-size:8pt">Capitalized</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=95.333><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=84.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>215 - 230</P>
</TD><TD style="margin-top:0px" valign=bottom width=76.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>50 - 55</P>
</TD><TD style="margin-top:0px" valign=bottom width=74.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>265 - 285</P>
</TD><TD style="margin-top:0px" valign=bottom width=70.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>218</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=163.733><P style="margin:0px; font-family:Arial; font-size:8pt">Expensed</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=95.333><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=84.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0 - 5</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=74.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0 - 5</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=70.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=163.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=95.333><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=84.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>215 - 230</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=76.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>50 - 60</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=74.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>265 - 290</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=70.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>218</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=163.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=95.333><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=84.867><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=74.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.467><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=163.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=95.333><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=84.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>Coal</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>Gas and Renewables</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=74.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>Expected <BR>
total</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=70.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>Lost <BR>
to date</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=163.733><P style="margin:0px; font-family:Arial; font-size:8pt">GWh lost</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=18.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=95.333><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=84.867><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>3,820 - 3,830</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=76.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>245 - 255</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=74.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>4,065 - 4,085</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=70.467><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>3,531</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; color:#FFFFFF" align=justify><SUP>1</SUP><I><SUP>2</SUP></I></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Financing </B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Financing for these capital expenditures is expected to be provided by cash flow from operating activities, existing borrowing capacity, reinvested dividends under the Plan, and capital markets. &nbsp;The funds required for committed growth, sustaining capital, and productivity projects are not expected to be impacted by the current economic environment due to the highly contracted nature of our cash flows, our financial position, and the amount of capital available to us under existing committed credit facilities. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>-----------------</P>
<P style="margin:0px; padding-left:14.4px; text-indent:-14.4px; font-family:Arial; font-size:6.5pt" align=justify><I>(1) Represents amounts incurred as of Sept. 30, 2012. </I></P>
<P style="margin:0px; font-family:Arial; font-size:6.5pt" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px"><BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:7pt"><b>35</b>&nbsp;&nbsp;<FONT style="font-size:6pt">TRANSALTA CORPORATION / Q3 2012</FONT></P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify><B>FUTURE ACCOUNTING CHANGES</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>In June 2012, the International Accounting Standards Board (&#147;IASB&#148;) issued <I>Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance (Amendments to IFRS 10, IFRS 11 and IFRS 12)</I>. The amendments clarify the transition guidance in IFRS 10 and provide additional transition relief for all three standards by limiting the requirement to provide adjusted comparative information to only the preceding comparative period. The amendments are effective for annual periods beginning on or after Jan. 1, 2013. &nbsp;We will apply these amendments along with the adoption of <BR>
IFRS 10, 11 and 12 on Jan. 1, 2013.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>For a summary of additional new or amended accounting standards that have been previously issued by the IASB but are not yet effective and not yet applied please refer to the Future Accounting Changes section of our 2011 annual MD&amp;A.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>ADDITIONAL IFRS MEASURES</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>An additional IFRS measure is a line item, heading, or subtotal that is relevant to an understanding of the financial statements but is not a minimum line item mandated under IFRS, or the presentation of a financial measure that is relevant to an understanding of the financial statements but is not presented elsewhere in the financial statements. &nbsp;We have included line items entitled &#147;gross margin&#148; and &#147;operating income (loss)&#148; in our Condensed Consolidated Statements of Earnings for the three and nine months ended <BR>
Sept. 30, 2012 and 2011. &nbsp;Presenting these line items provides management and investors with a measurement of ongoing operating performance which is readily comparable from period to period.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>NON-IFRS MEASURES </B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>We evaluate our performance and the performance of our business segments using a variety of measures. &nbsp;Those discussed below, and elsewhere in this MD&amp;A, are not defined under IFRS and, therefore, should not be considered in isolation or as an alternative to or to be more meaningful than net earnings attributable to common shareholders or cash flow from operating activities, as determined in accordance with IFRS, when assessing our financial performance or liquidity. &nbsp;These measures are not necessarily comparable to a similarly titled measure of another company.</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="OLE_LINK7"></A><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Presenting earnings on a comparable basis, comparable gross margin, and comparable operating income from period to period provides management and investors with supplemental information to evaluate earnings trends in comparison with results from prior periods. &nbsp;In calculating these items, we exclude the impact related to certain hedges that are either de-designated or deemed ineffective for accounting purposes, as management believes that these transactions are not representative of our business operations. &nbsp;Had these hedges not been deemed ineffective for accounting purposes, the revenues associated with these contracts would have been recorded in net earnings in the period in which they settle. &nbsp;As these gains have already been recognized in earnings in current or prior periods, future reported earnings will be lower, however, the expected cash flows from these contracts will not change. &nbsp;In calculating comparable earnings measures we have also excluded, as applicable, the inventory writedown, as the recognition of the writedown is related to the hedges that were de-designated or deemed ineffective during prior quarters. &nbsp;The effect of the inventory impairment will be recognized in comparable earnings over the balance of the year as the inventory is consumed. &nbsp;We have also excluded certain impacts to revenue associated with Sundance Units 1 and 2, asset impairment charges, the writeoff of deferred income tax assets, the income tax expense related to changes in corporate income tax rates, the income tax recovery related to the resolution of certain tax matters, the gain on sale of facilities, the writeoff of Project Pioneer costs, the gain on sale of collateral, the writeoff of wind development costs, and the writedown of certain capital spares, as management believes these transactions are not representative of our business operations. Earnings on a comparable basis per share are calculated using the weighted average common shares outstanding during the period. &nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B><I>Net Earnings (Loss) on a Comparable Basis</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Net earnings (loss) on a comparable basis are reconciled to net earnings (loss) attributable to common shareholders below:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=65.067 /><TD width=43.733 /><TD width=47.733 /><TD width=129.067 /><TD width=15.733 /><TD width=72.733 /><TD width=68.333 /><TD width=79.2 /><TD width=79.2 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=43.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=47.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=129.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=141.067 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>3 months ended Sept. 30</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=158.4 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>9 months ended Sept. 30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=156.533 colspan=3><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=129.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2011</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2011</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=301.333 colspan=5><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Net earnings (loss) attributable to common <BR>
&nbsp;&nbsp;shareholders</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>56</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>50</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(652)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>266</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=301.333 colspan=5><P style="margin:0px; font-family:Arial; font-size:8pt">Impacts associated with certain de-designated and <BR>
&nbsp;&nbsp;ineffective hedges, net of tax</P>
</TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>39</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>7</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>38</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(80)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=301.333 colspan=5><P style="margin:0px; font-family:Arial; font-size:8pt">Asset impairment charges (reversal), net of tax</P>
</TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(31)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>4</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>329</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>11</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=285.6 colspan=4><P style="margin:0px; font-family:Arial; font-size:8pt">Inventory writedown, net of tax</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(18)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>3</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=285.6 colspan=4><P style="margin:0px; font-family:Arial; font-size:8pt">Sundance Units 1 and 2 arbitration, net of tax</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>5</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>189</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=285.6 colspan=4><P style="margin:0px; font-family:Arial; font-size:8pt">Income tax expense related to writeoff of deferred <BR>
&nbsp;&nbsp;income tax assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>169</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=285.6 colspan=4><P style="margin:0px; font-family:Arial; font-size:8pt">Income tax expense related to changes in corporate <BR>
&nbsp;&nbsp;income tax rates</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>8</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=285.6 colspan=4><P style="margin:0px; font-family:Arial; font-size:8pt">Income tax recovery related to the resolution of certain <BR>
