<SEC-DOCUMENT>0001104659-15-018248.txt : 20150310
<SEC-HEADER>0001104659-15-018248.hdr.sgml : 20150310
<ACCEPTANCE-DATETIME>20150309184539
ACCESSION NUMBER:		0001104659-15-018248
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		48
CONFORMED PERIOD OF REPORT:	20150309
FILED AS OF DATE:		20150310
DATE AS OF CHANGE:		20150309

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:		15686606

	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:		403-267-4724

	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>a15-5536_16k.htm
<DESCRIPTION>6-K
<TEXT>


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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">FORM&nbsp;6-K<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 <br> OF THE SECURITIES EXCHANGE ACT OF 1934</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">For the month of March, 2015</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Commission File Number 001-15214</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">TRANSALTA CORPORATION</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(Translation of registrant&#146;s name into English)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">110 - 12</font></b><b><font size="1" style="font-size:7.0pt;font-weight:bold;position:relative;top:-3.0pt;">th</font></b><b><font size="2" style="font-size:11.0pt;font-weight:bold;">&#160;Avenue S.W., Box 1900, Station &#147;M&#148;, Calgary, Alberta, T2P 2M1</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(Address of principal executive offices)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Indicate by check mark whether the registrant files or will file annual reports under cover Form&nbsp;20-F or Form&nbsp;40-F.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:12.0pt;margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Form&nbsp;20-F____</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Form&nbsp;40-F&#160; <u>&#160;&#160;X&nbsp;&nbsp;&nbsp;&nbsp;</u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Indicate by check mark if the registrant is submitting the Form&nbsp;6-K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(1): ____</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Indicate by check mark if the registrant is submitting the Form&nbsp;6-K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(7): ____</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">99.1</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="85%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:85.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Management Proxy Circular   of the Registrant dated March&nbsp;9, 2015 (excluding the &#147;Performance   Graph&#148;, which shall be deemed not to be incorporated by reference) and the Notice   of Annual Meeting filed as part of Exhibit&nbsp;99.1 to this Form&nbsp;6-K   are hereby filed for the purpose of being and hereby are incorporated by   reference into the Registrant&#146;s registration statements filed under the   Securities Act of 1933, as amended</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">Form</font></u></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">Registration   No.</font></u></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.86%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">S-8</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">333-72454</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.5%;">
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<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.86%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">S-8</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">333-101470</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">F-10</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">333-200773</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.86%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="85%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:85.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.86%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">99.2</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The Form&nbsp;of Proxy of the   Registrant is hereby furnished, not filed, and will not be incorporated by   reference in any registration statement filed by TransAlta Corporation under   the Securities Act of 1933, as amended.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">Signatures</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">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.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">TransAlta Corporation</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="4" face="Times New Roman" style="font-size:15.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Times New Roman" style="font-size:15.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.08%;">
<p style="margin:0in 0in .0001pt;"><font size="4" face="Times New Roman" style="font-size:15.0pt;">&nbsp;</font></p>    </td>
<td width="53%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:53.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Times New Roman" style="font-size:15.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.58%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
<td width="47%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.34%;">
<p style="margin:0in 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">/s/&nbsp;Maryse&nbsp;St.-Laurent</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.58%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Maryse St.-Laurent</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.58%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">Vice-President Legal and</font>    </font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.58%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Corporate Secretary</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Date: March&nbsp;9, 2015</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">EXHIBIT&nbsp;INDEX</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">99.1</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">TransAlta Corporation&#146;s Notice   of Annual Meeting and Management Proxy Circular dated March&nbsp;9, 2015   (only those portions as described in the body of this report are being   filed).</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">99.2</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">TransAlta Corporation&#146;s   Form&nbsp;of Proxy for its 2015 Annual Meeting of Shareholders is hereby   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.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a15-5536_1ex99d1.htm
<DESCRIPTION>EX-99.1 NOTICE OF ANNUAL MEETING AND MANAGEMENT PROXY CIRCULAR DATED MARCH 9, 2015
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;99.1</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman"><img width="719" height="930" src="g55361ms01i001.jpg"></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ANNUAL MEETING OF SHAREHOLDERS</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Table of Contents</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.02%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">INVITATION TO SHAREHOLDERS</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.98%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1</font></b></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">NOTICE OF ANNUAL MEETING OF SHAREHOLDERS</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.98%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2</font></b></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">GENERAL INFORMATION</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.98%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">3</font></b></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">ABOUT OUR SHAREHOLDER MEETING</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.98%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">4</font></b></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">HOW TO VOTE</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.98%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">6</font></b></p>    </td>   </tr>
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<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">A.</font></b></p>    </td>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.02%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">BUSINESS OF   THE MEETING</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.98%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">8</font></b></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1.</font></b></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">ELECTION OF   DIRECTORS</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.98%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">8</font></b></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2.</font></b></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">FINANCIAL   STATEMENTS</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.98%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">22</font></b></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">3.</font></b></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">APPOINTMENT OF   AUDITORS</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.98%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">22</font></b></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">4.</font></b></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">ADVISORY VOTE   ON EXECUTIVE COMPENSATION</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.98%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">23</font></b></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">B.</font></b></p>    </td>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.02%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">GOVERNANCE</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.98%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">24</font></b></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">OUR GOVERNANCE PRACTICES</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.98%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">24</font></b></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">BOARD CHARACTERISTICS</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.98%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">28</font></b></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">REPORT OF THE AUDIT AND RISK COMMITTEE AND COMMITTEE   RESPONSIBILITIES</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.98%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">33</font></b></p>    </td>   </tr>
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<td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.02%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">REPORT OF THE GOVERNANCE AND ENVIRONMENT COMMITTEE AND   COMMITTEE RESPONSIBILITIES</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.98%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">35</font></b></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">REPORT OF THE HUMAN RESOURCES COMMITTEE AND COMMITTEE   RESPONSIBILITIES</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.98%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">37</font></b></p>    </td>   </tr>
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<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">C.</font></b></p>    </td>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.02%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">COMPENSATION</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.98%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">39</font></b></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">REPORT ON DIRECTOR COMPENSATION</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.98%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">39</font></b></p>    </td>   </tr>
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<td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.02%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">REPORT ON EXECUTIVE COMPENSATION</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.98%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">43</font></b></p>    </td>   </tr>
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<td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.02%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">COMPENSATION DISCUSSION AND ANALYSIS</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.98%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">47</font></b></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">COMPENSATION STRATEGY &#150; FIXED AND VARIABLE COMPENSATION</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.98%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">50</font></b></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">SHAREHOLDER ALIGNMENT</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.98%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">54</font></b></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">ANNUAL COMPENSATION RISK REVIEW PROCESS</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.98%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">56</font></b></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">PERFORMANCE ANALYSIS</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.98%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">58</font></b></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">PAY DECISIONS OF THE HRC AND THE BOARD</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.98%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">60</font></b></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2014 CEO PAY FOR PERFORMANCE ANALYSIS</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.98%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">61</font></b></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2014 NEO AIC ANALYSIS</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.98%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">62</font></b></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">SUMMARY COMPENSATION TABLE</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.98%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">68</font></b></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">OTHER REQUIRED DISCLOSURE</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.98%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">69</font></b></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">DIRECTORS AND OFFICERS INSURANCE</font></b></p>    </td>
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<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">76</font></b></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">DIRECTOR APPROVAL</font></b></p>    </td>
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<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">76</font></b></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">APPENDIX &#147;A&#148; CHECKLIST OF CORPORATE GOVERNANCE DISCLOSURE &#150;   FORM&nbsp;58-101F1</font></b></p>    </td>
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<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">A-1</font></b></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">NEW YORK STOCK EXCHANGE &#150; SIGNIFICANT DIFFERENCES IN   CORPORATE GOVERNANCE PRACTICES</font></b></p>    </td>
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<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">A-2</font></b></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">APPENDIX &#147;B&#148; TRANSALTA CORPORATION GENERAL GOVERNANCE   GUIDELINES FOR THE BOARD</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.98%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">B-1</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">This document contains important information for shareholders.&#160; Your participation is very important.&#160; Please take a minute to submit your proxy today or vote by phone or through the internet in accordance with the instructions set forth in the proxy.</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="background:#F2F2F2;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">A NOTE ABOUT FORWARD LOOKING STATEMENTS</font></b></p>
<p style="background:#F2F2F2;margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">From time to time, we make written or oral forward looking statements within the meaning of certain securities laws, including in this Management Proxy Circular, in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission and in other communications.&#160; 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, results and perception of historical trends, current conditions and expected future developments, as well as other factors deemed appropriate in the circumstances.&#160; 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.&#160; These statements include, but are not limited to, statements made in the &#147;Compensation Discussion and Analysis&#148; section of this Management Proxy Circular and other statements about our operations, financial condition, risk management priorities, targets, ongoing objectives, strategies and outlook for 2015 and subsequent periods.&#160; By their nature, 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.&#160; Factors that may adversely impact our forward looking statements include risks relating to: fluctuations in market prices, availability of fuel supplies required to generate electricity; our ability to contract our generation for prices that will provide expected returns, 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 and our ability to return these facilities to service in a timely manner; our ability to conduct the repair and maintenance to our facilities, either directly or through a third party, in a timely and cost efficient manner; 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 or man-made 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; need for additional financing and our ability to obtain such financing at competitive rates; the effect of a credit rating downgrade on our energy marketing business and the impact on our financing costs; structural subordination of securities; counterparty credit risk; insurance coverage; our provision for income taxes; legal proceedings involving the Company; reliance on key personnel; labour relations matters; and development projects and acquisitions.&#160; Readers are urged to consider these factors carefully in evaluating the forward looking statements and are cautioned not to place undue reliance on forward looking statements.&#160; 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.&#160; 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.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">INVITATION TO SHAREHOLDERS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .1in;"><font size="2" face="Arial" style="font-size:10.0pt;">March&nbsp;9, 2015</font></p>
<p style="margin:0in 0in .0001pt .1in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .1in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .1in;"><font size="2" face="Arial" style="font-size:10.0pt;">Dear Shareholder,</font></p>
<p style="margin:0in 0in .0001pt .1in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .1in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">You are cordially invited to attend our 2015 Annual Meeting of Shareholders (the &#147;<b>Meeting</b>&#148;), which will take place on Tuesday, April&nbsp;28, 2015 at 11:00&nbsp;a.m. (local time) at The Metropolitan Conference Centre, located at 333 Fourth Avenue SW, in Calgary, Alberta.&#160; At the Meeting, you will have the opportunity to hear about our performance in 2014 and management&#146;s plans going forward.&#160; You will also be introduced to our Board of Directors and management and will have the opportunity to ask questions following the presentation.</font></p>
<p style="margin:0in 0in .0001pt .1in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .1in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Attached are the Notice of Annual Meeting of Shareholders and the Management Proxy Circular.&#160; The Management Proxy Circular contains details of the business to be conducted at the Meeting and provides information with respect to executive compensation as well as information on our governance practices.&#160; Please take the time to review this circular and provide your vote on the business items to be considered at the Meeting.&#160; Your vote and participation are very important.</font></p>
<p style="margin:0in 0in .0001pt .1in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .1in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">If you are unable to attend the Meeting in person, you can vote by telephone, via the Internet or by completing and returning the enclosed proxy.&#160; Please refer to the &#147;Registered Shareholder Voting&#148; section of the Management Proxy Circular for more information.</font></p>
<p style="margin:0in 0in .0001pt .1in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .1in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Meeting will also be webcast at <u>www.transalta.com</u>.&#160; We encourage you to visit our website at any time before the Meeting as it provides information about our company.</font></p>
<p style="margin:0in 0in .0001pt .1in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .1in;"><font size="2" face="Arial" style="font-size:10.0pt;">We look forward to seeing you at the Meeting.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .1in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Sincerely,</font></p>    </td>
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<p style="margin:0in 0in .0001pt .1in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Gordon   D. Giffin</font></p>
<p style="margin:0in 0in .0001pt .1in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Chair   of the Board</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Dawn L. Farrell</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">President and Chief Executive Officer</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt .05pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .05pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .1in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">NOTICE</font></b></p>
<p style="margin:0in 0in .0001pt .1in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">In March&nbsp;2014, we asked all registered   shareholders to advise us in writing if they <u>did not</u> wish to receive the   2014 Annual Report and asked all beneficial shareholders to advise us in   writing if they <u>did</u> wish to receive the 2014 Annual Report, when it   became available in March&nbsp;2015.&nbsp;   If you are a registered shareholder who replied that you did not wish   to receive the Annual Report, or if you are a beneficial shareholder who did   not reply to the inquiry, you will not receive the Annual Report.</font></p>
<p style="margin:0in 0in .0001pt .1in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .1in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Our 2014 Annual Report is available on our   website at <u>www.transalta.com,</u>   on SEDAR at <u>www.sedar.com</u> and on EDGAR at <u>www.sec.gov</u>.&nbsp; Anyone wishing to receive a paper copy may   obtain one free of charge by contacting TransAlta&#146;s transfer agent, CST Trust   Company, or by contacting our Investor Relations Department by phone at   403.267.2520 or toll free at 1.800.387.3598 or email at   investor_relations@transalta.com.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">CST Trust Company</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">P.O.&nbsp;Box 700</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Station &#147;B&#148;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Montreal, Quebec&nbsp;   H3B 3K3</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Telephone:</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">1.800.387.0825</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Online:</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><u><font size="1" face="Arial" style="font-size:8.0pt;">www.canstockta.com</font></u></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">TransAlta Corporation</font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">110 &#150; 12</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;Avenue SW</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Box 1900, Station &#147;M&#148;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Calgary, Alberta&nbsp;   T2P 2M1</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(403) 267-7110</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Arial" style="font-size:10.0pt;">www.transalta.com</font></u></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTICE OF ANNUAL MEETING OF SHAREHOLDERS</font></b></p>
<p style="margin:0in 0in .0001pt .05pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">NOTICE IS HEREBY GIVEN that the Annual Meeting of shareholders of TransAlta Corporation (the &#147;<b>Meeting</b>&#148;) will be held on Tuesday, April&nbsp;28, 2015 at 11:00&nbsp;a.m. (local time) at The Metropolitan Conference Centre, located at 333 Fourth Avenue SW, in Calgary, Alberta to:</font></p>
<p style="margin:0in 0in .0001pt 18.05pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 18.05pt;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">elect the director nominees for the coming year;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 18.05pt;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">receive the audited financial statements of the Company for the year ended December&nbsp;31, 2014 and the auditor&#146;s report on the statements;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 18.05pt;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">appoint the auditors and authorize the directors to fix their remuneration;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 18.05pt;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">consider an advisory resolution on the Company&#146;s approach to executive compensation; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 18.05pt;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">consider such other matters as may properly come before the Meeting.</font></p>
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<p style="margin:0in 0in .0001pt .05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Management Proxy Circular and the form of proxy (the &#147;<b>Proxy</b>&#148;) accompany this Notice.</font></p>
<p style="margin:0in 0in .0001pt .05pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">By   order of the Board of Directors of TransAlta Corporation</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Maryse   C. St.-Laurent</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Vice-President   Legal and Corporate Secretary</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Calgary,   Alberta</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">March&nbsp;9,   2015</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .05pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Only shareholders of record at the close of business on March&nbsp;4, 2015 are entitled to receive notice and to vote at the Meeting or any adjournment.&#160; Proxies must be returned to TransAlta Corporation&#146;s Transfer Agent and Registrar, CST Trust Company, Attention:&#160; Proxy Department, P.O.&nbsp;Box 721, Agincourt, Ontario, M1S 0A1, not less than 48 hours (excluding Saturdays, Sundays and holidays) prior to the time fixed for holding the Meeting, or any adjournment.&#160; Registered shareholders who cannot attend the Meeting in person may use one of the voting options described in this Management Proxy Circular and the accompanying Proxy.&#160; Non-registered shareholders should follow the instructions on the voting instruction form or other form of proxy provided by their intermediaries with respect to the procedures to be followed for voting.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p style="margin:0in 0in .0001pt .05in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">GENERAL INFORMATION</font></b></p>
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">This Management Proxy Circular (&#147;Proxy Circular&#148;) is dated March&nbsp;9, 2015, and furnished to shareholders in connection with the solicitation of proxies by and on behalf of the management of TransAlta Corporation (&#147;TransAlta&#148;, &#147;Company&#148;, &#147;we&#148; and &#147;our&#148;) and the Board of Directors (the &#147;Board&#148;) for use at the Annual Meeting of Shareholders of the Company, or any adjournment thereof.</font></b></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">This Proxy Circular was provided to you because at the close of business on March&nbsp;4, 2015, the record date set for the Meeting, you owned TransAlta common shares.&#160; As a shareholder, you have the right to attend the Meeting and vote your TransAlta common shares in person or by proxy.&#160; If you are unable to attend the Meeting, </font><font size="2" face="Arial" style="font-size:10.0pt;">you can listen to the webcast on our website at <u>www.transalta.com/powering-investors/events-and-presentations.</u></font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">To encourage your vote, you may be contacted by TransAlta employees by telephone, email, facsimile or in person, or by our proxy solicitation agent, Kingsdale Shareholder Services.&#160; Solicitation will be made primarily by mail and the cost will be borne by the Company.&#160; The cost of these services is estimated at approximately $49,000.&#160; If you have any questions or require more information about voting your TransAlta common shares, please contact Kingsdale at 1-877-659-1820 (toll-free within North America) or 416-867-2272 (outside North America) or by e-mail at contactus@kingsdaleshareholder.com.</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">We also reimburse brokerage houses and other agents, custodians, nominees and fiduciaries for the expense of forwarding this Proxy Circular to the beneficial owners of our common shares.</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Unless stated otherwise, the information in this Proxy Circular is as of March&nbsp;6, 2015, and all dollar amounts are expressed in Canadian dollars.</font></i></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p style="margin:0in 0in .0001pt .05in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">ABOUT OUR SHAREHOLDER MEETING</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Who can vote at the Meeting</font></b></p>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">If you   held common shares at the close of business on March&nbsp;4, 2015, you are   entitled to attend the meeting or any adjournment and vote your common   shares. Each TransAlta common share represents one vote.</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">At the   close of business on March&nbsp;5, 2015, there were 276,990,304 common shares   outstanding. Our common shares trade under the symbol &#147;TA&#148; on the Toronto   Stock Exchange (&#147;<b>TSX</b>&#148;) and   under the symbol &#147;TAC&#148; on the New York Stock Exchange (&#147;<b>NYSE</b>&#148;).</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 1.45pt;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">To transact business at the Meeting, we must have at   least two persons holding or representing by proxy not less than 25% of the   outstanding shares entitled to be voted at the Meeting.</font></i></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">We also have 12,000,000 Series&nbsp;A preferred shares, 11,000,000 Series&nbsp;C preferred shares, 9,000,000 Series&nbsp;E preferred shares and 6,600,000 Series&nbsp;G preferred shares issued and outstanding.&#160; Our preferred shares trade under the symbols TA.PR.D, TA.PR.F, TA.PR.H, and TA.PR.J respectively, on the TSX.&#160; The holders of our preferred shares do not have voting rights at this Meeting.</font></p>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Principal shareholders</font></b></p>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">To the knowledge of our directors and officers, no person beneficially owns (directly or indirectly), controls or directs more than 10 percent of our common shares.</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Mailing and availability of Proxy Circular and Annual Report</font></b></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Our 2015 Proxy Circular is being mailed (either physically or electronically) to all shareholders.&#160; Our Annual Report is being mailed to registered shareholders, except those who asked not to receive it, and to beneficial shareholders who requested a copy.</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">If you are a registered shareholder and you i) do not want our Annual Report next year; or, ii) wish to receive interim reports, please fill out and return the Registered Shareholder Form&nbsp;in this package.</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">If you are a beneficial shareholder and returned last year&#146;s form requesting a copy of our annual or interim reports, you received copies of one or all of the documents as requested.&#160; You will be asked again this year whether or not you wish to receive these documents for 2015.&#160; If you would like to receive these documents, please fill out and return the Beneficial Shareholder Form&nbsp;included in this package.</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">You will find additional information regarding our business in our Annual Information Form&nbsp;as well as our audited consolidated financial statements and accompanying Management&#146;s Discussion and Analysis for the year ended December&nbsp;31, 2014.&#160; Copies of these documents along with all of our other public documents are available on our website at <u>www.transalta.com</u>, on SEDAR at <u>www.sedar.com</u> and on EDGAR at <u>www.sec.gov</u>.</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">If you prefer to receive a paper copy of our documents, free of charge, you may request them from:</font></p>
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<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">Investor Relations</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">110 &#150; 12</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">th</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;Avenue SW</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">Box 1900, Station &#147;M&#148;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">Calgary, Alberta T2P 2M1</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">1.800.387.3598 (toll-free) North America</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">403.267.2520 Calgary / outside North America:</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">investor_relations@transalta.com</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">CST Trust Company</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">P.O.&nbsp;Box 700</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Station &#147;B&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Montreal, Quebec H3B 3K3</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">1.800.387.0825 (toll-free) North America</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">416.682.3860 Toronto / outside North America</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">inquiries@canstockta.com</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Communicating with the Board</font></b></p>
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<p style="margin:0in 0in .0001pt .05pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Our Board values open dialogue and welcomes advice from our shareholders.&#160; Our Board also encourages shareholder participation at our annual meeting.&#160; Shareholders may communicate directly with the Board or any Board member(s)&nbsp;by directing their correspondence to the following address, noting that it is to be directed to the Board:</font></p>
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<p style="margin:0in 0in .0001pt .05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Vice-President Legal and Corporate Secretary</font></p>
<p style="margin:0in 0in .0001pt .05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation</font></p>
<p style="margin:0in 0in .0001pt .05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">110 &#150; 12</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">th</font><font size="2" face="Arial" style="font-size:10.0pt;">&#160;Avenue SW</font></p>
<p style="margin:0in 0in .0001pt .05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Box 1900, Station &#147;M&#148;</font></p>
<p style="margin:0in 0in .0001pt .05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Calgary, Alberta&#160; T2P 2M1</font></p>
<p style="margin:0in 0in .0001pt .05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Or:</font></p>
<p style="margin:0in 0in .0001pt .05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">corporate_secretary@transalta.com</font></p>
<p style="margin:0in 0in .0001pt .05pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Reporting Concerns</font></b></p>
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<p style="margin:0in 0in .0001pt .05pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board, through the oversight of the Audit and Risk Committee (&#147;<b>ARC</b>&#148;), has established several options for employees, contractors, shareholders, and other stakeholders to report any accounting irregularities, ethical violations or any other matters they wish to bring to the attention of the Board.&#160; The ARC may be contacted by:</font></p>
<p style="margin:0in 0in .0001pt .05pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 18.05pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Confidential Email to the Ethics Help-Line at ethics_helpline@transalta.com; or</font></p>
<p style="margin:0in 0in .0001pt 18.05pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 18.05pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Fax addressed to the Vice-President,&nbsp;Internal Audit at the confidential fax line 403-267-7985; or</font></p>
<p style="margin:0in 0in .0001pt 18.05pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 18.05pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">A confidential, anonymous voice mail on TransAlta Ethics Help-Line at 1-888-806-6646; or</font></p>
<p style="margin:0in 0in .0001pt 18.05pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 18.05pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Mail addressed to:</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Arial" style="font-size:10.0pt;">Vice-President,&nbsp;Internal Audit</font></p>
<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation</font></p>
<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Arial" style="font-size:10.0pt;">110 &#150; 12</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">th</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;Avenue SW</font></p>
<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Arial" style="font-size:10.0pt;">Box 1900, Station &#147;M&#148;</font></p>
<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Arial" style="font-size:10.0pt;">Calgary, Alberta T2P 2M1</font></p>    </td>
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<p style="margin:0in 0in .0001pt .15in;"><font size="2" face="Arial" style="font-size:10.0pt;">or</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Chair   of the ARC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Subject   Matter &#147;003&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta   Corporation</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">110 &#150;   12</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">th</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;Avenue SW</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">c/o Box   1900 Station &#147;M&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Calgary,   Alberta T2P 2M1</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Shareholder Rights Plan</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">We have a shareholder rights plan.&#160; It was originally put in place on October&nbsp;13, 1992 in an agreement between CIBC Mellon and the Company.&#160; According to the rules&nbsp;of the TSX, shareholders must confirm this plan every three years.&#160; The Shareholder Rights Plan was last confirmed at our annual and special meeting of shareholders on April&nbsp;23, 2013.&#160; With respect to transition to CST Trust Company, the Shareholder Rights Plan provides that all the covenants and provisions of the Shareholder Rights Plan are binding on the successors and assigns.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Shareholder Proposals</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">As an eligible shareholder, if you wish to submit a proposal for our 2016 Annual Meeting of Shareholders, you must do so no later than December&nbsp;10, 2015.&#160; You must submit it to:</font></p>
<p style="margin:0in 0in .0001pt .05pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Attention:&#160; Vice-President Legal and Corporate Secretary</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Arial" style="font-size:10.0pt;">110 &#150; 12</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">th</font><font size="2" face="Arial" style="font-size:10.0pt;">&#160;Avenue SW</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Box 1900, Station &#147;M&#148;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Calgary, Alberta&#160; T2P 2M1</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .05in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">HOW TO VOTE</font></b></p>
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">IF YOU ARE A REGISTERED SHAREHOLDER</font></u></b></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">You hold your shares in your name and you have a share certificate.&#160; As a registered shareholder, you may:</font></p>
<p style="margin:0in 0in .0001pt .05in;"><b><i><font size="1" face="Arial" style="font-size:5.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
<p style="margin:0in 0in .0001pt .05in;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Option 1.</font></i></b><b><i><font size="1" face="Arial" style="font-size:3.0pt;font-style:italic;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i></b><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Attend the meeting and vote in Person</font></i></b></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">If you wish to attend the meeting and vote in person, do not complete the proxy form.&#160; Upon your arrival at the Meeting, please register with our Registrar and Transfer Agent, CST Trust Company.</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">You are welcome to attend the Meeting even if you have already submitted your voting instructions; however, you will not be able to vote again at the Meeting, unless you revoke your proxy as described below.</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Option 2.</font></i></b><b><i><font size="1" face="Arial" style="font-size:3.0pt;font-style:italic;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i></b><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Appoint a Proxyholder</font></i></b></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">By appointing a proxyholder, you are giving someone else the authority to attend the Meeting and vote for you.</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Please note that you can appoint anyone to be your proxyholder.&#160; <b>This person does not need to be a shareholder of TransAlta or the TransAlta representative named in the proxy form.</b>&#160; To appoint somebody else as your proxyholder, cross out the printed names on the Proxy and insert the name of the person you wish to act as your proxyholder in the blank space provided.&#160; Please indicate the way you wish to vote on each item of business.&#160; Your proxyholder must vote your shares in accordance with your instructions at the Meeting.&#160; If your proxyholder does not attend the Meeting, your shares will not be voted.&#160; Your proxyholder will be required to register with our Transfer Agent upon arrival at the Meeting.</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">If you returned your signed proxy and did not appoint anyone to be your proxyholder, Dawn L. Farrell, President and Chief Executive Officer, and Gordon D. Giffin, Chair of the Board, have agreed to act as your proxyholder to vote or withhold from voting your shares at the Meeting in accordance with your instructions.</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">If you decide to appoint Dawn L. Farrell and Gordon D. Giffin as your proxyholders, and do not indicate how you want to vote, <b>they will vote as follows</b>:</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">FOR electing each nominated director;</font></b></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">FOR re-appointing the auditors; and</font></b></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">FOR the advisory vote on our approach to executive compensation.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Option 3.</font></i></b><b><i><font size="1" face="Arial" style="font-size:3.0pt;font-style:italic;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i></b><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Vote by Proxy</font></i></b></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">If you do not plan to attend the Meeting, or have your proxyholder attend, you may vote as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Mail</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 16.2pt;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" face="Arial" style="font-size:10.0pt;">complete, date and sign the Proxy in accordance with the instructions   included on the Proxy;</font></p>
<p style="margin:0in 0in .0001pt 16.2pt;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" face="Arial" style="font-size:10.0pt;">return the completed Proxy in the envelope provided to <b>CST Trust Company</b>, Attention:&nbsp; Proxy Department, P.O.&nbsp;Box 721,   Agincourt, Ontario, M1S 0A1.&nbsp; </font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Telephone</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt 16.2pt;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" face="Arial" style="font-size:10.0pt;">call <b>1-888-489-7352</b> from a touch-tone   phone and follow the voice instructions;</font></p>
<p style="margin:0in 0in .0001pt 16.2pt;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" face="Arial" style="font-size:10.0pt;">refer to the Proxy sent to you for the <b>13-digit   Control Number</b>, located on the back in the lower left corner;</font></p>
<p style="margin:0in 0in .0001pt 16.2pt;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" face="Arial" style="font-size:10.0pt;">convey your voting instructions by use of touch-tone selections over   the telephone.&nbsp; </font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Internet</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 16.2pt;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" face="Arial" style="font-size:10.0pt;">access the website <b><u style="font-weight:bold;">www.cstvotemyproxy.com</u></b> and follow the instructions;</font></p>
<p style="margin:0in 0in .0001pt 16.2pt;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" face="Arial" style="font-size:10.0pt;">refer to the Proxy sent to you for the <b>13-digit   Control Number</b>, located on the back in the lower left corner;</font></p>
<p style="margin:0in 0in .0001pt 16.2pt;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" face="Arial" style="font-size:10.0pt;">convey your voting instructions electronically over the Internet.&nbsp; </font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Please note that your voting instructions must be received <u>not less than 48 hours</u> (excluding Saturdays, Sundays and holidays) prior to the time fixed for holding the Meeting, or any adjournment of the Meeting.&#160; The time limit for </font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">6<a name="PB_6_082500_455"></a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">the deposit of proxies may be waived or extended by the Chair of the Meeting at his or her discretion without notice.</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Changing Your Vote</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">You can change a vote you made by proxy provided such change is received before 11:00&nbsp;a.m. (Calgary time) on April&nbsp;24, 2015 or, in the case of any adjournment or postponement of the Meeting, <b><u style="font-weight:bold;">not less than 48 hours</u></b> (excluding Saturdays, Sundays and holidays) before the time of the adjourned or postponed Meeting by either:</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">submitting new voting instructions by completing a proxy form that is dated later than the proxy form previously submitted and mailing it to CST Trust Company, Attention:&#160; Proxy Department, P.O.&nbsp;Box 721, Agincourt, Ontario, M1S 0A1; <b>OR</b></font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">voting again by telephone or Internet.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">You can revoke a vote you made by proxy by voting in person at the Meeting, provided you:</font></p>
<p style="margin:0in 0in .0001pt 36.25pt;text-indent:-36.25pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 36.25pt;text-align:justify;text-indent:-36.25pt;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">submitted by mail a notice of revocation executed by you or by your attorney, or, if the shareholder is a corporation, under its corporate seal or by an officer or attorney thereof duly authorized to 110 &#150; 12</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">th</font><font size="2" face="Arial" style="font-size:10.0pt;">&#160;Avenue SW, Calgary, Alberta, T2P 2M1, Attention:&#160; Vice-President Legal and Corporate Secretary.&#160; Your notice of revocation must be received before the close of business (Calgary time) on April&nbsp;24, 2015, or in the case of any adjournment, on the business day immediately preceding the day of the adjourned or postponed Meeting; or</font></p>
<p style="margin:0in 0in .0001pt 36.25pt;text-indent:-36.25pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 36.25pt;text-align:justify;text-indent:-36.25pt;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">gave a written notice of revocation executed by you or by your attorney to the Chair of the Meeting prior to the start of the Meeting, or any adjournment thereof.</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">IF YOU ARE A BENEFICIAL SHAREHOLDER</font></u></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Your shares are registered in the name of an intermediary and your certificate is held with a bank, trust company, securities broker, trustee or other institution (each, a &#147;<b>Nominee</b>&#148;).&#160; As the beneficial shareholder, you may:</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Option 1.</font></i></b><b><i><font size="1" face="Arial" style="font-size:3.0pt;font-style:italic;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i></b><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Vote through your Nominee</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">If you wish to vote through your Nominee, follow the instructions on the <i>request for voting instructions</i> form provided by your intermediary.</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Option 2.</font></i></b><b><i><font size="1" face="Arial" style="font-size:3.0pt;font-style:italic;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i></b><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Vote in person</font></i></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">If you wish to vote in person at the Meeting, appoint yourself as your proxyholder by writing your own name in the space provided on the <i>request for voting instructions</i> form.&#160; Do not complete the voting section on the <i>request for voting instructions</i> form as your vote will be taken at the Meeting and return the <i>request for voting instructions </i>form to your intermediary in the envelope provided.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Please note that if you are a U.S. beneficial shareholder and you wish to attend the Meeting and vote your shares in person, you must follow the instructions on the back of your <i>request for voting instructions </i>form to obtain a legal proxy.&#160; Once you have received your legal proxy, you will need to submit and deliver it to the Company or its transfer agent, CST Trust Company, prior to the proxy deposit date in order to vote your shares in person.</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Option 3.</font></i></b><b><i><font size="1" face="Arial" style="font-size:3.0pt;font-style:italic;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i></b><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Vote by telephone or the Internet</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">If you wish to vote by telephone or the Internet, follow the instructions for telephone and Internet voting on the <i>request for voting instructions</i> form.</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Changing Your Vote</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">If you have voted through your intermediary and would like to change your mind and vote in person at the Meeting, contact your intermediary to discuss whether this is possible and what procedures you need to follow.</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">VOTING RESULTS</font></u></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Your vote is confidential. CST Trust Company, our   transfer agent, counts the votes and will only show us a Proxy form if it is   required by law, there is a proxy contest, or a shareholder has written   comments on the Proxy form that are clearly intended for TransAlta&#146;s   management.</font></p>    </td>
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<p style="margin:0in 0in .0001pt 1.45pt;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Questions?</font></i></b></p>
<p style="margin:0in 0in .0001pt 1.45pt;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Contact our transfer   agent</font></i></b></p>
<p style="margin:0in 0in .0001pt 1.45pt;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">CST Trust Company</font></i></b></p>
<p style="margin:0in 0in .0001pt 1.45pt;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">1.800.387.0825</font></i></b></p>
<p style="margin:0in 0in .0001pt 1.45pt;"><b><i><u><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">www.canstockta.com</font></u></i></b></p>
<p style="margin:0in 0in .0001pt .7pt;"><b><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt .05pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">7<a name="PB_7_083725_8627"></a></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 30.95pt;text-indent:-27.35pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt 30.95pt;text-indent:-27.35pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">A.</font></b><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">BUSINESS OF THE MEETING</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">WHAT THE MEETING WILL COVER</font></u></b></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">There are four items of business:</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1.</font></b><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ELECTION OF DIRECTORS</font></b></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta&#146;s Articles of Incorporation allow the   Company to have not less than three and not more than 19 directors. Our Board   considers annually the number of directors required in order to provide for   effective decision making, staffing of Board committees and to address   succession planning requirements.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 1.45pt;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Voting is conducted on   an individual director basis and we have a majority voting policy.</font></i></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 1.45pt;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Ten directors have been nominated and are standing for election to the Board.&#160; Each director elected will serve until the next annual meeting of shareholders or until his or her successor is elected or appointed.&#160; A skills and expertise matrix outlining the combined skills and experience of our director nominees is included on page&nbsp;21 of this Proxy Circular.</font></p>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Our Policy on Majority Voting</font></b></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s majority voting policy provides that in an uncontested election of directors at an annual meeting of shareholders, the votes cast in favour of the election of a director nominee must represent a majority of the total votes cast at the Meeting.&#160; If that is not the case, that director must tender his or her resignation for consideration by the balance of the Board.&#160; If for any reason the Board does not accept the resignation, it will promptly disclose its decision, including the reason for not accepting the resignation, in a press release.</font></p>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Nominees</font></b></p>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">C. Kent Jespersen, Michael Kanovsky, Karen Maidment and Martha Piper have determined not to stand for re-election to the Board.&#160; Management and the Board acknowledge with gratitude the valuable contributions of Messrs.&nbsp;Jespersen and Kanovsky and Mses. &#160;Maidment and Piper during their tenure on the Board.&#160; By resolution of the Board, the number of directors to be elected at the Meeting has been fixed at ten.&#160; The ten directors being nominated for election in 2015 are listed below.&#160; Each director has agreed to serve as a director if elected.</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
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<p style="margin:0in 0in .0001pt 1.3in;"><font size="2" face="Arial" style="font-size:10.0pt;">William D. Anderson</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Gordon   D. Giffin</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 1.3in;"><font size="2" face="Arial" style="font-size:10.0pt;">John P. Dielwart</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">P.   Thomas Jenkins</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 1.3in;"><font size="2" face="Arial" style="font-size:10.0pt;">Timothy W. Faithfull</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Yakout   Mansour</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 1.3in;"><font size="2" face="Arial" style="font-size:10.0pt;">Dawn L. Farrell</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Georgia   R. Nelson</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 1.3in;"><font size="2" face="Arial" style="font-size:10.0pt;">Alan J. Fohrer</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Beverlee   F. Park</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">The biographies of our ten nominees for election to the Board are listed in the following section.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">8<a name="PB_8_084447_7906"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">DIRECTOR NOMINEE INFORMATION</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">William D. Anderson</font></b><font size="1" face="Arial" style="font-size:4.5pt;position:relative;top:-4.0pt;"> (1)&nbsp;</font><font size="1" face="Arial" style="font-size:9.0pt;">&#150; Independent Director</font></p>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial"><img width="95" height="143" src="g55361ms09i001.jpg" alt="GRAPHIC"></font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Ontario, Canada</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Areas of Expertise</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Director Since 2003</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Accounting, Finance&nbsp;&amp;   Tax</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Technology / Research /   Telecommunication</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Age: 65</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Expected Retirement: 2016</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Board/Committee   Membership - 2014</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Attendance</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Attendance Total</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Board of Directors </font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">5 of 6</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">83.3%</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Audit and Risk Committee</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">8 of 8</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Governance and Environment   Committee</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">5 of 5</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">18 of 19</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">94.7%</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in .1in .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
<p style="margin:0in .1in .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><b><i><font size="1" face="Arial" style="font-size:3.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
<p style="margin:0in .1in .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Corporate   Director.</font></i></b><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Mr.&nbsp;Anderson has had a career as a   business leader in Canada spanning over thirty years.&nbsp; He was President of BCE Ventures (a   subsidiary of BCE Inc.) from 2001 to 2005 (telecommunications) and prior to   that, Chief Financial Officer (<b>&#147;CFO</b>&#148;) of BCE   Inc., Bell Canada Inc. and of Bell Cablemedia plc (telecommunications).&nbsp; As President of BCE Ventures, he was   responsible for a number of significant operating companies as well as being   CEO of Bell Canada International Inc.&nbsp;   In his CFO roles, Mr.&nbsp;Anderson was responsible for all financial   operations of the respective companies and executed numerous debt and equity   financings, corporate acquisition and disposition transactions as well as   corporate and operational restructurings.&nbsp;   He was also in public practice for nearly twenty years with the   accounting firm KPMG LLP, where he was a partner for eleven years.</font></p>
<p style="margin:0in .1in .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Mr. Anderson is a past director of   BCE Emergis Inc., Bell Cablemedia plc, Bell Canada International Inc., CGI   Group Inc., Four Seasons Hotels Inc., Sears Canada Inc., Videotron Holdings   plc. and Nordion Inc. (formerly MDS Inc.).</font></p>
<p style="margin:0in .1in .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Mr.&nbsp;Anderson holds a bachelor in business   administration from the University of Western Ontario (London, ON) and is a   Fellow of the Institute of Chartered Accountants of Ontario and the Institute   of Corporate Directors.</font></p>
<p style="margin:0in .1in .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Mr.&nbsp;Anderson brings to the Corporation and   the Board several years&#146; experience in accounting and financing as well as   key leadership experience in helping corporations navigate change,   integration and growth.</font></p>    </td>
<td width="34%" colspan="9" valign="top" style="border:none;padding:0in 0in 0in 0in;width:34.76%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:14.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="61%" colspan="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:61.62%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Securities   Held as at December&nbsp;31 of respective year</font></b></p>    </td>   </tr>
<tr>
<td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.68%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Year</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Common<br>   Shares</font></b></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.08%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Deferred<br>   Share Units</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="14%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:14.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Market<br>   Value </font></b><b><font size="1" face="Arial" style="font-size:4.5pt;font-weight:bold;position:relative;top:-4.0pt;">(2)</font></b></p>    </td>   </tr>
<tr>
<td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.68%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2014</font></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">8,000</font></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.08%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">50,160</font></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">58,160</font></p>    </td>
<td width="14%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:14.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">$611,843.83</font></p>    </td>   </tr>
<tr>
<td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.68%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2013</font></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">8,000</font></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.08%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">44,033</font></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">52,033</font></p>    </td>
<td width="14%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:14.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">$701,404.84</font></p>    </td>   </tr>
<tr>
<td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.68%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2012</font></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">8,000</font></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.08%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">37,677</font></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">45,677</font></p>    </td>
<td width="14%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:14.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">$690,636.24</font></p>    </td>   </tr>
<tr>
<td width="12%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.68%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:12.08%;">
<p style="margin:1.0pt 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:14.86%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="61%" colspan="15" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:61.62%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Minimum   Shareholding Requirements as at December&nbsp;31, 2014</font></b></p>    </td>   </tr>
<tr>
<td width="33%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.88%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Requirement   </font></b><b><font size="1" face="Arial" style="font-size:4.5pt;font-weight:bold;position:relative;top:-4.0pt;">(3)</font></b></p>    </td>
<td width="27%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:27.74%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Requirement Met</font></b></p>    </td>   </tr>
<tr>
<td width="33%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.88%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$235,992</font></p>    </td>
<td width="27%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:27.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Yes</font></p>    </td>   </tr>
<tr>
<td width="33%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.88%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="27%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:27.74%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="33%" colspan="8" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:33.88%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Value   of Compensation Received</font></b></p>    </td>
<td width="27%" colspan="7" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:27.74%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="33%" colspan="8" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:33.88%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Year</font></b></p>    </td>
<td width="27%" colspan="7" valign="bottom" style="padding:0in 0in 0in 0in;width:27.74%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total Compensation</font></b></p>    </td>   </tr>
<tr>
<td width="33%" colspan="8" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:33.88%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2014</font></p>    </td>
<td width="27%" colspan="7" valign="bottom" style="padding:0in 0in 0in 0in;width:27.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$126,132</font></p>    </td>   </tr>
<tr>
<td width="33%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.88%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2013</font></p>    </td>
<td width="27%" colspan="7" valign="bottom" style="padding:0in 0in 0in 0in;width:27.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$147,054</font></p>    </td>   </tr>
<tr>
<td width="33%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.88%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2012</font></p>    </td>
<td width="27%" colspan="7" valign="bottom" style="padding:0in 0in 0in 0in;width:27.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$170,992</font></p>    </td>   </tr>
<tr>
<td width="33%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.88%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="27%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:27.74%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="33%" colspan="8" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:33.88%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Other   Public Board Directorships</font></b></p>    </td>
<td width="27%" colspan="7" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:27.74%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="33%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.88%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Company</font></b></p>    </td>
<td width="27%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:27.74%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Board/Committee Appointments</font></b></p>    </td>   </tr>
<tr>
<td width="33%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.88%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Gildan Activewear Inc.</font></p>    </td>
<td width="27%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:27.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Chair of the Board</font></p>    </td>   </tr>
<tr>
<td width="33%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:33.88%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="27%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:27.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="33%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.88%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Sun Life Financial Inc.</font></p>    </td>