&nbsp;&nbsp;tax matters</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(9)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=301.333 colspan=5><P style="margin:0px; font-family:Arial; font-size:8pt">Gain on sale of facilities, net of tax</P>
</TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(2)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(2)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=285.6 colspan=4><P style="margin:0px; font-family:Arial; font-size:8pt">Writeoff of Project Pioneer costs, net of tax</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>1</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=301.333 colspan=5><P style="margin:0px; font-family:Arial; font-size:8pt">Gain on sale of collateral, net of tax</P>
</TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(11)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(11)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=301.333 colspan=5><P style="margin:0px; font-family:Arial; font-size:8pt">Writeoff of wind development costs, net of tax</P>
</TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>3</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=301.333 colspan=5><P style="margin:0px; font-family:Arial; font-size:8pt">Writedown of capital spares, net of tax</P>
</TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>3</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=285.6 colspan=4><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Net earnings on a comparable basis</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>41</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>61</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>64</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>201</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=65.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=43.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=47.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=129.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=68.333><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=301.333 colspan=5><P style="margin:0px; font-family:Arial; font-size:8pt">Weighted average number of common shares <BR>
&nbsp;&nbsp;outstanding in the period</P>
</TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>234</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>223</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>229</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>222</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=285.6 colspan=4><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Net earnings on a comparable basis per share</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>0.18</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.27</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>0.28</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.91</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:6pt" align=justify>36&nbsp;
TRANSALTA CORPORATION / Q3 2012<FONT style="font-size:7pt"> &nbsp;&nbsp;</FONT></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify><B><I>Comparable Gross Margin </I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Comparable gross margin is calculated as follows: </P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=65.067 /><TD width=43.733 /><TD width=47.733 /><TD width=129.067 /><TD width=15.733 /><TD width=72.4 /><TD width=68.667 /><TD width=79.2 /><TD width=79.2 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=65.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=43.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=47.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=129.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=141.067 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>3 months ended Sept. 30</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=158.4 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>9 months ended Sept. 30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=156.533 colspan=3><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=129.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2011</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2011</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=108.8 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Gross margin<SUP>(1)</SUP></P>
</TD><TD style="margin-top:0px" valign=bottom width=47.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=129.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>330</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>371</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>1,055</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>1,307</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=285.6 colspan=4><P style="margin:0px; font-family:Arial; font-size:8pt">Impacts associated with certain de-designated and <BR>
&nbsp;&nbsp;ineffective hedges</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>60</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>9</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>58</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(125)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=301.333 colspan=5><P style="margin:0px; font-family:Arial; font-size:8pt">Impacts to revenue associated with Sundance <BR>
&nbsp;&nbsp;Units 1 and 2<SUP>(2)</SUP></P>
</TD><TD style="margin-top:0px" valign=bottom width=72.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(9)</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(20)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(32)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=301.333 colspan=5><P style="margin:0px; font-family:Arial; font-size:8pt">Inventory writedown</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(20)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(20)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=156.533 colspan=3><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Comparable gross margin</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=129.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=72.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>370</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=68.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>371</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>1,073</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>1,150</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; color:#FFFFFF" align=justify><B><I><SUP>1</SUP></I></B></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B><I>Comparable Operating Income</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>A reconciliation of comparable operating income is as follows:<B><I> </I></B></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=64.533 /><TD width=43.2 /><TD width=47.2 /><TD width=128.533 /><TD width=15.2 /><TD width=72.733 /><TD width=68.333 /><TD width=79.2 /><TD width=79.2 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=43.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=47.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=128.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=141.067 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>3 months ended Sept. 30</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=158.4 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>9 months ended Sept. 30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=154.933 colspan=3><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=128.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2011</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2011</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=154.933 colspan=3><P style="margin:0px; font-family:Arial; font-size:8pt">Operating income (loss)<SUP>(1)</SUP></P>
</TD><TD style="margin-top:0px" valign=bottom width=128.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>132</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>106</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(90)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>523</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=283.467 colspan=4><P style="margin:0px; font-family:Arial; font-size:8pt">Impacts associated with certain de-designated and <BR>
&nbsp;&nbsp;ineffective hedges</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>60</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>9</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>58</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(125)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=283.467 colspan=4><P style="margin:0px; font-family:Arial; font-size:8pt">Asset impairment charges (reversal)</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(41)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>5</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>324</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>14</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=298.667 colspan=5><P style="margin:0px; font-family:Arial; font-size:8pt">Inventory writedown</P>
</TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(28)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>5</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=298.667 colspan=5><P style="margin:0px; font-family:Arial; font-size:8pt">Writeoff of Project Pioneer costs</P>
</TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>3</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=298.667 colspan=5><P style="margin:0px; font-family:Arial; font-size:8pt">Writeoff of wind development costs</P>
</TD><TD style="margin-top:0px" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>5</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=298.667 colspan=5><P style="margin:0px; font-family:Arial; font-size:8pt">Writedown of capital spares</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>4</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=283.467 colspan=4><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Comparable operating income</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=15.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=72.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>125</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=68.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>120</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>300</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>421</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify><BR>-----------------------------------------</P>
<P style="margin:0px; padding-left:14.4px; text-indent:-14.4px; font-family:Arial; font-size:6.5pt" align=justify><I>(1) These items are Additional IFRS Measures. &nbsp;Refer to the Additional IFRS Measures section of this MD&amp;A for further discussion of this item. </I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:14.4px; text-indent:-14.4px; font-family:Arial; font-size:6.5pt" align=justify><I>(2) The results have been adjusted retroactively for the impact of Sundance Units 1 and 2. &nbsp;Comparative figures have also been adjusted in this table only to provide period over period comparability.</I></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px"><BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:7pt"><b>38</b> &nbsp;&nbsp;<FONT style="font-size:6pt">TRANSALTA CORPORATION / Q3 2012</FONT></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify><B><I>Comparable Earnings Before Interest, Taxes, Depreciation, and Amortization (&#147;EBITDA&#148;)</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Presenting comparable EBITDA from period to period provides management and investors with a proxy for the amount of cash generated from operating activities before net interest expense, non-controlling interests, income taxes, and working capital adjustments.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>A reconciliation of comparable EBITDA to operating income is as follows:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=65.067 /><TD width=43.733 /><TD width=47.733 /><TD width=129.067 /><TD width=15.733 /><TD width=72.4 /><TD width=68.667 /><TD width=79.2 /><TD width=79.2 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=65.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=43.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=47.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=129.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=141.067 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>3 months ended Sept. 30</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=158.4 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>9 months ended Sept. 30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=156.533 colspan=3><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=129.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2011</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2011</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=156.533 colspan=3><P style="margin:0px; font-family:Arial; font-size:8pt">Operating income (loss)<SUP>(1)</SUP></P>
</TD><TD style="margin-top:0px" valign=bottom width=129.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>132</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>106</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(90)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>523</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=285.6 colspan=4><P style="margin:0px; font-family:Arial; font-size:8pt">Asset impairment charges (reversal)</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(41)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>5</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>324</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>14</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=285.6 colspan=4><P style="margin:0px; font-family:Arial; font-size:8pt">Inventory writedown</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(28)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>5</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=285.6 colspan=4><P style="margin:0px; font-family:Arial; font-size:8pt">Depreciation and amortization per the Consolidated <BR>
&nbsp;&nbsp;Statements of Cash Flows<SUP>(2)</SUP></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>129</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>126</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>419</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>383</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=285.6 colspan=4><P style="margin:0px; font-family:Arial; font-size:8pt">Impacts associated with certain de-designated and <BR>
&nbsp;&nbsp;ineffective hedges</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>60</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>9</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>58</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(125)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=285.6 colspan=4><P style="margin:0px; font-family:Arial; font-size:8pt">Impacts to revenue associated with Sundance <BR>
&nbsp;&nbsp;Units 1 and 2<SUP>(3)</SUP></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(9)</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(20)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(32)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=301.333 colspan=5><P style="margin:0px; font-family:Arial; font-size:8pt">Writeoff of Project Pioneer costs</P>
</TD><TD style="margin-top:0px" valign=bottom width=72.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>3</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=301.333 colspan=5><P style="margin:0px; font-family:Arial; font-size:8pt">Writeoff of wind development costs</P>
</TD><TD style="margin-top:0px" valign=bottom width=72.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>5</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=301.333 colspan=5><P style="margin:0px; font-family:Arial; font-size:8pt">Writedown of capital spares</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>4</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=156.533 colspan=3><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Comparable EBITDA</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=129.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=72.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>254</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=68.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>237</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>699</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=79.2><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>772</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; color:#FFFFFF" align=justify><SUP>1</SUP></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B><I>Funds From Operations and Funds From Operations per Share</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Presenting funds from operations and funds from operations per share from period to period provides management and investors with a proxy for the amount of cash generated from operating activities, before changes in working capital, and provides the ability to evaluate cash flow trends more readily in comparison with results from prior periods. &nbsp;Funds from operations per share is calculated as follows using the weighted average number of common shares outstanding during the period:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=65.067 /><TD width=43.733 /><TD width=47.733 /><TD width=129.067 /><TD width=15.733 /><TD width=72.533 /><TD width=68.533 /><TD width=79.067 /><TD width=79.333 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=43.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=47.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=129.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=141.067 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>3 months ended Sept. 30</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=158.4 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>9 months ended Sept. 30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=156.533 colspan=3><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=129.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2011</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2011</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=285.6 colspan=4><P style="margin:0px; font-family:Arial; font-size:8pt">Cash flow from operating activites</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>14</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>212</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>275</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>503</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=285.6 colspan=4><P style="margin:0px; font-family:Arial; font-size:8pt">Impacts to working capital associated with Sundance <BR>
&nbsp;&nbsp;Units 1 and 2 arbitration</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>204</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=285.6 colspan=4><P style="margin:0px; font-family:Arial; font-size:8pt">Change in non-cash operating working capital balances</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>218</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=68.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(44)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>92</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>117</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=156.533 colspan=3><P style="margin:0px; font-family:Arial; font-size:8pt">Funds from operations</P>
</TD><TD style="margin-top:0px" valign=bottom width=129.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>232</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>168</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>571</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>620</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=285.6 colspan=4><P style="margin:0px; font-family:Arial; font-size:8pt">Weighted average number of common shares <BR>
&nbsp;&nbsp;outstanding in the period</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>234</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=68.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>223</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>229</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>222</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=285.6 colspan=4><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Funds from operations per share</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=72.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>0.99</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=68.533><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.75</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=79.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2.49</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=79.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2.79</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>--------------------------------</P>
<P style="margin:0px; padding-left:14.4px; text-indent:-14.4px; font-family:Arial; font-size:6.5pt" align=justify><I>(1) These items are Additional IFRS Measures. &nbsp;Refer to the Additional IFRS Measures section of this MD&amp;A for further discussion of this item. </I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:14.4px; text-indent:-14.4px; font-family:Arial; font-size:6.5pt" align=justify><I>(2) To calculate comparable EBITDA, we use depreciation and amortization per the Condensed Consolidated Statements of Cash Flows in order to account for depreciation related to mine assets, which is included in fuel and purchased power on the Condensed Consolidated Statements of Earnings.</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:14.4px; text-indent:-14.4px; font-family:Arial; font-size:6.5pt" align=justify><I>(3) The results have been adjusted retroactively for the impact of Sundance Units 1 and 2. &nbsp;Comparative figures have also been adjusted in this table only to provide period over period comparability.</I></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:6pt" align=justify>39&nbsp;
TRANSALTA CORPORATION / Q3 2012<FONT style="font-size:7pt"> &nbsp;</FONT></P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify><B><I>Free Cash Flow (Deficiency)</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Free cash flow (deficiency) represents the amount of cash generated from operations by our business, before changes in working capital, that is available to invest in growth initiatives, make scheduled principal repayments of debt, pay additional common share dividends, or repurchase common shares. &nbsp;Changes in working capital are excluded so as to not distort free cash flow (deficiency) with changes that we consider temporary in nature, reflecting, among other things, the impact of seasonal factors and the timing of capital projects. &nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Sustaining capital and productivity expenditures for the three months ended Sept. 30, 2012 represents total additions to property, plant, and equipment and intangibles per the Condensed Consolidated Statements of Cash Flows less $62 million that we have invested in projects and growth. &nbsp;For the same period in 2011, we invested $20 million ($19 million net of joint venture contributions) in projects and growth. &nbsp;For the nine months ended Sept. 30, 2012 and 2011, we invested $144 million and $88 million ($87 million net of joint venture contributions), respectively, in projects and growth.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>The reconciliation between cash flow from operating activities and free cash flow (deficiency) is outlined below:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=303.733 /><TD width=71.667 /><TD width=69.4 /><TD width=75.333 /><TD width=79.067 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=303.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=141.067 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>3 months ended Sept. 30</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=154.4 colspan=2><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>9 months ended Sept. 30</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=303.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=71.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=69.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2011</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=75.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2011</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=303.733><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Cash flow from operating activities</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=71.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>14</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=69.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>212</P>
</TD><TD style="margin-top:0px" valign=bottom width=75.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>275</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>503</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=303.733><P style="margin:0px; font-family:Arial; font-size:8pt">Add (deduct):</P>
</TD><TD style="margin-top:0px" valign=bottom width=71.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=69.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.333><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=303.733><P style="margin:0px; text-indent:10.667px; font-family:Arial; font-size:8pt">Impacts to working capital associated with Sundance<BR>
 &nbsp;Units 1 and 2 arbitration</P>
</TD><TD style="margin-top:0px" valign=bottom width=71.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=69.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=75.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>204</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=303.733><P style="margin:0px; text-indent:10.667px; font-family:Arial; font-size:8pt">Changes in non-cash operating working capital</P>
</TD><TD style="margin-top:0px" valign=bottom width=71.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>218</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=69.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(44)</P>