<td width="27%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:27.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Risk Review<br>   Audit&nbsp;&amp; Conduct Review (Chair)</font></p>    </td>   </tr>
<tr>
<td width="33%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="27%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:27.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="33%" colspan="8" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:33.88%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Public Board Interlocks</font></b></p>    </td>
<td width="27%" colspan="7" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:27.74%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="33%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.88%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">None</font></p>    </td>
<td width="27%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:27.74%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="33%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.88%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="27%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:27.74%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="61%" colspan="15" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:61.62%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Voting   Results of 2014 Annual and Special Meeting</font></b></p>    </td>   </tr>
<tr>
<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Votes For</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Percentage</font></b></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Votes<br>   Withheld</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Percentage</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total Votes<br>   Cast</font></b></p>    </td>   </tr>
<tr>
<td width="15%" colspan="3" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">103,485,911</font></p>    </td>
<td width="10%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">94.54%</font></p>    </td>
<td width="12%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">5,972,620</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">5.46%</font></p>    </td>
<td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">109,458,531</font></p>    </td>   </tr>
<tr>
<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="126" style="border:none;"></td>
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<td width="76" style="border:none;"></td>   </tr> </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">9<a name="PB_9_093921_7056"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">John P. Dielwart </font></b><font size="1" face="Arial" style="font-size:4.5pt;position:relative;top:-4.0pt;">(1)&nbsp;</font><font size="1" face="Arial" style="font-size:9.0pt;">&#150; Independent Director</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="38%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:38.38%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.36%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:10.4%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.38%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:13.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="16%" rowspan="10" valign="top" style="padding:0in 0in 0in 0in;width:16.88%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial"><img width="95" height="143" src="g55361ms09i002.jpg" alt="GRAPHIC"></font></p>    </td>
<td width="21%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Alberta, Canada</font></p>    </td>
<td width="35%" colspan="8" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Areas of Expertise</font></b></p>    </td>
<td width="11%" colspan="3" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" colspan="3" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.82%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Director Since 2014</font></p>    </td>
<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Engineering and Technical</font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Risk Management / Insurance</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Age: 62</font></p>    </td>
<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Financial Services</font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Oil and Gas</font></p>    </td>   </tr>
<tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Expected Retirement:&nbsp; 2024</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Human Resources </font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:11.8%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:14.82%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" colspan="8" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Board/Committee   Membership &#150; 2014</font></b><b><font size="1" face="Arial" style="font-size:4.5pt;font-weight:bold;position:relative;top:-4.0pt;">(4)</font></b></p>    </td>
<td width="11%" colspan="3" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.8%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Attendance</font></b></p>    </td>
<td width="14%" colspan="3" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.82%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Attendance Total</font></b></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Board of Directors </font></p>    </td>
<td width="11%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:11.8%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">1 of 1</font></p>    </td>
<td width="14%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:14.82%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Audit and Risk Committee</font></p>    </td>
<td width="11%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:11.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>
<td width="14%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:14.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Governance and Environment   Committee</font></p>    </td>
<td width="11%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:11.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>
<td width="14%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:14.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:3.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="11%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:11.8%;">
<p style="margin:3.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1 of   1</font></b></p>    </td>
<td width="14%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:14.82%;">
<p style="margin:3.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">100%</font></b></p>    </td>   </tr>
<tr>
<td width="38%" colspan="2" rowspan="37" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.38%;">
<p style="margin:0in .1in .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Corporate   Director.</font></i></b><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Mr.&nbsp;Dielwart was formerly Chief   Executive Officer of ARC Resources Ltd. which owns and operates oil and gas   properties in Western Canada.&nbsp; He   oversaw the growth of ARC Resources Ltd. from start-up in 1996 to a market   capitalization of approximately $10 billion.</font></p>
<p style="margin:0in .1in .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">After his retirement from   ARC Resources Ltd. on January&nbsp;1, 2013, Mr.&nbsp;Dielwart re-joined ARC   Financial Corp. as Vice-Chairman. ARC Financial Corp. is Canada&#146;s leading   energy-focused private equity manager. Mr.&nbsp;Dielwart provides leadership   support for the executive team in the areas of internal governance and   investment decision-making. With his extensive background in creating,   building and leading one of Canada&#146;s most successful oil and gas companies,   mentorship of ARC Financial employees as well as management of ARC&#146;s investee   companies is a primary responsibility. He is a member of ARC&#146;s Investment and   Strategy committees, and currently represents ARC on the board of Modern   Resources Ltd. and Aspenleaf Energy Limited.</font></p>
<p style="margin:0in .1in .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Prior to joining ARC in   1994, Mr.&nbsp;Dielwart spent 12 years with a major Calgary-based oil and   natural gas engineering consulting firm, as senior vice-president and a   director, where he gained extensive technical knowledge of oil and natural   gas properties in western Canada.</font></p>
<p style="margin:0in .1in .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Mr.&nbsp;Dielwart has a   bachelor of science with distinction (civil engineering) degree from the   University of Calgary. He is a member of the Association of Professional   Engineers and Geoscientists of Alberta (APEGA) and is a Past-Chairman of the   Board of Governors of the Canadian Association of Petroleum Producers (CAPP).</font></p>
<p style="margin:0in .1in .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Mr.&nbsp;Dielwart brings   to the Corporation and the Board several years&#146; experience in leadership,   entrepreneurship and knowledge of the commodity, specifically oil and gas,   markets in which we operate. </font></p>    </td>
<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:11.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:14.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:11.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:14.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="61%" colspan="14" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:61.62%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Securities   Held as at December&nbsp;31 of respective year</font></b></p>    </td>   </tr>
<tr>
<td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.68%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Year</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Common<br>   Shares</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.32%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Deferred<br>   Share Units</font></b></p>    </td>
<td width="11%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:11.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="14%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:14.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Market<br>   Value </font></b><b><font size="1" face="Arial" style="font-size:4.5pt;font-weight:bold;position:relative;top:-4.0pt;">(2)</font></b></p>    </td>   </tr>
<tr>
<td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.68%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2014</font></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">0</font></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.32%;">
<p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">1,947</font></p>    </td>
<td width="11%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:11.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">1,947</font></p>    </td>
<td width="14%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:14.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">$20,480.22</font></p>    </td>   </tr>
<tr>
<td width="12%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.68%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.32%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:11.8%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:14.82%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.68%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="10%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.32%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="11%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:11.8%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:14.82%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="61%" colspan="14" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:61.62%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Minimum   Shareholding Requirements as at December&nbsp;31, 2014</font></b></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Requirement   </font></b><b><font size="1" face="Arial" style="font-size:4.5pt;font-weight:bold;position:relative;top:-4.0pt;">(3)</font></b></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Requirement   Met</font></b></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$235,992</font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Mr.&nbsp;Dielwart was appointed to the Board on October&nbsp;1, 2014   and is on track to meet the one-year and three-year requirements. </font></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Value   of Compensation Received</font></b></p>    </td>
<td width="26%" colspan="6" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Year</font></b></p>    </td>
<td width="26%" colspan="6" valign="bottom" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total Compensation</font></b></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2014</font></p>    </td>
<td width="26%" colspan="6" valign="bottom" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$25,098</font></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Other   Public Board Directorships</font></b></p>    </td>
<td width="26%" colspan="6" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Company</font></b></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Board/Committee Appointments</font></b></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">ARC Resources Ltd.</font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Health, Safety and Environment (Chair)<br>   Risk</font></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Denbury Resources Inc.</font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Reserves&nbsp;&amp; Health, Safety and   Environmental<br>   Risk</font></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Tesco Corporation</font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Audit<br>   Compensation</font></p>    </td>   </tr>
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<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Public Board Interlocks</font></b></p>    </td>
<td width="26%" colspan="6" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">None</font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="61%" colspan="14" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:61.62%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Voting   Results of 2014 Annual and Special Meeting</font></b></p>    </td>   </tr>
<tr>
<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Votes For</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Percentage</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Votes<br>   Withheld</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Percentage</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total Votes<br>   Cast</font></b></p>    </td>   </tr>
<tr>
<td width="15%" colspan="3" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>
<td width="10%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>
<td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>   </tr>
<tr>
<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">10<a name="PB_10_120550_7056"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Timothy W. Faithfull</font></b><font size="1" face="Arial" style="font-size:9.0pt;"> &#150; Independent Director</font></p>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">London, U.K.</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Areas of Expertise</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" colspan="3" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.82%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Director Since 2003</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Economics &amp; Business</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Oil&nbsp;&amp; Gas</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Age:&nbsp; 70</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Human Resources</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Strategy and Development</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Expected Retirement:&nbsp; 2017</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Marketing</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:11.8%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:14.82%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Board/Committee   Membership</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Attendance</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Attendance Total</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Board of Directors </font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">6 of 6</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Human Resources Committee   (Chair)<br>    <b>Total</b></font></p>    </td>
<td width="11%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:11.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">6 of 6<br>    <b>12 of 12</b></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:14.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">100%<br>    <b>100%</b></font></p>    </td>   </tr>
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<td width="38%" colspan="2" rowspan="43" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.38%;">
<p style="margin:0in .1in .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Corporate   Director</font></i></b><font size="1" face="Arial" style="font-size:9.0pt;">.&nbsp; Mr.&nbsp;Faithfull is a 36</font><font size="1" face="Arial" style="font-size:4.5pt;position:relative;top:-4.0pt;">8</font><font size="1" face="Arial" style="font-size:9.0pt;">year veteran of Royal Dutch/Shell plc (energy), where he held diverse   international roles principally in oil products and LNG project   development.&nbsp; As President and CEO of   Shell Canada Limited, he was responsible for bringing the $6 billion   Athabasca Oil Sands Project on line in 2003, the first fully integrated oil   sands mining and upgrading venture in 25 years.&nbsp; Mr.&nbsp;Faithfull has extensive experience   with commodity exposure and risk management, the result of his time directing   the global crude oil trading operations of Shell International Trading and   Shipping Company from 1993 to 1996.&nbsp; He   was Chairman and CEO of Shell Eastern Petroleum in Singapore from 1996 to   1999, including Shell&#146;s largest refinery, and its oil products trading   business in Asia Pacific.</font></p>
<p style="margin:0in .1in .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">In the UK he is a   director and member of the Risk and Audit Committee of ICE Futures Europe and   LIFFE Administration and Management, a leading global electronic exchange for   energy, commodities, and financial futures, and of Shell Pension Trust   Limited, where he chairs the Technical Committee. He is a past director of   Enerflex Systems Income Fund, Canadian Pacific Railway, and AMEC plc.</font></p>
<p style="margin:0in .1in .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">During his time in   Singapore, he was a director of DBS Bank and the Port of Singapore   Authority.&nbsp; He was a trustee of the main   Singapore Arts/Theatre complex.&nbsp; In   Calgary, he served on the board of the Calgary Health Trust and the Epcor   Arts Centre. In the UK, he is Chairman of the trustees of Starehe UK, which   supports schools for disadvantaged children in Nairobi, Kenya, and a trustee   of Canada UK Colloquium, all non-public entities.&nbsp; He serves on the Committee to Review   Donations to the University of Oxford.</font></p>
<p style="margin:0in .1in .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Mr.&nbsp;Faithfull holds   a master of arts in philosophy, politics and economics from the University of   Oxford, U.K.&nbsp; He is a Distinguished   Friend of the University of Oxford, and of the London Business School.</font></p>
<p style="margin:0in .1in .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Mr.&nbsp;Faithfull brings to the Corporation and   the Board many years&#146; experience of leadership in the oil and gas industry   and, in particular, knowledge of large project development and commodity risk   management.&nbsp;&nbsp; </font></p>    </td>
<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:11.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:14.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Securities   Held as at December&nbsp;31 of respective year</font></b></p>    </td>   </tr>
<tr>
<td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.68%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Year</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Common<br>   Shares</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.32%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Deferred<br>   Share Units</font></b></p>    </td>
<td width="11%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:11.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</font></b></p>    </td>
<td width="14%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:14.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Market<br>   Value </font></b><b><font size="1" face="Arial" style="font-size:4.5pt;font-weight:bold;position:relative;top:-4.0pt;">(2)</font></b></p>    </td>   </tr>
<tr>
<td width="12%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.68%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2014</font></p>    </td>
<td width="10%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:1.0pt 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">9,688</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.32%;">
<p style="margin:1.0pt 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">63,641</font></p>    </td>
<td width="11%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:11.8%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b><font size="1" face="Arial" style="font-size:9.0pt;">73,329</font></p>    </td>
<td width="14%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:14.82%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">$771,420.40</font></p>    </td>   </tr>
<tr>
<td width="12%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.68%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2013</font></p>    </td>
<td width="10%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2,600</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.32%;">
<p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">59,731</font></p>    </td>
<td width="11%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:11.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b><font size="1" face="Arial" style="font-size:9.0pt;">62,331</font></p>    </td>
<td width="14%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:14.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">$840,221.88</font></p>    </td>   </tr>
<tr>
<td width="12%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.68%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2012</font></p>    </td>
<td width="10%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2,600</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.32%;">
<p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">49,130</font></p>    </td>
<td width="11%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:11.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b><font size="1" face="Arial" style="font-size:9.0pt;">51,730</font></p>    </td>
<td width="14%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:14.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">$782,157.60</font></p>    </td>   </tr>
<tr>
<td width="12%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.68%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.32%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:11.8%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:14.82%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="61%" colspan="14" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:61.62%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Minimum   Shareholding Requirements as at December&nbsp;31, 2014</font></b></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Requirement   </font></b><b><font size="1" face="Arial" style="font-size:4.5pt;font-weight:bold;position:relative;top:-4.0pt;">(3)</font></b></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Requirement   Met</font></b></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$235,992</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Yes</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Value   of Compensation Received</font></b></p>    </td>
<td width="26%" colspan="6" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Year</font></b></p>    </td>
<td width="26%" colspan="6" valign="bottom" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total Compensation</font></b></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2014</font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$140,502</font></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2013</font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$154,724</font></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2012</font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$175,492</font></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Other   Public Board Directorships</font></b></p>    </td>
<td width="26%" colspan="6" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Company</font></b></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Board/Committee Appointments</font></b></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Canadian Natural Resources   Limited</font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Audit<br>   Health, Safety and Environment</font></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Public   Board Interlocks</font></b></p>    </td>
<td width="26%" colspan="6" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Canadian   Natural Resources Limited</font></b></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Gordon D. Giffin</font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Audit<br>   Nominating and Corporate Governance (Chair)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Lead Director</font></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="61%" colspan="14" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:61.62%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Voting   Results of 2014 Annual and Special Meeting</font></b></p>    </td>   </tr>
<tr>
<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Votes For</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Percentage</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Votes<br>   Withheld</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Percentage</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total Votes<br>   Cast</font></b></p>    </td>   </tr>
<tr>
<td width="15%" colspan="3" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">104,122,599</font></p>    </td>
<td width="10%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">95.13%</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">5,335,932</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">4.87%</font></p>    </td>
<td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">109,458,531</font></p>    </td>   </tr>
<tr>
<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="76" style="border:none;"></td>   </tr> </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
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<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">11<a name="PB_11_122531_5335"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<br clear="all" style="page-break-before:always;">
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Dawn L. Farrell</font></b><font size="1" face="Arial" style="font-size:9.0pt;position:relative;top:-3.0pt;">  </font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font><font size="1" face="Arial" style="font-size:9.0pt;position:relative;top:-3.0pt;">&nbsp;</font><font size="1" face="Arial" style="font-size:9.0pt;">&#150; Non-Independent Director</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="16%" rowspan="10" valign="top" style="padding:0in 0in 0in 0in;width:16.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;&nbsp; <img width="100" height="147" src="g55361ms11i001.jpg">&nbsp;&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" colspan="14" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:61.58%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Areas of Expertise</font></b></p>    </td>   </tr>
<tr>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Alberta, Canada</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" colspan="14" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:61.58%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Director Since 2012</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="34%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:34.96%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Communications</font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Mergers and   Acquisitions </font></p>    </td>   </tr>
<tr>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Age:&nbsp; 55</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="34%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:34.96%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Construction   </font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Mining</font></p>    </td>   </tr>
<tr>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Expected Retirement: N/A</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="34%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:34.96%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Economics&nbsp;&amp;   Business</font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Strategy and Development   </font></p>    </td>   </tr>
<tr>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="34%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:34.96%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Electric   Energy / Utility</font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Trading /   Marketing</font></p>    </td>   </tr>
<tr>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="34%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:34.96%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="34%" colspan="7" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:34.9%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Board/Committee Membership</font></b></p>    </td>
<td width="12%" colspan="4" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Attendance</font></b></p>    </td>
<td width="14%" colspan="3" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.68%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Attendance Total</font></b></p>    </td>   </tr>
<tr>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="34%" colspan="7" valign="top" style="border:none;padding:0in 0in 0in 0in;width:34.9%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Board of   Directors</font></p>    </td>
<td width="12%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">6 of 6 </font></p>    </td>
<td width="14%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:14.68%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>   </tr>
<tr>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="34%" colspan="7" valign="top" style="border:none;padding:0in 0in 0in 0in;width:34.9%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="12%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">6 of 6</font></b></p>    </td>
<td width="14%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:14.68%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">100%</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="34%" colspan="7" valign="top" style="border:none;padding:0in 0in 0in 0in;width:34.9%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:14.68%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="36%" colspan="2" rowspan="36" valign="top" style="padding:0in 0in 0in 0in;width:36.54%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">President and Chief Executive   Officer of TransAlta Corporation</font></i></b><font size="1" face="Arial" style="font-size:9.0pt;">.&nbsp; Mrs.&nbsp;Farrell became President and CEO   of TransAlta Corporation on January&nbsp;2, 2012. Prior to her appointment,   she served as Chief Operating Officer from 2009 to 2011 and as Executive   Vice-President, Commercial Operations and Development from 2008 to 2009.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Mrs.&nbsp;Farrell has over 30 years of experience in the electric   energy industry, holding roles at TransAlta and BC Hydro. She has served as   Executive Vice-President, Commercial Operations and Development; Executive   Vice-President, Corporate Development; Executive   Vice-President,&nbsp;Independent Power Projects; and Vice-President, Energy   Marketing and IPP Development at TransAlta Corporation.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">From 2003 to 2006, Mrs.&nbsp;Farrell served as Executive   Vice-President, Generation at BC Hydro. In 2006, she was appointed Executive   Vice-President Engineering, Aboriginal Relations and Generation.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Mrs.&nbsp;Farrell sits on the board of directors of The Conference   Board of Canada and the Canadian Council of Chief Executives.&nbsp; Her past boards include the Calgary   Stampede, the Mount Royal College Board of Governors, Fording Coal Income   Fund, New Relationship Trust Fund, Mount Royal College Foundation and Vision   Quest Windelectric.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">She holds a bachelor of commerce degree with a major in finance and a   master&#146;s degree in economics from the University of Calgary (Calgary, AB).   Mrs.&nbsp;Farrell has also attended the Advanced Management Program at   Harvard University (Cambridge, MA).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Mrs.&nbsp;Farrell, as the Corporation&#146;s CEO, brings to the Board her   intimate knowledge of the business and our industry.</font></p>    </td>
<td width="1%" rowspan="36" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
<p style="margin:0in .1in .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="34%" colspan="7" valign="top" style="border:none;padding:0in 0in 0in 0in;width:34.9%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:14.68%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="61%" colspan="14" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:61.58%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Securities Held as at March 4, 2015</font></b></p>    </td>   </tr>
<tr>
<td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.44%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Year</font></b></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.4%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Common<br>   Shares</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.38%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Deferred<br>   Share Units</font></b></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.38%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Restricted<br>   Share Units</font></b><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;position:relative;top:-2.0pt;">(5)</font></b></p>    </td>
<td width="8%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.82%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Market<br>   Value </font></b><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;position:relative;top:-2.0pt;">(2)</font></b></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:7.44%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2014</font></p>    </td>
<td width="10%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:10.4%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">133,894</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.38%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">34,536</font></p>    </td>
<td width="12%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:12.38%;">
<p style="margin:0in 0in .0001pt 6.5pt;"><font size="1" face="Arial" style="font-size:9.0pt;">107,930</font></p>    </td>
<td width="8%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">276,360</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$3,183,667.20</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:7.44%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2013</font></p>    </td>
<td width="10%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:10.4%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">110,322</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.38%;">
<p style="margin:0in 0in .0001pt 19.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">0</font></p>    </td>
<td width="12%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:12.38%;">
<p style="margin:0in 0in .0001pt 6.5pt;"><font size="1" face="Arial" style="font-size:9.0pt;">141,149</font></p>    </td>
<td width="8%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">251,471</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$3,264,093.58</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:7.44%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2012</font></p>    </td>
<td width="10%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:10.4%;">
<p style="margin:0in 0in .0001pt 9.35pt;"><font size="1" face="Arial" style="font-size:9.0pt;">89,950</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.38%;">
<p style="margin:0in 0in .0001pt 19.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">0</font></p>    </td>
<td width="12%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:12.38%;">
<p style="margin:0in 0in .0001pt 6.5pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;&nbsp;35,666</font></p>    </td>
<td width="8%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">125,616</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$1,899,313.92</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:7.44%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:10.4%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.38%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:12.38%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="8%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="61%" colspan="14" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:61.58%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Minimum Shareholding Requirements as at December&nbsp;31, 2014</font></b></p>    </td>   </tr>
<tr>
<td width="61%" colspan="14" valign="top" style="border:none;padding:0in 0in 0in 0in;width:61.58%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="61%" colspan="14" valign="top" style="border:none;padding:0in 0in 0in 0in;width:61.58%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Mrs.&nbsp;Farrell is subject to   the requirements of the executive share ownership policy, requiring that she   owns and holds four times her base salary, which she is on track to meet.</font></p>    </td>   </tr>
<tr>
<td width="61%" colspan="14" valign="top" style="border:none;padding:0in 0in 0in 0in;width:61.58%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="61%" colspan="14" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:61.58%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Value of Compensation Received</font></b></p>    </td>   </tr>
<tr>
<td width="61%" colspan="14" valign="top" style="border:none;padding:0in 0in 0in 0in;width:61.58%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="61%" colspan="14" valign="top" style="border:none;padding:0in 0in 0in 0in;width:61.58%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Mrs.&nbsp;Farrell as President   and Chief Executive Officer of the Company is not compensated for her work on   the Board. </font></p>    </td>   </tr>
<tr>
<td width="61%" colspan="14" valign="top" style="border:none;padding:0in 0in 0in 0in;width:61.58%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" colspan="5" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:29.14%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Other Public Board Directorships</font></b></p>    </td>
<td width="32%" colspan="9" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:32.44%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="29%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:29.14%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">None</font></p>    </td>
<td width="32%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:32.44%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:29.14%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="32%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:32.44%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" colspan="5" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:29.14%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Public Board Interlocks</font></b></p>    </td>
<td width="32%" colspan="9" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:32.44%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:29.14%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">None</font></p>    </td>
<td width="32%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:32.44%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:29.14%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="32%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:32.44%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="61%" colspan="14" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:61.58%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Voting Results of 2014 Annual and Special Meeting</font></b></p>    </td>   </tr>
<tr>
<td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.54%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Votes For</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.34%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Percentage</font></b></p>    </td>
<td width="12%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:12.38%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Votes<br>   Withheld</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.34%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Percentage</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.98%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total Votes<br>   Cast</font></b></p>    </td>   </tr>
<tr>
<td width="12%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.54%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">104,213,421</font></p>    </td>
<td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.34%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">95.21%</font></p>    </td>
<td width="12%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:12.38%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">5,245,110</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">4.79%</font></p>    </td>
<td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">109,458,531</font></p>    </td>   </tr>
<tr>
<td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.54%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.34%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:12.38%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.34%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.98%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.54%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.34%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:12.38%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.34%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.98%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.54%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.34%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:12.38%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.34%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.98%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.54%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.34%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:12.38%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.34%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.98%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.54%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.34%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:12.38%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.34%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.98%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.54%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.34%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:12.38%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.34%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.98%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.54%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.34%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.34%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.98%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.54%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.34%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.54%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.54%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="122" style="border:none;"></td>
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<td width="81" style="border:none;"></td>   </tr> </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">12<a name="PB_12_111950_7056"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Alan J. Fohrer</font></b><font size="1" face="Arial" style="font-size:9.0pt;"> &#150; Independent Director</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;&nbsp;&nbsp;   <img width="99" height="147" src="g55361ms11i002.jpg"></font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">California, U.S.A.</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Areas of Expertise</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Director Since 2013</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Age: 64</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Accounting, Finance&nbsp;&amp;   Tax </font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Risk Management / Insurance</font></p>    </td>   </tr>
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<p style="margin:0in 5.05pt .0001pt 0in;"><font size="1" face="Arial" style="font-size:9.0pt;">Expected   Retirement: 2023</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Electric Energy / Utility</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Regulatory and Compliance</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Engineering and Technical</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Strategy and Development</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Mergers and Acquisitions</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Trading / Marketing</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Board/Committee Membership</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Attendance</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Attendance Total</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Board of Directors </font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">6 of 6</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Audit and Risk Committee</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">8 of 8</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Governance and Environment   Committee</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">5 of 5</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>   </tr>
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<p style="margin:0in 5.05pt .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Corporate Director</font></i></b><font size="1" face="Arial" style="font-size:9.0pt;">. Mr.&nbsp;Fohrer was Chairman   and CEO of Southern California Edison Company (&#147;<b>SCE</b>&#148;),   a subsidiary of Edison International (&#147;<b>Edison</b>&#148;) and   one of the largest electric utilities in the United States. He was elected   CEO in 2002 and Chairman in 2007.&nbsp; In   2000, Mr.&nbsp;Fohrer was elected as President and Chief Executive Officer of   Edison Mission Energy (&#147;<b>EME</b>&#148;), a   subsidiary of Edison that owns and operates independent power   facilities.&nbsp; During his tenure at EME,   Mr.&nbsp;Fohrer restructured a number of the international projects, which   enhanced the value of the assets sold in subsequent years. Mr.&nbsp;Fohrer   also served as Executive Vice-President, Treasurer and Chief Financial   Officer of both Edison and SCE from 1995 to 1999.&nbsp; After 37 years with Edison, Mr.&nbsp;Fohrer   retired in December&nbsp;2010.</font></p>
<p style="margin:0in 5.05pt .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 5.05pt .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Mr.&nbsp;Fohrer currently sits on the boards of   PNM Resources,&nbsp;Inc., a publicly-held energy holding company, MWH   Global,&nbsp;Inc., a privately-held global engineering and construction   company focused on water and waste water projects, Osmose Utilities   Services,&nbsp;Inc., a privately-held company providing services to   utilities, Blue Shield of California, a non-profit health insurance provider,   and Synagro, a waste management company.</font></p>
<p style="margin:0in 5.05pt .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 5.05pt .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Mr.&nbsp;Fohrer has served on boards of directors   of the Institute of Nuclear Power Operations, the California Chamber of   Commerce, and Duratek,&nbsp;Inc., a publicly-held nuclear services   company.&nbsp; He is also a member of the   Viterbi School of Engineering Board of Councilors for the University of   Southern California and Chair of the California Science Centre Foundation.</font></p>
<p style="margin:0in 5.05pt .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 5.05pt .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Mr.&nbsp;Fohrer holds a master of science in   civil engineering from the University of Southern California, Los Angeles, as   well as a master of business administration from California State University   in Los Angeles.</font></p>
<p style="margin:0in 5.05pt .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 5.05pt .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Mr.&nbsp;Fohrer brings to the Corporation and the   Board experience in accounting, finance and our industry from both a   regulated and deregulated market perspective.</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">19 of 19</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">100%</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Securities Held as at December&nbsp;31 of respective year</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Year</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Common<br>   Shares</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Deferred<br>   Share Units</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Market<br>   Value </font></b><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;position:relative;top:-2.0pt;">(2)</font></b></p>    </td>   </tr>
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<td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.46%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2014</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">6,398</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">7,148</font></p>    </td>
<td width="13%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:13.72%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">13,546</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$142,504.03</font></p>    </td>   </tr>
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<td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.46%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2013</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">6,398</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; 6,398</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$&nbsp;86,245.04</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="13%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:13.72%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.94%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="61%" colspan="10" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:61.64%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Minimum Shareholding Requirements as at December&nbsp;31, 2014</font></b></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.98%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Requirement </font></b><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;position:relative;top:-2.0pt;">(3)</font></b></p>    </td>
<td width="28%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:28.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Requirement Met</font></b></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.98%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$235,992</font></p>    </td>
<td width="28%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:28.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Mr.&nbsp;Fohrer was appointed to the Board on   April&nbsp;23, 2013, and has already met his one-year requirement.&nbsp; He is on track to meet the three-year   requirement.</font></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.98%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="28%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:28.66%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:32.98%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Value of Compensation Received</font></b></p>    </td>
<td width="28%" colspan="4" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:28.66%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.98%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Year</font></b></p>    </td>
<td width="28%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:28.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total Compensation</font></b></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.98%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2014</font></p>    </td>
<td width="28%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:28.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$121,632</font></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.98%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2013</font></p>    </td>
<td width="28%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:28.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$&nbsp;90,591</font></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.98%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="28%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:28.66%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="61%" colspan="10" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:61.64%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Other Public Board Directorships</font></b></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.98%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Company</font></b></p>    </td>
<td width="28%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:28.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Board/Committee   Appointments</font></b></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.98%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">PNM   Resources,&nbsp;Inc.</font></p>    </td>
<td width="28%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:28.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Audit and Ethics<br>   Compensation and Human Resources</font></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.98%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="28%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:28.66%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:32.98%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Public Board Interlocks</font></b></p>    </td>
<td width="28%" colspan="4" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:28.66%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.98%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">None</font></p>    </td>
<td width="28%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:28.66%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.98%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="28%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:28.66%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="61%" colspan="10" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:61.64%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Voting Results of 2014 Annual and Special Meeting</font></b></p>    </td>   </tr>
<tr>
<td width="15%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Votes For</font></b></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Percentage</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Votes<br>   Withheld</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Percentage</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total Votes Cast</font></b></p>    </td>   </tr>
<tr>
<td width="15%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">104,447,906</font></p>    </td>
<td width="10%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">95.42%</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">5,010,625</font></p>    </td>
<td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">4.58%</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">109,458,531 </font></p>    </td>   </tr>
<tr>
<td width="15%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="15%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="15%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="15%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="15%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="15%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="15%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="15%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="15%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="15%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="15%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="15%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="15%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="15%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="15%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="126" style="border:none;"></td>
<td width="161" style="border:none;"></td>
<td width="71" style="border:none;"></td>
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<td width="12" style="border:none;"></td>
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<td width="68" style="border:none;"></td>
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<td width="89" style="border:none;"></td>   </tr> </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">13<a name="PB_13_115914_5796"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
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<div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Ambassador Gordon D. Giffin </font></b><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-2.0pt;">(6)</font><font size="1" face="Arial" style="font-size:9.0pt;position:relative;top:-2.0pt;">&nbsp;</font><font size="1" face="Arial" style="font-size:9.0pt;">&#150; Independent Director</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
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<td width="16%" rowspan="10" valign="top" style="padding:0in 0in 0in 0in;width:16.62%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; <img width="99" height="147" src="g55361ms11i003.jpg"></font></p>    </td>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="5" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:29.12%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Areas of Expertise</font></b></p>    </td>
<td width="32%" colspan="5" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:32.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Georgia, U.S.A.</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="5" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:29.12%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="32%" colspan="5" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:32.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Director Since 2002</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:29.12%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Electric Energy / Utility</font></p>    </td>
<td width="32%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Regulatory and Compliance</font></p>    </td>   </tr>
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<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Board Chair since 2011</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:29.12%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Government / Public Administration</font></p>    </td>
<td width="32%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Oil and Gas</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Age:&nbsp; 66</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:29.12%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Legal</font></p>    </td>
<td width="32%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Expected&nbsp;Retirement:&nbsp;2017</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:29.12%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="5" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:29.12%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Board/Committee Membership</font></b></p>    </td>
<td width="17%" colspan="3" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:17.58%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Attendance</font></b></p>    </td>
<td width="14%" colspan="2" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.92%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Attendance Total</font></b></p>    </td>   </tr>
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<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:29.12%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Board of Directors </font></p>    </td>
<td width="17%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:17.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">6 of 6</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:29.12%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="17%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:17.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">6 of 6</font></b></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">100%</font></b></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:29.12%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:17.58%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.92%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="36%" colspan="2" rowspan="42" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Lawyer and Senior Partner, McKenna, Long &amp;   Aldridge LLP (law firm)</font></i></b><font size="1" face="Arial" style="font-size:9.0pt;">.&nbsp; Ambassador Giffin is Senior Partner of the   law firm of McKenna Long &amp; Aldridge, where he maintains offices in   Washington, D.C. and Atlanta.&nbsp; His   practice focuses on international transactions related to trade, energy and   public policy.&nbsp; He has been engaged in   the practice of law or government service for more than 40 years.&nbsp; He served as the United States Ambassador   to Canada with responsibility for managing Canada/U.S. bilateral relations,   including energy and environmental policy from August 1997 to April   2001.&nbsp; Prior to that, he served as   Chief Counsel and Legislative Director to United States Senator Sam Nunn,   with responsibility for the legal and legislative operations of the office.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Ambassador Giffin has spent three decades as an attorney in the energy   industry as an advisor, trying multiple energy regulatory cases before state   and federal tribunals and courts, and handling transactions including mergers   and acquisitions.&nbsp; During a decade in   public service, he was a senior attorney and advisor in the United States   Senate where, among other matters, he worked on major energy public policy   initiatives.&nbsp; During his four years as   United States Ambassador to Canada, he was CEO of a large government enterprise   with in excess of a thousand people across Canada.&nbsp; His substantive responsibilities included   the entire array of policy matters in the Canada-U.S. context including   energy policy.&nbsp; He has substantial   experience in dealing with issues at the intersection of industry and public   policy.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Since leaving public office, he resumed his continental law practice   and remains actively engaged in public policy initiatives and international   affairs through membership in the Council on Foreign Relations and the   Tri-Lateral Commission.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Ambassador Giffin holds a   bachelor of arts from Duke University (Durham, NC) and a <i>juris   doctorate</i> from Emory University School of Law (Atlanta, GA).</font></p>
<p style="margin:0in .1in .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Ambassador Giffin brings to the Corporation and   the Board experience in law, regulatory and governmental affairs that will assist   the Corporation as it addresses continuous change in environmental law and   other compliance matters.</font></p>    </td>
<td width="1%" rowspan="42" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
<p style="margin:0in .1in .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" colspan="10" valign="top" style="border:none;padding:0in 0in 0in 0in;width:61.62%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="61%" colspan="10" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:61.62%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Securities Held as at December&nbsp;31 of respective year</font></b></p>    </td>   </tr>
<tr>
<td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.68%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Year</font></b></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Common<br>   Shares</font></b></p>    </td>
<td width="9%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:9.62%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Deferred<br>   Share </font></b></p>    </td>
<td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.4%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.92%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Market<br>   Value </font></b><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-2.0pt;">(2)<b>(7)</b></font></p>    </td>   </tr>
<tr>
<td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.68%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:9.62%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Units</font></b></p>    </td>
<td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.4%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.92%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.68%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2014</font></p>    </td>
<td width="10%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">36,488</font></p>    </td>
<td width="9%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:9.62%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">19,969</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">56,457</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$601,127.60</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.68%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2013</font></p>    </td>
<td width="10%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">21,900</font></p>    </td>
<td width="9%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:9.62%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">18,731</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">40,631</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$547,705.88</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.68%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2012</font></p>    </td>
<td width="10%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">18,700</font></p>    </td>
<td width="9%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:9.62%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">17,298</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">35,998</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$544,289.76</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.68%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="9%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:9.62%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.4%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.92%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="61%" colspan="10" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:61.62%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Minimum Shareholding Requirements as at December&nbsp;31, 2014</font></b></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.3%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Requirement </font></b><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;position:relative;top:-2.0pt;">(3)</font></b></p>    </td>
<td width="29%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:29.32%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Requirement Met</font></b></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.3%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$235,992</font></p>    </td>
<td width="29%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:29.32%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Yes</font></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.3%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:29.32%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:32.3%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Value of Compensation Received</font></b></p>    </td>
<td width="29%" colspan="4" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:29.32%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.3%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Year</font></b></p>    </td>
<td width="29%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:29.32%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total Compensation</font></b></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.3%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2014</font></p>    </td>
<td width="29%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:29.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$293,502</font></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.3%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2013</font></p>    </td>
<td width="29%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:29.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$301,882</font></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.3%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2012</font></p>    </td>
<td width="29%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:29.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$313,563</font></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.3%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:29.32%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="61%" colspan="10" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:61.62%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Other Public Board Directorships</font></b></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.3%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Company</font></b></p>    </td>
<td width="29%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:29.32%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Board/Committee Appointments</font></b></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.3%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Canadian Imperial Bank of   Commerce</font></p>    </td>