</TD><TD style="margin-top:0px" valign=bottom width=75.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>92</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>117</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=303.733><P style="margin:0px; text-indent:10.667px; font-family:Arial; font-size:8pt">Sustaining capital and productivity expenditures</P>
</TD><TD style="margin-top:0px" valign=bottom width=71.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(120)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=69.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(112)</P>
</TD><TD style="margin-top:0px" valign=bottom width=75.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(368)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(246)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=303.733><P style="margin:0px; text-indent:10.667px; font-family:Arial; font-size:8pt">Dividends paid on common shares<SUP>(1)</SUP></P>
</TD><TD style="margin-top:0px" valign=bottom width=71.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(18)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=69.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(48)</P>
</TD><TD style="margin-top:0px" valign=bottom width=75.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(86)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(143)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=303.733><P style="margin:0px; text-indent:10.667px; font-family:Arial; font-size:8pt">Dividends paid on preferred shares</P>
</TD><TD style="margin-top:0px" valign=bottom width=71.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(7)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=69.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(4)</P>
</TD><TD style="margin-top:0px" valign=bottom width=75.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(21)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(11)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=303.733><P style="margin:0px; text-indent:10.667px; font-family:Arial; font-size:8pt">Distributions paid to subsidiaries' non-controlling interests</P>
</TD><TD style="margin-top:0px" valign=bottom width=71.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(9)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=69.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(9)</P>
</TD><TD style="margin-top:0px" valign=bottom width=75.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(42)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(44)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=303.733><P style="margin:0px; font-family:Arial; font-size:8pt"><B>Free cash flow (deficiency)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=71.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>78</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=69.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(5)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=75.333><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>54</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=79.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>176</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; color:#FFFFFF" align=justify><SUP>1</SUP></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>We seek to maintain sufficient cash balances and committed credit facilities to fund periodic net cash outflows related to our business.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>----------------------</P>
<P style="margin:0px; padding-left:14.4px; text-indent:-14.4px; font-family:Arial; font-size:6.5pt" align=justify><I>(1) Net of dividends reinvested under the Plan.</I></P>
<P style="margin-top:0px; margin-bottom:5px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px"><BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:7pt"><b>40</b> &nbsp;&nbsp;<FONT style="font-size:6pt">TRANSALTA CORPORATION / Q3 2012</FONT></P>
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<P style="margin-top:0px; margin-bottom:5px; font-family:Arial,Times New Roman; font-size:7.5pt; page-break-before:always" align=justify>&nbsp;</P>
<P style="margin-top:0px; margin-bottom:5px; font-family:Arial,Times New Roman; font-size:7.5pt; page-break-before:always" align=justify>&nbsp;</P>
<P style="margin-top:0px; margin-bottom:5px; font-family:Arial,Times New Roman; font-size:7.5pt; page-break-before:always" align=justify>&nbsp;</P>
<P style="margin-top:0px; margin-bottom:5px; font-family:Arial,Times New Roman; font-size:7.5pt; page-break-before:always" align=justify><B>SELECTED QUARTERLY INFORMATION</B></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=34.4 /><TD width=221.067 /><TD width=33.067 /><TD width=62.4 /><TD width=55.733 /><TD width=65.067 /><TD width=63.733 /><TD width=66.4 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=34.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=221.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=33.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=62.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=55.733><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right>Q4 2011</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.067><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right>Q1 2012</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=63.733><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right>Q2 2012</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=66.4><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Q3 2012</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000" valign=bottom width=34.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000" valign=bottom width=221.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000" valign=bottom width=33.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000" valign=bottom width=62.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000" valign=bottom width=55.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000" valign=bottom width=65.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000" valign=bottom width=63.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=66.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=255.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Revenue</P>
</TD><TD style="margin-top:0px" valign=bottom width=33.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=55.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>701</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>656</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>407</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>538</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=288.533 colspan=3><P style="margin:0px; font-family:Arial; font-size:8pt">Net earnings (loss) attributable to common shareholders</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=55.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>24</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>89</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(797)</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>56</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=350.933 colspan=4><P style="margin:0px; font-family:Arial; font-size:8pt">Net earnings (loss) per share attributable to common shareholders, <BR>
&nbsp;&nbsp;&nbsp;basic and diluted</P>
</TD><TD style="margin-top:0px" valign=bottom width=55.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.11</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.40</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(3.51)</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>0.24</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=255.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Comparable earnings (loss) per share</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=33.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=62.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=55.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.13</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.20</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>(0.10)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=66.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>0.18</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=34.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=221.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=33.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=55.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=65.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=63.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=66.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=34.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=221.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=33.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=62.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=55.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Q4 2010</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Q1 2011</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Q2 2011</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=66.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Q3 2011</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000" valign=bottom width=34.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000" valign=bottom width=221.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000" valign=bottom width=33.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000" valign=bottom width=62.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000" valign=bottom width=55.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000" valign=bottom width=65.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000" valign=bottom width=63.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000" valign=bottom width=66.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=255.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Revenue</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=33.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=62.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=55.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>779</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>818</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>515</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>629</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=255.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Net earnings attributable to common shareholders</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=33.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=62.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=55.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>92</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>204</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>12</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>50</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=350.933 colspan=4><P style="margin:0px; font-family:Arial; font-size:8pt">Net earnings per share attributable to common shareholders, <BR>
&nbsp;&nbsp;&nbsp;basic and diluted</P>