<td width="29%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:29.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Management Resources and Compensation</font></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.3%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:29.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.3%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Canadian National Railway   Company</font></p>    </td>
<td width="29%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:29.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Audit<br>   Donations and Sponsorships<br>   Environment, Safety &amp; Security<br>   Finance<br>   Human Resources and Compensation (Chair)<br>   Investment Committee of Pension Trust Funds <br>   Strategic Planning</font></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.3%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:29.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.3%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Canadian Natural Resources   Limited</font></p>    </td>
<td width="29%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:29.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Lead Director<br>   Audit<br>   Nominating and Corporate Governance (Chair)</font></p>    </td>   </tr>
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<td width="32%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.3%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:29.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.3%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Element Financial Corporation</font></p>    </td>
<td width="29%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:29.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Compensation and Corporate Governance</font></p>    </td>   </tr>
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<td width="32%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.3%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:29.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.3%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Just Energy Group Inc.</font></p>    </td>
<td width="29%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:29.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Risk<br>   Human Resources</font></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.3%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:29.32%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:32.3%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Public Board Interlocks</font></b></p>    </td>
<td width="29%" colspan="4" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:29.32%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="61%" colspan="10" valign="top" style="border:none;padding:0in 0in 0in 0in;width:61.62%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Canadian Natural Resources Limited</font></b></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.3%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Timothy W. Faithfull</font></p>    </td>
<td width="29%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:29.32%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Audit<br>   Health, Safety and Environment</font></p>    </td>   </tr>
<tr>
<td width="32%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.3%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:29.32%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="61%" colspan="10" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:61.62%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Voting Results of 2014 Annual and Special Meeting</font></b></p>    </td>   </tr>
<tr>
<td width="15%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Votes For</font></b></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Percentage</font></b></p>    </td>
<td width="9%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:9.54%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Votes<br>   Withheld</font></b></p>    </td>
<td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.48%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Percentage</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.94%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total Votes<br>   Cast</font></b></p>    </td>   </tr>
<tr>
<td width="15%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">99,930,498</font></p>    </td>
<td width="10%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">91.30%</font></p>    </td>
<td width="9%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:9.54%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">9,528,033</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">8.70%</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">109,458,531</font></p>    </td>   </tr>
<tr>
<td width="15%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:9.54%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.48%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.94%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="15%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:9.54%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.48%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.94%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="15%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:9.54%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.48%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.94%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="15%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:9.54%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.94%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="15%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="124" style="border:none;"></td>
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<td width="89" style="border:none;"></td>   </tr> </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
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<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">14<a name="PB_14_115914_2897"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">P. Thomas Jenkins</font></b><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-2.0pt;"> (1)&nbsp;</font><font size="1" face="Arial" style="font-size:9.0pt;">&#150; Independent Director</font></p>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial"><img width="100" height="147" src="g55361ms13i001.jpg"></font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Areas of Expertise</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" colspan="2" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.9%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Alberta, Canada</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Director Since 2014</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Engineering and Technical</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Strategy and Development</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Age: 56</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">International Operations</font></p>    </td>
<td width="34%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:34.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Technology / Research / Telecommunications</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.68%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Expected Retirement: 2029</font></p>    </td>
<td width="33%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.34%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:26.9%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.68%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="33%" colspan="5" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:33.34%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Board/Committee Membership - 2014</font></b><font size="1" face="Arial" style="font-size:4.5pt;position:relative;top:-4.0pt;">(8)</font></p>
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Attendance</font></b></p>    </td>
<td width="14%" colspan="2" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.9%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Attendance&nbsp;Total</font></b></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.68%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="33%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.34%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Board of Directors</font></p>    </td>
<td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">1 of 1</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.9%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.68%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="33%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.34%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Human Resources Committee </font></p>    </td>
<td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.9%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.68%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="33%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.34%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total</font></b></p>
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1 of   1</font></b></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.9%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">100%</font></b></p>    </td>   </tr>
<tr>
<td width="39%" colspan="2" rowspan="44" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:39.76%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 5.75pt .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Corporate   Director.</font></i></b><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Mr.&nbsp;Jenkins has been active for more   than 30 years in innovation and economic development in both the private and   public sectors.&nbsp; He is currently the   Chairman of the Board of Open Text Corporation, a multinational enterprise   software firm.&nbsp; He was recently   appointed Chancellor of the University of Waterloo.&nbsp; He has served as a director of Open Text   Corporation since 1994 and its Chairman since 1998.&nbsp; From 1994 to 2005, Mr.&nbsp;Jenkins was   President and Chief Executive Officer, and then from 2005 to 2013, Executive   Chairman and Chief Strategy Officer of Open Text Corporation.&nbsp; Prior thereto, he was employed in technical   and managerial capacities at a variety of technology companies.</font></p>
<p style="margin:0in 5.75pt .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 5.75pt .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Mr.&nbsp;Jenkins is also   a director of the C.D. Howe Institute, and a director of the Canadian Council   of Chief Executives.&nbsp; Mr.&nbsp;Jenkins was   also a member of the board of BMC Software,&nbsp;Inc., a software corporation   based in Houston, Texas.</font></p>
<p style="margin:0in 5.75pt .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 5.75pt .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Mr.&nbsp;Jenkins received   an M.B.A. from the Schulich School of Business at York University (Toronto,   ON), an M.A.Sc. from the University of Toronto and a B.Eng.&nbsp;&amp; Mgt.   from McMaster University (Hamilton, ON). Mr.&nbsp;Jenkins received an   honorary doctorate of laws from the University of Waterloo and an honorary   doctorate of Military Science from the Royal Military College of Canada. He   is a recipient of the 2009 Ontario Entrepreneur of the Year, the 2010   McMaster Engineering L. W. Shemilt Distinguished Alumni Award and the   Schulich School of Business 2012 Outstanding Executive Leadership award. He   is a Fellow of the Canadian Academy of Engineering. Mr.&nbsp;Jenkins was awarded   the Canadian Forces Decoration and the Queen&#146;s Diamond Jubilee Medal.   Mr.&nbsp;Jenkins is an Officer of the Order of Canada.</font></p>
<p style="margin:0in 5.75pt .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 5.75pt .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Mr.&nbsp;Jenkins brings   to the Corporation and the Board several years&#146; experience as an   entrepreneur, innovator and leader in information technology which will   assist the Corporation as it addresses both technological and innovative   changes in the industry.</font></p>    </td>
<td width="33%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.34%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.9%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="60%" colspan="9" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:60.26%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Securities Held as at December&nbsp;31 of respective year</font></b></p>    </td>   </tr>
<tr>
<td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Year</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Common<br>   Shares</font></b></p>    </td>
<td width="11%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:11.98%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Deferred<br>   Share Units</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.9%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Market</font></b></p>
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Value </font></b><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;position:relative;top:-2.0pt;">(2)</font></b></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2014</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.7%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">804,965</font></p>    </td>
<td width="11%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:11.98%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2,526</font></p>    </td>
<td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">807,491</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.9%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$8,494,800.51</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.7%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:11.98%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.9%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="60%" colspan="9" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:60.26%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Minimum Shareholding Requirements as at December&nbsp;31, 2014</font></b></p>    </td>   </tr>
<tr>
<td width="33%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.34%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Requirement   </font></b><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;position:relative;top:-2.0pt;">(3)</font></b></p>    </td>
<td width="26%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:26.9%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Requirement   Met</font></b></p>    </td>   </tr>
<tr>
<td width="33%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.34%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$235,992</font></p>    </td>
<td width="26%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:26.9%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Yes</font></p>    </td>   </tr>
<tr>
<td width="33%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.34%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:26.9%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="33%" colspan="5" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:33.34%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Value of Compensation Received</font></b></p>    </td>
<td width="26%" colspan="4" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:26.9%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="33%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.34%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Year</font></b></p>    </td>
<td width="26%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:26.9%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total Compensation</font></b></p>    </td>   </tr>
<tr>
<td width="33%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.34%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2014</font></p>    </td>
<td width="26%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:26.9%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$31,776.82</font></p>    </td>   </tr>
<tr>
<td width="33%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.34%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:26.9%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="60%" colspan="9" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:60.26%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Other Public Board Directorships</font></b></p>    </td>   </tr>
<tr>
<td width="33%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.34%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Company</font></b></p>    </td>
<td width="26%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:26.9%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Board/Committee Appointments</font></b></p>    </td>   </tr>
<tr>
<td width="33%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.34%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Manulife Financial Corporation</font></p>    </td>
<td width="26%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:26.9%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Director</font></p>    </td>   </tr>
<tr>
<td width="33%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.34%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Open Text Corporation</font></p>    </td>
<td width="26%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:26.9%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Chair of the Board</font></p>    </td>   </tr>
<tr>
<td width="33%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.34%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:26.9%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="33%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.34%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Thomson Reuters Corporation</font></p>    </td>
<td width="26%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:26.9%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Audit</font></p>    </td>   </tr>
<tr>
<td width="33%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.34%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:26.9%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="33%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.34%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:26.9%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="33%" colspan="5" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:33.34%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Public Board Interlocks</font></b></p>    </td>
<td width="26%" colspan="4" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:26.9%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="60%" colspan="9" valign="top" style="border:none;padding:0in 0in 0in 0in;width:60.26%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">None</font></p>    </td>   </tr>
<tr>
<td width="33%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.34%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:26.9%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="60%" colspan="9" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:60.26%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Voting Results of 2014 Annual and Special Meeting</font></b></p>    </td>   </tr>
<tr>
<td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Votes For</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.1%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Percentage</font></b></p>    </td>
<td width="13%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:13.54%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Votes<br>   Withheld</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Percentage</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.94%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total Votes<br>   Cast</font></b></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>
<td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.1%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>
<td width="13%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:13.54%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>
<td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.94%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.1%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:13.54%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.94%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.1%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:13.54%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.94%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.1%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:13.54%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.94%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.1%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:13.54%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.94%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.1%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:13.54%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.94%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.1%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:13.54%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.94%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.1%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:13.54%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.94%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.94%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.1%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.94%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.1%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.94%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.1%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.94%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.94%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.1%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:13.54%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.94%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.1%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:13.54%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.94%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.1%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:13.54%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.94%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.1%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:13.54%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.94%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.1%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="13%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:13.54%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.94%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="135" style="border:none;"></td>
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<td width="68" style="border:none;"></td>
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<td width="89" style="border:none;"></td>   </tr> </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">15<a name="PB_15_205504_7056"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2014 Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
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<div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Yakout Mansour</font></b><font size="1" face="Arial" style="font-size:9.0pt;"> &#150; Independent Director</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
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<td width="16%" rowspan="10" valign="top" style="padding:0in 0in 0in 0in;width:16.9%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial"><img width="101" height="147" src="g55361ms13i002.jpg"></font></p>    </td>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.68%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="5" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Areas of Expertise</font></b></p>    </td>
<td width="31%" colspan="5" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:31.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.68%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">California, U.S.A.</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="5" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="31%" colspan="5" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:31.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.68%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Director Since 2011</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Electric Energy / Utility</font></p>    </td>
<td width="31%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:31.42%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Risk Management / Insurance</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.68%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Age:&nbsp; 67</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Engineering&nbsp;&amp;   Technical</font></p>    </td>
<td width="31%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:31.42%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Regulatory and Compliance</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.68%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Expected Retirement:&nbsp; 2020</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Government / Public   Administration</font></p>    </td>
<td width="31%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:31.42%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Trading</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.68%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="31%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:31.42%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.68%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="5" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Board/Committee Membership</font></b></p>    </td>
<td width="16%" colspan="3" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.56%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Attendance</font></b></p>    </td>
<td width="14%" colspan="2" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.86%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Attendance Total</font></b></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.68%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Board of Directors</font></p>    </td>
<td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">6 of 6</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.68%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Audit and Risk Committee</font></p>    </td>
<td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">8 of 8</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.68%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.56%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">14 of 14</font></b></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.86%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">100%</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="38%" colspan="2" rowspan="50" valign="top" style="padding:0in 0in 0in 0in;width:38.58%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Corporate Director</font></i></b><font size="1" face="Arial" style="font-size:9.0pt;">.&nbsp; Mr.&nbsp;Mansour has over 40 years of   experience as both a professional engineer and executive in the electric   utility business in Canada, the United States, and abroad. He retired as   President and CEO of the California Independent System Operator Corporation   (&#147;<b>CAISO</b>&#148;) in 2011, a position he had   held since 2005.&nbsp; CAISO is responsible   for operating and controlling 80% of the California electric grid, designing   and operating the California electricity market, and for settlements of over   $8 billion annually. Under Mr.&nbsp;Mansour&#146;s leadership, the California   market structure was completely redesigned, and CAISO established the market   and technical foundation to accommodate one of the most aggressive renewable   portfolio standards in the world. Prior to that, Mr.&nbsp;Mansour served in   senior executive roles at BC Hydro and British Columbia Transmission   Corporation where he was responsible for Operation, Asset Management, and   Inter-Utility Affairs of the electric grid.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">A Professional Engineer and a Fellow of the Institute of Electrical   and Electronics Engineers, Mr.&nbsp;Mansour has authored and co-authored   numerous publications.&nbsp; He is   recognized internationally in the field of Power Engineering and received   several distinguished awards for his contributions to the industry.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">In 2009, Mr.&nbsp;Mansour was named to the US Department of Energy   Electricity Advisory Committee as a vice chair.&nbsp; He also served on the various committees of   the North American Electric Reliability Corporation and its predecessor   organization, CEGRE, the Transmission Council of the Canadian Electric   Association, and the Board of Directors of the Electric Power Research   Institute.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Mr.&nbsp;Mansour holds a bachelor of science in electrical engineering   from the University of Alexandria (Alexandria, Egypt) and a master of science   from the University of Calgary (Calgary, AB).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Mr.&nbsp;Mansour brings to the Corporation and the Board decades of   experience in our industry in generation, transmission and energy competitive   markets in both a regulated and deregulated market environment.</font></p>    </td>
<td width="1%" rowspan="50" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="4" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.56%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="4" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.86%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="4" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="60%" colspan="10" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:60.42%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Securities Held as at December&nbsp;31 of respective year</font></b></p>    </td>   </tr>
<tr>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.4%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Year</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.12%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Common <br>   Shares</font></b></p>    </td>
<td width="11%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:11.56%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Deferred <br>   Share </font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.48%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.86%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Market<br>   Value </font></b><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;position:relative;top:-2.0pt;">(2)</font></b></p>    </td>   </tr>
<tr>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.4%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.12%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:11.56%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Units</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.48%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.86%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.4%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2014</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.12%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">5,231</font></p>    </td>
<td width="11%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:11.56%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">22,670</font></p>    </td>
<td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">27,901</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$293,525.89</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.4%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2013</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.12%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">5,231</font></p>    </td>
<td width="11%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:11.56%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">14,595</font></p>    </td>
<td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">19,826</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$267,254.48</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.4%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2012</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.12%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">5,231</font></p>    </td>
<td width="11%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:11.56%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; 7,448</font></p>    </td>
<td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">12,679</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$191,706.48</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.4%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.12%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:11.56%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="60%" colspan="10" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:60.42%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Minimum Shareholding Requirements as at December&nbsp;31, 2014</font></b></p>    </td>   </tr>
<tr>
<td width="33%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.08%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Requirement </font></b><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;position:relative;top:-2.0pt;">(3)</font></b></p>    </td>
<td width="27%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:27.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Requirement Met</font></b></p>    </td>   </tr>
<tr>
<td width="33%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.08%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$235,992</font></p>    </td>
<td width="27%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:27.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Yes</font></p>    </td>   </tr>
<tr>
<td width="33%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.08%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="27%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:27.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="33%" colspan="6" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:33.08%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Value of Compensation Received</font></b></p>    </td>
<td width="27%" colspan="4" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:27.34%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="33%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.08%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Year</font></b></p>    </td>
<td width="27%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:27.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total Compensation</font></b></p>    </td>   </tr>
<tr>
<td width="33%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.08%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2014</font></p>    </td>
<td width="27%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:27.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$114,132</font></p>    </td>   </tr>
<tr>
<td width="33%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.08%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2013</font></p>    </td>
<td width="27%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:27.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$123,724</font></p>    </td>   </tr>
<tr>
<td width="33%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.08%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2012</font></p>    </td>
<td width="27%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:27.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$139,992</font></p>    </td>   </tr>
<tr>
<td width="33%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.08%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="27%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:27.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="60%" colspan="10" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:60.42%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Other Public Board Directorships</font></b></p>    </td>   </tr>
<tr>
<td width="27%" colspan="4" valign="top" style="border:none;padding:0in 0in 0in 0in;width:27.64%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">None</font></p>    </td>
<td width="32%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:32.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="27%" colspan="4" valign="top" style="border:none;padding:0in 0in 0in 0in;width:27.64%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="32%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:32.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="27%" colspan="4" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:27.64%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Public Board Interlocks</font></b></p>    </td>
<td width="32%" colspan="6" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:32.78%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="60%" colspan="10" valign="top" style="border:none;padding:0in 0in 0in 0in;width:60.42%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">None</font></p>    </td>   </tr>
<tr>
<td width="29%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="31%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:31.42%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="60%" colspan="10" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:60.42%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Voting Results of 2014 Annual and Special Meeting</font></b></p>    </td>   </tr>
<tr>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.4%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Votes For</font></b></p>    </td>
<td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.1%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Percentage</font></b></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Votes<br>   Withheld</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Percentage</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total Votes<br>   Cast</font></b></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.4%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">104,339,381</font></p>    </td>
<td width="13%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:13.1%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">95.32%</font></p>    </td>
<td width="12%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">5,119,150</font></p>    </td>
<td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">4.68%</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">109,458,531</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.4%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.1%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.4%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.1%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.4%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.1%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.4%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.1%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.4%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.1%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.4%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.1%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.4%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.1%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.4%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.1%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.4%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.1%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.4%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.1%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.4%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.1%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.4%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.1%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.4%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.1%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.4%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.1%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.4%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.1%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.4%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.1%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.4%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.1%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.4%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.1%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.4%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.1%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.4%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.1%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.4%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.1%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.4%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.1%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.4%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="13%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:13.1%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="0">
<td width="126" style="border:none;"></td>
<td width="162" style="border:none;"></td>
<td width="7" style="border:none;"></td>
<td width="85" style="border:none;"></td>
<td width="76" style="border:none;"></td>
<td width="22" style="border:none;"></td>
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<td width="10" style="border:none;"></td>
<td width="31" style="border:none;"></td>
<td width="26" style="border:none;"></td>
<td width="68" style="border:none;"></td>
<td width="22" style="border:none;"></td>
<td width="89" style="border:none;"></td>   </tr> </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">16<a name="PB_16_122107_5335"></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
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<div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Georgia R. Nelson </font></b><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-2.0pt;">(9)&nbsp;</font><font size="1" face="Arial" style="font-size:9.0pt;">&#160;&#150; Independent Director</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="16%" rowspan="11" valign="top" style="padding:0in 0in 0in 0in;width:16.5%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial"><img width="100" height="146" src="g55361ms13i003.jpg"></font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="5" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Areas of Expertise</font></b></p>    </td>
<td width="33%" colspan="5" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:33.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Illinois, U.S.A.</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="5" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="33%" colspan="5" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:33.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Director Since 2014</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Construction</font></p>    </td>
<td width="33%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:33.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Human Resources</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Age:&nbsp; 65</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Electric Energy / Utility</font></p>    </td>
<td width="33%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:33.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Regulatory and Compliance</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Expected Retirement: 2022</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Engineering and Technical</font></p>    </td>
<td width="33%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:33.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Trading / Marketing</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="60%" colspan="10" valign="top" style="border:none;padding:0in 0in 0in 0in;width:60.5%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="5" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Board/Committee Membership</font></b><b><font size="1" face="Arial" style="font-size:4.5pt;font-weight:bold;position:relative;top:-4.0pt;">(10)</font></b></p>    </td>
<td width="18%" colspan="3" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:18.72%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Attendance</font></b></p>    </td>
<td width="14%" colspan="2" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.86%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Attendance Total</font></b></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Board of Directors </font></p>    </td>
<td width="18%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:18.72%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2 of 3</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">67%</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Human Resources Committee </font></p>    </td>
<td width="18%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:18.72%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">3 of 4</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">75%</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="18%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:18.72%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">5 of 7</font></b></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.86%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">71%</font></b></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="18%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:18.72%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="38%" colspan="2" rowspan="34" valign="top" style="padding:0in 0in 0in 0in;width:38.5%;">
<p style="margin:0in 0in .0001pt -.35pt;text-align:justify;text-indent:.45pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.7pt;text-justify:inter-ideograph;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Corporate Director</font></i></b><font size="1" face="Arial" style="font-size:9.0pt;">.&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Ms.&nbsp;Nelson is President and CEO of PTI   Resources, LLC, an independent consulting firm established in 2005.&nbsp; Ms.&nbsp;Nelson has had a 35-year career in   the power generation industry, serving in various senior executive capacities   for Edison International and its subsidiaries between 1971 and 2005. She was   President of Midwest Generation Edison Mission Energy from 1999 to her   retirement in 2005 and General Manager of EME Americas from 2002 to 2005. Her   business responsibilities included management of regulated and unregulated   power operations and a large energy trading subsidiary as well as the   construction and operation of power generation projects in the United States,   Puerto Rico, the United Kingdom, Turkey, Thailand,&nbsp;Indonesia, Australia   and Italy.&nbsp; Ms.&nbsp;Nelson has   extensive experience in international business negotiations, environmental   policy matters and human resources.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.7pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.7pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Ms.&nbsp;Nelson is a director of CH2MHILL   Corporation, a privately-held company.&nbsp;   Ms.&nbsp;Nelson is a past director of Nicor,&nbsp;Inc.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.7pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.7pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Ms.&nbsp;Nelson is a member of the Executive   Committee of the National Coal Council since 2000 and served as Chair from   2006-2008. She serves on the advisory committee of the Center for Executive   Women at Northwestern University and is a frequent lecturer at Northwestern   University&#146;s Kellogg School of Management on topics related to leadership and   governance. Ms.&nbsp;Nelson was named to the 2012 National Association of   Corporate Directors (&#147;<b>NACO</b>&#148;)   Directorship 100.&nbsp; She is an NACO Board   Fellow.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.7pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.7pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Ms.&nbsp;Nelson holds a bachelor of science from   Pepperdine University (Malibu, CA) and a master of business administration   from the University of Southern California, Los Angeles.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Ms.&nbsp;Nelson   brings to the Corporation and the Board specialized knowledge in the coal and   mining industry as well as human resources management.</font></p>    </td>
<td width="1%" rowspan="34" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="60%" colspan="10" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:60.5%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Securities Held as at December&nbsp;31 of respective year</font></b></p>    </td>   </tr>
<tr>
<td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Year</font></b></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.84%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Common<br>   Shares</font></b></p>    </td>
<td width="11%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:11.26%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Deferred<br>   Share Units</font></b></p>    </td>
<td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.88%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.86%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Market</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Value </font></b><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;position:relative;top:-2.0pt;">(3)</font></b></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2014</font></p>    </td>
<td width="9%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:9.84%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">0</font></p>    </td>
<td width="11%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;&nbsp;4,896</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">4,896</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$51,506.31</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="9%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:9.84%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="60%" colspan="10" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:60.5%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Minimum Shareholding Requirements as at December&nbsp;31, 2014</font></b></p>    </td>   </tr>
<tr>
<td width="30%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:30.76%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Requirement</font></b></p>    </td>
<td width="29%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:29.74%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Requirement Met</font></b></p>    </td>   </tr>
<tr>
<td width="30%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:30.76%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$235,992</font></p>    </td>
<td width="29%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:29.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Ms.&nbsp;Nelson has until April&nbsp;29, 2015 to   meet her one-year requirement.&nbsp;   Ms.&nbsp;Nelson is on track to meet her one-year and three-year   requirements.</font></p>    </td>   </tr>
<tr>
<td width="30%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:30.76%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:29.74%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="30%" colspan="6" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:30.76%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Value of Compensation Received</font></b></p>    </td>
<td width="29%" colspan="4" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:29.74%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="30%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:30.76%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Year</font></b></p>    </td>
<td width="29%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:29.74%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total Compensation</font></b></p>    </td>   </tr>
<tr>
<td width="30%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:30.76%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2014</font></p>    </td>
<td width="29%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:29.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$69,526</font></p>    </td>   </tr>
<tr>
<td width="30%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:30.76%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:29.74%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="60%" colspan="10" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:60.5%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Other Public Board Directorships</font></b></p>    </td>   </tr>
<tr>
<td width="30%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:30.76%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Company</font></b></p>    </td>
<td width="29%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:29.74%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Board/Committee<br>   Appointments</font></b></p>    </td>   </tr>
<tr>
<td width="30%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:30.76%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Ball Corporation</font></p>    </td>
<td width="29%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:29.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Human Resources<br>   Nominating / Corporate Governance</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="30%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:30.76%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:29.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="30%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:30.76%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Cummins,&nbsp;Inc.</font></p>    </td>
<td width="29%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:29.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Audit<br>   Compensation, Governance and Nominating</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="30%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:30.76%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:29.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="30%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:30.76%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Sims Metal Management Ltd.</font></p>    </td>
<td width="29%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:29.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Safety, Health, Environment&nbsp;&amp; Community</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Remuneration</font></p>    </td>   </tr>
<tr>
<td width="30%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:30.76%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:29.74%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="30%" colspan="6" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:30.76%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Public Board Interlocks</font></b></p>    </td>
<td width="29%" colspan="4" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:29.74%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="60%" colspan="10" valign="top" style="border:none;padding:0in 0in 0in 0in;width:60.5%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">None</font></p>    </td>   </tr>
<tr>
<td width="26%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="33%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:33.58%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="60%" colspan="10" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:60.5%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Voting Results of 2014 Annual and Special Meeting</font></b></p>    </td>   </tr>
<tr>
<td width="10%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.5%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Votes For</font></b></p>    </td>
<td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.12%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Percentage</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Votes<br>   Withheld</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Percentage</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.88%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total Votes<br>   Cast</font></b></p>    </td>   </tr>
<tr>
<td width="10%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.5%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">104,322,664</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.12%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">95.31%</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">5,135,867</font></p>    </td>
<td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">4.69%</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">109,458,531</font></p>    </td>   </tr>
<tr>
<td width="10%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.5%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.12%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.88%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.88%;">
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<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.88%;">
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">New nominee to the Board</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Accounting,   Finance&nbsp;&amp; Tax</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Mining</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Age: 52</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Electric   Energy / Utility</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Risk Management /   Insurance</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Expected Retirement: 2030</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Human   Resources</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Regulatory and   Compliance</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Board/Committee Membership </font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Attendance</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Attendance Total</font></b></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="61%" colspan="14" valign="top" style="border:none;padding:0in 0in 0in 0in;width:61.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Ms.&nbsp;Park   is a new nominee to the Board</font></p>    </td>   </tr>
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<td width="38%" colspan="2" rowspan="46" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.38%;">
<p style="margin:0in .15in .0001pt 0in;text-align:justify;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Corporate Director</font></i></b><font size="1" face="Arial" style="font-size:9.0pt;">.&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Ms.&nbsp;Park   is a senior executive with management and board experience in a range of   industries, including forest products, shipping, mining, transportation, real   estate, and electricity transmission.&nbsp;   Ms.&nbsp;Park spent seventeen years of her career with TimberWest   Forest Corp. where she was most recently Chief Operations Officer.&nbsp; Over that time, she also held the roles of   Interim Chief Executive Officer, President of the real estate division   (Couverdon Real Estate) and Executive Vice President and Chief Financial   Officer.</font></p>
<p style="margin:0in .15in .0001pt 0in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in .15in .0001pt 0in;text-align:justify;text-indent:.7pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Having provided strong   leadership at the Board, Chief Executive Officer, Chief Operations Officer   and Chief Financial Officer level in publicly-traded, private and Crown   corporations, Ms.&nbsp;Park has a breadth of experience in an array of   operating environments and domestic and offshore markets with specific   experience leading shareholder value creation, long term strategic   repositioning, operational excellence, risk management, regulatory issues,   restructuring and acquisitions and divestitures.</font></p>
<p style="margin:0in .15in .0001pt 0in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in .15in .0001pt 0in;text-align:justify;text-indent:.7pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Ms.&nbsp;Park is currently a   director of Teekay LNG Partners, a public company, where she chairs the Audit   Committee.&nbsp; Teekay LNG Partners is one   the world&#146;s largest independent owners of LNG and LPG carriers.&nbsp; She is also a director of Silver Standard   Resources Inc., a public mining company, focused on the operation, development,   exploration and acquisition of precious metals projects in North and South   America.&nbsp; In addition, she is a   director of InTransit BC. Ms.&nbsp;Park was previously a director of the BC   Transmission Corporation, where she chaired the Audit Committee.</font></p>
<p style="margin:0in .15in .0001pt 0in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in .15in .0001pt 0in;text-align:justify;text-indent:.7pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Ms.&nbsp;Park holds a   bachelor of commerce with distinction from McGill University (Montreal, QB),   an MBA from the Simon Fraser University Executive program and is a Chartered   Accountant.&nbsp; She is also a Fellow of   the Institute of Chartered Accountants of British Columbia.</font></p>
<p style="margin:0in .15in .0001pt 0in;text-align:justify;text-indent:.7pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Ms.&nbsp;Park   brings to the Corporation and to the Board 30 years&#146; experience in financial   and accounting as well as leadership experience in organizational change.</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Securities Held as at December&nbsp;31 of respective year</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Year</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Common<br>   Shares</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Deferred<br>   Share Units</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Market<br>   Value </font></b><b><font size="1" face="Arial" style="font-size:4.5pt;font-weight:bold;position:relative;top:-4.0pt;">(3)</font></b></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>
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<p align="center" style="margin:0in 8.65pt .0001pt 0in;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 8.65pt .0001pt 0in;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="61%" colspan="14" valign="top" style="border:none;padding:0in 0in 0in 0in;width:61.62%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Ms.&nbsp;Park is a new nominee to the Board</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Minimum Shareholding Requirements as at December&nbsp;31, 2014</font></b></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Requirement </font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Requirement Met</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="61%" colspan="14" valign="top" style="border:none;padding:0in 0in 0in 0in;width:61.62%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Ms. Park is a new nominee to the Board</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Value of Compensation Received</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Year</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total Compensation</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="61%" colspan="14" valign="top" style="border:none;padding:0in 0in 0in 0in;width:61.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Ms.&nbsp;Park   is a new nominee to the Board</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="35%" colspan="8" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Other Public Board Directorships</font></b></p>    </td>
<td width="26%" colspan="6" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Company</font></b></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Board/Committee Appointments</font></b></p>    </td>   </tr>
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<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Silver   Standard Resources</font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Audit <br>   Safety and Sustainability</font></p>    </td>   </tr>
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<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Teekay LNG   Partners</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Audit (Chair)<br>   Governance</font></p>    </td>   </tr>
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<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Public Board Interlocks</font></b></p>    </td>
<td width="26%" colspan="6" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">None</font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="35%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="61%" colspan="14" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:61.62%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Voting Results of 2014 Annual and Special Meeting</font></b></p>    </td>   </tr>
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<td width="15%" colspan="3" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Votes For</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Percentage</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Votes<br>   Withheld</font></b></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Percentage</font></b></p>    </td>
<td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total Votes<br>   Cast</font></b></p>    </td>   </tr>
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<td width="15%" colspan="3" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:1.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;position:relative;top:-3.0pt;">N/A</font></p>    </td>
<td width="10%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;position:relative;top:-3.0pt;">N/A</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;position:relative;top:-3.0pt;">N/A</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;position:relative;top:-3.0pt;">N/A</font></p>    </td>
<td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;position:relative;top:-3.0pt;">N/A</font></p>    </td>   </tr>
<tr>
<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="15%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">18<a name="PB_18_123342_7056"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Notes:</font></p>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-2.0pt;">(1)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">The   following nominee directors are Canadian residents: William D. Anderson, John   P. Dielwart, Dawn L. Farrell, P. Thomas Jenkins and Beverlee F. Park.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-2.0pt;">(2)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">The 2012   market value is based on the closing price on December&nbsp;31, 2012 of   $15.12, the 2013 market value is based on the closing price on   December&nbsp;31, 2013 of $13.48, and the 2014 market value is based on the   closing price on December&nbsp;31, 2014 of $10.52. For Mrs.&nbsp;Farrell, the   value of her holdings is based on the closing price of a TransAlta common   share on March&nbsp;4, 2015 of $11.52.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-2.0pt;">(3)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">The three   year minimum shareholding requirement is calculated by multiplying the yearly   3,200 common shares or Deferred Share Units by three, then multiplying that   number by the closing price of a TransAlta common share on December&nbsp;31,   2014, being $10.52, and multiplying the director annual retainer fee of   $45,000 by three, for a total of $235,992.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-2.0pt;">(4)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Dielwart   was appointed to the Board on October&nbsp;1, 2014. On January&nbsp;23, 2015   he was appointed to the Audit and Risk Committee and Governance and   Environment Committee.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-2.0pt;">(5)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">The   Restricted Share Unit Plan is discussed in further detail in the Compensation   Discussion and Analysis section of the Proxy Circular under the heading &#147;Medium-Term Incentive Plan &#150; (&#147;<b>MTIP</b>&#148;)&#148;.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-2.0pt;">(6)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Giffin   was a director of AbitibiBowater Inc. (&#147;<b>Abitibi</b>&#148;)   from October&nbsp;29, 2007 until his resignation on January&nbsp;22, 2009. In   April&nbsp;2009, Abitibi and certain of its U.S. and Canadian subsidiaries   filed voluntary petitions in the United States Bankruptcy Court for the   District of Delaware for relief under the provisions of Chapter 11 and   Chapter 15 of the United States Bankruptcy Code, as amended, and sought   creditor protection under the Companies&#146; Creditors Arrangement Act (Canada)   (the &#147;<b>CCAA</b>&#148;) with the Superior Court of   Quebec in Canada. On September&nbsp;14, 2010, Abitibi announced that it had   received approval for its plan of reorganization from unsecured creditors   under the CCAA in Canada. On September&nbsp;21, 2010, Abitibi announced it   had received the necessary creditor approval for its plan of reorganization   under Chapter 11 of the U.S. Bankruptcy Code. On December&nbsp;9, 2010,   Abitibi announced that it had successfully completed its reorganization and   emerged from creditor protection under the CCAA in Canada and Chapter 11 of   the U.S. Bankruptcy Code.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-2.0pt;">(7)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Giffin&#146;s   shareholdings include 7,500 common shares of TransAlta Renewables Inc., a   public subsidiary of the Corporation. The closing price for a TransAlta   Renewables Inc. common share on December&nbsp;31, 2014 was $11.48.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-2.0pt;">(8)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Jenkins   was appointed to the Board on October&nbsp;1, 2014. On January&nbsp;23, 2015   he was appointed to the Human Resources Committee.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-2.0pt;">(9)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Ms.&nbsp;Nelson   was a director of Tower International (&#147;<b>Tower</b>&#148;) from   2000 to 2007. In February&nbsp;2005, Tower began a voluntarily reorganization   under Chapter 11 of the United States Bankruptcy Code. In July&nbsp;2007,   Tower completed the sale of substantially all of its assets to Tower   Automotive, LLC, an affiliate of Cerberus Capital Management, L.P., and   emerged from bankruptcy court protection.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-2.0pt;">(10)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Ms.&nbsp;Nelson   was elected a director on April&nbsp;29, 2014.&nbsp; She could not attend a Human Resources   Committee meeting and a Board meeting due to conflicting schedule   commitments, which she made the Board aware of prior to joining as a   director.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Unless otherwise instructed, the persons designated in the Proxy intend to vote FOR the election of these nominees as directors.</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Board Committees and Membership in 2014</font></b></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&#8730;</font></b><font size="1" face="Arial" style="font-size:9.0pt;"> -&nbsp; Member</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&#9619; - Designated Audit   Committee Financial Expert</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Committees (Number of Members)</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in 3.0pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Audit and Risk<br>   Committee (&#147;ARC&#148;)</font></b></p>