</TD><TD style="margin-top:0px" valign=bottom width=55.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.42</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.92</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.05</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.22</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=255.467 colspan=2><P style="margin:0px; font-family:Arial; font-size:8pt">Comparable earnings per share</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=33.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=62.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=55.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.36</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=65.067><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.34</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=63.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.29</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=66.4><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.27</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>Basic and diluted earnings per share attributable to common shareholders and comparable earnings per share are calculated each period using the weighted average common shares outstanding during the period. &nbsp;As a result, the sum of the earnings per share for the four quarters making up the calendar year may sometimes differ from the annual earnings per share.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>DISCLOSURE CONTROLS AND PROCEDURES</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>As required by Rule 13a-15 under the <I>Securities Exchange Act of 1934</I> (&#147;Exchange Act&#148;), management has evaluated, with the participation of our Chief Executive Officer and Chief Financial Officer, the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. &nbsp;Disclosure controls and procedures refer to controls and other procedures designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act are recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission. &nbsp;Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in our reports that we file or submit under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding our required disclosure. &nbsp;In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating and implementing possible controls and procedures. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify>There has been no change in the internal control over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. &nbsp;Based on the foregoing evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of Sept. 30, 2012, the end of the period covered by this report, our disclosure controls and procedures were effective at a reasonable assurance level. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify><B>FORWARD LOOKING STATEMENTS</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>This MD&amp;A, the documents incorporated herein by reference, and other reports and filings made with the securities regulatory authorities, include forward looking statements. &nbsp;All forward looking statements are based on our beliefs as well as assumptions based on information available at the time the assumption was made and on management&#146;s experience and perception of historical trends, current conditions and expected further developments, and other factors deemed appropriate in the circumstances. &nbsp;Forward looking statements are not facts, but only predictions and generally can be identified by the use of statements that include phrases such as &#147;may&#148;, &#147;will&#148;, &#147;believe&#148;, &#147;expect&#148;, &#147;anticipate&#148;, &#147;intend&#148;, &#147;plan&#148;, &#147;foresee&#148;, &#147;potential&#148;, &#147;enable&#148;, &#147;continue&#148; or other comparable terminology. &nbsp;These statements are not guarantees of our future performance and are subject to risks, uncertainties and other important factors that could cause our actual performance to be materially different from that projected.</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify><font style="font-size: 6pt">41</font> &nbsp;&nbsp;<FONT style="font-size:6pt">TRANSALTA CORPORATION / Q3 2012</FONT></P>
<hr>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>In particular, this MD&amp;A contains forward looking statements pertaining to the following: expectations relating to the timing of the completion and commissioning of projects under development, including uprates and major projects, and their attendant costs; our estimated spend on growth and sustaining capital and productivity projects; expectations in terms of the cost of operations, capital spend, and maintenance, and the variability of those costs; the impact of certain hedges on future reported earnings and cash flows; expectations related to future earnings and cash flow from operating and contracting activities; estimates of fuel supply and demand conditions and the costs of procuring fuel; expectations for demand for electricity in both the short-term and long-term, and the resulting impact on electricity prices; expected impacts of load growth and natural gas costs on power prices; expectations in respect of generation availability, capacity, and production; expected financing of our capital expenditures; expected governmental regulatory regimes and legislation and their expected impact on us, as well as the cost of complying with resulting regulations and laws; our trading strategy and the risks involved in these strategies; estimates of future tax rates, future tax expense, and the adequacy of tax provisions; accounting estimates; expectations for the outcome of existing or potential contractual claims; the estimated impact of changes in interest rates and the value of the Canadian dollar relative to the U.S. dollar; the monitoring of our exposure to liquidity risk; expectations in respect to the global economic environment; our credit practices; and the estimated contribution of Energy Trading activities to gross margin.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>Factors that may adversely impact our forward looking statements include risks relating to: fluctuations in market prices and availability of fuel supplies required to generate electricity and in the price of electricity; the regulatory and political environments in the jurisdictions in which we operate; environmental requirements and changes in, or liabilities under, these requirements; changes in general economic conditions including interest rates; operational risks involving our facilities, including unplanned outages at such facilities; disruptions in the transmission and distribution of electricity; effects of weather; disruptions in the source of fuels, water, or wind required to operate our facilities; natural disasters; the threat of domestic terrorism and cyber-attacks; equipment failure; energy trading risks; industry risk and competition; fluctuations in the value of foreign currencies and foreign political risks;&nbsp;the need for additional financing; structural subordination of securities; counterparty credit risk; insurance coverage; our provision for income taxes; legal and contractual proceedings involving the Corporation; reliance on key personnel;&nbsp;labour relations matters; and&nbsp;development projects and acquisitions. &nbsp;The foregoing risk factors, among others, are described in further detail in the Risk Management section of our 2011 Annual MD&amp;A and under the heading &#147;Risk Factors&#148; in our 2012 Annual Information Form.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>Readers are urged to consider these factors carefully in evaluating the forward looking statements and are cautioned not to place undue reliance on these forward looking statements. &nbsp;The forward looking statements included in this document are made only as of the date hereof and we do not undertake to publicly update these forward looking statements to reflect new information, future events or otherwise, except as required by applicable laws. &nbsp;In light of these risks, uncertainties, and assumptions, the forward looking events might occur to a different extent or at a different time than we have described, or might not occur. &nbsp;We cannot assure that projected results or events will be achieved.</P>
<P style="line-height:18pt; margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial; font-size:6pt" align=justify>42&nbsp;
TRANSALTA CORPORATION / Q3 2012</P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always">&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always">&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always"><B>SUPPLEMENTAL INFORMATION</B></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=371.733 /><TD width=39.733 /><TD width=14.8 /><TD width=97.133 /><TD width=99.667 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=371.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=97.133><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Sept. 30, 2012</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=99.667><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=right>Dec. 31, 2011</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=371.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=371.733><P style="margin:0px; font-family:Arial; font-size:8pt">Closing market price (TSX) ($)</P>
</TD><TD style="margin-top:0px" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>15.05</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>21.02</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=371.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=371.733><P style="margin:0px; font-family:Arial; font-size:8pt">Price range for the last 12 months (TSX) ($)</P>
</TD><TD style="margin-top:0px" valign=bottom width=39.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>High</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>21.37</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>23.24</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=371.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=371.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=39.733><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>Low</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>14.11</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>19.45</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=371.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=371.733><P style="margin:0px; font-family:Arial; font-size:8pt">Debt to invested capital (%)</P>
</TD><TD style="margin-top:0px" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>55.3</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>52.4</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=371.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=371.733><P style="margin:0px; font-family:Arial; font-size:8pt">Debt to invested capital excluding non-recourse debt (%)</P>
</TD><TD style="margin-top:0px" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>52.9</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>49.9</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=371.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=371.733><P style="margin:0px; font-family:Arial; font-size:8pt">Return on equity attributable to common shareholders (%)</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(24.2)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>10.6</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=371.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=371.733><P style="margin:0px; font-family:Arial; font-size:8pt">Comparable return on equity attributable to common shareholders<SUP>(1), (2)</SUP> (%)</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>3.6</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>8.4</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=371.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=371.733><P style="margin:0px; font-family:Arial; font-size:8pt">Return on capital employed<SUP>(1) </SUP>(%)</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(3.3)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>8.3</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=371.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=371.733><P style="margin:0px; font-family:Arial; font-size:8pt">Comparable return on capital employed<SUP>(1), (2) </SUP>(%)</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>2.0</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>7.0</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=371.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=371.733><P style="margin:0px; font-family:Arial; font-size:8pt">Cash dividends per share<SUP>(1)</SUP> ($)</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>1.16</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>1.16</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=371.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=371.733><P style="margin:0px; font-family:Arial; font-size:8pt">Price/comparable earnings ratio<SUP>(1)</SUP> (times)</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>36.7</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>20.2</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=371.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=371.733><P style="margin:0px; font-family:Arial; font-size:8pt">Earnings coverage<SUP>(1)</SUP> (times)</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(1.2)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>2.7</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=371.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=371.733><P style="margin:0px; font-family:Arial; font-size:8pt">Dividend payout ratio based on net earnings<SUP>(1)</SUP> (%)</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>(41.7)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>66.9</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=371.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=371.733><P style="margin:0px; font-family:Arial; font-size:8pt">Dividend payout ratio based on comparable earnings<SUP>(1), (2) </SUP>(%)</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>281.7</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>84.3</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=371.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=371.733><P style="margin:0px; font-family:Arial; font-size:8pt">Dividend payout ratio based on funds from operations<SUP>(1), (2), (3) </SUP>(%)</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>34.5</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>24.0</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=371.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=371.733><P style="margin:0px; font-family:Arial; font-size:8pt">Dividend yield<SUP>(1)</SUP> (%)</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>7.7</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>5.5</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=371.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=371.733><P style="margin:0px; font-family:Arial; font-size:8pt">Cash flow to debt<SUP>(1), (3)</SUP> (%)</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>18.3</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>20.2</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=371.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.133><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=99.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=371.733><P style="margin:0px; font-family:Arial; font-size:8pt">Cash flow to interest coverage<SUP>(1), (3)</SUP> (times)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=39.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=97.133><P style="margin:0px; font-family:Arial; font-size:8pt" align=right><B>4.3</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=99.667><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>4.4</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:6.5pt"><I>&nbsp;(1) &nbsp;&nbsp;&nbsp;Last 12 months</I></P>
<P style="margin:0px; padding-left:14.4px; text-indent:-14.4px; font-family:Arial,Times New Roman; font-size:6.5pt" align=justify><I>(2) These ratios incorporate items that are not defined under IFRS. &nbsp;None of these measurements should be used in isolation or as a substitute for the Corporation&#146;s reported financial performance or position as presented in accordance with IFRS. &nbsp;These ratios are useful complementary measurements for assessing the Corporation&#146;s financial performance, efficiency, and liquidity and are common in the reports of other companies but may differ by definition and application. &nbsp;For a reconciliation of the Non-IFRS measures used in this calculation, refer to the Non-IFRS Measures section of this MD&amp;A.</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:14.4px; text-indent:-14.4px; font-family:Arial,Times New Roman; font-size:6.5pt" align=justify><I>(3) These ratios have been adjusted for the impact of the Sundance Units 1 and 2 arbitration.</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>RATIO FORMULAS</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Debt to invested capital</B> = (long-term debt including current portion - cash and cash equivalents) / (long-term debt including current portion + non-controlling interests + equity attributable to shareholders - cash and cash equivalents)</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Return on equity attributable to common shareholders</B> = net earnings attributable to common shareholders or earnings on a comparable basis / average equity attributable to common shareholders excluding AOCI</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Return on capital employed</B> = (earnings before non-controlling interests and income taxes + net interest expense or comparable earnings before non-controlling interests and income taxes + net interest expense) / average invested capital excluding AOCI</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Price/comparable earnings ratio</B> = current period&#146;s closing market price / comparable earnings per share</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Earnings coverage </B>= (net earnings attributable to common shareholders+ income taxes + net interest expense) / (interest on debt - interest income)</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Dividend payout ratio</B> = common share dividends / net earnings attributable to common shareholders or earnings on a comparable basis or funds from operations</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Dividend yield </B>= dividend per common share / current period&#146;s closing market price</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Cash flow to debt</B> = cash flow from operating activities before changes in working capital / average total debt &#150; average cash and cash equivalents</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Cash flow to interest coverage </B>= (cash flow from operating activities before changes in working capital + interest on debt - interest income - capitalized interest) / (interest on debt - interest income)</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px"><BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:7pt"><b>43</b>
&nbsp;&nbsp;<FONT style="font-size:6pt">TRANSALTA CORPORATION / Q3 2012</FONT></P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt; page-break-before:always" align=justify><B>GLOSSARY OF KEY TERMS</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Alberta Power Purchase Arrangement (PPA) -</B> A long-term arrangement established by regulation for the sale of electric energy from formerly regulated generating units to PPA Buyers.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Availability </B>- A measure of the time, expressed as a percentage of continuous operation 24 hours a day, 365 days a year, that a generating unit is capable of generating electricity, regardless of whether or not it is actually generating electricity.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Boiler </B>- A device for generating steam for power, processing or heating purposes, or for producing hot water for heating purposes or hot water supply. &nbsp;Heat from an external combustion source is transmitted to a fluid contained within the tubes of the boiler shell.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>British thermal unit (Btu)</B> - A measure of energy. &nbsp;The amount of energy required to raise the temperature of one pound of water one degree Fahrenheit, when the water is near 39.2 degrees Fahrenheit.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Capacity</B> - The rated continuous load-carrying ability, expressed in megawatts, of generation equipment.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Derate </B>- To lower the rated electrical capability of a power generating facility or unit.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Flue Gas Desulphurization Unit (Scrubber) </B>- Equipment used to remove sulphur oxides from the combustion gases of a boiler plant before discharge to the atmosphere. &nbsp;Chemicals, such as lime, are used as the scrubbing media.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Force Majeure</B> - Literally means &#147;major force&#148;. &nbsp;These clauses excuse a party from liability if some unforeseen event beyond the control of that party prevents it from performing its obligations under the contract.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Geothermal Plant</B> - A plant in which the prime mover is a steam turbine. &nbsp;The turbine is driven either by steam produced from hot water or by natural steam that derives its energy from heat found in rocks or fluids at various depths beneath the surface of the earth. &nbsp;The energy is extracted by drilling and/or pumping.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Gigajoule (GJ) - </B>A metric unit of energy commonly used in the energy industry. &nbsp;One GJ equals 947,817 Btu.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Gigawatt</B> - A measure of electric power equal to 1,000 megawatts.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Gigawatt hour (GWh)</B> - A measure of electricity consumption equivalent to the use of 1,000 megawatts of power over a period of one hour.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Greenhouse Gas (GHG) </B>&#150; Gases having potential to retain heat in the atmosphere, including water vapour, carbon dioxide, methane, nitrous oxide, hydrofluorocarbons, and perfluorocarbons.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Heat rate</B> - A measure of conversion, expressed as Btu/MWh, of the amount of thermal energy required to generate electrical energy.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Megawatt (MW)</B> - A measure of electric power equal to 1,000,000 watts.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Megawatt hour (MWh)</B> - A measure of electricity consumption equivalent to the use of 1,000,000 watts of power over a period of one hour.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Net Maximum Capacity</B> - The maximum capacity or effective rating, modified for ambient limitations, that a generating unit or power plant can sustain over a specific period, less the capacity used to supply the demand of station service or auxiliary needs.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Renewable Plant</B> - Power generated from renewable terrestrial mechanisms including wind, geothermal, solar, and biomass with regeneration.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Spark Spread -</B> A measure of gross margin per MW (sales price less cost of natural gas).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Supercritical Technology</B> - The most advanced coal-combustion technology in Canada, employing a supercritical boiler, <BR>
high-efficiency multi-stage turbine, flue gas desulphurization unit (scrubber), bag house, and low nitrogen oxide burners.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Turbine </B>- A machine for generating rotary mechanical power from the energy of a stream of fluid (such as water, steam, or hot gas). &nbsp;Turbines convert kinetic energy of fluids to mechanical energy through the principles of impulse and reaction or a mixture of the two.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Unplanned Outage</B> - The shut down of a generating unit due to an unanticipated breakdown.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Uprate</B> - To increase the rated electrical capability of a power generating facility or unit.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt" align=justify><B>Value at Risk (VaR)</B> - A measure to manage earnings exposure from energy trading activities.</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial,Times New Roman; font-size:6pt" align=justify>44&nbsp;
TRANSALTA CORPORATION / Q3 2012<FONT style="font-size:7pt"> &nbsp;&nbsp;</FONT></P>
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<P style="margin:0px; page-break-before:always" align=justify><img src="mda004.gif" alt="[mda004.gif]" align=top height=40 width=150.467></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify><B>TransAlta Corporation</B></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>Box 1900, Station &#147;M&#148;</P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>110 - 12th Avenue S.W.</P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>Calgary, Alberta Canada T2P 2M1</P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify><B>Phone</B> </P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>403.267.7110</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify><B>Website</B></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>www.transalta.com</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify><B>CIBC Mellon Trust Company</B></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>P.O. Box 7010 Adelaide Street Station</P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>Toronto, Ontario Canada M5C 2W9</P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify><B>Phone</B> </P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>Toll-free in North America: 1.800.387.0825</P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>Toronto or outside North America: 416.643.5500 </P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify><B>Fax </B></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>416.643.5501</P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify><B>Website </B></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>www.cibcmellon.com</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify><B>FOR MORE INFORMATION</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify><B>Media and Investor Inquiries</B></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>Jess Nieukerk</P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>Director, Investor Relations </P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify><B>Phone</B></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>1.800.387.3598 in Canada and United States</P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>or 403.267.2520</P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify><B>Fax</B></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>403.267.2590</P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify><B>E-mail</B></P>
<P style="margin:0px; font-family:Arial; font-size:8pt" align=justify>investor_relations@transalta.com</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:18pt; margin:0px"><BR></P>
<P style="line-height:18pt; margin:0px; font-family:Arial; font-size:7pt"><b>45</b>
&nbsp;&nbsp;<FONT style="font-size:6pt">TRANSALTA CORPORATION / Q3 2012</FONT></P>
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<FILENAME>newsrelease.htm
<DESCRIPTION>PRESS RELEASE DATED OCTOBER 26, 2012.
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<TITLE>MD Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
<META NAME="author" CONTENT="mardell">