<p align="center" style="margin:0in 0in 3.0pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Governance and<br>   Environment Committee<br>   (&#147;GEC&#148;)</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in 3.0pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Human Resources<br>   Committee (&#147;HRC&#148;)</font></b></p>
<p align="center" style="margin:0in 0in 3.0pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:2.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(4)</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:2.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(4)</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:2.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(4)</font></b></p>    </td>
<td width="2%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:2.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 16.6pt;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Independent Outside Directors</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 16.6pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">William   D. Anderson &#9619; </font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:2.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&#8730;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:2.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&#8730;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:2.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:2.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 16.6pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">John   P. Dielwart</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-2.0pt;">(1)</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 16.6pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Timothy   W. Faithfull</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:2.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:2.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:2.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Chair</font></p>    </td>
<td width="2%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:2.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 16.6pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Alan   J. Fohrer </font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&#8730;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&#8730;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 16.6pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Gordon   D. Giffin (Board Chair)</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-2.0pt;">(2)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:2.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:2.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:2.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:2.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 16.6pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">P.   Thomas Jenkins</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-2.0pt;">(3)</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="34%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:34.9%;">
<p style="margin:0in 0in .0001pt 16.6pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">C.   Kent Jespersen</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:2.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:2.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 16.6pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Michael   M. Kanovsky</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Chair</font></p>    </td>
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<p style="margin:0in 0in .0001pt 16.6pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Gordon   S. Lackenbauer</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-2.0pt;">(4)</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 16.6pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Karen   E. Maidment &#9619; </font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Chair</font></p>    </td>
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<p style="margin:0in 0in .0001pt 16.6pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Yakout   Mansour </font></p>    </td>
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<p style="margin:0in 0in .0001pt 16.6pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Martha   C. Piper</font></p>    </td>
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<p style="margin:0in 0in .0001pt 16.6pt;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Management Director &#150; Not Independent</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt 16.6pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Dawn   L. Farrell</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-2.0pt;">(5)</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-2.0pt;">(1)</font><font size="1" face="Arial" style="font-size:3.0pt;position:relative;top:-2.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Dielwart was appointed to the ARC and GEC on January&nbsp;23, 2015.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-2.0pt;">(2)</font><font size="1" face="Arial" style="font-size:3.0pt;position:relative;top:-2.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Giffin is the Chair of the Board and attends committee meetings, but is not a member of any committee.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-2.0pt;">(3)</font><font size="1" face="Arial" style="font-size:3.0pt;position:relative;top:-2.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Jenkins was appointed to the HRC on January&nbsp;23, 2015.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-2.0pt;">(4)</font><font size="1" face="Arial" style="font-size:3.0pt;position:relative;top:-2.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Lackenbauer retired from the Board on April&nbsp;29, 2014.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-2.0pt;">(5)</font><font size="1" face="Arial" style="font-size:3.0pt;position:relative;top:-2.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mrs.&nbsp;Farrell is the President and CEO of TransAlta and as such is not a member of any committee.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">19<a name="PB_19_125332_5796"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .05in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Director Meeting Attendance in 2014</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Directors are expected to attend all regularly scheduled meetings of the Board and its committees.&#160; Aggregate attendance for our directors in 2014 is 97%.&#160; The attendance on an individual director basis is set out in the following table and under each director&#146;s personal biography in &#147;Business of the Meeting &#150; Election of Directors &#150; Director Nominee Information&#148;.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;padding:0in .5pt 0in .5pt;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;padding:0in .5pt 0in .5pt;width:2.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;padding:0in .5pt 0in .5pt;width:14.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" colspan="2" valign="bottom" style="border:none;padding:0in .5pt 0in .5pt;width:30.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Committee Meetings</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Name</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Board<br>   Meetings<br>   (</font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">6</font></b><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">  </font></b><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Meetings</font></b><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">)</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:2.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in .5pt 0in .5pt;width:14.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">ARC<br>    </font></b><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(8 Meetings)</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:15.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">GEC<br>    </font></b><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(5 Meetings)</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">HRC<br>    </font></b><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(6 Meetings)</font></b></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:19.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Attendance</font></b></p>    </td>   </tr>
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<td width="20%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:20.76%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Anderson </font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">5 of 6</font></p>    </td>
<td width="2%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:2.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-left:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:14.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">8 of 8</font></p>    </td>
<td width="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:15.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">5 of 5</font></p>    </td>
<td width="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:15.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="19%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:19.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">18 of 19 (95%)</font></p>    </td>   </tr>
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<td width="20%" valign="top" style="border:none;padding:0in .5pt 0in .5pt;width:20.76%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Dielwart</font><font size="1" face="Arial" style="font-size:4.5pt;position:relative;top:-4.0pt;">(1)</font></p>    </td>
<td width="13%" style="border:none;padding:0in .5pt 0in .5pt;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">1 of 1</font></p>    </td>
<td width="2%" style="border:none;padding:0in .5pt 0in .5pt;width:2.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" style="border:none;border-left:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:14.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="15%" style="border:none;padding:0in .5pt 0in .5pt;width:15.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="15%" style="border:none;padding:0in .5pt 0in .5pt;width:15.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="19%" valign="top" style="border:none;padding:0in .5pt 0in .5pt;width:19.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">1 of 1 (100%)</font></p>    </td>   </tr>
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<td width="20%" valign="top" style="border:none;padding:0in .5pt 0in .5pt;width:20.76%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Faithfull </font></p>    </td>
<td width="13%" style="border:none;padding:0in .5pt 0in .5pt;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">6 of 6</font></p>    </td>
<td width="2%" style="border:none;padding:0in .5pt 0in .5pt;width:2.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" style="border:none;border-left:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:14.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="15%" style="border:none;padding:0in .5pt 0in .5pt;width:15.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="15%" style="border:none;padding:0in .5pt 0in .5pt;width:15.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">6 of 6</font></p>    </td>
<td width="19%" valign="top" style="border:none;padding:0in .5pt 0in .5pt;width:19.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">12 of 12 (100%)</font></p>    </td>   </tr>
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<td width="20%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:20.76%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Farrell</font><font size="1" face="Arial" style="font-size:4.5pt;position:relative;top:-4.0pt;">(2)</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">6 of 6</font></p>    </td>
<td width="2%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:2.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:14.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:15.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:15.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="19%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:19.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">6 of 6 (100%)</font></p>    </td>   </tr>
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<td width="20%" valign="top" style="border:none;padding:0in .5pt 0in .5pt;width:20.76%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Fohrer</font></p>    </td>
<td width="13%" style="border:none;padding:0in .5pt 0in .5pt;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">6 of 6</font></p>    </td>
<td width="2%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:2.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" style="border:none;padding:0in .5pt 0in .5pt;width:14.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">8 of 8</font></p>    </td>
<td width="15%" style="border:none;padding:0in .5pt 0in .5pt;width:15.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">5 of 5</font></p>    </td>
<td width="15%" style="border:none;padding:0in .5pt 0in .5pt;width:15.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="19%" valign="top" style="border:none;padding:0in .5pt 0in .5pt;width:19.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">19 of 19 (100%)</font></p>    </td>   </tr>
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<td width="20%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:20.76%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Giffin</font><font size="1" face="Arial" style="font-size:4.5pt;position:relative;top:-4.0pt;">(3)</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">6 of 6</font></p>    </td>
<td width="2%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:2.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:14.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:15.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:15.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="19%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:19.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">6 of 6 (100%)</font></p>    </td>   </tr>
<tr>
<td width="20%" valign="top" style="border:none;padding:0in .5pt 0in .5pt;width:20.76%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Jenkins</font><font size="1" face="Arial" style="font-size:4.5pt;position:relative;top:-4.0pt;">(4)</font></p>    </td>
<td width="13%" style="border:none;padding:0in .5pt 0in .5pt;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">1 of 1</font></p>    </td>
<td width="2%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:2.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" style="border:none;padding:0in .5pt 0in .5pt;width:14.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="15%" style="border:none;padding:0in .5pt 0in .5pt;width:15.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="15%" style="border:none;padding:0in .5pt 0in .5pt;width:15.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="19%" valign="top" style="border:none;padding:0in .5pt 0in .5pt;width:19.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">1 of 1 (100%)</font></p>    </td>   </tr>
<tr>
<td width="20%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:20.76%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Jespersen</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">6 of 6</font></p>    </td>
<td width="2%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:2.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:14.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:15.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:15.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">5 of 6</font></p>    </td>
<td width="19%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:19.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">11 of 12 (92%)</font></p>    </td>   </tr>
<tr>
<td width="20%" valign="top" style="border:none;padding:0in .5pt 0in .5pt;width:20.76%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Kanovsky </font></p>    </td>
<td width="13%" style="border:none;padding:0in .5pt 0in .5pt;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">6 of 6</font></p>    </td>
<td width="2%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:2.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" style="border:none;padding:0in .5pt 0in .5pt;width:14.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="15%" style="border:none;padding:0in .5pt 0in .5pt;width:15.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">5 of 5</font></p>    </td>
<td width="15%" style="border:none;padding:0in .5pt 0in .5pt;width:15.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="19%" valign="top" style="border:none;padding:0in .5pt 0in .5pt;width:19.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">11 of 11 (100%)</font></p>    </td>   </tr>
<tr>
<td width="20%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:20.76%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Lackenbauer</font><font size="1" face="Arial" style="font-size:4.5pt;position:relative;top:-4.0pt;">(5)</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">4 of 4</font></p>    </td>
<td width="2%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:2.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:14.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:15.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">3 of 3</font></p>    </td>
<td width="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:15.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">3 of 3</font></p>    </td>
<td width="19%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:19.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">10 of 10 (100%)</font></p>    </td>   </tr>
<tr>
<td width="20%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:20.76%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Maidment </font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">6 of 6</font></p>    </td>
<td width="2%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:2.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:14.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">8 of 8</font></p>    </td>
<td width="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:15.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:15.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="19%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:19.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">14 of 14 (100%)</font></p>    </td>   </tr>
<tr>
<td width="20%" valign="top" style="border:none;padding:0in .5pt 0in .5pt;width:20.76%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Mansour</font></p>    </td>
<td width="13%" style="border:none;padding:0in .5pt 0in .5pt;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">6 of 6</font></p>    </td>
<td width="2%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:2.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" style="border:none;padding:0in .5pt 0in .5pt;width:14.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">8 of 8</font></p>    </td>
<td width="15%" style="border:none;padding:0in .5pt 0in .5pt;width:15.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="15%" style="border:none;padding:0in .5pt 0in .5pt;width:15.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="19%" valign="top" style="border:none;padding:0in .5pt 0in .5pt;width:19.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">14 of 14 (100%)</font></p>    </td>   </tr>
<tr>
<td width="20%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:20.76%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Nelson</font><font size="1" face="Arial" style="font-size:4.5pt;position:relative;top:-4.0pt;">(6)</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2 of 3</font></p>    </td>
<td width="2%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:2.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:14.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">- </font></p>    </td>
<td width="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:15.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:15.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">3 of 4</font></p>    </td>
<td width="19%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in .5pt 0in .5pt;width:19.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">5 of 7 (71%)</font></p>    </td>   </tr>
<tr>
<td width="20%" valign="top" style="border:none;padding:0in .5pt 0in .5pt;width:20.76%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Piper</font></p>    </td>
<td width="13%" style="border:none;padding:0in .5pt 0in .5pt;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">6 of 6</font></p>    </td>
<td width="2%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:2.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" style="border:none;padding:0in .5pt 0in .5pt;width:14.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="15%" style="border:none;padding:0in .5pt 0in .5pt;width:15.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">5 of 5</font></p>    </td>
<td width="15%" style="border:none;padding:0in .5pt 0in .5pt;width:15.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">6 of 6</font></p>    </td>
<td width="19%" valign="top" style="border:none;padding:0in .5pt 0in .5pt;width:19.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">17 of 17 (100%)</font></p>    </td>   </tr>
<tr>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:20.76%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="13%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">67 of 69</font></b></p>    </td>
<td width="2%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:2.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in .5pt 0in .5pt;width:14.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">32 of 32</font></b></p>    </td>
<td width="15%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:15.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">23 of 23 </font></b></p>    </td>
<td width="15%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:15.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">23 of 25</font></b></p>    </td>
<td width="19%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:19.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">145 of 149 (97%)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
<p style="margin:0in 0in .0001pt 20.15pt;text-align:justify;text-indent:-16.55pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font><font size="2" style="font-size:10.0pt;position:relative;top:-4.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Dielwart was appointed to the Board on October&nbsp;1, 2014.&#160; Mr.&nbsp;Dielwart was appointed to the ARC and GEC on January&nbsp;23, 2015.&#160; He attended the ARC, GEC and HRC meetings on October&nbsp;29, 2014, by invitation of the Chairs of the respective committees.</font></p>
<p style="margin:0in 0in .0001pt 20.15pt;text-align:justify;text-indent:-16.55pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(2)</font><font size="2" style="font-size:10.0pt;position:relative;top:-4.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Mrs.&nbsp;Farrell is not a member of any standing committee of the Board, however she attends committee meetings (excluding the in camera portion of the meeting).&#160; As Mrs.&nbsp;Farrell is not a member of the committee, her attendance is not recorded.</font></p>
<p style="margin:0in 0in .0001pt 20.15pt;text-align:justify;text-indent:-16.55pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(3)</font><font size="2" style="font-size:10.0pt;position:relative;top:-4.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Giffin is not a member of any standing committee of the Board; however as Chair of the Board he attends committee meetings.&#160; Mr.&nbsp;Giffin does not receive compensation for his attendance at committee meetings.</font></p>
<p style="margin:0in 0in .0001pt 20.15pt;text-align:justify;text-indent:-16.55pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(4)</font><font size="2" style="font-size:10.0pt;position:relative;top:-4.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Jenkins was appointed to the Board on September&nbsp;1, 2014.&#160; Mr.&nbsp;Jenkins was appointed to the GEC on January&nbsp;23, 2015.&#160; He attended the ARC, GEC and HRC meetings on October&nbsp;29, 2014, by invitation of the Chairs of the respective committees.</font></p>
<p style="margin:0in 0in .0001pt 20.15pt;text-align:justify;text-indent:-16.55pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(5)</font><font size="2" style="font-size:10.0pt;position:relative;top:-4.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Lackenbauer retired from the Board on April&nbsp;29, 2014.</font></p>
<p style="margin:0in 0in .0001pt 20.15pt;text-align:justify;text-indent:-16.55pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(6)</font><font size="2" style="font-size:10.0pt;position:relative;top:-4.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Ms.&nbsp;Nelson was elected to the Board on April&nbsp;29, 2014.&#160; Following her election, Ms.&nbsp;Nelson was appointed to HRC.&#160; She attended the GEC and HRC meetings on April&nbsp;28, 2014 by invitation of the Chairs of the respective committees.&#160; Ms.&nbsp;Nelson could not attend an HRC meeting and Board meeting due to conflicting schedule commitments, which she made the Board aware of prior to joining as a director.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Inter-locking Directorships</font></b></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table indicates which directors serve on the same boards and committees of another reporting issuer.&#160; The Board has determined that these inter-locking directorships do not adversely impact the effectiveness of these directors on the Company&#146;s Board.&#160; We have no inter-locking relationships between compensation committee members and our CEO.</font></p>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Company</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Director</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Committee Memberships</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">Canadian Natural Resources   Limited</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Gordon D. Giffin</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Audit, Nominating and Corporate Governance   (Chair)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Timothy W. Faithfull</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Audit, Health, Safety and Environment</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">20<a name="PB_20_121009_3020"></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Board Tenure</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In order to ensure the renewal of skills, expertise and personal   attributes on the Board, the Board has adopted a mandatory retirement age of   72 and a maximum tenure of 15 years, whichever comes first, for all   non-management directors.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">The average tenure for our   director nominees is 4.9 years.</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Skills Matrix</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">We maintain a skills matrix where directors indicate whether they have expertise and professional background in areas we think are essential for TransAlta.&#160; The table below lists the areas of expertise presented within our Board.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Anderson</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Dielwart</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Faithfull</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Farrell</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Fohrer</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Giffin</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Jenkins</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Mansour</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Nelson</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Park</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Summary</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Skill Experience and Expertise</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.0pt;">Communications</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">&#8730;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">6</font></b></p>    </td>   </tr>
<tr>
<td width="30%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:30.26%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.0pt;">Financial Services / Investment Banking</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">&#8730;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1</font></b></p>    </td>   </tr>
<tr>
<td width="30%" style="padding:0in 0in 0in 0in;width:30.26%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.0pt;">Government</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">&#8730;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">&#8730;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2</font></b></p>    </td>   </tr>
<tr>
<td width="30%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:30.26%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.0pt;">Mergers and Acquisitions</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">&#8730;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">&#8730;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">&#8730;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">&#8730;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">&#8730;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">&#8730;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">&#8730;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">7</font></b></p>    </td>   </tr>
<tr>
<td width="30%" style="padding:0in 0in 0in 0in;width:30.26%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.0pt;">Mining</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
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<tr>
<td width="30%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:30.26%;">
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<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.08%;">
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<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">&#8730;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.08%;">
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<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.2%;">
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<td width="30%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:30.26%;">
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<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.08%;">
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<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.2%;">
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<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.08%;">
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<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.2%;">
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<td width="30%" style="padding:0in 0in 0in 0in;width:30.26%;">
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<td width="5%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.2%;">
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<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.0pt;">Accounting, Finance&nbsp;&amp; Tax</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:5.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">&#8730;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.08%;">
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<td width="5%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:5.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">3</font></b></p>    </td>   </tr>
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<td width="30%" style="padding:0in 0in 0in 0in;width:30.26%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.0pt;">Economics / Business</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">&#8730;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">3</font></b></p>    </td>   </tr>
<tr>
<td width="30%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:30.26%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.0pt;">Engineering&nbsp;&amp; Technical</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">&#8730;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">&#8730;</font></p>    </td>
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<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.2%;">
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">5</font></b></p>    </td>   </tr>
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<tr>
<td width="30%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:30.26%;">
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<td width="30%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:30.26%;">
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2</font></b></p>    </td>   </tr>
<tr>
<td width="30%" style="padding:0in 0in 0in 0in;width:30.26%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.0pt;">Risk Management / Insurance</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.2%;">
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
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<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.2%;">
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<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
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<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.2%;">
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<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">3</font></b></p>    </td>   </tr>
<tr>
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<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Management Role</font></b></p>    </td>
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<tr>
<td width="30%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:30.26%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.0pt;">Active CEO</font></p>
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<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.08%;">
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<td width="5%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:5.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">&#8730;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">21<a name="PB_21_121031_141"></a></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">FINANCIAL STATEMENTS</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">You will receive the Company&#146;s 2014 audited consolidated financial statements, the auditors&#146; report and the related Management&#146;s Discussion and Analysis.&#160; Copies will also be available at the Meeting.&#160; In addition, the full text of the 2014 Annual Report in either English or French is available on our website at <u>www.transalta.com/powering-investors/financial-and-annual reports</u>, under our profile on SEDAR at <u>www.sedar.com</u> and on EDGAR at <u>www.sec.gov</u>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">APPOINTMENT OF AUDITORS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">You will be asked to reappoint Ernst&nbsp;&amp; Young LLP as our auditors to hold office until the next annual meeting of shareholders of the Company at remuneration to be fixed by the Board.&#160; Representatives of Ernst&nbsp;&amp; Young LLP will be available at the Meeting to answer any questions you may have.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Fees Paid to Ernst&nbsp;&amp; Young LLP</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">For the years ended December&nbsp;31, 2014 and December&nbsp;31, 2013, Ernst&nbsp;&amp; Young LLP and its affiliates were paid $3,587,987 and $3,384,692 respectively, as detailed below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Ernst&nbsp;&amp; Young LLP</font></b></p>
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Year Ended December&nbsp;31</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.9%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2014</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2013</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="40%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:40.12%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Audit Fees</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:2.9%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in .1in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">$</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.7%;">
<p align="right" style="margin:0in 10.1pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,973,020</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in .1in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">$</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.7%;">
<p align="right" style="margin:0in 10.1pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,931,297</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.12%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Audit-related fees</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.9%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 10.1pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">586,900</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 10.1pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">409,950</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="40%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:40.12%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Tax fees</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:2.9%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 10.1pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">28,067</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 10.1pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">43,445</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.12%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">All other fees</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.9%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 10.1pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">0</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 12.25pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">0</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="40%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.12%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.9%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in .1in .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">$</font></b></p>    </td>
<td width="12%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.7%;">
<p align="right" style="margin:0in 10.1pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3,587,987</font></b></p>    </td>
<td width="17%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in .1in .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">$</font></b></p>    </td>
<td width="12%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.7%;">
<p align="right" style="margin:0in 10.1pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3,384,692</font></b></p>    </td>
<td width="11%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.98%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">No other audit firms provided audit services in 2014 or 2013.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The nature of each category of fees is described below:</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Audit Fees</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Audit fees were paid for professional services rendered by the auditors for the audit of our annual financial statements or services provided in connection with statutory and regulatory filings or engagements, including the translation from English to French of our financial statements and other documents.&#160; Total audit fees for 2014 include payments related to 2013 in the amount of $1,369,460.&#160; Total audit fees for 2013 include payments related to 2012 in the amount of $1,732,667.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Audit-Related Fees</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The audit-related fees in 2014 were primarily for work performed by Ernst&nbsp;&amp; Young LLP in relation to compliance and regulatory reporting, debt issuances and miscellaneous accounting advice provided to the Corporation. The audit-related fees in 2013 were primarily for work performed by Ernst&nbsp;&amp; Young LLP in relation to compliance and regulatory reporting, common share issuances, debt issuances and miscellaneous accounting advice provided to the Corporation.</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Tax Fees</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The tax fees for 2014 and 2013 relate to various tax related matters in our domestic and foreign operations<b>.</b></font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">All Other Fees</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Nil.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Pre-Approval Policies and Procedures</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The ARC has considered whether the provision of services other than audit services is compatible with maintaining the auditors&#146; independence.&#160; In May&nbsp;2002, the ARC adopted a policy (the &#147;<b>Policy</b>&#148;) that prohibits TransAlta from engaging the auditors for &#147;prohibited&#148; categories of non-audit services and requires pre-approval of the ARC for other permissible categories of non-audit services, such categories being determined under the Sarbanes-Oxley Act of 2002 (&#147;<b>Sarbanes-Oxley</b>&#148;).&#160; The Policy also provides that the Chair of the ARC may approve permissible non-audit services during the quarter and report such approval to the ARC at its next regularly scheduled meeting.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Unless otherwise instructed, the persons designated in the Proxy intend to vote FOR the reappointment of Ernst&nbsp;&amp; Young LLP as auditors of the Company.</font></b></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ADVISORY VOTE ON EXECUTIVE COMPENSATION</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">At the Meeting, you will be asked to consider and approve, on an advisory basis, a resolution on our approach to executive compensation as disclosed in this Proxy Circular.&#160; A detailed discussion of our executive compensation program follows in our Compensation Discussion and Analysis (&#147;<b>CD&amp;A</b>&#148;).&#160; The Board, through the HRC, has fully directed and formally reviewed the contents of the CD&amp;A provided in this Proxy Circular and has unanimously approved it as part of its report to you.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">As our shareholder, on an advisory basis, you have the opportunity to vote &#147;For&#148; or &#147;Against&#148; our approach to executive compensation through the following resolution:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in .5in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&#147;BE IT RESOLVED THAT</font></b><font size="2" face="Arial" style="font-size:10.0pt;">, on an advisory basis, and not to diminish the role and responsibilities of the Board of Directors, the shareholders accept the approach to executive compensation disclosed in the Management Proxy Circular delivered in advance of the 2015 annual meeting of shareholders of the Company&#148;.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Since your vote is advisory, it will not be binding on the Board, however, the Board and, in particular, the HRC, will consider the outcome of the vote as part of its ongoing review of executive compensation.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Unless otherwise instructed, the persons designated in the Proxy intend to vote FOR the advisory resolution on executive compensation.</font></b></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">OTHER BUSINESS</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">As of the date of this Proxy Circular, the Board and management are not aware of any other items of business to be brought before the Meeting.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt .05in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">B. GOVERNANCE</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">We believe that responsible and transparent corporate governance practices provide us with a framework for exercising timely and effective decisions, and serve as a foundation for our commitment to you, our shareholders and other stakeholders, of representing your interests with integrity, honesty and ethical conduct.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">This section discusses TransAlta&#146;s corporate governance practices and provides information pertaining to our Board.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">OUR GOVERNANCE PRACTICES</font></u></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta is listed on the TSX (&#147;TA&#148;) and the NYSE (&#147;TAC&#148;) and is subject to the governance regulations, rules&nbsp;and standards applicable under both exchanges.&#160; Our corporate governance practices meet the governance rules&nbsp;of the TSX and Canadian Securities Administrators:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Multilateral Instrument 52-109, <i>Certification of Disclosure in Issuers&#146; Annual and Interim Filings</i></font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Multilateral Instrument 52-110, <i>Audit Committees</i></font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">National Policy 58-201, <i>Corporate Governance Guidelines</i></font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">National Instrument 58-101, <i>Disclosure of Corporate Governance Practices</i></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">As a &#147;<i>foreign private issuer</i>&#148; under U.S. securities laws, we are generally permitted to comply with Canadian corporate governance requirements.&#160; The NYSE governance rules&nbsp;require us, however, to disclose any significant ways in which our corporate governance practices differ from those followed by U.S. domestic issuers.&#160; If such differences exist, they are disclosed annually in this Proxy Circular under the heading &#147;New York Stock Exchange &#151; Significant Differences in Corporate Governance Practices&#148;.&#160; They can also be found on our website at <u>http://www.transalta.com/Aboutus/ CorporateGovernance/GovernanceGuidelines</u>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Our corporate governance practices also comply with applicable requirements enacted under U.S. Securities and Exchange Commission rules&nbsp;initiated under Sarbanes-Oxley.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Our governance practices also incorporate best practices, including a number of those recommended by the Canadian Coalition for Good Governance (&#147;<b>CCGG</b>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The key elements of TransAlta&#146;s governance practices are:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Employees, management and the Board are committed to ethical business conduct, integrity and honesty;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">The Company has established key policies and standards to provide a framework for how we conduct our business;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">All directors including the Chair of our Board, other than our CEO, are independent;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">The Board comprises individuals with a mix of skills, knowledge and experience which are critical for our business and our strategy;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">The effectiveness of the Board is achieved through annual evaluations and continuing education of our directors; and</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Our management and Board facilitate and foster an open dialogue with shareholders and community stakeholders.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">OUR ETHICAL COMMITMENT</font></u></b></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">CODES OF CONDUCT</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">One of our most valuable assets is our   reputation. A strong commitment to ethical conduct is a basic element of our   corporate governance. We have adopted the following codes of conduct to guide   our business decisions and everyday business activities:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" face="Arial" style="font-size:10.0pt;">Corporate Code of Conduct   which applies to all employees and officers of TransAlta and its   subsidiaries;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">All   employees, officers and directors must confirm annually their compliance with   the codes of conduct.</font></i></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" face="Arial" style="font-size:10.0pt;">Directors&#146; Code of Conduct;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" face="Arial" style="font-size:10.0pt;">Finance Code of Ethics which applies to all   financial employees of the Company; and</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" face="Arial" style="font-size:10.0pt;">Energy Trading Code of Conduct which applies to   all of our employees engaged in energy marketing.</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Our codes of conduct outline the standards and expectations we have for our employees, officers and directors with respect to the protection and proper use of our assets.&#160; The codes also provide guidelines with respect to securing our assets, conflicts of interest, respect in the workplace, social responsibility, privacy, compliance with laws, insider trading, environment, health and safety and our commitment to ethical and honest conduct.&#160; Our Corporate Code of Conduct goes beyond the laws, rules&nbsp;and regulations that govern our business in the jurisdictions in which we operate; it outlines principal business practices with which all employees must comply.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Our employees, officers and directors are reminded annually about the importance of ethics and professionalism in their daily work, and must certify annually that they have reviewed and understand their responsibilities as set forth in the respective codes of conduct.&#160; This certification also requires our employees, officers and directors to acknowledge that they have complied with the standards set out in the respective code during the last calendar year.&#160; The GEC receives an annual report on this sign-off process.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Our Finance Code of Ethics outlines the obligations of our financial employees to provide accurate, complete, objective and relevant financial information, while our Energy Trading Code of Conduct focuses on preventing, detecting and deterring violations of laws and regulations relating to our energy trading and marketing business.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Copies of our codes of conduct for directors, officers, employees, traders and financial employees are available on our website at <u>www.transalta.com/about-us/governance</u>, and our Corporate Code of Conduct and Directors&#146; Code of Conduct have been filed on SEDAR at <u>www.sedar.com</u>.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">HANDLING CONFLICTS OF INTEREST</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">At TransAlta, we expect and promote a culture of integrity and ethical business conduct by requiring employees, officers, and directors to conduct their personal business and affairs in a manner that ensures that their private or personal interests do not interfere or appear to interfere with the interest of the Company.&#160; Our policies provide that each director and executive officer must comply with the disclosure requirements of the <i>Canada Business Corporations Act</i> regarding any material interest.&#160; If a declaration of material interest is made, the declaring director shall not vote on the matter if put to a vote of the Board.&#160; In addition, the declaring director and executive officer may be requested to recuse himself or herself from the meeting when such matter is being discussed.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">INSIDER TRADING</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">We have an insider trading policy (&#147;<b>Insider Trading Policy</b>&#148;) and reporting guidelines which places restrictions on insiders and those in a special relationship with TransAlta from trading in TransAlta shares and other securities of the Company.&#160; Our Policy, which meets the requirements of the stock exchanges on which our shares are listed as well as those of corporate law, includes the following measures:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">establishment of quarterly and annual trading blackout periods when financial results are being prepared and have not yet been publicly disclosed.&#160; These blackouts extend to all employees engaged in the preparation of our financial results and all officers and directors designated as insiders.&#160; The blackouts are effective from the first day following the end of a quarter or fiscal year end and end at the close of trading on the second trading day after we issue the news release or disclose our financial results;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">publishing and communicating the dates for regular blackout periods and sending a monthly reminder to all insiders of their obligations;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">establishment of special trading blackouts at times when employees, for business reasons, may be in possession of material non-public information; and</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">requiring all insiders to pre-clear transactions.</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">WHISTLEBLOWER PROCEDURES</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Our whistleblower procedures help uphold our strong values and preserve our culture of ethical business conduct.&#160; Our procedures are not limited to accounting, auditing and financial processes, and instead provide employees, contractors, shareholders and other stakeholders the ability to report ethical violations or any other matters they wish to bring to the attention of our Board.&#160; All submissions can be made directly to the Chair of the ARC by identifying the submission with &#147;subject matter 003&#148;.&#160; Submissions can also be made anonymously and may be made using our toll-free number.&#160; The Chair of the ARC is advised of all complaints received.&#160; All complaints are investigated and the ARC receives a report at </font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">every scheduled committee meeting on all findings.&#160; If the findings are urgent, they will be reported to the Chair of the Board immediately.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">THE BOARD&#146;S MANDATE</font></u></b></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">THE GENERAL GOVERNANCE GUIDELINES</font></b></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Our Board is responsible for stewardship and establishing our key policies and standards, including policies for the assessment and management of our risks.&#160; The Board has adopted General Governance Guidelines to provide a framework for how we conduct our business and to help us meet our corporate governance responsibilities.&#160; These guidelines include a general overview of the Board&#146;s role in our governance, a statement of key principles and policies applicable to the Board and its committees, and a mandate that describes the Board&#146;s major responsibilities, goals and duties.&#160; We believe that these practices benefit all stakeholders and form the building blocks for long-term success.&#160; These guidelines are reviewed annually by the GEC and the Board to ensure they reflect the most appropriate governance standards for our Company.&#160; Our guidelines may be found in Appendix &#147;B&#148; to this Proxy Circular and on our website at <u>www.transalta.com/about-us/governance/governance-guidelines</u>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">BOARD RELATIONSHIPS WITH MANAGEMENT</font></b></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In accordance with the General Governance Guidelines, the Board has delegated to the CEO and senior management the responsibility for the day-to-day management of the business of the Company.&#160; In addition to those matters which must, pursuant to applicable laws and our by-laws, be approved by the Board, the Board has delegated to management the authority to approve expenditures within specified limits.&#160; The Board retains responsibility for significant matters such as major changes to organizational structure, material acquisitions and divestitures, major capital expenditures, debt and equity financing transactions and approval of environmental policies.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">TERMS OF REFERENCE FOR THE CHAIR OF THE BOARD</font></b></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board has also adopted terms of reference for the Chair setting out his responsibilities and duties.&#160; The Chair is responsible for the leadership of the Board and ensuring that the Board governs the Company&#146;s business and affairs.&#160; To lead the Board in fulfilling its duties, the Chair ensures that the Board has sufficient information to make business decisions, establishes the frequency of board meetings, coordinates, in conjunction with the CEO and the Corporate Secretary, the agenda for the Board and shareholder meetings, and works closely with each committee chair to ensure that each of the committees&#146; functions are carried out.&#160; In addition to his role as a leader of the Board, the Chair is an essential link between the Board and the CEO in ensuring that the CEO is aware of any concerns raised by the Board and that the Board promptly receives information pertaining to management strategies, plans and performance matters.&#160; A copy of the terms of reference for the Chair can be found on our website at <u>www.transalta.com/about-us/governance/board-committees</u>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">COMMITTEE CHARTERS AND COMMITTEE CHAIR POSITION DESCRIPTIONS</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board has delegated various responsibilities to three standing committees: Audit and Risk, Governance and Environment and Human Resources.&#160; The chair of each committee, who is guided by a mandate, is responsible for the organization of the committee and fulfillment of its mandate.&#160; The committee charters along with the individual committee chair position description are on our website at <u>www.transalta.com/about-us/governance/board-committees</u>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Please see each committee report in this Proxy Circular for an overview of their principal functions during 2014.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">CEO POSITION DESCRIPTION</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">We also have a position description for our CEO which is reviewed annually by our CEO, the HRC and approved by the Board.&#160; A copy of the position description is available on our website at <u>www.transalta.com/about-us/governance/board-committees</u>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board considers the responsibilities set out in our General Governance Guidelines, each of the committee charters, including the committee chair responsibilities and the terms of reference for the Chair of the Board, to be comprehensive</font><font size="2" face="Arial" style="font-size:10.0pt;">  </font><font size="2" face="Arial" style="font-size:10.0pt;">descriptions of the roles and responsibilities of the Board, the Chair of the Board, each of the committee chairs, each committee and each director.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">STRATEGIC PLANNING</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board also has oversight of our strategic planning process and monitors management&#146;s performance in executing on our strategy and meeting the objectives of our strategic plan.&#160; The Board meets annually for a strategic planning session with management in which it reviews, discusses and approves the Company&#146;s strategic plan.&#160; The Board also receives updates on our strategic plan at each regular Board meeting and receives regular updates from our CEO on key matters.</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">RISK MANAGEMENT</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board is responsible for overseeing risk and the risk assessment process, including:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">making sure we identify our principal risks and assess those risks annually taking into consideration our risk appetite and any potential change due to changes in our business or the marketplace;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">monitoring our risk management programs through the work of the committees, which report to the Board; and</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">ensuring that management has put in place systems to mitigate the Company&#146;s risks and that residual risks remain within our risk appetite.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">We have adopted a comprehensive enterprise risk management system that evaluates the risks from each of our major businesses.&#160; This process involves analyzing both existing and emerging risks in defined categories and takes into consideration factors that work to mitigate our risks.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The ARC receives an update on management&#146;s assessment of our principal business risks at every regularly scheduled quarterly meeting.&#160; The HRC is responsible for the review of the Company&#146;s compensation-related risks and undertakes an annual assessment of those risks.&#160; Both the ARC and HRC report to the Board following their respective meetings.&#160; The Board receives an annual comprehensive review of the Company&#146;s risk assessment.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">INTERNAL CONTROLS</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board, through the   ARC, obtains confirmation from management and the independent auditors that   our internal control systems are operating effectively. The Board has also   delegated to the ARC the responsibility for reviewing our quarterly and   annual financial statements and, as required, for recommending them to the   Board for approval. In addition, the ARC is responsible for overseeing our   internal audit function and our Vice-President,&nbsp;Internal Audit, has a   direct reporting relationship to the Chair of the ARC.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">The ARC meets regularly with internal   auditors without management present to review financial reporting matters.</font></i></b></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">MEETING WITHOUT MANAGEMENT OR NON-INDEPENDENT DIRECTORS</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">After each in-person meeting, as a regular item on each Board and committee agenda, the independent directors hold in camera sessions at which non-independent directors and members of management are not in attendance.&#160; In 2014, the Board held in camera sessions of independent directors at the end of all regularly scheduled meetings of the Board.&#160; The Board held 6 such in camera sessions in 2014.&#160; Each of the standing committees of the Board also held regularly scheduled in camera sessions at the end of each meeting.&#160; In 2014, the ARC held 8, the HRC held 6, and the GEC held 5 in camera sessions.</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-17.0pt;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">SUCCESSION PLANNING</font></b></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-17.0pt;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board is responsible for the appointment of our CEO and other members of senior management.&#160; It has delegated to the HRC the responsibility for reviewing our organizational structure, our policies and procedures relating to employment, succession planning and compensation.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Our management succession planning process includes identification of high potential employees who may be ten, five and three years out from being ready for the next role.&#160; Included in this analysis is a review of skills, talent management and development needs.&#160; If required, independent consultants may be retained in order to assist the HRC in the identification of any skills gap or compatibility for the role.&#160; High potential employees are also given the opportunity to make presentations in front of the Board in order to gain experience at that level.&#160; The HRC is responsible for ensuring</font><font size="2" face="Arial" style="font-size:10.0pt;">  </font><font size="2" face="Arial" style="font-size:10.0pt;">that we have appropriate programs for addressing employee retention and for overseeing human capital risk.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">BOARD CHARACTERISTICS</font></u></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The independence of our directors is determined annually by the Board   at the recommendation of the GEC. The GEC uses the definition of   &#147;independence&#148; under National Policy 58-201, <i>Corporate   Governance Guidelines</i> and Multilateral Instrument 52-110, <i>Audit Committees</i>. This independence criterion also   conforms to the applicable rules&nbsp;of the Securities and Exchange   Commission in the United States, the NYSE and those set out in   Sarbanes-Oxley. This criterion is also utilized to assess the independence of   any new director appointed or nominated to the Board.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">90% of our Board nominees are   independent.&nbsp; Our Board committees are   made up of independent directors.</font></i></b></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">A director is independent if he or she does not have a direct or indirect material relationship with TransAlta.&#160; The Board believes that a relationship is material if it could reasonably interfere with a director&#146;s ability to make independent decisions, regardless of any other association he or she may have.&#160; The information required to make this determination is collected through the review of biographical material and questionnaires completed by the directors annually or prior to their appointment.&#160; In determining if the director is independent, the Board reviews and analyzes the existence, materiality and effect of any relationships between the Company and each of our directors, either directly, through a family member or as a partner, shareholder or officer of another organization that has a relationship with the Company and determines, in each case, whether the relationship could, or could reasonably be perceived to, materially interfere with the director&#146;s ability to act independently of management.&#160; For further information with respect to each director, see &#147;Business of the Meeting - What the Meeting will Cover - Election of Directors - Director Nominee Information&#148; in this Proxy Circular.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The committees of the Board are made up of independent directors.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Our independent directors do not receive remuneration from us in excess of their director retainer, meeting and travel fees and none of the directors (with the exception of Mrs.&nbsp;Dawn L. Farrell, our President and CEO) has a material relationship with TransAlta, either directly or indirectly, which could reasonably be expected to interfere with the exercise of independent judgment.&#160; The Board affirmatively determined that nine out of the ten nominated directors are independent.</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Directors Who Are Not Independent</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Mrs.&nbsp;Dawn L. Farrell, President and CEO of the Company and a director of the Company, is not independent.</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Board Chair Independence</font></b></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Chair of the Board, Mr.&nbsp;Gordon D. Giffin, is an independent director.&#160; He has never served as an executive officer of the Company and the Board has affirmatively determined that he is independent.&#160; The Board has adopted guidelines which provide that the Chair of the Board shall be appointed for a three-year term which may be renewed for one additional three-year term.&#160; The renewal of Mr.&nbsp;Giffin&#146;s additional three-year term took effect in 2014 and will expire in 2017 following the annual meeting of shareholders.</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">DIVERSITY</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">At TransAlta, diversity is a principle which is supported both by our Board and senior management.&#160; Earlier this year, the Board adopted a Board and Workplace Diversity Policy which recognizes that a diverse mix of skills, experiences, backgrounds and gender at the Board and senior management levels, as well as within our workforce, enhances our Company&#146;s competitive advantages</font><font size="2" face="Arial" style="font-size:10.0pt;">.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Our Board is currently comprised of four female directors (31%) and nine male directors (69%).&#160; Following the Meeting, assuming all of our director nominees are elected, our Board will be comprised of three female directors (30%) and seven male directors (70%).&#160; With respect to executive officer positions, we have three women (38%) and five men (62%).&#160; Women comprise 23% of our total</font><font size="2" face="Arial" style="font-size:10.0pt;">  </font><font size="2" face="Arial" style="font-size:10.0pt;">workforce.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">We have not adopted targets (as defined in National Instrument 58-101, <i>Disclosure of Corporate Governance Practices</i>) regarding women on our Board and in senior management positions.&#160; TransAlta has been and remains committed to diversity as is exhibited both by the number of women on its Board and in senior management positions.&#160; We believe that diversity enhances both the quality and effectiveness of our performance and is an important aspect to effective corporate governance.&#160; Our Board and GEC are committed to increasing the representation of women on the Board as turnover occurs, taking into account the skills, background and knowledge desired at that particular time to fulfill the Board&#146;s mix of skills and experience.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">At the management level, through our development process, TransAlta has committed to providing employees with diverse backgrounds internal opportunities for growth within our operations in order to enhance our pipeline of talent available for succession.&#160; Based on these commitments, we have determined, at this time, that establishing targets would not be effective in ensuring that our Board and senior management are comprised of a greater number of individuals with diverse backgrounds and attributes. Our current level of women on the Board and in executive management positions is at the recommended goal of 30% by the Government of Canada&#146;s Advisory Council to promote women on boards.&#160; Our policy is available on our website at <u>www.transalta.com/about-us/governance/board-and-workforce-diversity</u>.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ATTENDANCE</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">We expect directors to attend all regularly scheduled Board and committee meetings.&#160; As well, we expect our directors to attend our Company&#146;s annual meeting of shareholders.&#160; In addition, should special meetings be required, we make every effort to schedule such meetings to accommodate the attendance of the majority of directors.</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">OTHER DIRECTORSHIPS</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table outlines other public company directorships our nominee directors hold including the committees on which they serve.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Other Public Company Directorships/Committee Appointments</font></b></p>
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<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Name</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Other Public Company <br>   Directorships</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Stock <br>   Exchange</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Board/Committee Appointments</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 2.9pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Anderson, W.D.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Gildan Activewear Inc.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">TSX/NYSE</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Chair   of the Board</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 2.9pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Sun Life Financial Inc.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.24%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">TSX/NYSE</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="42%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:42.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Risk   Review, Audit and Conduct Review (Chair)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 2.9pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Dielwart, J.P.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">ARC Resources Ltd.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">TSX</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Health,   Safety and Environment (Chair), Risk</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 2.9pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Denbury Resources Inc.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">NYSE</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Reserves   and HSE, Risk</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 2.9pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Tesco Corporation</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">NASDAQ</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Audit,   Compensation</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 2.9pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Faithfull, T.W.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Canadian Natural   Resources Limited</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">TSX/NYSE</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Audit,   Health, Safety and Environment</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 2.9pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Farrell, D.L.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">None</font></p>    </td>
<td width="2%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.24%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="42%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:42.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 2.9pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Fohrer, A. J.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">PNM Resources,&nbsp;Inc.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.24%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">NYSE</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="42%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:42.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Audit   and Ethics, Compensation and Human Resources</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 2.9pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Giffin, G.D.</font></p>    </td>
<td width="2%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:2.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Canadian Imperial Bank of   Commerce</font></p>    </td>
<td width="2%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:2.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.24%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">TSX/NYSE</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="42%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:42.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Management   Resources and Compensation</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 2.9pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Canadian   National Railway Company</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">TSX/NYSE</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Audit,   Finance, Donations and Sponsorships, Environment, Safety and Security, Human   Resources and Compensation (Chair), Strategic Planning,&nbsp;Investment   Committee of Pension Trust Funds</font></p>    </td>   </tr>
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<td width="14%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:14.66%;">
<p style="margin:0in 0in .0001pt 2.9pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:2.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Canadian Natural   Resources Limited</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.24%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">TSX/NYSE</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="42%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:42.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Audit,   Nominating and Corporate Governance (Chair)</font></p>    </td>   </tr>
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<td width="14%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:14.66%;">
<p style="margin:0in 0in .0001pt 2.9pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:2.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Element Financial   Corporation</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.24%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">TSX</font></p>    </td>
<td width="2%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:2.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="42%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:42.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Compensation   and Corporate Governance</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 2.9pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:2.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Just Energy Group Inc.</font></p>    </td>
<td width="2%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:2.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.24%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">TSX</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="42%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:42.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Risk,   Human Resources</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 2.9pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Jenkins, P. T.</font></p>    </td>
<td width="2%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Manulife Financial Company</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Open   Text Corporation<br>   Thomson Reuters</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.24%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">TSX/NYSE</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">TSX/NASDAQ<br>   TSX/NYSE</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="42%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:42.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Director</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Chairman   of the Board of Directors<br>   Audit</font></p>    </td>   </tr>
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<td width="14%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.66%;">
<p style="margin:0in 0in .0001pt 2.9pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Mansour, Y.</font></p>    </td>
<td width="2%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">None</font></p>    </td>
<td width="2%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.24%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="42%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:42.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="14%" valign="top" bgcolor="black" style="background:white;border:none;padding:0in 0in 0in 0in;width:14.66%;">
<p style="margin:0in 0in .0001pt 2.9pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Nelson, G.R.</font></p>    </td>
<td width="2%" valign="top" bgcolor="black" style="background:white;border:none;padding:0in 0in 0in 0in;width:2.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" bgcolor="black" style="background:white;border:none;padding:0in 0in 0in 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Ball Corporation</font></p>    </td>
<td width="2%" valign="top" bgcolor="black" style="background:white;border:none;padding:0in 0in 0in 0in;width:2.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="black" style="background:white;border:none;padding:0in 0in 0in 0in;width:11.24%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">NYSE</font></p>    </td>
<td width="2%" valign="top" bgcolor="black" style="background:white;border:none;padding:0in 0in 0in 0in;width:2.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="42%" valign="top" bgcolor="black" style="background:white;border:none;padding:0in 0in 0in 0in;width:42.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Human   Resources, Nominating / Corporate Governance</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 2.9pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Cummins,&nbsp;Inc.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">NYSE</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="42%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:42.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Audit,   Compensation, Governance and Nominating</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 2.9pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Sims Metals Management   Ltd.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">ASX</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="42%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:42.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Safety,   Health, Environment&nbsp;&amp; Community, Remuneration</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 2.9pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Park, B.F.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Silver Standard Resources</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">TSX/NASDAQ</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Audit,   Safety and Sustainability</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 2.9pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Teekay LNG Partners</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">NYSE</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Audit   (Chair), Governance</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">THE BOARD EXPERTISE</font></u></b></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ORIENTATION AND CONTINUING EDUCATION</font></b></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Orientation</font></i></p>
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<p style="margin:0in .1in .0001pt 0in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Prior to joining the Board, new directors are given a clear indication   of the workload and time commitment required to serve on the Board.&nbsp; Individual meetings are also scheduled with   directors in order that an incoming director may familiarize himself or   herself with the demands of the role</font><font size="2" face="Arial" style="font-size:10.0pt;">  </font><font size="2" face="Arial" style="font-size:10.0pt;">and the expectations of both the Board and management.&nbsp; Once a new director joins the Board, they   are provided with an orientation and education program that includes:</font><font size="2" face="Arial" style="font-size:10.0pt;">  </font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font size="2" face="Arial" style="font-size:10.0pt;">A director&#146;s manual containing written information about the directors&#146; duties and obligations, the Board, each </font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in .2in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">29<a name="PB_29_143946_7748"></a></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta   Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">committee (including the charter for each committe</font><font size="2" face="Arial" style="font-size:10.0pt;">e), the code of business conduct, our Insider Trading Policy, and a summary of our business and operations;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font size="2" face="Arial" style="font-size:10.0pt;">Access to materials and minutes from recent Board and committee meetings;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font size="2" face="Arial" style="font-size:10.0pt;">Discussions with each member of the senior management team to receive an orientation on TransAlta&#146;s operations, generation technology, business development, legal, finance, investor relations, and human resource capital, to provide new directors with an overall review of our business and capital structure; and</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font size="2" face="Arial" style="font-size:10.0pt;">At the beginning of the term, participation in all committee meetings to obtain an understanding of each committee&#146;s function, oversight responsibilities and the overall workings and responsibilities of the Board.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Continuing Education</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Our continuing education for directors includes the following:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font size="2" face="Arial" style="font-size:10.0pt;">Presentations and tours of our principal operations on a periodic basis, often in conjunction with Board meetings, to acquaint directors with TransAlta&#146;s operations, operational staff and the communities in which we operate;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font size="2" face="Arial" style="font-size:10.0pt;">Professional development courses.&#160; For instance, our Board subscribes to the Institute of Corporate Directors, an organization which promotes the continuing education of directors;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font size="2" face="Arial" style="font-size:10.0pt;">Online secure site where management can post updates relating to our operations and other topics of interest to the Board to keep the Board current and up to date on matters being dealt with by management;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font size="2" face="Arial" style="font-size:10.0pt;">Presentations by management of TransAlta to provide directors information pertinent to our business; and</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font size="2" face="Arial" style="font-size:10.0pt;">Information sessions on topics suggested by directors.&#160; The GEC sets a schedule for speakers and/or presentations from internal or external sources.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In 2014, our directors received presentations on the following topics:</font></p>
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<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Date</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Topic</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Prepared/Hosted   by</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Attended   by</font></b></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">April&nbsp;28, 2014</font></p>    </td>
<td width="34%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:34.1%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">New Technology &#150; Solar/Storage</font></p>    </td>
<td width="29%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:29.04%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Aaron Fyke, Edisun Heliostats</font></p>    </td>
<td width="15%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:15.6%;">
<p style="margin:2.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">All Directors</font></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">July&nbsp;22, 2014</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">US Market Overview</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Larry Makovich,&nbsp;IHS Global Inc.</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">All Directors</font></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">July&nbsp;22, 2014</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Transmission Development in Alberta</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">TransAlta Corporation</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">All Directors</font></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">October&nbsp;29, 2014</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Australia Overview</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">TransAlta Corporation</font></p>    </td>
<td width="15%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.6%;">
<p style="margin:2.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">All Directors</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">FINANCIAL LITERACY</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">An individual is defined as financially literate if he or she can read and understand financial statements that are generally comparable in breadth and complexity of issues to those found in our financial statements.&#160; The Board has determined that all directors are financially literate according to this definition.&#160; As well, Mr.&nbsp;Anderson qualifies as an &#147;audit committee financial expert&#148; as defined by the U.S. Securities Exchange Act of 1934<i>.</i>&#160; This determination is based on an analysis of each director&#146;s education, skills and experience.&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Designation as an &#147;audit committee financial expert&#148; does not impose on such person any duties, obligations and liability that are greater than the duties, obligations and liability imposed on a member of the committee and Board in the absence of such designation.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-17.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">EXTERNAL CONSULTANTS AND OTHER THIRD PARTIES</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board and its committees have the ability to retain external consultants or other third parties at their own discretion.&#160; During 2014, the HRC retained independent compensation consultants to advise it on the Company&#146;s compensation plan.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta   Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">30<a name="PB_30_143946_141"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">THE BOARD EFFECTIVENESS</font></u></b></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">BOARD EVALUATION</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">We have established an annual evaluation process whereby our directors are provided with an opportunity to evaluate the Board, Board committees, individual directors and the Chair&#146;s performance.&#160; Below is a summary of the processes for the annual evaluation:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Review</font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;"><br>    </font></b><b><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;font-weight:bold;">(Frequency)</font></i></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;"><br>    </font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">By</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;"><br>    </font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Action</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;"><br>    </font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Outcome</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Full Board</font></p>
<p style="margin:0in 0in .0001pt .05in;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Annual)</font></i></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">All Members of</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">the Board</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Board members complete a   detailed questionnaire which: (a)&nbsp;provides the quantitative ratings in   key areas; and (b)&nbsp;seeks subjective comment in each of those areas.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Responses are reviewed by the   GEC together with the Chair of the Board.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Board members also meet   one-on-one with the Chair of the Board to discuss his/her views about the   effectiveness of the Board.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">The GEC and Board reviews and   considers the proposed changes to the General Governance Guidelines of the   Board.</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">A summary report is prepared by   the Chair of the Board.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">The summary report is reported   to the full Board by the Chair of the Board during an in camera session.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">Areas of improvement and   objectives are identified and monitored.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Suggestions are provided to CEO   to be communicated to the senior management team for improvements in areas   that will assist the Board in the discharge of its responsibilities.</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Chair of the Board</font></p>
<p style="margin:0in 0in .0001pt .05in;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Annual)   </font></i></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">All Members of<br>   the Board</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Board members assess and   comment on the Chair of the Board&#146;s performance measured against the position   description.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Individual responses are   received by the Chair of the GEC during one-on-one sessions with each member   of the Board. </font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="33%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:33.72%;">
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">A summary report is prepared by   the Chair of the GEC and provided to the Chair of the Board and the full   Board during an in camera session.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Prior to expiry of the Chair of   the Board&#146;s first term, the Chair of the GEC makes recommendation to the full   Board with respect to renewal of term.</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="11%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:11.5%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Board</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Committees</font></p>
<p style="margin:0in 0in .0001pt .05in;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Annual)   </font></i></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">All Members of<br> &nbsp;the Board</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Board members complete a   detailed questionnaire to evaluate how well the Committees are operating and   to make suggestions for improvement.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Responses are reviewed by the   GEC and Chair of the Board.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Board members also meet   one-on-one with the Chair of the Board to discuss his/her views about the   effectiveness of the Committees.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">The GEC and Board reviews and   considers the proposed changes to the Committee Charters. </font></p>    </td>
<td width="1%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="33%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:33.72%;">
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">A summary report is prepared by   the Chair of the Board.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">The summary report is reported   to the full Board by the Chair of the Board during an in camera session.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">The Chairs of the respective   Committees are expected to follow-up on any matters raised in the assessment   and take action, as appropriate.</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Individual Directors</font></p>
<p style="margin:0in 0in .0001pt .05in;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Annual)</font></i></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Each Director</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="36%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:36.26%;">
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Each director formally meets   with the Chair of the Board to engage in a full and frank discussion of any   and all issues either wishes to raise.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Each director is expected to be   prepared to discuss how the directors, individually and collectively, can   operate more effectively. </font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="33%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:33.72%;">
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">The Chair of the Board reports   summary findings to the full Board during an in camera session.</font></p>    </td>
<td width="1%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in .2in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">31<a name="PB_31_143946_7608"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta   Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p style="margin:0in .2in .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Identifying New Candidates for the Board</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Each year the GEC reviews the size, composition and profile of our   Board, taking into account succession planning, geographical representation,   disciplines, professional experience, strategy, and our direction in order to   ensure it has the mix of skills and experience to guide TransAlta&#146;s business   and to execute our long-term strategy.&nbsp;   A competency/skills matrix that outlines the areas of expertise and   experience of each director is maintained and regularly reviewed.&nbsp; In line with our needs, the GEC maintains   an evergreen list of potential nominees which is typically generated through   individual referrals.&nbsp; This list is   reviewed annually to ensure that it remains current and that the candidates   possess the mix of skills and experience required to meet our strategy and   business needs.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.42%;">    <div style="border:none;border-top:solid windowtext 1.0pt;margin-left:0in;margin-right:.1in;padding:1.0pt 0in 0in 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><b><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><b><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </div>
<p style="margin:0in .1in .0001pt 0in;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">A skills matrix and evergreen list are kept and an   independent search firm may also be retained to help us identify the right   candidate for your Board.</font></i></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">This year, in planning for succession, the GEC refreshed the board matrix in line with the strategic direction and future needs of the Company.&#160; Taking into consideration the mix of skills and experience of the Board, those members leaving the Board and the required needs of the Company in delivering on its strategy, the GEC engaged a professional search firm to assist it in identifying candidates that matched our profile and complemented our current Board make up.&#160; Two new directors were appointed and one additional nominee is standing for election at the Meeting.</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">COMMUNICATIONS WITH SHAREHOLDERS</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">To facilitate and foster relations with shareholders and stakeholders and to ensure the prompt disclosure of material information, we have a Disclosure Policy.&#160; The Board reviews this policy annually.&#160; More generally, we communicate with our shareholders and other stakeholders through a variety of means, including our annual report, quarterly reports, annual information form, news releases, special mailings, pre-announced analyst conference calls and our website.&#160; To further enhance our relationship with shareholders, we have met with some of our shareholders in order to discuss with them any concerns they may have or recommendations.&#160; Shareholders may communicate with the Board by writing to us to the attention of: Vice-President Legal and Corporate Secretary, or by emailing corporate_secretary@transalta.com or by calling our Ethics Help-Line at 1.888.806.6646.&#160; We also provide our shareholders with the opportunity to vote, on an advisory basis, on our approach to executive compensation annually.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Copies of our annual and quarterly reports, news releases, dividend information, transcripts of our quarterly conference calls, and other corporate information considered helpful to investors may be found on our website at <u>www.transalta.com/powering-investors/why-invest.</u></font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta   Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">32<a name="PB_32_143946_8146"></a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">REPORT OF THE AUDIT AND RISK COMMITTEE AND COMMITTEE RESPONSIBILITIES</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .05in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">MEMBERS</font></b></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The ARC is comprised of independent directors in accordance with   National Instrument 52-110 &#147;Audit Committees&#148;. All members of the ARC are   &#147;financially literate&#148; as required by the New York Stock Exchange and the   Canadian Securities Administrators.&nbsp;   Ms.&nbsp;Maidment and Mr.&nbsp;Anderson are &#147;audit committee financial   experts&#148; </font><font size="2" face="Arial" style="font-size:10.0pt;">defined by the U.S. Securities Exchange Act of 1934.&nbsp; </font></p>    </td>
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<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Karen E. Maidment</font></p>
<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">(Chair)</font></p>    </td>
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<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">William D. Anderson</font></p>    </td>
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<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">John P. Dielwart</font></p>    </td>
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<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Alan J.<br>   Fohrer</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Yakout<br>   Mansour</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">MANDATE</font></b></p>
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<p style="margin:0in .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The ARC   provides assistance to the Board in fulfilling its oversight responsibilities   with respect to the integrity of the Company&#146;s financial statements and   financial reporting process, the Company&#146;s systems of internal financial   controls and disclosure controls established by management, as well as the   risk identification and assessment process conducted by management.</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The   full text of the ARC&#146;s charter is available on TransAlta&#146;s website at <u>www.transalta.com/about-us/governance/board-committees</u>   or at <u>www.sedar.com</u>   as an Appendix to the Company&#146;s Annual Information Form.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In fulfilling its mandate in 2014, the ARC completed the following:</font></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Financial Reporting</font></i></b></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">reviewed and approved or recommended to the Board, in case of the annual statements, the Company&#146;s quarterly and annual consolidated financial statements, including the notes thereto, and the related Management Discussion and Analysis (&#147;<b>MD&amp;A</b>&#148;);</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">received regular updates from management with respect to any changes in accounting principles, practices or policies and discussed with management and the external auditors their applicability and impact on the Company&#146;s business;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">received regular updates from management with respect to its disclosure controls and procedures and the effectiveness of these controls; and</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">reviewed the Company&#146;s Annual Information Form&nbsp;and relevant portion of the Proxy Circular for the year ended December&nbsp;31, 2014, and made recommendations to the Board with respect to the independence of the ARC members and the individuals to be designated as an &#147;audit committee financial expert&#148; as provided under U.S. securities laws.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Risk Management and Regulatory Compliance</font></i></b></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">received quarterly updates on the Company&#146;s risk management assessment process based on the Company&#146;s Enterprise Risk Management framework;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">received quarterly detailed reports and analysis on the Company&#146;s risk profile, risk assessment, developing risks forecast and programs/policies put in place to mitigate or address such risks;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">together with the GEC, reviewed the Company&#146;s insurance programs and coverage <i>vis &#224; vis</i> its risk profile;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">reviewed with the external auditors and the internal auditors the processes relating to the assessment of potential fraud, programs, policies and controls to mitigate the risk of fraud and the processes put in place for monitoring such risk within targeted areas;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">reviewed reports from the external auditors and the internal auditor relating to the adequacy of the Company&#146;s financial risk management practices, as well as management&#146;s responses;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">reviewed the Company&#146;s policies with respect to financial and commodity exposure management;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">received quarterly updates on the Company&#146;s financial and commodity exposure management activities;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">33<a name="PB_33_145105_7091"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta   Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p style="margin:0in .2in .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">received quarterly updates with respect to legal and regulatory compliance matters which may have a material impact on the Company&#146;s financial statements; and</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">reviewed the financial performance of the Company&#146;s pension plans.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">External Auditors</font></i></b></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">reviewed the performance and qualifications of the external auditors and recommended to the Board their re-appointment for shareholder approval;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">adopted the Canadian Public Accounting Board&#146;s Standards for auditor review and assessments;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">reviewed and discussed with the external auditors the accounting policies adopted by management, the estimates made and the reasonableness of the assessments made by management;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">reviewed the independence of the external auditors, based on the auditors&#146; disclosure of their relationship with the Company, and determined they were independent;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">obtained and reviewed with the external auditors their report with respect to their internal quality-control procedures, any material issues raised by the review or recent peer review and inquired on whether there were any investigations by governmental or professional authorities within the last five years, and determined that no such matters existed which could impact their ability to act as independent external auditors;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">approved the fees payable to the external auditors;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">reviewed and approved the overall scope and plans of the annual audit with the external auditors and management;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">reviewed and approved non-prohibited services to be provided by the external auditors; and</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">met privately, without any members of management present, with the external auditors to discuss the scope of their work, their relationship with management and internal audit and other issues that the external auditors wished to raise at each in person audit committee meeting and at each regularly scheduled executive session.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Information Technology (&#147;IT&#148;)</font></i></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">received updates from the Company&#146;s IT department on system integrity, updates, and overall system security.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Internal Auditors</font></i></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">reviewed the mandate, independence, qualifications and resources of the internal audit department;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">reviewed and approved the annual work plan and continued to monitor a three-year rolling plan of the internal audit department;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">received regular quarterly updates of audits performed, the results of each audit and the plans in place to address any remedial work needed;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">reviewed and discussed with the Director,&nbsp;Internal Audit any complaints received from the Company&#146;s Ethics Help-Line to ensure that all matters were investigated and addressed as required;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">engaged Internal Audit to undertake independent reviews of the business to provide clarity on compliance and best practices; and</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">met privately, without any members of management present, with the Director,&nbsp;Internal Audit in order to address processes, management support in the fulfillment of the department&#146;s responsibilities, and any other matters that arose.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, during 2014 the ARC:</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">met regularly with external auditors; the Director,&nbsp;Internal Audit; the CEO; the CFO; the Vice-President and Controller; the Chief Legal and Compliance Officer and other members of management, as required;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">met in camera, without management present, at the conclusion of each in person meeting; and</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">reviewed the changes made to the Company&#146;s trade compliance program.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The ARC has reviewed its mandate and is satisfied that it met the terms of its charter in 2014.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Karen E. Maidment (Chair)<br> William D. Anderson<br> John P. Dielwart <br> Alan J. Fohrer<br> Yakout Mansour</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta   Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">REPORT OF THE GOVERNANCE AND ENVIRONMENT COMMITTEE AND COMMITTEE RESPONSIBILITIES</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .05in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">MEMBERS</font></b></p>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The GEC is comprised of independent directors.&nbsp; Each member brings to the committee   experience and knowledge relevant to the committee&#146;s responsibilities and   accountabilities, including experience in government relations, corporate   governance, industry experience, finance and business judgment.&nbsp; </font></p>    </td>
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<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Michael M. Kanovsky<br>   (Chair)</font></p>    </td>
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<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">William D. Anderson</font></p>    </td>
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<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">John P.<br>   Dielwart</font></p>    </td>
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<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Alan J.<br>   Fohrer</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Dr.&nbsp;Martha<br>   C. Piper</font></p>    </td>   </tr>  </table>
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<p style="margin:0in .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">MANDATE</font></b></p>
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<p style="margin:0in .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The GEC   is responsible for developing and recommending to the Board a set of   corporate governance principles applicable to the Company and to monitoring   the compliance with these principles.&nbsp;   The GEC is also responsible for board recruitment and for the   nomination of directors to the Board and its committees.&nbsp; In addition, the GEC assists the Board in   fulfilling its oversight responsibilities with respect to the Company&#146;s   monitoring of environmental, health and safety regulations and public policy   changes and the establishment and adherence to environmental, health and   safety practices, procedures and policies.</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The   charter of the GEC is available on TransAlta&#146;s website at <u>www.transalta.com/about-us/governance/board-committees</u>.   </font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In fulfilling its mandate in 2014, the GEC completed the following:</font></p>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Corporate Governance</font></i></b></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">reviewed the size and composition of the Board, the retirement dates for each director, the directors&#146; skills matrix in order to assess the skills gap that would arise through the retirement of four directors from the Board also taking into consideration the future and strategic direction of the Company;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">engaged a professional search firm to assist in the recruitment of three new directors to the Board;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">committed a lot of time to the selection and interviewing of potential Board candidates in order to ensure the right fit for the Board;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">evaluated the size of the Board and the composition of its committees to provide for staffing of each committee with the appropriate mix of skills and experience;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">recommended the nominees to stand for election as directors at the annual general meeting;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">reviewed and recommended amendments as required to the Company&#146;s General Governance Guidelines;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">reviewed and recommended amendments to the charters of each committee, which were approved by the Board;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">reviewed and recommended amendments to the Terms of Reference of the Chair of the Board;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">the Chair of the committee performed an evaluation of the Chair&#146;s performance based on one-on-one discussions with each member of the Board;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">performed an evaluation of the Board and its committees and held a discussion in camera at the Board on the results of the anonymous evaluations addressing also matters for improvement and change where applicable;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">reviewed and approved the continuous education program for directors, ensuring that educational presentations by either company representatives or third parties are part of the Board&#146;s regular agenda;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">reviewed the market competitiveness of directors&#146; compensation and made recommendations for change in 2015 in order to remain at the median of its comparator group and companies of similar sizes in Canada;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">reviewed and approved the GEC portion of the Proxy Circular;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">together with the ARC reviewed the directors&#146; and officers&#146; insurance program and indemnity; and</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">implemented a Board and Workplace Diversity Policy, outlining the Company&#146;s commitment to having a diverse Board and workforce.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">35<a name="PB_35_145820_4141"></a></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta   Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Environment, Health and Safety (&#147;EH&amp;S&#148;)</font></i></b></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">received regular reports from management regarding environmental compliance, trends and TransAlta&#146;s responses;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">received reports and briefings on management&#146;s initiatives with respect to changes in climate change legislation, policy developments as well as other draft initiatives and the potential impact such initiatives may have on the Company&#146;s operations in Canada and the United States;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">assessed the impact of the greenhouse gas policies implementation and other legislative initiatives on the Company&#146;s business;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">reviewed with management the EH&amp;S policies of the Company;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">reviewed with management the health and safety practices implemented within the Company, as well as the evaluation and training processes put in place to address problem areas;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">received regular reports from management on the near miss reporting program and discussed with management ways to improve the EH&amp;S processes and practices; and</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">reviewed the effectiveness of TransAlta&#146;s response to EH&amp;S issues and any new initiatives put in place to further improve the Company&#146;s EH&amp;S culture.</font></p>
<p style="margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, during 2014 the GEC:</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">met in camera, without management present, at the conclusion of each in person meeting; and</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">worked on a search for a director nominee to ensure that TransAlta&#146;s board consists of directors possessing a range of skills required to guide the Company in its strategic objectives.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">The GEC has reviewed its mandate and is satisfied that it met the terms of its charter in 2014.</font></p>
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<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">Michael M. Kanovsky (Chair)<br> William D. Anderson</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">John P. Dielwart<br> Alan J. Fohrer<br> Martha C. Piper</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta   Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">36<a name="PB_36_145858_8627"></a></font></p>
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<p style="margin:0in 0in .0001pt .05in;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">REPORT OF THE HUMAN RESOURCES COMMITTEE AND COMMITTEE RESPONSIBILITIES</font></u></b></p>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">MEMBERS</font></b></p>
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<p style="margin:0in .1in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">All   members of the HRC are independent.&nbsp;   Each member brings to the Committee experience and knowledge relevant   to the Committee&#146;s responsibilities and accountabilities, including   experience in human resources, executive compensation, corporate governance,   industry, finance and business judgment.</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Timothy W. Faithfull</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">(Chair)</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">P. Thomas Jenkins</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">C. Kent Jespersen</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Georgia<br>   R. Nelson</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Dr.&nbsp;Martha C. Piper</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">MANDATE</font></b></p>
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<p style="margin:0in .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The HRC   is empowered by the Board to review and approve key compensation and human   resources policies of TransAlta which are intended to attract, recruit,   retain and motivate employees of the Company.&nbsp;   The HRC also makes recommendations to the Board regarding the   compensation of the Company&#146;s executive officers, including the review and   adoption of equity-based incentive compensation plans, the adoption of human   resources policies which support human rights and ethical conduct, the review   and approval of executive management succession and development plans.</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The   charter of the HRC is available on TransAlta&#146;s website at <u>www.transalta.com/about-us/governance/board-committees</u>.   </font></p>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In   fulfilling its mandate in 2014, the HRC completed the following:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; In January, the HRC reviewed   the performance of the CEO and received and reviewed the CEO&#146;s evaluation of   the executives&#146; performance over the last year.&nbsp; The HRC also undertook a comprehensive   review of compensation risks.&nbsp; This   information serves as the platform for review of our CEO&#146;s and executives&#146;   total compensation against our business strategy, market data and peer group;</font></p>
<p style="margin:0in .05in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; In February, the HRC   reviewed and recommended to the Board for approval the variable compensation   payable to the executives.&nbsp; In making   its recommendations, the HRC considered the performance of the executive, the   Company and the financial results as a whole over the past year.&nbsp; It also recommended to the Board the   approval of its report to shareholders and the CD&amp;A;</font></p>
<p style="margin:0in .05in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; In April, when the Board reviewed   the long-range forecast for the Company, the HRC undertook a review of our   long-term incentive plan metrics to determine its continued reinforcement of   our key priorities;</font></p>
<p style="margin:0in .05in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; In July, the HRC reviewed   our comparator group to ensure its continued alignment with the Company.&nbsp; Changes to our Comparator Group (as defined   herein) were approved at the committee&#146;s next meeting;</font></p>
<p style="margin:0in .05in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; In October, when the Board   reviewed our financial plans for the coming year, the HRC reviewed and   approved the overall salary budget for the coming year; and</font></p>
<p style="margin:0in .05in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; In December, the HRC   reviewed and approved the financial targets and metrics for our variable   compensation plans for the coming year and conducted a review of the risk   assessment completed with respect to our variable compensation targets as   against our proposed budget.&nbsp; At this   meeting, the HRC also reviewed the succession plans for all executive   positions of the Company.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In   2014, the HRC also:</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; reviewed and recommended to the Board approval of the CEO&#146;s   role description;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; recommended to the Board   approval of Medium Term Incentive Plan (&#147;<b>MTIP</b>&#148;)   grants;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; conducted annual salary   review for vice-presidents and executive officers;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; reviewed achievements of   variable compensation plans at each of its regularly scheduled meetings;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; reviewed the 2013 annual   pension report;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; reviewed the HRC charter and   approved the 2015 HRC work plan;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; reviewed and approved 2014   personal goals for the CEO and each of her direct reports; and</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; reviewed and approved   updated share ownership guidelines for the Company&#146;s officers.</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">37<a name="PB_37_142108_7748"></a></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In   addition, during 2014 the HRC:</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; met in camera, without management present, at the conclusion   of each in person meeting; and</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; reviewed and approved changes to the Company&#146;s Comparator   Group.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The HRC has reviewed its mandate and is satisfied that it met the terms of its charter in 2014.</font></p>
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<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">Timothy W. Faithfull (Chair) <br> P. Thomas Jenkins<br> C. Kent Jespersen<br> Georgia R. Nelson<br> Martha C. Piper</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">38<a name="PB_38_142108_141"></a></font></p>
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<p style="margin:0in 0in .0001pt .35in;text-indent:-.3in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">C.&nbsp;&nbsp;&nbsp; COMPENSATION</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">REPORT ON DIRECTOR COMPENSATION</font></u></b></p>
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<p style="margin:0in 0in .0001pt .05in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">PHILOSOPHY AND APPROACH</font></b></p>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board is responsible for developing and implementing the directors&#146; compensation plan and has delegated the day-to-day responsibility to the GEC.&#160; The compensation practices for directors take into consideration:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&#160;&#160; the complexity of our industry and size of our business;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&#160;&#160; the retention and attraction of qualified individuals to serve as directors on our Board;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&#160;&#160; the provision of competitive compensation; and</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:10.0pt;">&#160;&#160; the importance we place on aligning directors&#146; compensation with the interests of our shareholders.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The GEC reviews annually the market competitiveness of directors&#146; compensation against companies of similar size and scope in Canada.&#160; It also considers the time commitment and experience required of members to serve on our Board and to ensure it attracts and retains qualified directors the Company benchmarks its compensation at the median of the Comparator Group and to Canadian companies of similar size.&#160; The Board has not received any increases to its compensation since January&nbsp;1, 2010.&#160; In order to remain competitive, the Board approved, commencing January&nbsp;1, 2015, the adoption a flat fee compensation system for independent directors to be paid at the median of the Comparator Group.</font></p>
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<p style="margin:0in 0in .0001pt .05in;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">COMPONENTS OF COMPENSATION FOR 2014</font></u></b></p>
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<p style="margin:0in 0in .0001pt .05in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Retainers</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">Chair of the Board</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">$190,000</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">Board Member Annual Retainer (payable in cash, common shares or DSUs)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">$45,000</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">Board Member Annual Equity Retainer (payable in common shares or DSUs)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,200 shares / DSUs</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Committee Chair Annual Retainer   Fees</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">Audit and Risk Committee</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">$25,000</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">Human Resources Committee</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">$25,000</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">Governance and Environment Committee</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.74%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">$15,000</font></p>    </td>   </tr>
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<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.74%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.74%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="74%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:74.74%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Meeting Fees</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:22.74%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.74%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">Board Meeting Fee</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.74%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">$1,500</font></p>    </td>   </tr>
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<td width="74%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:74.74%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">Committee Meeting Fee</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:22.74%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">$1,500</font></p>    </td>   </tr>
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<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.74%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.74%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="74%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:74.74%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Travel Fees</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:22.74%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.74%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">If travelling more than 1,000 kilometres round trip</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.74%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">$1,500</font></p>    </td>   </tr>
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<td width="74%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:74.74%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">If traveling more than 7,500 kilometres round trip</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.74%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">$3,000</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">DEFERRED SHARE UNITS</font></b></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Each deferred share unit (&#147;<b>DSU</b>&#148;) is a notional share that has the same value as one TransAlta common share.&#160; DSUs may not be redeemed until the director leaves the Board.&#160; As a result, directors maintain an ongoing equity stake in the Company throughout their service on the Board.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">DSUs are allocated to each director&#146;s account on the 15</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">th</font><font size="2" face="Arial" style="font-size:10.0pt;">&#160;day of the last month of each compensation quarter, being March, June, September&nbsp;and December, based on the closing price of a TransAlta common share on the TSX on that date.&#160; The DSU account of each director is also credited with units equivalent to cash dividends declared based on the closing price of a TransAlta common share on the same date as dividends are paid on our common shares.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Upon retirement from the Board, the retiring director will receive a cash amount equal to the number of DSUs held in his/her account multiplied by the then market value of a TransAlta common share, less applicable taxes.&#160; At December&nbsp;31, 2014, the accrual in respect of DSUs currently outstanding to directors was $3,759,439.96, based on the closing price of a TransAlta common share on December&nbsp;31, 2014 of $10.52.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">39<a name="PB_39_191716_7056"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">SHARE OWNERSHIP REQUIREMENTS OF DIRECTORS</font></u></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
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<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.84%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board believes that directors&#146; compensation   should align with shareholders&#146; interests.&nbsp;   As a result, a portion of each director&#146;s annual retainer must be paid   in common shares of TransAlta (which are purchased on behalf of the director   in the open market) or in DSUs, as described above.&nbsp; Each director is required to acquire and   hold a minimum value of three times the director&#146;s annual and equity   retainers within three years of joining the Board.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">New directors are required to acquire and hold   the equivalent of one times the annual and equity retainer within one year of   joining the Board.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in .1in .0001pt 0in;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">To align shareholders&#146;   interests, a portion of each director&#146;s annual retainer is paid in common   shares or DSUs.&nbsp; Directors must also   hold a minimum value of three times their annual and equity retainer within   three years of joining the Board.</font></i></b></p>
<p style="margin:0in .1in .0001pt 0in;"><b><i><font size="1" face="Arial" style="font-size:2.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">SHAREHOLDINGS OF DIRECTORS AT DECEMBER 31, 2014</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="17%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Director and Year<br>   Appointed</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Year</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total Shares<br>   and DSUs</font></b><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Change<br>   Year Over<br>   Year</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Value</font></b><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;position:relative;top:-2.0pt;">(2)</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Multiple<br>   of<br>   Requirement</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Equity at risk<br>   Multiple of<br>   2014 Annual<br>   Retainer</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Ownership<br>   Requirement<br>   Met</font></b></p>    </td>   </tr>