<META NAME="date" CONTENT="10/25/2012">
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<P style="margin:0px; text-indent:336px; font-size:11pt">&nbsp;&nbsp;</P>
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<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:14pt"><B>TransAlta reports third quarter results and announces strategic partnership with MidAmerican</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-right:22px; font-size:11pt">CALGARY, Alberta (October 26, 2012) &#150; TransAlta Corporation (TransAlta) (TSX: TA; NYSE: TAC) today reported third quarter 2012 comparable earnings<SUP>(1)</SUP> of $41 million ($0.18 per share) versus comparable earnings of $61 million ($0.27 per share) for the same period in 2011. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-right:22px; font-size:11pt">Comparable results for the quarter were primarily driven by strong availability across the fleet as generation gross margins increased by $51 million compared to the same period last year. Lower operations, maintenance and administrative costs also benefited the quarter. These gains were partially offset by higher planned major maintenance and a loss in Energy Trading. Lower prices in the Alberta and Pacific Northwest markets were also a factor. </P>
<P style="margin:0px"><BR></P>
<ul>
  <li>
    <p style="margin:0px; padding-left:48px; padding-right:22px; text-indent:-2px; font-size:11pt">Comparable EBITDA<SUP>(1, 2)</SUP> for third quarter 2012 was $254 million compared to $237 million in the third quarter of 2011<BR></li>
  <li>
    <p style="margin:0px; padding-left:48px; padding-right:22px; text-indent:-2px; font-size:11pt">Funds from operations<SUP>(1, 2)</SUP> (FFO) for third quarter of 2012 were $232 million compared to $168 million in the third quarter of 2011<BR></li>
  <li>
    <p style="margin:0px; padding-left:48px; padding-right:22px; text-indent:-2px; font-size:11pt">Net earnings attributable to common shareholders for the quarter were $56 million ($0.24 per share) compared to net earnings of $50 million ($0.22 per share) in the third quarter of 2011</li>
</ul>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt"><B>Consistent strength in Generation performance; on track to achieve full year fleet availability of 89-90 per cent</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-right:22px; font-size:11pt">&#147;Investments in our fleet are providing us with strong availability and performance,&#148; said Dawn Farrell, TransAlta President and CEO. &#147;The majority of our major maintenance has been completed for the year and we are set up to maintain this consistent performance over the long term.&#148;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-right:22px; font-size:11pt">Fleet availability remained strong for third quarter 2012 increasing to 90.9 per cent compared to 83.9 per cent over the same period last year. &nbsp;TransAlta has now completed five of six major maintenance outages as planned on its coal units and remains on track to deliver on its fleet availability goal of 89 &#150; 90 per cent for the full year.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-right:22px; font-size:11pt"><B>TransAlta continues to generate strong cash flows and has ample liquidity</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-right:22px; font-size:11pt">For the full year, TransAlta continues to target FFO at the low end of its previously stated range of $800 - $900 million excluding the one-time net penalty associated with the Sundance units 1 &amp; 2 arbitration decision. FFO at these levels, combined with available liquidity and the contribution from TransAlta&#146;s dividend reinvestment plan, currently at an approximate 70 per cent participation level, are more than sufficient to cover its dividend and sustaining capital program in 2012.<BR>
</P>
<P style="margin:0px; padding-right:22px; font-size:9pt"><I>(1)Comparable earnings (loss), comparable earnings (loss) per share, comparable EBITDA, and funds from operations, are not defined under International Financial Reporting Standards (&quot;IFRS&quot;). Presenting these measures from period to period provides supplemental information to help management and shareholders evaluate earnings</I>
<I>trends in comparison with prior periods' results. Refer to the Non-IFRS Measures section of the Management's</I>
<I>Discussion and Analysis (&quot;MD&amp;A&quot;) for further discussion of these items, including, where applicable, reconciliations</I></P>
<P style="margin:0px; padding-right:22px; font-size:9pt"><I>to net earnings (loss) attributable to common shareholders, operating income (loss), and cash flow from operating activities.</I></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px; padding-right:6px; font-size:9pt"><I>(2) Comparable EBITDA and funds from operations are key supplemental performance measures for TransAlta which provide additional information regarding the company&#146;s ability to cover its capital requirements and dividends as well as strengthen its balance sheet and finance growth.</I></P>
<P style="margin:0px" align=center><BR></P>
<hr>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-right:6px; font-size:11pt"><B>Strategic partnership </B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-right:22px; font-size:11pt">TransAlta and MidAmerican Energy Holdings Company (MidAmerican) announced today the creation of a new strategic partnership through which the two companies will work together to develop, build and operate new natural gas-fired electricity generation projects in Canada. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-right:22px; font-size:11pt">This partnership builds on an existing successful relationship. The extensive power development and operating experience of both companies, combined with TransAlta&#146;s deep knowledge of the Canadian markets and MidAmerican&#146;s financial strength, is expected to accelerate gas-fired power development for both partners.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-right:22px; font-size:11pt">&#147;The creation of this partnership is a new and exciting development in our growth strategy and better positions the two companies to pursue significant growth opportunities in Canada,&#148; said Dawn Farrell, TransAlta president and CEO. &#147;Studies are showing that more than $200 billion worth of new investment in power generation is needed in Canada over the next 20 years. MidAmerican is a strong partner to enable us to capture a sizeable share of that market opportunity, and this project will build off our already existing business relationship, which dates back to 2001.&#148;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-right:22px; font-size:11pt">The agreement encompasses all new natural gas-fueled generation opportunities considered by either TransAlta or MidAmerican in Canada, including TransAlta&#146;s proposed Sundance 7 project, an up to 800-megawatt project based in Alberta, Canada. All development and construction or acquisition of approved projects will be funded on a 50-50 basis, and TransAlta will be responsible for construction management, operation and maintenance of projects that proceed.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-right:6px; font-size:11pt"><B>Highlights - TransAlta third quarter 2012 </B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-right:6px; font-size:11pt"><B>Financial</B></P>
<ul>
  <li>
    <p style="margin:0px; padding-left:39.333px; padding-right:6px; text-indent:-11.333px; font-family:Symbol; font-size:11pt"><FONT style="font-family:Times New Roman"> Funds from operations of &nbsp;$232 million or $0.99 per share</FONT><BR></li>
  <li>
    <p style="margin:0px; padding-left:39.333px; padding-right:6px; text-indent:-11.333px; font-family:Symbol; font-size:11pt"><FONT style="font-family:Times New Roman"> Comparable earnings of &nbsp;$41 million or $0.18 per share</FONT><BR></li>
  <li>
    <p style="margin:0px; padding-left:39.333px; padding-right:6px; text-indent:-11.333px; font-family:Symbol; font-size:11pt"><FONT style="font-family:Times New Roman"> Dividends paid of $0.29 per share to common shareholders </FONT><BR></li>
  <li>
    <p style="margin:0px; padding-left:39.333px; padding-right:6px; text-indent:-11.333px; font-family:Symbol; font-size:11pt"><FONT style="font-family:Times New Roman"> Approximately 70 per cent participation in our dividend reinvestment plan, resulting in an estimated annualized cash savings of approximately $200 million</FONT></li>
</ul>
<P style="margin:0px; padding-right:6px; font-size:11pt"><B>Operating</B></P>
<P style="margin:0px">&nbsp;</P>
<ul>
  <li>
    <p style="margin:0px; padding-left:39.333px; padding-right:6px; text-indent:-11.333px; font-family:Symbol; font-size:11pt"><FONT style="font-family:Times New Roman"><U> Coal: </U></FONT><FONT style="font-family:Times New Roman">Comparable gross margins from TransAlta&#146;s coal fleet increased $23 million quarter over quarter despite higher planned outages at Alberta Coal</FONT><BR></li>
  <li>
    <p style="margin:0px; padding-left:39.333px; padding-right:6px; text-indent:-11.333px; font-family:Symbol; font-size:11pt"><FONT style="font-family:Times New Roman"><U> Gas</U></FONT><FONT style="font-family:Times New Roman">: Comparable gross margins from TransAlta&#146;s gas fleet increased $13 million quarter over quarter as a result of strong availability and reduced gas input costs </FONT><BR></li>
  <li>
    <p style="margin:0px; padding-left:39.333px; padding-right:6px; text-indent:-11.333px; font-family:Symbol; font-size:11pt"><FONT style="font-family:Times New Roman"><U> Renewables</U></FONT><FONT style="font-family:Times New Roman">: Comparable gross margins increased $15 million quarter over quarter primarily due to strong hydro generation outpacing weak prices in Alberta and lower wind volumes in Western Canada</FONT><BR></li>
  <li>
    <p style="margin:0px; padding-left:39.333px; padding-right:6px; text-indent:-11.333px; font-family:Symbol; font-size:11pt"><FONT style="font-family:Times New Roman"><U> Energy Trading</U></FONT><FONT style="font-family:Times New Roman">: Gross margins decreased $61 million quarter over quarter. Third quarter losses were a result of unexpected weather patterns, and unfavourable market conditions relative to trading positions held</FONT></li>
</ul>
<P style="margin:0px"><BR></P>
<hr>
<P style="margin:0px; padding-right:6px; font-size:11pt">&nbsp;</P>
<P style="margin:0px; padding-right:6px; font-size:11pt"><B>Major maintenance </B></P>
<ul>
  <li>
    <p style="margin:0px; padding-left:39.333px; padding-right:6px; text-indent:-11.333px; font-family:Symbol; font-size:11pt"><FONT style="font-family:Times New Roman"> TransAlta has completed the majority of its 2012 major maintenance program for its coal fleet. Major maintenance outages at Keephills 1 and 2, Centralia, Sheerness and Sundance 3 have been completed. The remaining coal major maintenance outage is on track</FONT></li>
</ul>
<P style="margin:0px; padding-right:6px; font-size:11pt"><B>Growth</B></P>
<ul>
  <li>
    <p style="margin:0px; padding-left:39.333px; padding-right:6px; text-indent:-11.333px; font-family:Symbol; font-size:11pt"><FONT style="font-family:Times New Roman"> Acquisition of the 125 megawatt (MW) dual-fuel Solomon power station for U.S. $318M. The Solomon power station is fully contracted with Fortescue Mining Group (FMG) under a long-term Power Purchase Agreement (PPA). The acquisition is expected to generate pre-financing cash flows of approximately $40 million per year and is accretive to both earnings and free cash flow per share</FONT></li>
</ul>
<ul>
  <li>
    <p style="margin:0px; padding-left:39.333px; padding-right:6px; text-indent:-11.333px; font-family:Symbol; font-size:11pt"><FONT style="font-family:Times New Roman"> 68
    MW New Richmond wind farm in Quebec; target completion by Q1 2013</FONT></li>
</ul>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px; padding-right:6px; font-size:11pt"><B>The following table depicts key financial results and statistical operating data:</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><B>Third Quarter 2012 Highlights:</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=199.2 /><TD width=108 /><TD width=104.933 /><TD width=105.067 /><TD width=108 /></TR>
<TR><TD style="margin-top:0px; background-color:#C0C0C0; border:1px solid #000000" valign=top width=199.2><P style="margin:0px"><B>In millions, unless otherwise stated</B></P>
</TD><TD style="margin-top:0px; background-color:#C0C0C0; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px" align=center><B>3 months ended September 30, 2012</B></P>
</TD><TD style="margin-top:0px; background-color:#C0C0C0; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=104.933><P style="margin:0px" align=center><B>3 months ended September 30, 2011</B></P>
</TD><TD style="margin-top:0px; background-color:#C0C0C0; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=105.067><P style="margin:0px" align=center><B>9 months ended September 30, 2012</B></P>