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<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.22%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">W.D. Anderson &#150; 2003 </font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2014</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">58,160</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">6,127</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$611,843.83</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2.59x</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">7.78x</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Yes</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.22%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2013</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">52,033</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$701,404.84</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:17.22%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">J.P. Dielwart &#150; 2014</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2014</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,947</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">N/A</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$20,480.22</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0.09x</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0.26x</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">On track </font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(3)</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:17.22%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.22%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">T.W. Faithfull &#150; 2003</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2014</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">73,329</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">10,998</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$771,420.40</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">3.27x</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">9.81x</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Yes</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.22%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2013</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">62,331</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$840,221.88</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:17.22%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">D.L. Farrell &#150; 2012</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2014</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">252,278</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">73,611</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$2,858,313.97</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">3.01x</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">N/A</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">On track </font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(4)</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:17.22%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2013</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">178,667</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$2,483,471.30</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.22%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">A.J. Fohrer - 2013</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2014</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">13,546</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">7,148</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$142,504.03</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0.60x</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1.81x</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">On track</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(5)</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.22%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2013</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">6,398</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$86,245.04</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:17.22%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">G.D. Giffin &#150; 2002</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2014</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">48,957</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">8,326</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$515,023.72</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2.18x</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">6.55x</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Yes</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:17.22%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2013</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">40,631</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$547,705.88</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.22%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">P.T. Jenkins &#150; 2014</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2014</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">807,491</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">N/A</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$8,494,800.51</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">36.00x</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">107.99x</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Yes</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.22%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:17.22%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">C.K. Jespersen &#150; 2004</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2014</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">51,281</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">5,831</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$539,471.07</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2.29x</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">6.86x</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Yes</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:17.22%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2013</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">45,450</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$612,666.00</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.22%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">M.M. Kanovsky &#150; 2004</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2014</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">95,525</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">11,042</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$1,004,918.77</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">4.26x</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">12.77x</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Yes</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.22%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2013</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">84,483</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$1,138,830.84</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:17.22%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">K.E. Maidment &#150; 2010</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2014</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">30,319</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">4,756</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$318,954.13</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1.35x</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">4.05x</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Yes</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:17.22%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2013</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">25,563</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$344,589.24</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.22%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Y. Mansour &#150; 2011</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2014</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">27,902</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">8,076</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$293,525.89</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1.24x</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">3.73x</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Yes</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.22%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2013</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">19,826</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$267,254.48</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:17.22%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">G. Nelson &#150; 2014</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2014</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">4,896</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">N/A</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$51,506.31</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0.22x</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0.65x</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">On track </font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(6)</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:17.22%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.22%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">M.C. Piper &#150; 2006</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2014</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">44,059</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">5,749</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$463,499.97</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1.96x</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">5.89x</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Yes</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.22%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2013</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">38,310</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$516,418.80</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.22%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">TOTAL</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2014</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,509,690</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$16,086,262.82</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.22%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2013</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">553,692</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$7,538,808.30</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Includes units credited in lieu of reinvested dividends.&#160; See &#147;Report on Director Compensation &#150; Components of Compensation for 2014 &#150; Deferred Share Units&#148; for further information on the DSU plan.&#160; Mrs. Farrell&#146;s holdings include Common Shares and Restricted Share Units eligible to be counted towards the share ownership under the executive share ownership policy as of March 4, 2015.</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(2)</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">The 2013 value is based on the closing price of a TransAlta common share as of December 31, 2013 of $13.48 and the 2014 value is based on the closing price of a TransAlta common share as of December 31, 2014 of $10.52.&#160; In accordance with the executive share ownership policy, the value of Mrs. Farrell&#146;s holdings is based on the weighted average closing price of TransAlta common share on the TSX for the 20 trading days prior to and including March 4, 2015 of $11.33.</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(3)</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Mr. Dielwart was appointed to the Board on October 1, 2014 and has until October 1, 2015 to meet the one year requirement and until December 31, 2017 to meet the three year requirement.&#160; Mr. Dielwart is on track to meet the one year requirement.</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(4)</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Mrs. Farrell holdings are as of March 4, 2015.&#160; She is required to hold four times her base salary in accordance with the executive share ownership policy.&#160; Mrs. Farrell has five years from January 2, 2012, the date of her appointment as President and CEO, to meet the requirement.&#160; She is on track to meet this requirement.</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(5)</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Mr. Fohrer was appointed to the Board on April 23, 2013 and has until December 31, 2016 to meet the three year requirement.&#160; Mr. Fohrer has met the one year requirement and is on track to meet the three year requirement.</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(6)</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Ms. Nelson was appointed to the Board on April 29, 2014 and has until April 29, 2015 to meet the one year requirement and until December 31, 2017 to meet the three-year requirement.&#160; Ms. Nelson is on track to meet the one-year requirement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">40<a name="PB_40_144821_455"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">SUMMARY OF DIRECTORS&#146; COMPENSATION FOR THE FISCAL YEAR 2014</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="15%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:15.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Fees Earned ($)(b)</font></b><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;position:relative;top:-4.0pt;">(1)</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="15%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:15.06%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Name (a)</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Fees</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Earned</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Board<br>   Meeting<br>   Fee</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:9.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Committee Meeting<br>   Fees</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Chair Fee</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Share-based awards<br>   ($)<br>   (c)</font></b><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;position:relative;top:-4.0pt;">(11)</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">All other<br>   compensation<br>   ($)<br>   (g)</font></b><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;position:relative;top:-4.0pt;">(12)</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total<br>   ($)<br>   (h)</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">W.D. Anderson</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$45,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$9,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:9.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$19,500</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$37,632</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$12,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$123,132.00</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:15.06%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,200 DSUs)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.06%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">J.P. Dielwart </font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(2)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$11,250</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$1,500</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$4,500</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$7,848.00</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$25,098.00</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.06%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">DSUs</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">(800 DSUs)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:15.06%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">T.W. Faithfull</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(3)</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$45,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$12,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$9,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$25,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$37,502.40</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$12,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$140,502.40</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:15.06%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Shares</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">HRC</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,200 Shares)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.06%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">D.L. Farrell </font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(4)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">N/A</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">N/A</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">N/A</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">N/A</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">N/A</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">N/A</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">N/A</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:15.06%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">A.J. Fohrer</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$45,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$12,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$19,500</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$37,632</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$7,500</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$121,632.00</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:15.06%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">DSU</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,200 DSUs)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.06%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">G.D. Giffin </font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(5)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$45,000</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$12,000</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$190,000</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$37,502.40</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$9,000</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$293,502.40</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.06%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Shares</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Board</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,200 Shares)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:15.06%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">P.T. Jenkins </font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(6)</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$14,918.40</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$1,500</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$4,500</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$10,858.42</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$31,776.82</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:15.06%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">DSUs</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,061 DSUs)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.06%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">C.K. Jespersen </font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$45,000 </font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$12,000</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$7,500</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$37,632</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$4,500</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$106,632.00</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.06%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,200 DSUs)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:15.06%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">M.M. Kanovsky </font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(7)</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$45,000 </font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$12,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$9,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$15,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$37,632</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$4,500</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$123,132.00</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:15.06%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">DSUs</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">GEC</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,200 DSUs)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.06%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">G.S. Lackenbauer</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(8)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$14,835.27</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$7,500</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$9,000</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$13,617.70</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$3,000</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$47,952.97</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.06%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,055 DSUs)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:15.06%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">K.E. Maidment</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(9)</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$45,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$12,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$12,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$25,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$37,632</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$7,500</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$139,132.00</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:15.06%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">ARC</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,200 DSUs)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.06%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Y. Mansour</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$45,000</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$12,000</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$12,000</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$37,632</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$7,500</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$114,132.00</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.06%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">DSUs</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,200 DSUs)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:15.06%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">G.R. Nelson</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(10)</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$30,288.69</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$6,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$6,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$24,237.68</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$3,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$69,526.37</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:15.06%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">DSU</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">(2,154 DSUs)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.06%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">M.C. Piper</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$45,000</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$12,000</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$16,500</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$37,632</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$7,500</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$118,632.00</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.06%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,200 DSUs)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.06%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">TOTAL</font></b></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$476,292.36</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$121,500</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$129,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$255,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$394,990.60</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$78,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$1,454,782.96</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Directors were paid for two meeting days for attending our strategy session and our annual shareholders meeting.</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(2)</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Mr. Dielwart was appointed to the Board on October 1, 2014. In determining compensation, Mr. Dielwart was paid for attending a meeting of each of the ARC, GEC and HRC to which he was invited by the Chairs of the respective committees.&#160; At the time, Mr. Dielwart was not a member of the ARC, GEC or HRC.</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(3)</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Mr. Faithfull is Chair of the HRC.</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(4)</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Mrs. Farrell is President and CEO of the Company and did not receive any Director compensation.&#160; Her compensation is reported in the &#147;Summary Compensation Table&#148; for Named Executive Officers (&#147;<b>NEO</b>&#148;) in this Proxy Circular.</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(5)</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Mr. Giffin is Chair of the Board.</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(6)</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Mr. Jenkins was appointed to the Board on September 1, 2014.&#160; In determining compensation, Mr. Jenkins was paid for attending a meeting of each of the ARC, GEC and HRC to which he was invited by the Chairs of the respective committees.&#160; At the time, Mr. Jenkins was not a member of the ARC, GEC or HRC.</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(7)</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Mr. Kanovsky was Chair of the GEC for 2014.</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(8)</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Mr. Lackenbauer retired from the Board on April 29, 2014.</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(9)</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Ms. Maidment was the Chair of the ARC for 2014.</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(10)</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Ms. Nelson was appointed to the Board on April 29, 2014.&#160; In determining compensation, Ms. Nelson was paid for attending a meeting of the GEC and HRC to which she was invited by the Chairs of the respective committees.&#160; At the time, Ms. Nelson was not a member of the GEC or HRC.</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(11)</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Based on grant date fair value of the award.&#160; Share price under this column, with respect to DSUs, is based on the closing price of a TransAlta common share on the TSX on the date the shares were allocated to each director&#146;s account for compensation as follows:&#160; March 17, 2014 of $12.77, June 16, 2014 of $12.92, September 15, 2014 of $11.54, and December 15, 2014 of $9.81.&#160; Share price, with respect to shares purchased, is based on the actual purchase price of a TransAlta common share on the date of purchase in the open market by a third party agent as follows:&#160; March 17, 2014 of $12.67, June 16, 2014 of $12.93, September 15, 2014 of $11.518, and December 15, 2014 of $9.76.</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(12)</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">This column includes travel fees paid to each director.&#160; TransAlta pays a travel day fee of $1,500 for directors who travel more than 1,000 kilometres round trip for a meeting and $3,000 for directors who travel more than 7,500 kilometres round trip for a meeting.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">41<a name="PB_41_144821_4141"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
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<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">BREAKDOWN OF ANNUAL RETAINER</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table shows the breakdown of each director&#146;s annual retainer for the year ended December&nbsp;31, 2014.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="60%" style="border-collapse:collapse;margin-left:1.65in;width:60.66%;">
<tr>
<td width="42%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:42.74%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Director</font></b></p>    </td>
<td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Cash (%)</font></b></p>    </td>
<td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Equity (%)</font></b><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;position:relative;top:-4.0pt;">(1)</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:42.74%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">W.D. Anderson</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">54.5</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">45.5</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.74%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">J.P. Dielwart</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:42.74%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">T.W. Faithfull</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.74%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">D.L. Farrell</font><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;position:relative;top:-4.0pt;">(2)</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">N/A</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">N/A</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:42.74%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">A.J. Fohrer</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.74%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">G.D. Giffin</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:42.74%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">P.T. Jenkins</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.74%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">C.K. Jespersen</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">54.5</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">45.5</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:42.74%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">M.M. Kanovsky</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.74%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">G.S. Lackenbauer</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(3)</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">52.1</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">47.9</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:42.74%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">K.E. Maidment</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">54.5</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">45.5</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:42.74%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Y. Mansour</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.74%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">G.R. Nelson</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:42.74%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">M.C. Piper</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">54.5</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">45.5</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font><font size="1" style="font-size:4.0pt;position:relative;top:-4.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">The equity portion of the annual retainer consists of either DSUs or common shares, or a combination of both.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(2)</font><font size="1" style="font-size:4.0pt;position:relative;top:-4.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mrs.&nbsp;Farrell as President and CEO of the Company does not receive compensation as a director.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(3)</font><font size="1" style="font-size:4.0pt;position:relative;top:-4.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Lackenbauer retired from the Board on April&nbsp;29, 2014.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">SHARE-BASED AWARDS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">For information relating to share-based awards and the value vested during the year, see column (c)&nbsp;in the table &#147;Summary of Directors&#146; Compensation for the Fiscal Year 2014&#148;.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015   Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">42<a name="PB_42_140533_7056"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">REPORT ON EXECUTIVE COMPENSATION</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Letter to Shareholders</font></i></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">As the Chairs of the Human Resources Committee (&#147;<b>HRC</b>&#148;) and of the Board of Directors (&#147;<b>Board</b>&#148;), we are pleased to share with you our approach to considering and determining the compensation for TransAlta&#146;s most senior executive officers for 2014. The design and application of TransAlta&#146;s executive compensation strategy is a key responsibility of your Board.&#160; Our compensation strategy is based on three key principles: pay for performance, alignment with shareholder interests and sound risk-management principles.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">2014 was a year of transition, improvement and stronger results for the Company. We achieved our financial, operational and safety goals, and set a new company record in safety performance with an injury frequency rate of 0.86. We also implemented strategies to proactively manage the risks associated with aging plants. We realized a $30 million savings in Canadian Coal directly related to greater efficiencies, and will save approximately $12 million/year from reorganizing our Canadian Coal workforce. In the past two years, we have re-contracted over 700MW of our existing assets, and our new growth projects are underpinned by long-term contracts. We also strengthened our balance sheet by reducing our net debt by $500 million, resulting in a significant improvement in our credit metrics and the Company maintaining its investment grade credit rating from all of its rating agencies.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">These changes have enabled us to leverage our low-cost strategic positioning ahead of the expiration of the Alberta&#146;s Power Purchase Agreements (&#147;<b>PPAs</b>&#148;) which begin to expire in 2018. These agreements took effect January&nbsp;1, 2001 and reflect government legislation that requires TransAlta to sell power from our facilities to PPA buyers. The expiration of these agreements will allow us to re-contract the power currently committed to these buyers, changing the make-up of our contract profile and restoring a direct relationship with our industrial, commercial and wholesale customers. This will also allow us to further prepare for the new Canadian and U.S. environmental regulations regarding coal generation plants.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">From a leadership perspective, we enhanced our executive bench strength with the addition of a dedicated Chief Financial Officer and a new Executive Vice-President, Coal and Mining Operations. We also expanded the experience of our Board by appointing two new directors and have included a third for nomination, while continuing to lead in Board diversity. With retirements, the Board remains of similar size.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">We accomplished the above despite significantly lower power prices in Alberta and the Pacific Northwest of the U.S., as well as low volatility in Alberta which negatively impacted our ability to leverage the flexibility of our Hydro portfolio in the province. We recognize, and share the disappointment of our investors, that these transformational improvements in our business have not yet been realized through a growing stock price since we reduced the dividend in early 2014. The improvements are well underway and will support value creation as we move forward. You will see in our report that our compensation payouts are aligned with shareholder returns and expectations, both in the short-term and over time.</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Our Philosophy</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Given TransAlta&#146;s international operations and growth potential, we believe we must compete on a multi-national scale for our executive talent in the energy sector. As such, we use a group of 19 Canadian and 13 U.S. energy companies in benchmarking compensation plan design and competitive pay levels for our most senior executive officers. To reflect the scope of TransAlta&#146;s operations in Canada and the U.S., we have limited the weighting on U.S. companies to 25%.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">As part of our strategy in 2014, we continued to emphasize comparable funds from operations (&#147;<b>FFO</b>&#148;) as one of our key performance metrics as we believe this metric provides the best assessment of the Company&#146;s cash flow, use of capital and asset management. This allows our compensation plans to reinforce management decisions that optimize resource allocation, encourage prudent financial and operational improvements and foster an environment of continued growth for the Company. While we track other metrics like net income, we believe that, for TransAlta&#146;s business at this time, these metrics are less effective for compensation metrics because depreciating our assets on a straight line basis does not align with the cash flow profile of our assets. In addition, net income can vary materially based on mark-to-market changes in our hedges and trading positions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Our compensation plans also recognize both annual and sustainable performance, and are risk tested annually to ensure that decisions made are in the long-term best interests of the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The HRC and the Board are committed to having a compensation strategy that not only pays for performance, but is also balanced and transparent.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015   Management Proxy Circular</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Our Annual Incentive Plan</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">To create a direct alignment between FFO and annual incentive compensation (&#147;<b>AIC</b>&#148;), the AIC plan is funded through a limited pool determined as a percentage of FFO that is higher or lower based on the level of FFO achieved. Payouts can range from 0 &#150; 2x target and are determined on the basis of individual and corporate performance targets, which apply to all AIC participants. The corporate targets are:</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">FFO (weighted 50%);</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">free cash flow (weighted 25%); and</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">availability (weighted 25%).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, FFO must also meet a sufficient level before executives can earn an AIC payout. This minimum is approved by the Board and ensures that a minimum level of funds is achieved before executives receive a payout.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">To foster further alignment with you, our shareholders, the Company allows our executives to direct all or a portion of their AIC, as well as base pay, into deferred share units (&#147;<b>DSUs</b>&#148;), which must be held until retirement. This assists executives to meet their share ownership requirements.</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Our Medium-Term Incentive Plan</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Shareholder alignment is reinforced through the Company&#146;s medium-term incentive plan (&#147;<b>MTIP</b>&#148;), which provides alignment between the executives&#146; pay and the longer term performance of the Company. The MTIP includes performance share units (&#147;<b>PSUs</b>&#148;), which payout at zero if threshold is not achieved, and restricted share units (&#147;<b>RSUs</b>&#148;):</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">PSUs (weighted 2/3) cliff-vest at the end of three years and payout based on the three year average of:</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Growth in FFO/share (weighted 1/3);</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Growth in Free Cash Flow/share (weighted 1/3); and</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Total shareholder return (&#147;<b>TSR</b>&#148;) relative to the S&amp;P/TSX Composite Index (weighted 1/3).</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">RSUs (weighted 1/3) cliff-vest at the end of three years.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2014 Company Performance</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Dawn Farrell, our President and CEO since her appointment on January&nbsp;2, 2012, has focused the management team on:</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">diversifying and growing the Company&#146;s asset base geographically and by fuel source to mitigate the impact of low pricing on coal-fired generation in Alberta and the Pacific Northwest of the U.S.;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">planning for the reduced life span of our coal-fired generation facilities as a result of new Canadian and U.S. environmental regulations; and</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">planning for the additional merchant exposure the Company will face when the Alberta long-term PPAs expire.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">These changes paid off in 2014 with a significant shift in Company performance highlighted by greatly increased availability and record-setting safety results. TransAlta is set to continue this improvement in 2015.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In 2014, and in addition to the accomplishments detailed above, the Company:</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:1.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">secured the right to build, own and operate a AUD $570 million, 150 MW generation facility in Western Australia. This power station is expected to be commissioned and deliver power to customers in the first half of 2017;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">continued construction on the longest pipeline in Western Australia in the last 15 years with expected completion in the first quarter of 2015. The pipeline will deliver natural gas to our Solomon power station;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">delivered an FFO of $762 million, up 4.5% from 2013, an FCF of $410 million, up 5.9% from 2013, and a comparable EBITDA of $1,036 million, up 12.7% from 2013;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">created financial flexibility that has allowed the Company to appropriately invest in sustainable projects that will deliver long-term value to our shareholders;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">delivered availability of 90.5% for the fleet, the highest since 2003;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">achieved first quartile safety performance with an injury frequency rate of 0.86, the best in Company history; and</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">enhanced its executive bench strength by appointing a dedicated CFO and a new EVP, Coal and Mining Operations.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015   Management Proxy Circular</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s operations in 2014 resulted in performance against our AIC targets of:</font></p>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Financial Measures (in   millions) except for availability</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target</font></b></p>    </td>
<td width="30%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:30.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Actual</font></b></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:41.12%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">FFO</font></p>    </td>
<td width="28%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$760</font></p>    </td>
<td width="30%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$762</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:41.12%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Free Cash   Flow (FCF) </font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font></p>    </td>
<td width="28%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$410</font></p>    </td>
<td width="30%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$430</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:41.12%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Availability</font></p>    </td>
<td width="28%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:28.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">89.7%</font></p>    </td>
<td width="30%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">90.5%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Note:</font></p>
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-13.7pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font><font size="1" style="font-size:4.0pt;position:relative;top:-4.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">FCF for incentives is measured as FFO less sustaining capital (excludes payments to non-controlling interests and dividends on preferred shares).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2014 CEO Performance and Compensation</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Mrs.&nbsp;Farrell&#146;s AIC is based on the achievement of corporate performance goals (weighted 75%) and individual performance objectives (weighted 25%).&#160; In assessing her 2014 AIC compensation, the HRC and the Board considered the Company&#146;s performance and Mrs.&nbsp;Farrell&#146;s performance against the specific individual goals set by the Board at the beginning of the year. These covered leadership, growth strategy, financial and operational performance, new products and partnerships, and protecting the Company&#146;s reputation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Corporate performance is the single biggest factor affecting the Board&#146;s decision on pay for TransAlta&#146;s executive officers.&#160; 74% of Mrs.&nbsp;Farrell&#146;s overall target total compensation opportunity is at-risk and performance-based, and 53% is equity-based. Mrs.&nbsp;Farrell&#146;s 2014 at-risk compensation consists of:</font></p>
<p style="margin:0in 0in .0001pt 38.55pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 38.55pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">AIC</font></p>
<p style="margin:0in 0in .0001pt 74.9pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 74.9pt;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">The Board assessed Mrs.&nbsp;Farrell&#146;s accomplishments against her personal goals at 130%. The Board was particularly cognizant of her leadership with respect to improved operations and securing growth opportunities, her success in recruiting new executive talent, and her role in stewarding the Company&#146;s interests in regards to public policy. When combined with the corporate rating of 129%, Mrs.&nbsp;Farrell&#146;s AIC level for 2014 was 129% of target. This resulted in a total AIC payment of $1,105,088, which she elected to receive entirely in DSUs.</font></p>
<p style="margin:0in 0in .0001pt 38.55pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 38.55pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Promotion Award</font></p>
<p style="margin:0in 0in .0001pt 74.9pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 74.9pt;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">On her appointment to CEO in 2012, Mrs.&nbsp;Farrell received a one-time equity grant of 1.5x her base salary. The grant consisted of 50% Performance Share Ownership Plan (&#147;<b>PSOP</b>&#148;) units and 50% RSUs, which vested on December&nbsp;15, 2014. As the Company did not achieve the required performance threshold for the 2012 &#150; 2014 PSOP grants, Mrs.&nbsp;Farrell did not receive a PSOP payout. The RSUs vested and Mrs.&nbsp;Farrell used the net redemption amount to purchase 23,600 TransAlta common shares.</font></p>
<p style="margin:0in 0in .0001pt 38.55pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 38.55pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">MTI</font></p>
<p style="margin:0in 0in .0001pt 74.55pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 74.55pt;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">The medium-term incentive (&#147;<b>MTI</b>&#148;) grant for the 2012 &#150; 2014 cycle was based on a target Return on Capital Employed (&#147;<b>ROCE</b>&#148;) of 8.5%, and FFO growth of 4%, each having a 50% weighting. As the Company did not meet these targets, Mrs.&nbsp;Farrell did not receive an MTI payout. The MTI was replaced by the MTIP in 2013 that will begin vesting on January&nbsp;1, 2016.</font></p>
<p style="margin:0in 0in .0001pt 38.55pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 38.55pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">PSOP</font></p>
<p style="margin:0in 0in .0001pt 74.9pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 74.9pt;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">The PSOP grants for the 2012 &#150; 2014 were based on a relative TSR relative to a prior comparator group. As the Company did not achieve threshold of 25</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">th</font><font size="2" face="Arial" style="font-size:10.0pt;">&#160;percentile performance, Mrs.&nbsp;Farrell did not receive a PSOP payout. The PSOP was replaced by the MTIP in 2013 that will begin vesting on January&nbsp;1, 2016.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The HRC and the Board believe that the compensation awarded to Mrs.&nbsp;Farrell for 2014 reflects both performance of the Company in 2014, as well as her personal accomplishments.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">45<a name="PB_45_142130_2897"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management   Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The performance-based nature of Mrs.&nbsp;Farrell&#146;s compensation is evidenced by the comparison of her target, reported and realizable compensation for the last three years:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
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<td width="5%" valign="top" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.36%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Year</font></b></p>    </td>
<td width="15%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:15.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target<br>   Compensation </font></b><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;position:relative;top:-4.0pt;">(1)</font></b><font size="1" face="Arial" style="font-size:8.0pt;"><br>    </font><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($000)</font></b></p>    </td>
<td width="20%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:20.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3 Year Average Realizable<br>   Compensation </font></b><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;position:relative;top:-4.0pt;">(2)</font></b><font size="1" face="Arial" style="font-size:8.0pt;"><br>    </font><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($000)</font></b></p>    </td>
<td width="18%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:18.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Percentage Difference<br>   between Realizable and<br>   Target Compensation</font></b></p>    </td>
<td width="19%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:19.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3 Year Average Reported<br>   Compensation </font></b><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;position:relative;top:-4.0pt;">(3)</font></b><font size="1" face="Arial" style="font-size:8.0pt;"><br>    </font><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($000)</font></b></p>    </td>
<td width="21%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:21.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Percentage Difference<br>   between Realizable and<br>   Reported Compensation</font></b></p>    </td>   </tr>
<tr>
<td width="5%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.36%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">2014</font></p>    </td>
<td width="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$3,965   </font></p>    </td>
<td width="20%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$2,840   </font></p>    </td>
<td width="18%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:18.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-28%</font></p>    </td>
<td width="19%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$3,690   </font></p>    </td>
<td width="21%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:21.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-23%</font></p>    </td>   </tr>
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<td width="5%" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.36%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">2013</font></p>    </td>
<td width="15%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$3,965   </font></p>    </td>
<td width="20%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$2,454   </font></p>    </td>
<td width="18%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:18.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-38%</font></p>    </td>
<td width="19%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$3,528   </font></p>    </td>
<td width="21%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:21.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-30%</font></p>    </td>   </tr>
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<td width="5%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.36%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">2012</font></p>    </td>
<td width="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$3,965   </font></p>    </td>
<td width="20%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$2,303   </font></p>    </td>
<td width="18%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:18.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-42%</font></p>    </td>
<td width="19%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$4,868   </font></p>    </td>
<td width="21%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:21.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-53%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:4.0pt;">(1)</font></p>    </td>
<td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Target   compensation includes base pay, perquisites and variable compensation if paid   at target.</font></p>    </td>   </tr>
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<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:4.0pt;">(2)</font></p>    </td>
<td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Realizable   compensation includes the three year average of base salary, perquisites, and   AIC, MTI and PSOP payouts. Unvested RSUs were valued using the end-of-year   share price, and unvested performance based units (i.e. PSOP units and PSUs)   were assigned a value of 0 as performance achieved could be below threshold.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:4.0pt;">(3)</font></p>    </td>
<td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Reported   compensation is &#147;Total Compensation&#148; as reported in the &#147;Summary Compensation   Table&#148; in this Proxy Circular less the &#147;Pension Value.&#148;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In 2014 Mrs.&nbsp;Farrell purchased $502,120 of TransAlta common shares to further align her interests with those of our shareholders.</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Our Responsibility to Get it Right</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The HRC and the Board are committed to providing a compensation program that attracts, retains and motivates top executive talent to deliver the right outcome for our shareholders and other stakeholders.&#160; We are advised by independent experts and we perform rigorous analysis in assessing the performance of the Company and the individual executive.&#160; We are committed to delivering on our long-term strategy in a manner that reflects the responsible stewardship of your capital. We welcome your feedback and encourage you to use the communication mechanisms outlined in this Management Proxy Circular.&#160; Further, we provide shareholders with an advisory &#147;Say on Pay&#148; vote through which you can express a view on TransAlta&#146;s approach to executive compensation. The Say on Pay resolution is provided on page&nbsp;23 of this Proxy Circular.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">On behalf of the members of the HRC and the full Board, we thank you for your continued support of TransAlta.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial"><img width="107" height="28" src="g55361ms29i001.jpg"></font></p>    </td>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial"><img width="142" height="30" src="g55361ms29i002.gif"></font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">Timothy W. Faithfull</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">Chair of the HRC</font></p>    </td>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Gordon D. Giffin</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Chair of the Board</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015   Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">46<a name="PB_46_142609_7748"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">COMPENSATION DISCUSSION AND ANALYSIS</font></u></b></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Introduction</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board reviews and assesses TransAlta&#146;s compensation program to ensure there is:</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">a well-defined link between executive compensation and the strategic goals of the Company (the &#147;<b>Compensation Strategy</b>&#148;);</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">rigour</font><font size="2" face="Arial" style="font-size:10.0pt;"> in setting performance goals and assessing performance; and</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">a clear link between pay and performance.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">This Compensation, Discussion and Analysis (&#147;<b>CD&amp;A</b>&#148;) provides a detailed discussion of the principles, structure and policies that underpin our executive compensation program.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Our disclosure is organized as follows:</font></p>
<p style="margin:0in 0in .0001pt 121.5pt;text-indent:-4.3pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.58%;">
<p style="margin:0in 0in .0001pt 1.65in;"><font size="2" face="Arial" style="font-size:10.0pt;">Our Compensation Strategy /   Changes for 2015</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Page&nbsp;48</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 1.65in;"><font size="2" face="Arial" style="font-size:10.0pt;">Our Guiding   Principles/Compensation Governance</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Page&nbsp;49</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 1.65in;"><font size="2" face="Arial" style="font-size:10.0pt;">Shareholder Alignment</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Page&nbsp;54</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 1.65in;"><font size="2" face="Arial" style="font-size:10.0pt;">Ensuring Competitive   Compensation at TransAlta</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Page&nbsp;55</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 1.65in;"><font size="2" face="Arial" style="font-size:10.0pt;">Annual Compensation Risk Review   Process</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Page&nbsp;56</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 1.65in;"><font size="2" face="Arial" style="font-size:10.0pt;">Performance Analysis</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Page&nbsp;58</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 1.65in;"><font size="2" face="Arial" style="font-size:10.0pt;">Pay Decisions of the HRC and   the Board</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Page&nbsp;60</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 1.65in;"><font size="2" face="Arial" style="font-size:10.0pt;">2014 CEO Pay for Performance   Analysis</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Page&nbsp;61</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 1.65in;"><font size="2" face="Arial" style="font-size:10.0pt;">2014 NEO AIC Analysis</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Page&nbsp;62</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 1.65in;"><font size="2" face="Arial" style="font-size:10.0pt;">Summary Compensation Table</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Page&nbsp;68</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 1.65in;"><font size="2" face="Arial" style="font-size:10.0pt;">Other Required Disclosure</font></p>    </td>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Page&nbsp;69</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 121.5pt;text-indent:-4.3pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">For the fiscal year ended December&nbsp;31, 2014 our Named Executive Officers (&#147;<b>NEOs</b>&#148;) were:</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Dawn L. Farrell, President and Chief Executive Officer</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Donald Tremblay, Chief Financial Officer</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Brett M. Gellner, Chief Investment Officer</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">John H. Kousinioris, Chief Legal and Compliance Officer</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Cynthia Johnston, EVP Corporate Services</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Summary</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta is a power generation and wholesale energy marketing company with operations in Canada, the United States and Australia.&#160; The nature of our business impacts the design of our Compensation Strategy and how we deliver compensation over time.&#160; Our objective is to generate economic value for our shareholders by investing our capital in ways that maximize returns over the short, medium and long-term, and is conducted within our risk appetite.&#160; Our business is capital-intensive and the benefits of business decisions made today may not be realized until several years in the future.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Our Compensation Strategy has been designed to attract, motivate and retain qualified executives to deliver on our business objectives.&#160; We believe that an effective compensation program is competitive within the marketplace and rewards performance through the achievement of a combination of specific annual as well as strategic medium to longer-term goals.&#160; We drive long-term shareholder value by including at-risk and equity-based compensation as part of our Compensation Strategy, and by requiring our executives to have a stake in the Company through share ownership requirements.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">With the assistance of external compensation advisors, we gather and analyze compensation data of comparable companies in order to maintain target total direct compensation (&#147;<b>TDC</b>&#148;) levels at the median (50</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">th</font><font size="2" face="Arial" style="font-size:10.0pt;">&#160;percentile, cash and variable pay) of our Comparator Group with the ability to earn more if targets are exceeded subject to a maximum payout.&#160; A description of our Comparator Group is provided in the &#147;Ensuring Competitive Compensation at TransAlta&#148; section of this Proxy Circular.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015   Management Proxy Circular</font></p>    </td>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Our Compensation Strategy</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Our Compensation Strategy comprises a mix of fixed and variable compensation plans. In 2013, TransAlta changed of its annual and medium-term variable compensation plans to better align executive compensation with the business strategy, direction and objectives of the Company.&#160; Prior to making these changes, the HRC, with the assistance of external compensation advisors, conducted an extensive review of the compensation programs for all of our employees, including executives, and conducted a comprehensive compensation risk assessment.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The HRC and the Board believe that the Company&#146;s variable compensation plans reinforce management decisions that optimize resource allocation and encourage prudent financial and operational performance while maintaining a balanced level of risk-taking.&#160; We also believe that the changes promote sustained growth in cash flow, align compensation with shareholder value creation and encourage the long-term retention of our executive team.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Our compensation plans use FFO as the key measure for variable compensation. The HRC and the Board believe that FFO:</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">provides a better measure of the cash flow we have available to meet our commitment to pay dividends, maintain existing assets, service our debt and grow the Company;</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">is the best measure of the health of the Company;</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">is critical to maintain in times of change and transformation;</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">is a measure that drives performance because our employees understand how they can impact FFO every day, allowing the entire organization to work towards our success every day; and</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">is a key driver of improvements in total shareholder return over the long term.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Our variable compensation plans include:</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">An AIC plan that is funded through a limited pool determined as a percentage of FFO, which is higher or lower depending on the level of FFO achieved. Individual AIC awards can range from 0 &#150; 2x target and are based on both a corporate and personal component;</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">An MTIP that consists of 2/3</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">rds</font><font size="2" face="Arial" style="font-size:10.0pt;">&#160;performance-contingent PSUs (which payout at zero if threshold performance is not achieved) and 1/3</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">rd</font><font size="2" face="Arial" style="font-size:10.0pt;">&#160;RSUs. All units cliff vest at the end of three years. Our MTIP replaced our prior PSOP and MTI plan January&nbsp;2013; and</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">A DSU plan that allows executives to direct all or a portion of their base pay and AIC awards into DSUs. This provides direct alignment of interests between the executive and shareholders as these DSUs may not be redeemed until their termination or retirement from the Company.</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Changes for 2015</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Effective for the 2015 performance year, the Board has slightly increased the AIC target opportunity for the senior executives, excluding the CEO, from 50% to 55% of base salary. This will be the first increase in target compensation since 2012.&#160; The Board has also increased the AIC corporate allocation for all senior executives, including the CEO, to increase the emphasis on corporate performance, thereby further aligning our executives&#146; interests with those of our shareholders.&#160; The new AIC weighting allocations are as follows:</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">The CEO&#146;s corporate and individual weighting will be 80% / 20% respectively (previously 75% / 25%);</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">The other senior executives&#146; corporate and individual weighting will be 75% / 25% respectively (previously 60% / 40%).</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015   Management Proxy Circular</font></p>    </td>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Our Guiding Principles</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition to the detailed descriptions in this CD&amp;A, the guiding principles of our approach to executive compensation, and the process by which the Board made their decisions in 2014, were as follows:</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">1.&#160;&#160; Align executive pay to performance through a mix of short and medium to longer-term incentive programs;</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">2.&#160;&#160; Emphasize performance-based compensation, with the majority of executive pay &#147;at-risk&#148;;</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Focus variable compensation on FFO, free cash flow and availability, which are key strategically important metrics for the Company;</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">4.&#160;&#160; Ensure executives are substantial shareowners to align their interests with the interests of shareholders; and</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Attract and retain executives to lead the Company to achieve its strategy and growth objectives without taking excessive risks.</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Compensation Governance</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In setting our Compensation Strategy, and in designing and applying all elements of compensation, the HRC:</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">oversees the implementation of our Compensation Strategy to ensure that it aligns with our corporate objectives and performance as a whole;</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">ensures, through effective policy and compensation plan design, that the interests of executives are, and continue to be, aligned with those of long-term shareholders;</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">reviews the competitiveness of our Compensation Strategy, taking into account incentive design and compensation levels of companies in our Comparator Group;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">undertakes an annual review of compensation-related risks to ensure that the program design, processes and safeguards in place are effective in mitigating excessive risk-taking; and</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">receives advice from its independent advisor, Meridian Compensation Partners LLC (&#147;<b>Meridian</b>&#148;), on TransAlta&#146;s compensation strategy and also considers the advice provided by Towers Watson, the advisors to management, and AON Hewitt, the Company&#146;s actuary and advisor on pension matters.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The following diagram illustrates the process we follow to set and implement our Compensation Strategy:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial"><img width="658" height="216" src="g55361ms31i001.jpg"></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">49<a name="PB_49_144232_5335"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015   Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Compensation Strategy &#150; Fixed and Variable Compensation</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The fixed elements of our Compensation Strategy provide a competitive base of secure compensation necessary to attract and retain executive talent.&#160; Our fixed compensation comprises three elements:</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Base Pay</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
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<td width="27%" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.78%;">
<p style="margin:0in 0in .0001pt .3in;text-indent:-.25in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Purpose</font></b></p>    </td>
<td width="12%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:12.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Measurement</font></b></p>    </td>
<td width="15%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:15.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target and Range</font></b></p>    </td>
<td width="11%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:11.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Form</font></b></p>    </td>
<td width="11%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:11.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Eligibility</font></b></p>    </td>
<td width="22%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:22.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Performance Period</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .3in;text-indent:-.25in;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="22%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="27%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.78%;">
<p style="margin:0in 0in .0001pt .3in;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Competitive positioning, attraction and retention</font></p>
<p style="margin:0in 0in .0001pt .3in;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T</font><font size="1" face="Arial" style="font-size:8.0pt;">argeted at   median of Comparator Group</font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.22%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Scope of role</font></p>    </td>
<td width="15%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.56%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Fixed</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.1%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.12%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">All permanent employees</font></p>    </td>
<td width="22%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:22.22%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Annual</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Our base pay is designed to provide a level of fixed compensation that is competitive in the marketplace and is a fair reflection of each individual&#146;s level of responsibility and accountability.&#160; Our base pay is reviewed annually and increases may be awarded based on: an individual&#146;s overall level of performance (merit); to reflect additional responsibilities and accountabilities; potential of the individual; and/or to remain competitive within the marketplace in which we compete for talent.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Benefits and Pension</font></i></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
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<td width="27%" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.78%;">
<p style="margin:0in 0in .0001pt .3in;text-indent:-.25in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Purpose</font></b></p>    </td>
<td width="12%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:12.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Measurement</font></b></p>    </td>
<td width="15%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:15.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target and Range</font></b></p>    </td>
<td width="11%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:11.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Form</font></b></p>    </td>
<td width="11%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:11.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Eligibility</font></b></p>    </td>
<td width="22%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:22.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Performance Period</font></b></p>    </td>   </tr>
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<td width="27%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.78%;">
<p style="margin:0in 0in .0001pt .3in;text-indent:-.25in;"><b><i><u><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;font-weight:bold;">Benefits</font></u></i></b></p>
<p style="margin:0in 0in .0001pt .3in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .3in;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flexible health and dental benefits </font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">None</font></p>    </td>
<td width="15%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Fixed</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Flex credits to provide flexibility in coverage</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">All permanent employees</font></p>    </td>
<td width="22%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:22.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">No performance requirements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Benefits are elected every two years</font></p>    </td>   </tr>
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<td width="27%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.78%;">
<p style="margin:0in 0in .0001pt .05in;"><b><i><u><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;font-weight:bold;">Defined Contribution (DC) Pension   Plan</font></u></i></b></p>
<p style="margin:0in 0in .0001pt .3in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .3in;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">Non-contributory   10% of Base Pay and AIC, up to the limit under the <i>Income Tax   Act</i> (Canada) allocated to a DC plan</font></p>
<p style="margin:0in 0in .0001pt .3in;text-indent:-.25in;"><b><i><font size="1" face="Arial" style="font-size:7.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>
<td width="12%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">None</font></p>    </td>
<td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Fixed</font></p>    </td>
<td width="11%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash payment at retirement</font></p>    </td>
<td width="11%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">All permanent employees</font></p>    </td>
<td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:22.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">No performance period.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Employee chooses investments to allocate within group of investment   opportunities made available by the Company</font></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.78%;">
<p style="margin:0in 0in .0001pt .3in;text-indent:-.25in;"><b><i><u><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;font-weight:bold;">Supplemental Pension Plan (SPP)</font></u></i></b></p>
<p style="margin:0in 0in .0001pt .3in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .3in;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provides a DB pension to all employees whose income exceeds   the Income Tax Act limit</font></p>
<p style="margin:0in 0in .0001pt .3in;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">Equal to   2% of the final average of Base Pay and AIC in excess of the DC plan   pensionable earnings limit</font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">None</font></p>    </td>
<td width="15%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Fixed</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Deferred Cash</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">All permanent employees over <i>Income Tax Act</i>   limit </font></p>    </td>
<td width="22%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:22.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Pensionable service period</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">All of our employees participate in the same benefits, pension and retirement programs.&#160; Life insurance, disability, medical and dental coverage are included in the benefits program.&#160; Our programs allow employees to direct their annual benefits credits to these elements at different levels in order to meet their individual needs.&#160; Employees are also able to contribute above their annual benefits allowance, through payroll deductions, for enhanced benefits if they so choose.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Perquisites</font></i></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-collapse:collapse;width:100.0%;">
<tr>
<td width="27%" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.78%;">
<p style="margin:0in 0in .0001pt .3in;text-indent:-.25in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Purpose</font></b></p>    </td>
<td width="12%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:12.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Measurement</font></b></p>    </td>
<td width="15%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:15.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target and Range</font></b></p>    </td>
<td width="11%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:11.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Form</font></b></p>    </td>
<td width="11%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:11.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Eligibility</font></b></p>    </td>
<td width="22%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:22.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Performance Period</font></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.78%;">
<p style="margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">Car   allowance</font></p>
<p style="margin:0in 0in .0001pt .3in;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">Lump sum   payment in lieu of competitive executive perquisites</font></p>    </td>
<td width="12%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">None</font></p>    </td>
<td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Fixed</font></p>    </td>
<td width="11%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash</font></p>    </td>
<td width="11%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Directors and above </font></p>    </td>
<td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:22.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Annual (no performance requirement)</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Car allowances are granted to senior management employees, including the executives, at a fixed amount, which varies by level of position and is based on competitive market practices.&#160; Senior management employees, including the executives, are also given a fixed amount once per year as a perquisite payment in lieu of additional benefits.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015   Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">50<a name="PB_50_144537_5796"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
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<br clear="all" style="page-break-before:always;">
<div>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Our Current Variable Compensation Plans</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Our business model is based on the capital-intensive, long-cycle nature of the power generation and wholesale energy marketing industry.&#160; We have two elements of variable compensation designed to balance decisions made on the basis of enhanced short-term performance and sustainable mid- to longer-term performance.&#160; We believe this balanced approach creates strong alignment between the interests of our executives and those of our shareholders.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Annual Incentive Compensation Plan &#150; (&#147;AIC&#148;)</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
<tr>
<td width="24%" valign="top" style="border:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:24.92%;">
<p style="margin:1.0pt 0in .0001pt .25in;text-indent:-.2in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Purpose</font></b></p>    </td>
<td width="18%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in .5pt 0in .5pt;width:18.76%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Measurement</font></b></p>    </td>
<td width="18%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in .5pt 0in .5pt;width:18.78%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target&nbsp;and&nbsp;Range</font></b></p>    </td>
<td width="9%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in .5pt 0in .5pt;width:9.38%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Form</font></b></p>    </td>
<td width="9%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in .5pt 0in .5pt;width:9.38%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Eligibility</font></b></p>    </td>
<td width="18%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in .5pt 0in .5pt;width:18.78%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Performance&nbsp;Period</font></b></p>    </td>   </tr>
<tr>
<td width="24%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:24.92%;">
<p style="margin:0in 0in .0001pt .25in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in .15in .0001pt .2in;text-indent:-.15in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; Reinforce and drive the   Company&#146;s short-term priorities</font></p>
<p style="margin:0in .05in .0001pt .2in;text-indent:-.15in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; Reward and recognize   corporate and individual performance</font></p>
<p style="margin:0in .05in .0001pt .2in;text-indent:-.15in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; Targets and ranges set around   budgeted performance</font></p>    </td>
<td width="18%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:18.76%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Corporate Goals:</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; 50% FFO</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; 25% FCF</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; 25% Availability</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Individual Goals:</font></p>
<p style="margin:0in .05in .0001pt .2in;text-indent:-.15in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; Predetermined and measurable   goals (approved by the Board each year)</font></p>    </td>
<td width="18%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:18.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Target (% of base salary):</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; CEO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90%</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; CFO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50%</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; CIO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50%</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; Execs&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50%</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Range (% of target):</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; All execs&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 &#150; 200%</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:9.38%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:9.38%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">All non-union employees</font></p>    </td>
<td width="18%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:18.78%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">1 year</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The purpose of our AIC plan is to align a component of our compensation directly with the Company&#146;s success in reaching our annual corporate objectives and in recognizing individual performance towards this accomplishment.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">AIC payments are based on a one-year performance period and are funded through a limited pool determined as a percentage of FFO.&#160; This percentage either increases or decreases based on the level of FFO achieved. Up to 10% of the pool may be withheld to be allocated on a discretionary basis to recognize exceptional individual performance. An employee&#146;s AIC award is determined on the basis of achievements in relation to pre-determined corporate measures and pre-determined individual goals.&#160; Our 2014 corporate performance measures were:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
<tr height="4" style="height:2.8pt;">
<td width="24%" height="4" style="border:solid windowtext 1.0pt;height:2.8pt;padding:0in .5pt 0in .5pt;width:24.92%;">
<p style="margin:1.0pt 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Measures</font></b></p>    </td>
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<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Weighting</font></b></p>    </td>
<td width="18%" height="4" style="border:solid windowtext 1.0pt;border-left:none;height:2.8pt;padding:0in .5pt 0in .5pt;width:18.78%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Threshold</font></b></p>    </td>
<td width="18%" height="4" style="border:solid windowtext 1.0pt;border-left:none;height:2.8pt;padding:0in .5pt 0in .5pt;width:18.76%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target</font></b></p>    </td>
<td width="18%" height="4" style="border:solid windowtext 1.0pt;border-left:none;height:2.8pt;padding:0in .5pt 0in .5pt;width:18.78%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Maximum</font></b></p>    </td>   </tr>
<tr>
<td width="24%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:24.92%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">FFO ($M)</font></p>    </td>
<td width="18%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:18.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">50%</font></p>    </td>
<td width="18%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:18.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">730</font></p>    </td>
<td width="18%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:18.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">760</font></p>    </td>
<td width="18%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:18.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">830</font></p>    </td>   </tr>
<tr>
<td width="24%" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:24.92%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">FCF ($M)</font></p>    </td>
<td width="18%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:18.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">25%</font></p>    </td>
<td width="18%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:18.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">380</font></p>    </td>
<td width="18%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:18.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">410</font></p>    </td>
<td width="18%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:18.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">480</font></p>    </td>   </tr>
<tr height="5" style="height:3.5pt;">
<td width="24%" height="5" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:3.5pt;padding:0in .5pt 0in .5pt;width:24.92%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Availability</font></p>    </td>
<td width="18%" height="5" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:3.5pt;padding:0in .5pt 0in .5pt;width:18.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">25%</font></p>    </td>
<td width="18%" height="5" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:3.5pt;padding:0in .5pt 0in .5pt;width:18.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">88.7%</font></p>    </td>
<td width="18%" height="5" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:3.5pt;padding:0in .5pt 0in .5pt;width:18.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">89.7%</font></p>    </td>
<td width="18%" height="5" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:3.5pt;padding:0in .5pt 0in .5pt;width:18.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">90.7%</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The senior management team and the HRC review the Company&#146;s AIC measures at the beginning of each year to ensure they continue to drive the efficient operation of our existing asset base. Targets are aligned to our rigorous corporate budget, which is also approved by the Board, and reflect a risk-based analysis of the capabilities of the Company against a best estimate of the future market. Our targets have significant stretch, with the aim being to set a likelihood of achievement at approximately 40%.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Employee awards are determined as a percentage of base pay and include minimum, target, and maximum performance levels.&#160; Payouts are based on results and may not exceed 200% of the employee&#146;s individual target.&#160; The sum of awards to all employees cannot exceed the AIC pool established on the basis of the FFO achieved.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In determining the corporate component of the AIC payout to executives, the HRC and Board review performance against each corporate measure.&#160; In determining the personal component of the AIC payout, the HRC and the Board consider the achievements of the individual executive against pre-established personal goals.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Trading and Sales Incentive Plan &#150; (&#147;TSIP&#148;)</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition to the AIC, we have an annual incentive plan for eligible trader and sales employees of the Company. No member of the senior executive team is eligible to receive a TSIP payment.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In 2014, the HRC and the Board approved a new TSIP that includes a maximum incentive level, AIC payments which will be funded from the TSIP pool (as opposed to the corporate AIC pool), and a deferral structure that includes RSUs.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">51<a name="PB_51_143524_7056"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Medium-Term Incentive Plan &#150; (&#147;MTIP&#148;)</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:1.0pt 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Purpose</font></b></p>    </td>
<td width="25%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in .5pt 0in .5pt;width:25.12%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Measurement</font></b></p>    </td>
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<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target and Range</font></b></p>    </td>
<td width="10%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in .5pt 0in .5pt;width:10.52%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Form</font></b></p>    </td>
<td width="11%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in .5pt 0in .5pt;width:11.24%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Eligibility</font></b></p>    </td>
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<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Performance</font></b></p>
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Period</font></b></p>    </td>   </tr>
<tr>
<td width="20%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:20.06%;">
<p style="margin:0in 0in .0001pt .05in;"><b><i><u><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;font-weight:bold;">Performance Share Unit (PSU) Plan</font></u></i></b></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt .2in;text-indent:-.15in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; Reinforce and drive   medium-term shareholder value creation</font></p>
<p style="margin:0in .05in .0001pt .2in;text-indent:-.15in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; Reward and recognize   corporate performance</font></p>
<p style="margin:0in .05in .0001pt .2in;text-indent:-.15in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; Targets based on performance   relative to 3-year metrics</font></p>    </td>
<td width="25%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:25.12%;">
<p style="margin:0in 0in .0001pt .25in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:8.0pt;">Metric:</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.2in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">1/3 Growth in FFO per share</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.2in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; 1/3 Growth in FCF per share</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.2in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; 1/3 Relative TSR </font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:8.0pt;">Cliff and time vested</font></p>    </td>
<td width="20%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:20.08%;">
<p style="margin:0in 0in .0001pt 6.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:8.0pt;">Target (% of base   salary):</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.2in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; CEO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146.7%</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.2in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; CFO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83.3%</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.2in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; CIO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116.7%</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.2in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; Execs&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83.3%</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:8.0pt;">Range (% of   target):</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.2in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; All Execs&nbsp;&nbsp;&nbsp; 0% &#150; 200% </font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:10.52%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash or shares</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:11.24%;">
<p style="margin:0in 0in .0001pt 6.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 6.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Managers and above</font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:12.98%;">
<p style="margin:0in 0in .0001pt 6.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">3 years</font></p>    </td>   </tr>
<tr>
<td width="20%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:20.06%;">
<p style="margin:0in 0in .0001pt .05in;"><b><i><u><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;font-weight:bold;">Restricted Share Unit (RSU) Plan</font></u></i></b></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.2in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt .2in;text-indent:-.15in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; Reinforce and drive   medium-term shareholder value creation</font></p>
<p style="margin:0in 0in .0001pt .2in;text-indent:-.15in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; Retention</font></p>    </td>
<td width="25%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:25.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:8.0pt;">Cliff   and time vested</font></p>    </td>
<td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:20.08%;">
<p style="margin:0in 0in .0001pt 6.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:8.0pt;">Target (% of base   salary):</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.2in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; CEO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73.3%</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.2in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; CFO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41.7%</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.2in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; CIO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58.3%</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.2in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; Execs&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41.7%</font></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:10.52%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash or shares</font></p>    </td>
<td width="11%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:11.24%;">
<p style="margin:0in 0in .0001pt 6.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 6.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Managers and above</font></p>
<p style="margin:0in 0in .0001pt 6.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 6.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">At the discretion of the Board</font></p>    </td>
<td width="12%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:12.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">3 years</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">At the discretion of the Board</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-2.0pt;">(1)</font><font size="1" style="font-size:5.0pt;position:relative;top:-4.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Relative to the S&amp;P/TSX Composite Index (adjusted by 0.8 to reflect the Company&#146;s long term beta).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The MTIP reinforces and drives achievement of the Company&#146;s strategy and growth objectives, as well as promoting alignment between participants and shareholders.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">MTIP grants are made annually, but are measured and assessed over a three-year performance period.&#160; The MTIP grant comprises a combination of PSUs and RSUs which are determined as a percentage of base pay and converted to units on the basis of the Company&#146;s share price at the time of grant.&#160; PSUs and RSUs cliff vest at the end of three years.&#160; Additional PSUs and RSUs are credited to the executive&#146;s account in respect of any dividends declared by the Company on its common shares during the period of vesting.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">At the beginning of each performance period, the Board, at the recommendation of the HRC, approves the number of PSUs and RSUs to be granted, as well as the PSU performance targets.&#160; This provides alignment between the executives&#146; pay and the longer term performance of the Company. Further, in the case of PSUs, it directly aligns the executives&#146; pay to the success of the Company, as payout of each grant is based on the achievement of three key financial metrics which, for PSUs granted in 2014, were as follows:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
<tr height="4" style="height:2.8pt;">
<td width="25%" height="4" style="border:solid windowtext 1.0pt;height:2.8pt;padding:0in .5pt 0in .5pt;width:25.16%;">
<p style="margin:1.0pt 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Measures</font></b></p>    </td>
<td width="18%" height="4" style="border:solid windowtext 1.0pt;border-left:none;height:2.8pt;padding:0in .5pt 0in .5pt;width:18.7%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Weighting</font></b></p>    </td>
<td width="18%" height="4" style="border:solid windowtext 1.0pt;border-left:none;height:2.8pt;padding:0in .5pt 0in .5pt;width:18.72%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Threshold</font></b></p>    </td>
<td width="18%" height="4" style="border:solid windowtext 1.0pt;border-left:none;height:2.8pt;padding:0in .5pt 0in .5pt;width:18.7%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target</font></b></p>    </td>
<td width="18%" height="4" style="border:solid windowtext 1.0pt;border-left:none;height:2.8pt;padding:0in .5pt 0in .5pt;width:18.72%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Maximum</font></b></p>    </td>   </tr>
<tr>
<td width="25%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:25.16%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Growth in FFO/Share</font></p>    </td>
<td width="18%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:18.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1/3</font></p>    </td>
<td width="18%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:18.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2%</font></p>    </td>
<td width="18%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:18.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">3%</font></p>    </td>
<td width="18%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:18.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">4%</font></p>    </td>   </tr>
<tr>
<td width="25%" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:25.16%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Growth in FCF/Share</font></p>    </td>
<td width="18%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:18.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1/3</font></p>    </td>
<td width="18%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:18.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">4.69%</font></p>    </td>
<td width="18%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:18.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">6.4%</font></p>    </td>
<td width="18%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:18.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">8.2%</font></p>    </td>   </tr>
<tr height="5" style="height:3.5pt;">
<td width="25%" height="5" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:3.5pt;padding:0in .5pt 0in .5pt;width:25.16%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Relative TSR</font></p>    </td>
<td width="18%" height="5" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:3.5pt;padding:0in .5pt 0in .5pt;width:18.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1/3</font></p>    </td>
<td width="18%" height="5" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:3.5pt;padding:0in .5pt 0in .5pt;width:18.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">25</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">th</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Percentile</font></p>    </td>
<td width="18%" height="5" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:3.5pt;padding:0in .5pt 0in .5pt;width:18.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">50</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">th</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Percentile</font></p>    </td>
<td width="18%" height="5" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:3.5pt;padding:0in .5pt 0in .5pt;width:18.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">75</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">th</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Percentile</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">For each performance target, plan participants, including the executives, are paid a zero incentive if performance for the PSUs is below the threshold and up to 200% of target if performance meets or exceeds the maximum.&#160; RSUs are redeemed on the vesting date by multiplying the number of units in the participant&#146;s account by the closing price of the common shares on the TSX on the trading day immediately prior to the vesting date.&#160; The HRC has the discretion to determine whether the payments will be made through the purchase of shares in the open market or in cash.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Officer Deferred Share Unit Plan &#150; (&#147;ODSU&#148;)</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In 2013, the Company adopted a DSU plan for executives to encourage long-term executive share ownership. The plan allows executives to direct all or a portion of their base pay and annual incentive compensation awards into DSUs.&#160; This also ensures that our executives are aligned with shareholder interests over the longer-term as DSUs must be held until retirement and the value of DSUs is tied directly to the Company&#146;s share price.&#160; DSUs are included in assessing required share ownership level.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">52<a name="PB_52_145026_5335"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Our Legacy Variable Compensation Plans</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Medium-Term Incentive Plan &#150; (&#147;MTI&#148;)</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The MTI plan was replaced by the MTIP in 2013 and the last grant made under this plan was for the 2012 to 2014 cycle.&#160; The summary of the plan, which was effective until December&nbsp;31, 2014, is as follows:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:1.0pt 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Purpose</font></b></p>    </td>
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<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Measurement</font></b></p>    </td>
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<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target and Range</font></b></p>    </td>
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<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Form</font></b></p>    </td>
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<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Eligibility</font></b></p>    </td>
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<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Performance</font></b></p>
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Period</font></b></p>    </td>   </tr>
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<td width="23%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:23.38%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.15in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;text-indent:-.15in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; Reinforce and drive the   Company&#146;s priorities</font></p>
<p style="margin:0in 0in .0001pt .2in;text-indent:-.15in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; Reward and recognize corporate   performance</font></p>
<p style="margin:0in .05in .0001pt .2in;text-indent:-.15in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; Targets and ranges set around   long-range forecast performance</font></p>    </td>
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<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">2012- 2014 Grant</font></p>
<p style="margin:0in 0in .0001pt .2in;text-indent:-.15in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; ROCE   of 8.5%</font></p>
<p style="margin:0in 0in .0001pt .2in;text-indent:-.15in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; Growth   in FFO of 4%</font></p>
<p style="margin:0in 0in .0001pt 12.95pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 12.95pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:20.08%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Target (% of base salary):</font></p>
<p style="margin:0in 0in .0001pt .2in;text-indent:-.15in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; CEO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50%</font></p>
<p style="margin:0in 0in .0001pt .2in;text-indent:-.15in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; CFO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25%</font></p>
<p style="margin:0in 0in .0001pt .2in;text-indent:-.15in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; Execs&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25%</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Range (% of target):</font></p>
<p style="margin:0in 0in .0001pt .2in;text-indent:-.15in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; All execs&nbsp;&nbsp;&nbsp;&nbsp; 0% - 200%</font></p>    </td>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:11.24%;">
<p style="margin:0in .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Vice-Presidents and above</font></p>    </td>
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<p style="margin:0in .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">3 years</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Plan discontinued effective 2013 </font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The MTI plan provided for a rolling three-year performance and payment cycle based on the three-year performance cycle.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The MTI targets for the 2012 &#150; 2014 grants (payable for the performance period ending December&nbsp;31, 2014) were ROCE of 8.5% and FFO growth of 4%, with each metric weighted 50%. As the Company did not meet these targets during the performance period, <b>no MTI awards were paid for the 2012 &#150; 2014 performance period</b>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Performance Share Ownership Plan &#150; (&#147;PSOP&#148;)</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The PSOP was replaced by the MTIP in 2013 and the last grant made under this plan was for the 2012 to 2014 cycle. The summary of the plan, which was effective until December&nbsp;31, 2014, is as follows:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:1.0pt 0in .0001pt 16.55pt;text-indent:-12.95pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Purpose</font></b></p>    </td>
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<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Measurement</font></b></p>    </td>
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<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target and Range</font></b></p>    </td>
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<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Form</font></b></p>    </td>
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<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Eligibility</font></b></p>    </td>
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<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Performance</font></b></p>
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Period</font></b></p>    </td>   </tr>
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<td width="23%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:23.38%;">
<p style="margin:0in 0in .0001pt 12.95pt;text-align:justify;text-indent:-12.95pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;text-indent:-.15in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; Reinforce and drive long-term   shareholder value creation</font></p>
<p style="margin:0in 0in .0001pt .2in;text-indent:-.15in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; Reward and recognize   corporate performance</font></p>
<p style="margin:0in 0in .0001pt .2in;text-indent:-.15in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; Targets based on median   performance relative to the Comparator Group</font></p>    </td>
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<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">TSR relative to a prior   Comparator Group</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Target (% of base salary):</font></p>
<p style="margin:0in 0in .0001pt .2in;text-indent:-.15in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; CEO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170%</font></p>
<p style="margin:0in 0in .0001pt .2in;text-indent:-.15in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; CFO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125%</font></p>
<p style="margin:0in 0in .0001pt .2in;text-indent:-.15in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; Execs&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100%</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Range (% of target):</font></p>
<p style="margin:0in 0in .0001pt .2in;text-indent:-.15in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; All execs&nbsp;&nbsp;&nbsp;&nbsp; 0% - 200% </font></p>    </td>
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<p style="margin:0in .05in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash or shares at discretion of   the Board </font></p>    </td>
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<p style="margin:0in .05in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Managers and above</font></p>    </td>
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<p style="margin:0in .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">3 years</font></p>
<p style="margin:0in .05in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Plan discontinued effective   2013</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The PSOP grants provided a target number of notional share units based on a predetermined percentage of each participant&#146;s base salary that vested at 50% if our TSR was at the 25</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">th</font><font size="2" face="Arial" style="font-size:10.0pt;">&#160;percentile of a prior Comparator Group, 100% if our TSR was at the 50</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">th</font><font size="2" face="Arial" style="font-size:10.0pt;">&#160;percentile, and 200% if our TSR was at or above the 75</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">th</font><font size="2" face="Arial" style="font-size:10.0pt;">&#160;percentile.&#160; If our performance was below the 25</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">th</font><font size="2" face="Arial" style="font-size:10.0pt;">&#160;percentile at the completion of the performance period, no shares or cash would be awarded.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In 2014, the Company&#146;s TSR performance was below the 25</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">th</font><font size="2" face="Arial" style="font-size:10.0pt;">&#160;percentile of the Company&#146;s prior Comparator Group and, therefore, <b>no PSOP awards were paid for the 2012 &#150; 2014 performance period</b>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">53<a name="PB_53_150128_5796"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
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<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Shareholder Alignment</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Our Compensation Strategy directly aligns with the interest of shareholders through at-risk compensation and by requiring our executives to have a stake in the Company through share ownership requirements.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Compensation At-Risk in 2014</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The at-risk and equity vs. cash compensation for our executives is illustrated in the table below as a percentage of target TDC (assuming all PSUs and RSUs are received in shares):</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="26%" height="20" style="border:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:26.96%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Type of   Compensation</font></b></p>    </td>
<td width="23%" height="20" style="border:solid windowtext 1.0pt;border-left:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:23.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">CEO</font></b></p>    </td>
<td width="25%" height="20" style="border:solid windowtext 1.0pt;border-left:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">CFO</font></b></p>    </td>
<td width="25%" height="20" style="border:solid windowtext 1.0pt;border-left:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Other   Executives</font></b></p>    </td>   </tr>
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<td width="26%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:2.65pt;padding:0in .5pt 0in .5pt;width:26.96%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Total target compensation   at-risk</font></p>    </td>
<td width="23%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:2.65pt;padding:0in .5pt 0in .5pt;width:23.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">74%</font></p>    </td>
<td width="25%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:2.65pt;padding:0in .5pt 0in .5pt;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">64%</font></p>    </td>
<td width="25%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:2.65pt;padding:0in .5pt 0in .5pt;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">64%</font></p>    </td>   </tr>
<tr height="4" style="height:3.15pt;">
<td width="26%" height="4" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:3.15pt;padding:0in .5pt 0in .5pt;width:26.96%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Equity-based compensation </font></p>    </td>
<td width="23%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.15pt;padding:0in .5pt 0in .5pt;width:23.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">53%</font></p>    </td>
<td width="25%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.15pt;padding:0in .5pt 0in .5pt;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">45%</font></p>    </td>
<td width="25%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.15pt;padding:0in .5pt 0in .5pt;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">47%</font></p>    </td>   </tr>
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<td width="26%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:3.15pt;padding:0in .5pt 0in .5pt;width:26.96%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash compensation (1 &#150; 3 years)   </font></p>    </td>
<td width="23%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:3.15pt;padding:0in .5pt 0in .5pt;width:23.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">26%</font></p>    </td>
<td width="25%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:3.15pt;padding:0in .5pt 0in .5pt;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">36%</font></p>    </td>
<td width="25%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:3.15pt;padding:0in .5pt 0in .5pt;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">36%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Share Ownership Requirements</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">We believe that our executives should have a stake in the Company to align their long-term interests with those of shareholders.&#160; Our executive share ownership policy has the following requirements:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<tr height="17" style="height:13.0pt;">
<td width="33%" height="17" style="border:solid windowtext 1.0pt;height:13.0pt;padding:0in .5pt 0in .5pt;width:33.32%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Position</font></b></p>    </td>
<td width="31%" height="17" style="border:solid windowtext 1.0pt;border-left:none;height:13.0pt;padding:0in .5pt 0in .5pt;width:31.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Ownership   Requirement</font></b></p>    </td>
<td width="34%" height="17" style="border:solid windowtext 1.0pt;border-left:none;height:13.0pt;padding:0in .5pt 0in .5pt;width:34.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Holding   Requirement</font></b></p>    </td>   </tr>
<tr>
<td width="33%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:33.32%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">CEO</font></p>    </td>
<td width="31%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:31.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">4 x base salary</font></p>    </td>
<td width="34%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:34.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">While employed and 1 year post   employment</font></p>    </td>   </tr>
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<td width="33%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:33.32%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Executive Vice-Presidents</font></p>    </td>
<td width="31%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:31.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2 x base salary</font></p>    </td>
<td width="34%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:34.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">While employed</font></p>    </td>   </tr>
<tr>
<td width="33%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:33.32%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Vice-Presidents</font></p>    </td>
<td width="31%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:31.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1 x base salary</font></p>    </td>
<td width="34%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:34.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">While employed</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<tr>
<td width="80%" rowspan="3" valign="top" style="padding:0in 0in 0in 0in;width:80.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The required level of share ownership must be   reached within five years of the date of appointment to the applicable   executive position.&nbsp; If there is a   change in the plan, or if an executive is promoted to a position with a   higher ownership requirement, the applicable executive(s) will have five   years from the new effective date to achieve the new share ownership level.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The achievement of the required ownership level   is calculated based on common shares, DSUs and RSUs (to a maximum of 25% of   the total shares required).</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.24%;">
<p style="margin:0in 0in .0001pt;"><b><i><font size="1" face="Arial" style="font-size:2.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Share ownership requirements   for the CEO and senior management ensure alignment with shareholder   interests.</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table summarizes each NEO&#146;s share ownership as at March 4, 2015:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr height="14" style="height:10.75pt;">
<td width="15%" height="14" style="border:solid windowtext 1.0pt;height:10.75pt;padding:0in .5pt 0in .5pt;width:15.64%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Name and<br>   Principal<br>   Position</font></b></p>    </td>
<td width="12%" height="14" style="border:solid windowtext 1.0pt;border-left:none;height:10.75pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Number of<br>   Shares Required</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">(1)</font></b></p>    </td>
<td width="13%" height="14" style="border:solid windowtext 1.0pt;border-left:none;height:10.75pt;padding:0in .5pt 0in .5pt;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Number of<br>   Shares Owned </font></b><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;position:relative;top:-4.0pt;">(2)</font></b></p>    </td>
<td width="13%" height="14" style="border:solid windowtext 1.0pt;border-left:none;height:10.75pt;padding:0in .5pt 0in .5pt;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Multiple of   Base<br>   Pay</font></b></p>    </td>
<td width="13%" height="14" style="border:solid windowtext 1.0pt;border-left:none;height:10.75pt;padding:0in .5pt 0in .5pt;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Compliance   with<br>   Policy </font></b><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;position:relative;top:-4.0pt;">(3)</font></b></p>    </td>
<td width="13%" height="14" style="border:solid windowtext 1.0pt;border-left:none;height:10.75pt;padding:0in .5pt 0in .5pt;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Percentage of<br>   Target Total<br>   Compensation</font></b></p>    </td>
<td width="15%" height="14" style="border:solid windowtext 1.0pt;border-left:none;height:10.75pt;padding:0in .5pt 0in .5pt;width:15.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total Value of<br>   Shares Owned at<br>   March 4, 2015 </font></b><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;position:relative;top:-4.0pt;">(4)</font></b></p>    </td>   </tr>
<tr height="4" style="height:2.8pt;">
<td width="15%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:2.8pt;padding:0in .5pt 0in .5pt;width:15.64%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">D.L. Farrell</font></b><font size="1" face="Arial" style="font-size:8.0pt;"><br>   President and Chief<br>   Executive Officer</font></p>    </td>
<td width="12%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:2.8pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">335,393</font></p>    </td>
<td width="13%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:2.8pt;padding:0in .5pt 0in .5pt;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">252,278</font></p>    </td>
<td width="13%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:2.8pt;padding:0in .5pt 0in .5pt;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">3.01</font></p>    </td>
<td width="13%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:2.8pt;padding:0in .5pt 0in .5pt;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">On track</font></p>    </td>
<td width="13%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:2.8pt;padding:0in .5pt 0in .5pt;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">72%</font></p>    </td>
<td width="15%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:2.8pt;padding:0in .5pt 0in .5pt;width:15.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$2,858,341 </font></p>    </td>   </tr>
<tr height="4" style="height:3.3pt;">
<td width="15%" height="4" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:3.3pt;padding:0in .5pt 0in .5pt;width:15.64%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">D. Tremblay </font></b><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;position:relative;top:-4.0pt;">(5)</font></b><font size="1" face="Arial" style="font-size:8.0pt;"><br>   Chief Financial<br>   Officer</font></p>    </td>
<td width="12%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">79,435</font></p>    </td>
<td width="13%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">72,859</font></p>    </td>
<td width="13%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1.83</font></p>    </td>
<td width="13%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">On track</font></p>    </td>
<td width="13%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">65%</font></p>    </td>
<td width="15%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:15.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$825,490 </font></p>    </td>   </tr>
<tr height="4" style="height:3.3pt;">
<td width="15%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:3.3pt;padding:0in .5pt 0in .5pt;width:15.64%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">B.M. Gellner<br>    </font></b><font size="1" face="Arial" style="font-size:8.0pt;">Chief Investment<br>   Officer</font></p>    </td>
<td width="12%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">88,261</font></p>    </td>
<td width="13%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">80,667</font></p>    </td>
<td width="13%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1.83</font></p>    </td>
<td width="13%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">On track</font></p>    </td>
<td width="13%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">55%</font></p>    </td>
<td width="15%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:15.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$913,961 </font></p>    </td>   </tr>
<tr height="4" style="height:3.3pt;">
<td width="15%" height="4" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:3.3pt;padding:0in .5pt 0in .5pt;width:15.64%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">J.H.   Kousinioris</font></b><font size="1" face="Arial" style="font-size:8.0pt;"><br>   Chief Legal and<br>   Compliance Officer</font></p>    </td>
<td width="12%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">83,848</font></p>    </td>
<td width="13%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">32,058</font></p>    </td>
<td width="13%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0.76</font></p>    </td>
<td width="13%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">On track</font></p>    </td>
<td width="13%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">27%</font></p>    </td>
<td width="15%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:15.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$363,218</font></p>    </td>   </tr>
<tr height="4" style="height:3.3pt;">
<td width="15%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:3.3pt;padding:0in .5pt 0in .5pt;width:15.64%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">C. Johnston</font></b><font size="1" face="Arial" style="font-size:8.0pt;"><br>   EVP, Corporate <br>   Services</font></p>    </td>
<td width="12%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:3.3pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">52,957</font></p>    </td>
<td width="13%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:3.3pt;padding:0in .5pt 0in .5pt;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">23,024</font></p>    </td>
<td width="13%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:3.3pt;padding:0in .5pt 0in .5pt;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0.87</font></p>    </td>
<td width="13%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:3.3pt;padding:0in .5pt 0in .5pt;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">On track</font></p>    </td>
<td width="13%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:3.3pt;padding:0in .5pt 0in .5pt;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">31%</font></p>    </td>
<td width="15%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:3.3pt;padding:0in .5pt 0in .5pt;width:15.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$260,864</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
<p style="margin:0in 0in .0001pt .2in;text-align:justify;text-indent:-.2in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font><font size="1" style="font-size:3.0pt;position:relative;top:-4.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Based on each NEO&#146;s base salary and the weighted average closing price of our common shares on the TSX Composite Index for the 20 trading days prior to and including March 4, 2015 of $11.33.</font></p>
<p style="margin:0in 0in .0001pt .2in;text-align:justify;text-indent:-.2in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(2)</font><font size="1" style="font-size:3.0pt;position:relative;top:-4.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Shares eligible to be counted towards executive share ownership requirements include common shares, DSUs, and RSUs.&#160; For Mrs. Farrell, this value does not include the DSUs for her 2014 AIC, which she elected to receive as DSUs.</font></p>
<p style="margin:0in 0in .0001pt .2in;text-align:justify;text-indent:-.2in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(3)</font><font size="1" style="font-size:3.0pt;position:relative;top:-4.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Based on the significant changes to our share ownership policy in 2012, all participants (including the NEOs) have five years from December 2012 to acquire their holdings, with the exception of Mr. Tremblay who has five years from December 2014.</font></p>
<p style="margin:0in 0in .0001pt .2in;text-align:justify;text-indent:-.2in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(4)</font><font size="1" style="font-size:3.0pt;position:relative;top:-4.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Based on the number of common shares, DSUs and RSUs eligible to be counted towards the share ownership times the weighted average closing price of our common shares on the TSX Composite Index the 20 trading days prior to and including March 4, 2015 of $11.33.</font></p>
<p style="margin:0in 0in .0001pt .2in;text-align:justify;text-indent:-.2in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(5)</font><font size="1" style="font-size:3.0pt;position:relative;top:-4.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mr. Tremblay joined the Company in March 2014.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">54<a name="PB_54_163359_3020"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
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<div style="font-family:Times New Roman;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Please refer to section &#147;Total Value Equity Holdings at March 4, 2015&#148; on page 28 of this Proxy Circular for a detailed breakdown of each NEO&#146;s equity holdings.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Ensuring Competitive Compensation at TransAlta</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Total compensation is designed to first recognize performance in achieving our strategic goals.&#160; We also need to attract, retain and motivate strong leaders.&#160; To remain competitive in the industry, we target pay at the 50</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">th</font><font size="2" face="Arial" style="font-size:10.0pt;">&#160;percentile of the Comparator Group when goals are achieved.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">To motivate our executives to surpass expectations, we provide opportunities to achieve higher levels of pay through variable compensation if the Company and the executives exceed their goals.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Industry Benchmarking &#150;   Our Comparator Group</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">We strive to be competitive in the market in   which we compete for talent. Competitiveness for our executives is determined   from data collected by external consulting firms, using a cross-section of   comparable Canadian and U.S. companies (the &#147;<b>Comparator   Group</b>&#148;) within our industry, or with which we compete for   executive talent. We also take into consideration the effect of competing in   Calgary, Alberta.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="1" face="Arial" style="font-size:2.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Our comparator group largely   comprises companies which have long-cycle, capital-intensive businesses, and   which are situated in the marketplaces in which we compete for executive   talent.</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Our Comparator Group is reviewed on an annual basis and, in 2013, we re-aligned it to include companies which are of a similar size to us from a revenue, asset and market capitalization basis, as well as companies in our marketplace with which we compete directly for executive talent. Additionally, we weight Canadian-based companies at 75% and US-based companies at 25%, irrespective of the number of companies sourced. The HRC and the Board believe this peer group provides for relevant market comparators for the Company.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The HRC reviews the compensation data from the Comparator Group to determine the competitiveness of base pay, incentive plan designs and levels, and overall compensation levels relative to our Compensation Strategy.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The HRC also believes that this carefully developed Comparator Group, rather than a more generic group of Canadian utilities, such as those included in the GICS Code 5510, is a more appropriate comparison for competitive compensation purposes.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table lists the companies that comprise our 2014 executive compensation Comparator Group:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Canadian-Based   Companies</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(Weighted   75%)</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">U.S.-Based   Companies</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(Weighted   25%)</font></b></p>    </td>   </tr>
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<td width="25%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Algonquin   Power &amp; Utilities Corp.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">EnCana Corporation</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;AES Corporation</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">OGE Energy Corp.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;AltaGas   Ltd.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Fortis Inc.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Alliant   Energy Corporation</font></p>    </td>
<td width="25%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Pinnacle West Capital Corporation</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;ATCO Group</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Husky Energy</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Calpine   Corporation</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Portland General Electric</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Atlantic   Power Corporation</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Inter Pipeline Ltd.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;NV Energy   Inc.</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(2)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">SCANA Corporation</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Brookfield   Renewable Energy </font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Keyera Corp.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Great   Plains Energy Inc.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">UIL Holdings Corporation</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Cameco</font></p>    </td>
<td width="25%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Northland Power Inc.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Integrys   Energy Group</font></p>    </td>
<td width="25%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Westar Energy</font></p>    </td>   </tr>
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<td width="25%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Capital   Power Corporation</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Pembina Pipeline Corporation</font></p>    </td>
<td width="25%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;NRG   Energy, Inc.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Cenovus   Energy Inc.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Yamana Gold </font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="25%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Emera Inc.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">TransCanada Corporation</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="25%" height="5" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;height:3.5pt;padding:0in 0in 0in 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Enbridge   Inc.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" height="5" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:3.5pt;padding:0in 0in 0in 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" height="5" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:3.5pt;padding:0in 0in 0in 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-13.7pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font><font size="1" style="font-size:4.0pt;position:relative;top:-4.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Yamana Gold will be replaced by Penn West Petroleum Ltd. for our 2015 executive compensation review.</font></p>
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-13.7pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(2)</font><font size="1" style="font-size:4.0pt;position:relative;top:-4.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">NV Energy Inc. will be replaced by Dynegy Inc. for our 2015 executive compensation review.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">55<a name="PB_55_170329_7056"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Use of External Advisors</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The HRC and management retain separate external compensation advisors.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">HRC Advisors</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In 2014, the HRC continued to engage Meridian to assist with its ongoing review of our Compensation Strategy. Meridian provided independent advice to the HRC on the Company&#146;s medium term incentive plan, reviewed the Company&#146;s annual incentive compensation plan, and provided advice with respect to executive compensation, total shareholder return and on matters raised during the committee&#146;s quarterly meetings.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The HRC annually confirms the independence of its advisor and reviews whether the work provided raises any conflicts of interest. The HRC determined that Meridian had no such conflicts in 2014 as they do not perform any work for TransAlta other than for the HRC. The HRC has, therefore, conclusively determined that Meridian is independent. In addition, to ensure Meridian&#146;s continued independence, the HRC approves all fees and terms of service for Meridian and Meridian may not do any work for management without the express consent of the HRC.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Management Advisors</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Towers Watson has been engaged to provide compensation consultative services to management since 2002. They provide the relative TSR calculations necessary for the valuation of the PSOP and PSUs. In 2014, Towers Watson was engaged to perform a market review of executive compensation, conduct a review and analysis of our traders&#146; compensation plan, and to review our commercial and industrial sales groups&#146; compensation plan. Towers Watson also provides pension consulting and actuarial services for two of our Ontario pension plans on an ongoing basis.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Aon Hewitt has been engaged by management since 2007 to act as our actuary and as a consultant on our pension plans.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The HRC also reviews the scope of services to be provided by management&#146;s consultants annually to ensure no conflicts arise. The fees for such services are approved by management. The following table summarizes the fees paid to compensation advisors in 2013 and 2014.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