</TD><TD style="margin-top:0px; background-color:#C0C0C0; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px" align=center><B>9 months ended September 30, 2011</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=199.2><P style="margin:0px">Availability (%)</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px" align=center>90.9</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=104.933><P style="margin:0px" align=center>83.9</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=105.067><P style="margin:0px" align=center>88.1</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px" align=center>83.7</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=199.2><P style="margin:0px">Production (GWh)</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px" align=center>10,155</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=104.933><P style="margin:0px" align=center>10,368</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=105.067><P style="margin:0px" align=center>27,870</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px" align=center>29,350</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=199.2><P style="margin:0px">Revenue </P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px" align=center>538</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=104.933><P style="margin:0px" align=center>629</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=105.067><P style="margin:0px" align=center>1,601</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px" align=center>1,962</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=199.2><P style="margin:0px">Gross margin<SUP>(2)</SUP></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px" align=center>330</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=104.933><P style="margin:0px" align=center>371</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=105.067><P style="margin:0px" align=center>1,055</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px" align=center>1,307</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=199.2><P style="margin:0px">Operating income (loss) <SUP>(1)</SUP></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px" align=center>132</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=104.933><P style="margin:0px" align=center>106</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=105.067><P style="margin:0px" align=center>(90)</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px" align=center>523</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=199.2><P style="margin:0px">Net earnings (loss) attributable to common shareholders</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px" align=center>56</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=104.933><P style="margin:0px" align=center>50</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=105.067><P style="margin:0px" align=center>(652)</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px" align=center>266</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=199.2><P style="margin:0px">Comparable earnings (loss) <SUP>(2)</SUP></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px" align=center>41</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=104.933><P style="margin:0px" align=center>61</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=105.067><P style="margin:0px" align=center>64</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px" align=center>201</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=199.2><P style="margin:0px">Basic and diluted net earnings (loss) per common share</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px" align=center>0.24</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=104.933><P style="margin:0px" align=center>0.22</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=105.067><P style="margin:0px" align=center>(2.85)</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px" align=center>1.20</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=199.2><P style="margin:0px">Comparable earnings per share<SUP>(2)</SUP></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px" align=center>0.18</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=104.933><P style="margin:0px" align=center>0.27</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=105.067><P style="margin:0px" align=center>0.28</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px" align=center>0.91</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=199.2><P style="margin:0px">Comparable earnings before interest, taxes, depreciation, and amortization (EBITDA)<SUP>(2)</SUP></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px" align=center>254</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=104.933><P style="margin:0px" align=center>237</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=105.067><P style="margin:0px" align=center>699</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px" align=center>772</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=199.2><P style="margin:0px">Funds from operations<SUP>(2)</SUP></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px" align=center>232</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=104.933><P style="margin:0px" align=center>168</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=105.067><P style="margin:0px" align=center>571</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px" align=center>620</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=199.2><P style="margin:0px">Funds from operations per share<SUP>(2)</SUP></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px" align=center>0.99</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=104.933><P style="margin:0px" align=center>0.75</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=105.067><P style="margin:0px" align=center>2.49</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px" align=center>2.79</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=199.2><P style="margin:0px">Cash flow from operations </P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px" align=center>14</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=104.933><P style="margin:0px" align=center>212</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=105.067><P style="margin:0px" align=center>275</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px" align=center>503</P>
</TD></TR>
</TABLE>
<P style="margin:0px">&nbsp;</P>
<P style="margin-top:9.2px; margin-bottom:9.2px; padding-right:10px; font-size:9pt" align=justify><I>(1) Gross margin and operating income are Additional IFRS measures. Refer to the Additional IFRS measures section of the MD&amp;A.</I></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px; font-size:9pt"><I>(2) Comparable earnings, comparable earnings per share, comparable EBITDA, funds from operations, and funds from operations per share are not defined under IFRS. Refer to the Non-IFRS financial measures section of the MD&amp;A for an</I></P>
<P style="margin:0px; font-size:9pt"><I>explanation and, where applicable, reconciliations to net earnings(loss) attributable to common shareholders, operating income (loss) and cash flow from operating activities.</I></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:9.2px; margin-bottom:9.2px; padding-right:10px; font-size:11pt" align=justify>The complete third quarter report for 2012, including MD&amp;A and unaudited interim financial statements, as well as our third quarter presentation is available on the Investors section of our website: <FONT style="color:#0000FF"><U>www.transalta.com</U></FONT>.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-right:6px; font-size:11pt"><B>Conference call</B></P>
<P style="margin-top:6.133px; margin-bottom:6.133px; font-size:11pt">TransAlta will hold a conference call and web cast at 9 a.m. MT (11 a.m. ET) today to discuss results. &nbsp;The call will begin with a short address by Dawn Farrell, President and CEO, and Brett Gellner, Chief Financial Officer, followed by a question and answer period for investment analysts, investors, and other interested parties. A question and answer period for the media will immediately follow. </P>
<P style="margin:0px; font-size:11pt">Please contact the conference operator five minutes prior to the call, noting &quot;TransAlta Corporation&quot; as the company and &quot;Jess Nieukerk&quot; as moderator</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:11pt" align=center><B>Dial-in numbers:</B></P>
<P style="margin:0px; font-size:11pt" align=center><B>Toll-free North American participants &#150; 1-800-319-4610<BR>
Outside of Canada &amp; USA call &#150; 1-604-638-5340</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">A link to the live webcast will be available via TransAlta&#146;s website, www.transalta.com, under Web Casts in the Investor Relations section. If you are unable to participate in the call, the instant replay is accessible at 1- 604-638-9010 with TransAlta pass code 2231 followed by the # sign. A transcript of the broadcast will be posted on TransAlta&#146;s website once it becomes available.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">Note: If using a hands-free phone, lift the handset and press one to ask a question.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px; padding-left:6px; padding-right:6px; font-size:9pt" align=justify><I>TransAlta is a power generation and wholesale marketing company focused on creating long-term shareholder value. TransAlta maintains a low-to-moderate risk profile by operating a highly contracted portfolio of assets in Canada, the United States and Australia. TransAlta&#146;s focus is to efficiently operate our biomass, geothermal, wind, hydro, natural gas and coal facilities in order to provide our customers with a reliable, low-cost source of power. For 100 years, TransAlta has been a responsible operator and a proud contributor to the communities where we work and live. TransAlta is recognized for its leadership on sustainability by the Dow Jones Sustainability North America Index, the FTSE4Good Index and the Jantzi Social Index. TransAlta is Canada&#146;s largest investor-owned renewable energy provider.</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:6px; padding-right:6px; font-size:9pt" align=justify><I>This news release may contain forward looking statements, including statements regarding the business and anticipated financial performance of TransAlta Corporation. These statements are based on TransAlta Corporation&#146;s belief and assumptions based on information available at the time the assumption was made. These statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those contemplated by the forward-looking statements. Some of the factors that could cause such differences include, pricing in the market place, our inability to enter into long term contracts due to prevailing market conditions, legislative or regulatory developments, competition, global capital markets activity, changes in interest rates, currency exchange rates, inflation levels and general economic conditions in geographic areas where TransAlta Corporation operates.</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-right:6px; font-size:11pt" align=justify>Note: All financial figures are in Canadian dollars unless noted otherwise.</P>
<P style="margin:0px; padding-right:6px; font-size:11pt" align=justify>&nbsp;</P>
<P style="margin-top:6.667px; margin-bottom:6.667px; font-size:12pt" align=center>-30-</P>
<P style="margin-top:6.667px; margin-bottom:6.667px; font-size:12pt"><B>For more information:</B></P>
<P style="margin-top:3.667px; margin-bottom:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:288px; font-size:11pt; float:left"><B><I>Investor inquiries:</I></B></P>
<P style="margin:0px; text-indent:-2px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Media inquiries:</I></B></P>
<P style="margin-top:0px; margin-bottom:-2px; width:288px; font-size:11pt; clear:left; float:left">Jess Nieukerk</P>
<P style="margin:0px; text-indent:-2px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stacey Hatcher</P>
<P style="margin-top:0px; margin-bottom:-2px; width:288px; font-size:11pt; clear:left; float:left">Director, Investor Relations</P>
<P style="margin:0px; text-indent:-2px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Corporate Relations Advisor</P>
<P style="margin-top:0px; margin-bottom:-2px; width:288px; font-size:12pt; clear:left; float:left">Phone: 1-800-387-3598 in Canada and U.S.</P>
<P style="margin:0px; text-indent:-2px; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Cell: 587-216 2242</P>
<P style="margin-top:0px; margin-bottom:-2px; width:336px; font-size:11pt; clear:left; float:left">Email: <FONT style="color:#0000FF"><U>investor_relations@transalta.com</U></FONT></P>
<P style="margin:0px; text-indent:-2px; font-size:11pt"><FONT style="font-size:12pt">Toll-free media number: 1-855-255-9184</FONT></P>
<P style="margin:0px; text-indent:288px; font-size:11pt; clear:left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternate local number: 403-267-2540 </P>
<P style="margin:0px"><BR>
<BR></P>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