<tr>
<td width="27%" rowspan="2" style="border:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:27.94%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">CONSULTANT</font></b></p>    </td>
<td width="36%" colspan="4" style="border:solid windowtext 1.0pt;border-left:none;padding:0in .5pt 0in .5pt;width:36.04%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2014</font></b></p>
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="36%" colspan="4" style="border:solid windowtext 1.0pt;border-left:none;padding:0in .5pt 0in .5pt;width:36.0%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2013</font></b></p>    </td>   </tr>
<tr>
<td width="9%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:9.02%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Towers<br>   Watson</font></b></p>
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:9.02%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Meridian</font></b></p>    </td>
<td width="9%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:9.0%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Aon<br>   Hewitt </font></b><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;position:relative;top:-4.0pt;">(1)</font></b></p>    </td>
<td width="9%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:9.0%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total fees<br>   paid</font></b></p>    </td>
<td width="9%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:9.0%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Towers<br>   Watson</font></b></p>    </td>
<td width="9%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:9.0%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Meridian</font></b></p>    </td>
<td width="9%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:9.0%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Aon<br>   Hewitt </font></b><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;position:relative;top:-4.0pt;">(1)</font></b></p>    </td>
<td width="9%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:9.0%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total fees<br>   paid</font></b></p>    </td>   </tr>
<tr>
<td width="27%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:27.94%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Executive Compensation and   Compensation-Related Fees &#150; Management</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="9%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:9.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$348,158</font></p>    </td>
<td width="9%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:9.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>
<td width="9%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$16,697</font></p>    </td>
<td width="9%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$364,855</font></p>    </td>
<td width="9%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$213,240</font></p>    </td>
<td width="9%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>
<td width="9%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$13,845</font></p>    </td>
<td width="9%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$227,086</font></p>    </td>   </tr>
<tr>
<td width="27%" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:27.94%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Executive Compensation and   Compensation-Related Fees &#150; HRC</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="9%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:9.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>
<td width="9%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:9.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$126,243</font></p>    </td>
<td width="9%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>
<td width="9%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$126,243</font></p>    </td>
<td width="9%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>
<td width="9%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$141,215</font></p>    </td>
<td width="9%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>
<td width="9%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$141,215</font></p>    </td>   </tr>
<tr height="29" style="height:21.55pt;page-break-inside:avoid;">
<td width="27%" height="29" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:21.55pt;padding:0in .5pt 0in .5pt;width:27.94%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">All Other Fees (Pension)</font></p>    </td>
<td width="9%" height="29" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:21.55pt;padding:0in .5pt 0in .5pt;width:9.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$118,254</font></p>    </td>
<td width="9%" height="29" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:21.55pt;padding:0in .5pt 0in .5pt;width:9.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>
<td width="9%" height="29" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:21.55pt;padding:0in .5pt 0in .5pt;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$264,074</font></p>    </td>
<td width="9%" height="29" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:21.55pt;padding:0in .5pt 0in .5pt;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$382,328</font></p>    </td>
<td width="9%" height="29" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:21.55pt;padding:0in .5pt 0in .5pt;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$124,177</font></p>    </td>
<td width="9%" height="29" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:21.55pt;padding:0in .5pt 0in .5pt;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>
<td width="9%" height="29" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:21.55pt;padding:0in .5pt 0in .5pt;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$262,126</font></p>    </td>
<td width="9%" height="29" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:21.55pt;padding:0in .5pt 0in .5pt;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$386,303</font></p>    </td>   </tr>
<tr height="29" style="height:22.0pt;page-break-inside:avoid;">
<td width="27%" height="29" style="border:solid windowtext 1.0pt;border-top:none;height:22.0pt;padding:0in .5pt 0in .5pt;width:27.94%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total   Fees Paid Per Year</font></b></p>    </td>
<td width="9%" height="29" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:22.0pt;padding:0in .5pt 0in .5pt;width:9.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$466,412</font></b></p>    </td>
<td width="9%" height="29" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:22.0pt;padding:0in .5pt 0in .5pt;width:9.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$126,243</font></b></p>    </td>
<td width="9%" height="29" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:22.0pt;padding:0in .5pt 0in .5pt;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$280,771</font></b></p>    </td>
<td width="9%" height="29" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:22.0pt;padding:0in .5pt 0in .5pt;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$873,425</font></b></p>    </td>
<td width="9%" height="29" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:22.0pt;padding:0in .5pt 0in .5pt;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$337,417</font></b></p>    </td>
<td width="9%" height="29" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:22.0pt;padding:0in .5pt 0in .5pt;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$141,215</font></b></p>    </td>
<td width="9%" height="29" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:22.0pt;padding:0in .5pt 0in .5pt;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$275,971</font></b></p>    </td>
<td width="9%" height="29" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:22.0pt;padding:0in .5pt 0in .5pt;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$754,604</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Note:</font></p>
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-13.7pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font><font size="1" style="font-size:4.0pt;position:relative;top:-4.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">We also paid Aon Hewitt USD$239,426 in 2014 and USD$163,901 in 2013 for pension services rendered to our US subsidiaries.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Annual Compensation Risk Review Process</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board believes that our executive compensation program does not raise the Company&#146;s risk profile based on a comprehensive annual compensation risk review the HRC conducts as part of our Compensation Strategy. The focus of this review is to ensure that we have safeguards in place to identify and mitigate compensation-related risks. We also ensure our mitigation measures are effective by conducting an annual or bi-annual audit through our Enterprise Risk Management process by engaging outside advisors to perform this assessment on an independent basis.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">We believe that this risk review process is an effective vehicle for examining compensation risk and mitigation strategies. The review considers the major risks of our business, which include equipment/maintenance, capital investments, long-term contracting, market competition and pricing, energy marketing, growth opportunities, construction and regulatory </font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">56<a name="PB_56_171236_5335"></a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">impact. In addition, our review takes into consideration our compensation philosophy, pay mix balance, incentives and performance measures, stock-based compensation and ownership requirements. The mix and balance of these various measures, including the limits to our variable compensation plans, are also reviewed. Our plans are based on Company-wide financial metrics and payouts are based on a combination of absolute and relative measures. In addition, the HRC receives management&#146;s analysis and stress testing of the factors included in the annual budget, which is the basis for establishing the Company&#146;s various targets. This results in targets which are set within our risk appetite and which provide sufficient incentive for our executives to pursue our corporate objectives.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">To further enhance our risk management strategy, we have adopted policies that limit independent decision-making for transactions over certain financial thresholds, thereby incorporating a check and balance system to our financial decision-making. Together, these measures help minimize risk-taking. These processes are evaluated yearly and are designed to evolve over time in order to reflect developments and best practices in risk governance. A comprehensive compensation-related risk assessment was undertaken by Towers Watson in January 2012, and updated in October 2012 to include the changes to the 2013 executive incentive plans. In addition, a risk assessment of our 2014 compensation plans was conducted in January 2015 to review the metrics of the plan and whether they had had any impact on the risk strategy of the Company over the course of the year. Our independent consultant, Meridian, assists the HRC in assessing the compensation risk assessment. The report confirmed that our pay programs and policies were not reasonably likely to have a material adverse effect on TransAlta, our business and our values.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Safeguards Which Mitigate Compensation Risks</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">We believe the following measures limit excessive or inappropriate risk-taking or payments:</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Compensation payments are capped</font></b><font size="2" face="Arial" style="font-size:10.0pt;"> to provide upper payout boundaries;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Performance must continuously improve</font></b><font size="2" face="Arial" style="font-size:10.0pt;"> as MTIP grants are made annually and cliff vest at the end of three years, resulting in overlap of performance periods;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Annual review and determination of the targets in our AIC and MTIP </font></b><font size="2" face="Arial" style="font-size:10.0pt;">ensures continued relevance and applicability;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Clawback policy</font></b><font size="2" face="Arial" style="font-size:10.0pt;"> which applies to all variable compensation plans. The policy provides that:</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&#147;The Board may seek reimbursement for compensation awarded to an Executive in situations where (a) the payment was predicated upon achieving certain financial results that were subsequently the subject of a substantial restatement of TransAlta&#146;s financial statements filed with any securities regulatory authorities, (b) the Executive engaged in gross negligence, intentional misconduct or fraud that caused, or partially caused the need for a restatement, and (c) the incentive compensation would have been lower had the financial results been properly reported.&#148;</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Anti-hedging policy</font></b><font size="2" face="Arial" style="font-size:10.0pt;"> which, in addition to our insider trading policy, ensures that executives and directors cannot participate in speculative activity related to our shares. The policy states:</font></p>
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<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&#147;Insiders are prohibited by legislation from knowingly, directly or indirectly, short selling securities of TransAlta or any of its affiliates where they do not own the underlying security; or directly or indirectly selling a call or buying a put on securities of TransAlta or any of its affiliates; or engaging in any securities monetization transaction or other hedging procedure designed to reduce or offset a decrease in the market value of the equity securities held by the insider, either directly or indirectly&#148;; and</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:7.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Policies which limit authority on expenditures. </font></b><font size="2" face="Arial" style="font-size:10.0pt;">The Board has put in place policies that limit the expenditures which can be made at different levels of the organization. In addition, any expenditures, new investment programs or products to be undertaken must be reviewed by a five party investment committee.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Performance Analysis</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">When assessing performance, the HRC and the Board take into consideration the objective and pre-defined performance metrics, the individual&#146;s performance in meeting his or her goals, and the individual&#146;s overall contributions to the Company.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The HRC&#146;s and the Board&#146;s comprehensive assessment of the results achieved take the following into consideration:</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial"><img width="509" height="248" src="g55361ms35i001.jpg"></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The HRC and the Board also take into consideration the total compensation of the executives over a performance period to ensure that it aligns with the Company&#146;s performance.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2014 Performance and Evaluation</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">2014 was a year marked by many successes and accomplishments. In 2014 we:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">secured the right to build, own and operate a AUD $570 million, 150 MW generation facility in Western Australia. This power station is expected to be commissioned and deliver power to customers in the first half of 2017;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">continued construction on the longest pipeline in Western Australia in the last 15 years with expected completion in the first quarter of 2015. The pipeline will deliver natural gas to our Solomon power station;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">delivered an FFO of $762 million, up 4.5% from 2013, an FCF of $410 million, up 5.9% from 2013, and a comparable EBITDA of $1,036 million, up 12.7% from 2013;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">created financial flexibility that has allowed the Company to appropriately invest in sustainable projects that will deliver long-term value to our shareholders;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">delivered availability of 90.5% for the fleet, the highest since 2003;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">achieved first quartile safety performance with an injury frequency rate of 0.86, the best in Company history; and</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">enhanced our executive bench strength by appointing a dedicated CFO and a new EVP, Coal and Mining Operations</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In February 2015, the HRC reviewed our corporate performance, business environment, strategic results and considered the individual performance of our executives to reach the conclusions in this report.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">58<a name="PB_58_171550_2897"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
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<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2014 Variable Compensation Performance</font></b></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><i><font size="1" face="Arial" style="font-size:5.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">2014 AIC Performance</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In determining the performance for AIC, the HRC uses the Company&#146;s reported results and may make adjustments to reflect non-recurring items, non-cash items and other accounting related treatments.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Individual AIC awards are based on both a corporate and personal component (75% / 25% respectively for the CEO, and 60% / 40% respectively for the remaining executives). However, we have adjusted these ratings effective 2015 to reflect 80% / 20% for the CEO and 75% / 25% for the remaining executives. AIC awards also have a payout range of 0 &#150; 2x target.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The table below summarizes the weightings, targets, and achievements for each corporate metric of our 2014 AIC:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<tr height="24" style="height:17.95pt;">
<td width="26%" height="24" style="border:solid windowtext 1.0pt;height:17.95pt;padding:0in .5pt 0in .5pt;width:26.92%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Metric</font></b></p>    </td>
<td width="14%" height="24" style="border:solid windowtext 1.0pt;border-left:none;height:17.95pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Weighting</font></b></p>    </td>
<td width="14%" height="24" style="border:solid windowtext 1.0pt;border-left:none;height:17.95pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target</font></b></p>    </td>
<td width="14%" height="24" style="border:solid windowtext 1.0pt;border-left:none;height:17.95pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Achievement</font></b></p>    </td>
<td width="14%" height="24" style="border:solid windowtext 1.0pt;border-left:none;height:17.95pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">% Achieved</font></b></p>    </td>
<td width="14%" height="24" style="border:solid windowtext 1.0pt;border-left:none;height:17.95pt;padding:0in .5pt 0in .5pt;width:14.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Result Towards<br>   Payout</font></b></p>    </td>   </tr>
<tr height="19" style="height:14.35pt;">
<td width="26%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:14.35pt;padding:0in .5pt 0in .5pt;width:26.92%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Funds from Operations</font></p>    </td>
<td width="14%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:14.35pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">50%</font></p>    </td>
<td width="14%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:14.35pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$760m</font></p>    </td>
<td width="14%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:14.35pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$762m</font></p>    </td>
<td width="14%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:14.35pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">103%</font></p>    </td>
<td width="14%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:14.35pt;padding:0in .5pt 0in .5pt;width:14.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">52%</font></p>    </td>   </tr>
<tr height="18" style="height:13.5pt;">
<td width="26%" height="18" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:13.5pt;padding:0in .5pt 0in .5pt;width:26.92%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Free Cash Flow </font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font></p>    </td>
<td width="14%" height="18" style="border:none;border-right:solid windowtext 1.0pt;height:13.5pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">25%</font></p>    </td>
<td width="14%" height="18" style="border:none;border-right:solid windowtext 1.0pt;height:13.5pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$410m</font></p>    </td>
<td width="14%" height="18" style="border:none;border-right:solid windowtext 1.0pt;height:13.5pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$430m</font></p>    </td>
<td width="14%" height="18" style="border:none;border-right:solid windowtext 1.0pt;height:13.5pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">129%</font></p>    </td>
<td width="14%" height="18" style="border:none;border-right:solid windowtext 1.0pt;height:13.5pt;padding:0in .5pt 0in .5pt;width:14.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">32%</font></p>    </td>   </tr>
<tr height="18" style="height:13.5pt;">
<td width="26%" height="18" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:13.5pt;padding:0in .5pt 0in .5pt;width:26.92%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Availability</font></p>    </td>
<td width="14%" height="18" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.5pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">25%</font></p>    </td>
<td width="14%" height="18" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.5pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">89.70%</font></p>    </td>
<td width="14%" height="18" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.5pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">90.5%</font></p>    </td>
<td width="14%" height="18" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.5pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">180%</font></p>    </td>
<td width="14%" height="18" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.5pt;padding:0in .5pt 0in .5pt;width:14.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">45%</font></p>    </td>   </tr>
<tr height="19" style="height:14.35pt;">
<td width="26%" height="19" style="border:solid windowtext 1.0pt;border-top:none;height:14.35pt;padding:0in .5pt 0in .5pt;width:26.92%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Overall 2014   Corporate AIC Rating </font></b></p>    </td>
<td width="14%" height="19" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.35pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.35pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.35pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.35pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.35pt;padding:0in .5pt 0in .5pt;width:14.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">129%</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Note:</font></p>
<p style="margin:0in 0in .0001pt .2in;text-align:justify;text-indent:-.2in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font><font size="1" style="font-size:4.0pt;position:relative;top:-4.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">FCF is measured as FFO less sustaining capital (excludes payments to non-controlling interests and dividends on preferred shares)</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">2014 MTI Performance</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The table below summarizes the weightings, targets, and achievements for each metric of our 2012 &#150; 2014 MTI grant. As the Company did not achieve target for either metric, there were no payouts made to any participant:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
<tr height="28" style="height:20.65pt;">
<td width="26%" height="28" style="border:solid windowtext 1.0pt;height:20.65pt;padding:0in .5pt 0in .5pt;width:26.98%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Metric</font></b></p>    </td>
<td width="14%" height="28" style="border:solid windowtext 1.0pt;border-left:none;height:20.65pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Weighting</font></b></p>    </td>
<td width="14%" height="28" style="border:solid windowtext 1.0pt;border-left:none;height:20.65pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target</font></b></p>    </td>
<td width="14%" height="28" style="border:solid windowtext 1.0pt;border-left:none;height:20.65pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Achievement</font></b></p>    </td>
<td width="14%" height="28" style="border:solid windowtext 1.0pt;border-left:none;height:20.65pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">%   Achieved</font></b></p>    </td>
<td width="14%" height="28" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:20.65pt;padding:0in .5pt 0in .5pt;width:14.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Results   Towards<br>   Payout</font></b></p>    </td>   </tr>
<tr height="17" style="height:13.0pt;">
<td width="26%" height="17" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:13.0pt;padding:0in .5pt 0in .5pt;width:26.98%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">ROCE (50% weighting)</font></p>    </td>
<td width="14%" height="17" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:13.0pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">50%</font></p>    </td>
<td width="14%" height="17" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:13.0pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">8.5%</font></p>    </td>
<td width="14%" height="17" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:13.0pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">5.2%</font></p>    </td>
<td width="14%" height="17" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:13.0pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0%</font></p>    </td>
<td width="14%" height="17" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:13.0pt;padding:0in .5pt 0in .5pt;width:14.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0%</font></p>    </td>   </tr>
<tr height="18" style="height:13.5pt;">
<td width="26%" height="18" style="border:solid windowtext 1.0pt;border-top:none;height:13.5pt;padding:0in .5pt 0in .5pt;width:26.98%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">FFO growth (50% weighting)</font></p>    </td>
<td width="14%" height="18" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.5pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">50%</font></p>    </td>
<td width="14%" height="18" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.5pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">4%</font></p>    </td>
<td width="14%" height="18" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.5pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-2.2%</font></p>    </td>
<td width="14%" height="18" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.5pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0%</font></p>    </td>
<td width="14%" height="18" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.5pt;padding:0in .5pt 0in .5pt;width:14.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0%</font></p>    </td>   </tr>
<tr height="19" style="height:13.9pt;">
<td width="26%" height="19" style="border:solid windowtext 1.0pt;border-top:none;height:13.9pt;padding:0in .5pt 0in .5pt;width:26.98%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Overall   2014 MTI Performance</font></b></p>    </td>
<td width="14%" height="19" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:13.9pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" height="19" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:13.9pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" height="19" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:13.9pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" height="19" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:13.9pt;padding:0in .5pt 0in .5pt;width:14.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.9pt;padding:0in .5pt 0in .5pt;width:14.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">0%</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">2014 PSOP Performance</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The table below summarizes the weightings, targets, and achievements for our 2012 &#150; 2014 PSOP grant. As the Company did not achieve threshold, there were no payouts made to any participant:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
<tr height="28" style="height:20.65pt;">
<td width="26%" height="28" style="border:solid windowtext 1.0pt;height:20.65pt;padding:0in .5pt 0in .5pt;width:26.62%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Metric</font></b></p>    </td>
<td width="14%" height="28" style="border:solid windowtext 1.0pt;border-left:none;height:20.65pt;padding:0in .5pt 0in .5pt;width:14.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Weighting</font></b></p>    </td>
<td width="14%" height="28" style="border:solid windowtext 1.0pt;border-left:none;height:20.65pt;padding:0in .5pt 0in .5pt;width:14.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target</font></b></p>    </td>
<td width="14%" height="28" style="border:solid windowtext 1.0pt;border-left:none;height:20.65pt;padding:0in .5pt 0in .5pt;width:14.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Achievement</font></b></p>    </td>
<td width="14%" height="28" style="border:solid windowtext 1.0pt;border-left:none;height:20.65pt;padding:0in .5pt 0in .5pt;width:14.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">%   Achieved</font></b></p>    </td>
<td width="14%" height="28" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:20.65pt;padding:0in .5pt 0in .5pt;width:14.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Results   Towards<br>   Payout</font></b></p>    </td>   </tr>
<tr height="31" style="height:23.35pt;">
<td width="26%" height="31" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:23.35pt;padding:0in .5pt 0in .5pt;width:26.62%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Relative Total Shareholder   Return</font></p>    </td>
<td width="14%" height="31" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:23.35pt;padding:0in .5pt 0in .5pt;width:14.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100%</font></p>    </td>
<td width="14%" height="31" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:23.35pt;padding:0in .5pt 0in .5pt;width:14.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">25</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">th</font><font size="1" face="Arial" style="font-size:8.0pt;">, 50</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">th</font><font size="1" face="Arial" style="font-size:8.0pt;">, or 75</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">th</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Percentile</font></p>    </td>
<td width="14%" height="31" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:23.35pt;padding:0in .5pt 0in .5pt;width:14.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">6</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">th</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Percentile</font></p>    </td>
<td width="14%" height="31" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:23.35pt;padding:0in .5pt 0in .5pt;width:14.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0%</font></p>    </td>
<td width="14%" height="31" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:23.35pt;padding:0in .5pt 0in .5pt;width:14.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0%</font></p>    </td>   </tr>
<tr height="17" style="height:12.55pt;">
<td width="26%" height="17" style="border:solid windowtext 1.0pt;border-top:none;height:12.55pt;padding:0in .5pt 0in .5pt;width:26.62%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Overall   2014 PSOP Performance</font></b></p>    </td>
<td width="14%" height="17" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.55pt;padding:0in .5pt 0in .5pt;width:14.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.55pt;padding:0in .5pt 0in .5pt;width:14.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.55pt;padding:0in .5pt 0in .5pt;width:14.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.55pt;padding:0in .5pt 0in .5pt;width:14.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" height="17" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:12.55pt;padding:0in .5pt 0in .5pt;width:14.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">0%</font></b></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">59<a name="PB_59_161854_7056"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
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<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Pay Decisions of the HRC and the Board</font></b></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><i><font size="1" face="Arial" style="font-size:5.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">CEO and Executive Compensation</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The HRC, with the assistance of management&#146;s consultants, Towers Watson, and the HRC&#146;s consultants, Meridian, annually reviews the compensation of the CEO and other executives. Overall compensation is benchmarked to similar roles within our Comparator Group and target overall compensation is set within a competitive range of the median of our Comparator Group.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In determining 2014 AIC, the HRC and the Board took into consideration Company performance against the corporate metrics addressed above, as well as individual performance against personal goals, which are set by the Board at the beginning of each year. The CEO&#146;s personal goals included </font><font size="2" face="Arial" style="font-size:10.0pt;">leadership, growth strategy, financial and operational performance, new products and partnerships, and the Company&#146;s reputation.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Corporate performance is the single biggest factor affecting the Board&#146;s decision on each executive&#146;s compensation.&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Mrs.&nbsp;Farrell&#146;s overall target TDC is set so that 74% is at-risk and performance-based.&#160; In addition, 53% of her compensation is equity-based.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">2014 CEO AIC</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The HRC and the Board are satisfied that the significant achievements detailed throughout this CD&amp;A, as well as in the Letter to Shareholders, are reflective of Mrs.&nbsp;Farrell&#146;s individual performance. In 2014, under Mrs.&nbsp;Farrell&#146;s leadership, the Company:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">considerably improved its reputation in the market and among its investors;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">secured the right to build, own and operate a AUD $570 million, 150 MW generation facility in Western Australia. This power station is expected to be commissioned and deliver power to customers in the first half of 2017;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">continued construction on the longest pipeline in Western Australia in the last 15 years with expected completion in the first quarter of 2015. The pipeline will deliver natural gas to our Solomon power station;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">delivered an FFO of $762 million, up 4.5% from 2013, an FCF of $410 million, up 5.9% from 2013, and a comparable EBITDA of $1,036 million, up 12.7% from 2013;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">created financial flexibility that has allowed for appropriate investment in sustainable projects that will deliver long-term value to our shareholders;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">delivered availability of 90.5% for the fleet, the highest since 2003;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">achieved first quartile safety performance with an injury frequency rate of 0.86, the best in Company history; and</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">enhanced its executive bench strength by appointing a dedicated CFO and a new EVP, Coal and Mining Operations.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">As a result of these achievements, the Board approved an individual performance rating for Mrs.&nbsp;Farrell of 130%. When combined with the corporate performance of 129%, Mrs.&nbsp;Farrell&#146;s overall 2014 AIC award was 129% of target, or 116% of base salary.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">2014 MTI and PSOP</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">As noted above, the Company did not achieve the targets set under the MTI plan or threshold under the PSOP, resulting in no payouts under each of those plans. The HRC determined that these results were in line with the Company&#146;s performance against those metrics.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Overall Performance Assessment</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In February&nbsp;2015, the HRC and the independent members of the Board considered the factors addressed above, the Company&#146;s overall performance, and the accomplishments of the CEO and her executive team in 2014. The HRC and the Board acknowledged that the Company had exceeded all of the targets under the AIC plan, but did not meet the targets under the PSOP or MTI plans, and that these results were reflected in the compensation awarded to the CEO and her team.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The HRC and the Board did not provide salary increases to any member of the senior executive team. The HRC and the Board believe that the Company&#146;s compensation plan is effective in paying pay for performance.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">60<a name="PB_60_161854_5335"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2014 CEO Pay for Performance Analysis</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The close alignment between Mrs.&nbsp;Farrell&#146;s compensation and Company performance is evidenced by comparing the three-year average of her realizable compensation with her target and reported compensation, which has been lower than both for the past three years. </font><font size="2" face="Arial" style="font-size:10.0pt;">The Board is confident, however, that the significant successes in 2014, as discussed throughout this proxy circular, as well as the Company&#146;s sustainable growth strategy, will translate into improved shareholder returns over the next several years.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Year</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target<br>   Compensation&nbsp;</font></b><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;position:relative;top:-4.0pt;">(1)<br>    </font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($000)</font></b></p>    </td>
<td width="19%" height="26" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:19.75pt;padding:0in .5pt 0in .5pt;width:19.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3&nbsp;Year&nbsp;Average&nbsp;Realizable<br>   Compensation&nbsp;</font></b><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;position:relative;top:-4.0pt;">(2)</font></b><font size="1" face="Arial" style="font-size:8.0pt;"><br>    </font><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($000)</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Percentage&nbsp;Difference<br>   between&nbsp;Realizable&nbsp;and<br>   Target&nbsp;Compensation</font></b></p>    </td>
<td width="18%" height="26" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:19.75pt;padding:0in .5pt 0in .5pt;width:18.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3&nbsp;Year&nbsp;Average&nbsp;Reported<br>   Compensation&nbsp;</font></b><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;position:relative;top:-4.0pt;">(3)</font></b><font size="1" face="Arial" style="font-size:8.0pt;"><br>    </font><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($000)</font></b></p>    </td>
<td width="17%" height="26" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:19.75pt;padding:0in .5pt 0in .5pt;width:17.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Percentage&nbsp;Difference<br>   between&nbsp;Realizable&nbsp;and<br>   Reported&nbsp;Compensation</font></b></p>    </td>   </tr>
<tr>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:12.2%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">2014</font></p>    </td>
<td width="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:15.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$3,965 </font></p>    </td>
<td width="19%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:19.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$2,840 </font></p>    </td>
<td width="16%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:16.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-28%</font></p>    </td>
<td width="18%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:18.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$3,690 </font></p>    </td>
<td width="17%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:17.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-23%</font></p>    </td>   </tr>
<tr>
<td width="12%" style="border:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:12.2%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">2013</font></p>    </td>
<td width="15%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:15.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$3,965 </font></p>    </td>
<td width="19%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:19.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$2,454 </font></p>    </td>
<td width="16%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:16.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-38%</font></p>    </td>
<td width="18%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:18.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$3,528 </font></p>    </td>
<td width="17%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:17.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-30%</font></p>    </td>   </tr>
<tr>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:12.2%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">2012</font></p>    </td>
<td width="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:15.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$3,965 </font></p>    </td>
<td width="19%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:19.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$2,303 </font></p>    </td>
<td width="16%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:16.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-42%</font></p>    </td>
<td width="18%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:18.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$4,868 </font></p>    </td>
<td width="17%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:17.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-53%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-13.7pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font><font size="1" face="Arial" style="font-size:3.0pt;position:relative;top:-4.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Target compensation includes base pay, perquisites and variable compensation as if paid at target.</font></p>
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-13.7pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(2)</font><font size="1" face="Arial" style="font-size:3.0pt;position:relative;top:-4.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Realizable compensation includes the three year average of base salary, perquisites, and AIC, MTI and PSOP payouts. Unvested RSUs were valued using the end-of-year share price, and unvested performance based units (i.e. PSOP units and PSUs) were assigned a value of 0 as performance achieved could still be below threshold.</font></p>
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-13.7pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(3)</font><font size="1" face="Arial" style="font-size:3.0pt;position:relative;top:-4.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Reported compensation is &#147;Total Compensation&#148; as reported in the &#147;Summary Compensation Table&#148; in this Proxy Circular less the &#147;Pension Value.&#148;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial"><img width="720" height="389" src="g55361ms37i001.jpg"></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-13.7pt;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Reported values reflect the three year average of what were reported in column &#147;i&#148; of the Summary Compensation Table, less pension values (e.g. the value for 2014 is the average of what was reported for 2014, 2013 and 2012).</font></p>
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-13.7pt;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Realizable values reflect the three year average of base salary, AIC payments, MTI payments, vested PSOP units, PSUs, and RSUs, as well as the unvested RSUs valued at the end of the performance period.&#160; For the purposes of this calculation, we have assigned a value of zero to unvested PSOP units and PSUs as these units are performance contingent and will pay out at zero if performance is below threshold.</font></p>
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-13.7pt;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Snyder&#146;s 2011 reported and realizable compensation amounts include a retirement award of $2,397,000.</font></p>
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-13.7pt;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mrs.&nbsp;Farrell&#146;s 2012 reported amount includes a one-time promotion equity grant of $1,425,000 (i.e. 1.5x her base salary). The grant consisted of 50% RSUs and 50% PSOP units. The RSUs vested on December&nbsp;15, 2014 and Mrs.&nbsp;Farrell received $409,672 (which is reflected in her 2014 realizable amount), before applicable taxes. The PSOP units were subject to the performance conditions of the 2012 &#150; 2014 grant cycle and did not pay out.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">61<a name="PB_61_161854_5796"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2014 NEO AIC Analysis</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Dawn L. Farrell &#150; President and Chief Executive Officer</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial"><img width="127" height="150" src="g55361ms39i001.jpg" alt="GRAPHIC"></font></p>    </td>
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<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Mrs.&nbsp;Farrell   became President and CEO of TransAlta on January&nbsp;2, 2012. Prior to her   appointment, she served as Chief Operations Officer from 2009 to 2011 and as   Executive Vice-President, Commercial Operations and Development from 2008 to   2009. Mrs.&nbsp;Farrell has over 30 years of experience in the electric   energy industry.</font></p>
<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Mrs.&nbsp;Farrell   sits on the board of directors of The Conference Board of Canada and the   Canadian Council of Chief Executives.&nbsp;   Her past boards include the Calgary Stampede, the Mount Royal College   Board of Governors, Fording Coal Income Fund, New Relationship Trust Fund,   Mount Royal College Foundation and Vision Quest Windelectric.</font></p>
<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">She   holds a Bachelor of Commerce degree with a major in Finance and a Master&#146;s   degree in Economics from the University of Calgary. Mrs.&nbsp;Farrell has   also attended the Advanced Management Program at Harvard University.</font></p>
<p style="margin:0in 0in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table summarizes Mrs.&nbsp;Farrell&#146;s actual performance for the 2014 AIC and details the incentive earned against each goal:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2014 Corporate   / Individual Goals </font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">TARGET</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">ACTUAL</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">% of Base Pay</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Actual</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">% Achieved</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">% of Base Pay</font></b></p>    </td>   </tr>
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<td width="30%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:30.32%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Corporate   Goals</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="30%" nowrap height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in .5pt 0in .5pt;width:30.32%;">
<p style="margin:0in 0in .0001pt;text-indent:16.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">FFO</font></p>    </td>
<td width="12%" nowrap height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:9.0pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$760m </font></p>    </td>
<td width="12%" height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">33.75%</font></p>    </td>
<td width="14%" nowrap height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:9.0pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$762m</font></p>    </td>
<td width="14%" nowrap height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;height:9.0pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">103%</font></p>    </td>
<td width="14%" nowrap height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">35%</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="30%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:30.32%;">
<p style="margin:0in 0in .0001pt;text-indent:16.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">FCF </font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font></p>    </td>
<td width="12%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$410m </font></p>    </td>
<td width="12%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">16.875%</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$430m</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">129%</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">22%</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="30%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:30.32%;">
<p style="margin:0in 0in .0001pt;text-indent:16.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Availability</font></p>    </td>
<td width="12%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">89.7%</font></p>    </td>
<td width="12%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">16.875%</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">90.5%</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">180%</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">30%</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="30%" nowrap height="16" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:30.32%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Individual   Goals</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="16" style="border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">22.5%</font></p>    </td>
<td width="14%" nowrap height="16" style="border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" nowrap height="16" style="height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">130%</font></p>    </td>
<td width="14%" nowrap height="16" style="border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">29%</font></p>    </td>   </tr>
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<td width="30%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:30.32%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target</font></b></p>    </td>
<td width="12%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">90%</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Actual</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" nowrap height="5" style="border:none;border-bottom:solid windowtext 1.0pt;height:4.05pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" nowrap height="5" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.05pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">116%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Note:</font></p>
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-13.7pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font><font size="1" style="font-size:4.0pt;position:relative;top:-4.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">FCF is measured as FFO less sustaining capital (excludes payments to non-controlling interests and dividends on preferred shares).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Mrs.&nbsp;Farrell&#146;s 2014 AIC award was based on 75% corporate performance and 25% individual performance:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Corporate performance was 129%, resulting in an equivalent factor of 87% of her 2014 base pay.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Individual performance, as discussed above and as determined by the HRC in relation to her pre-established and quantifiable personal goals, was 130%, resulting in an equivalent factor of 29% of her 2014 base pay.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">As such, the AIC award to Mrs.&nbsp;Farrell for 2014, recommended by the HRC to the Board and approved in February&nbsp;2015, was $1,105,088 (i.e. 129% of target, or 116% of her 2014 base pay). Mrs.&nbsp;Farrell elected to receive the full amount in DSUs. Details of the annual incentive amount for 2014 are provided in column &#147;f&#148; of the &#147;Summary Compensation Table.&#148;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition to her AIC, Mrs.&nbsp;Farrell received the following in 2014:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">In connection with her appointment to CEO in 2012, Mrs.&nbsp;Farrell received a one-time equity grant of 1.5x her base salary of $950,000 (i.e. $1,425,000). The grant consisted of 50% PSOP units and 50% RSUs, which vested on December&nbsp;15, 2014. As noted above, the Company did not achieve the required performance threshold for PSOP grants made in 2012, resulting in no payout. However, the RSUs vested and Mrs.&nbsp;Farrell received $409,672 before applicable taxes, which she then used the after-tax amount to purchase 23,600 common shares as traded on the TSX.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">62<a name="PB_62_163542_7056"></a></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Donald Tremblay &#150; Chief Financial Officer</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial"><img width="125" height="147" src="g55361ms39i002.jpg" alt="GRAPHIC"></font></p>    </td>
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<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Mr.&nbsp;Tremblay   joined the Company on March&nbsp;31, 2014 as Chief Financial Officer. Prior   to joining TransAlta, Mr.&nbsp;Tremblay held leadership positions at   Brookfield Renewable Power as its Executive Vice-President, Corporate   Development and previously its Chief Financial Officer.</font></p>
<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Mr.&nbsp;Tremblay   has 25 years of extensive financial experience. He has built a career that   coupled an exceptionally strong foundation in accounting, controls and   compliance with strategic abilities in capital markets, investor relations   and corporate growth.</font></p>
<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">He   holds a Bachelor of Applied Arts from the University of Quebec and has a   chartered accountant designation.</font></p>
<p style="margin:0in 0in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table summarizes Mr.&nbsp;Tremblay&#146;s actual performance for the 2014 AIC and details the incentive earned against each goal:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2014 Corporate   / Individual Goals </font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">TARGET</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">ACTUAL</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">% of Base Pay</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Actual</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">% Achieved</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">% of Base Pay</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Corporate   Goals</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="30%" nowrap height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in .5pt 0in .5pt;width:30.32%;">
<p style="margin:0in 0in .0001pt;text-indent:16.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">FFO</font></p>    </td>
<td width="12%" nowrap height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:9.0pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$760m</font></p>    </td>
<td width="12%" height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">15%</font></p>    </td>
<td width="14%" nowrap height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:9.0pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$762m</font></p>    </td>
<td width="14%" nowrap height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;height:9.0pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">103%</font></p>    </td>
<td width="14%" nowrap height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">15%</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="30%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:30.32%;">
<p style="margin:0in 0in .0001pt;text-indent:16.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">FCF </font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font></p>    </td>
<td width="12%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$410m</font></p>    </td>
<td width="12%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">7.5%</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$430m</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">129%</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">10%</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="30%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:30.32%;">
<p style="margin:0in 0in .0001pt;text-indent:16.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Availability</font></p>    </td>
<td width="12%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">89.7%</font></p>    </td>
<td width="12%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">7.5%</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">90.5%</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">180%</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">14%</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="30%" nowrap height="16" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:30.32%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Individual   Goals</font></b></p>    </td>
<td width="12%" nowrap height="16" style="border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="16" style="border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">20%</font></p>    </td>
<td width="14%" nowrap height="16" style="border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" nowrap height="16" style="height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">130%</font></p>    </td>
<td width="14%" nowrap height="16" style="border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">26%</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="30%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:30.32%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target</font></b></p>    </td>
<td width="12%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;50%&nbsp;</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="5" style="height:4.05pt;">
<td width="30%" nowrap height="5" style="border:solid windowtext 1.0pt;border-top:none;height:4.05pt;padding:0in .5pt 0in .5pt;width:30.32%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Actual</font></b></p>    </td>
<td width="12%" nowrap height="5" style="border:none;border-bottom:solid windowtext 1.0pt;height:4.05pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="5" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.05pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" nowrap height="5" style="border:none;border-bottom:solid windowtext 1.0pt;height:4.05pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" nowrap height="5" style="border:none;border-bottom:solid windowtext 1.0pt;height:4.05pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" nowrap height="5" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.05pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">65%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Note:</font></p>
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-13.7pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font><font size="1" style="font-size:4.0pt;position:relative;top:-4.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">FCF is measured as FFO less sustaining capital (excludes payments to non-controlling interests and dividends on preferred shares).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Mr.&nbsp;Tremblay&#146;s 2014 AIC award was based on 60% corporate performance and 40% individual performance:</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Corporate performance was 129%, resulting in an equivalent factor of 39% of his 2014 base pay.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Individual performance, as determined by the HRC in relation to his pre-established and quantifiable personal goals, was 130%, resulting in an equivalent factor of 26% of his 2014 base pay.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">As such, the AIC award to Mr.&nbsp;Tremblay for 2014, recommended by the HRC to the Board and approved in February&nbsp;2015, was $219,482 (i.e. 129% of target, or 65% of his 2014 base pay).&#160; Details of the annual incentive amount for 2014 are provided in column &#147;f&#148; of the &#147;Summary Compensation Table.&#148;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition to his AIC, Mr.&nbsp;Tremblay received the following in 2014:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">A one-time RSU grant of $200,000, as well as a one-time sign-on bonus of $200,000, upon being appointed Chief Financial Officer on March&nbsp;31, 2014. The units will fully vest on April&nbsp;1, 2016.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">63<a name="PB_63_164153_7056"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Brett M. Gellner &#150; Chief Investment Officer</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial"><img width="124" height="147" src="g55361ms39i003.jpg" alt="GRAPHIC"></font></p>    </td>
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<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Mr.&nbsp;Gellner   became our Chief Investment Officer on March&nbsp;31, 2014. Prior thereto, he   was the Company&#146;s Chief Financial Officer from 2010 to 2014, and was   Vice-President, Commercial Operations from 2008 to 2009. He is responsible   for all financial policy, planning and reporting, as well as M&amp;A,   business development, tax, treasury, risk management, internal audit and   investor relations.</font></p>
<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Mr.&nbsp;Gellner   has significant experience in finance, valuation, economics, mergers and   acquisitions, and commercial agreements. He also has extensive knowledge of   the power industry, having worked as co-head of CIBC World Markets&#146;   Power&nbsp;&amp; Utilities group. In this role, he was involved in numerous   transactions including leveraged buy-outs, high yield and investment-grade   debt financings, initial public offerings, hybrid securities financings and   private offerings of equity and debt. Prior to CIBC World Markets, he held   senior roles in the Mergers&nbsp;&amp; Acquisitions and Corporate Development   groups of a large, publicly-traded company, and with a major international   consulting firm.</font></p>
<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Mr.&nbsp;Gellner   has a Master&#146;s degree in applied economics from the University of Alberta and   has a Chartered Financial Analyst designation. He has also attended the   Advanced Management Program at Harvard University.</font></p>
<p style="margin:0in 0in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table summarizes Mr.&nbsp;Gellner&#146;s actual performance for the 2014 AIC and details the incentive earned against each goal:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr height="25" style="height:18.85pt;">
<td width="30%" nowrap rowspan="2" style="border:solid windowtext 1.0pt;height:18.85pt;padding:0in .5pt 0in .5pt;width:30.32%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2014 Corporate   / Individual Goals </font></b></p>    </td>
<td width="25%" nowrap colspan="2" height="25" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:18.85pt;padding:0in .5pt 0in .5pt;width:25.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">TARGET</font></b></p>    </td>
<td width="43%" nowrap colspan="3" height="25" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:18.85pt;padding:0in .5pt 0in .5pt;width:43.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">ACTUAL</font></b></p>    </td>   </tr>
<tr height="4" style="height:3.3pt;">
<td width="12%" height="4" style="border:none;border-bottom:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="4" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:3.3pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">% of Base Pay</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" height="4" style="border:none;border-bottom:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Actual</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" height="4" style="border:none;border-bottom:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">% Achieved</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" height="4" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:3.3pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">% of Base Pay</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="30%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:30.32%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Corporate   Goals</font></b></p>    </td>
<td width="12%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="30%" nowrap height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in .5pt 0in .5pt;width:30.32%;">
<p style="margin:0in 0in .0001pt;text-indent:16.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">FFO</font></p>    </td>
<td width="12%" nowrap height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:9.0pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$760m</font></p>    </td>
<td width="12%" height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">15%</font></p>    </td>
<td width="14%" nowrap height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:9.0pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$762m</font></p>    </td>
<td width="14%" nowrap height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;height:9.0pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">103%</font></p>    </td>
<td width="14%" nowrap height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">15%</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="30%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:30.32%;">
<p style="margin:0in 0in .0001pt;text-indent:16.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">FCF </font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font></p>    </td>
<td width="12%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$410m</font></p>    </td>
<td width="12%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">7.5%</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$430m</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">129%</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">10%</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="30%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:30.32%;">
<p style="margin:0in 0in .0001pt;text-indent:16.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Availability</font></p>    </td>
<td width="12%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">89.7%</font></p>    </td>
<td width="12%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">7.5%</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">90.5%</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">180%</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">14%</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="30%" nowrap height="16" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:30.32%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Individual   Goals</font></b></p>    </td>
<td width="12%" nowrap height="16" style="border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="16" style="border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">20%</font></p>    </td>
<td width="14%" nowrap height="16" style="border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" nowrap height="16" style="height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">130%</font></p>    </td>
<td width="14%" nowrap height="16" style="border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">26%</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="30%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:30.32%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target</font></b></p>    </td>
<td width="12%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">50%</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="5" style="height:4.05pt;">
<td width="30%" nowrap height="5" style="border:solid windowtext 1.0pt;border-top:none;height:4.05pt;padding:0in .5pt 0in .5pt;width:30.32%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Actual</font></b></p>    </td>
<td width="12%" nowrap height="5" style="border:none;border-bottom:solid windowtext 1.0pt;height:4.05pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="5" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.05pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" nowrap height="5" style="border:none;border-bottom:solid windowtext 1.0pt;height:4.05pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" nowrap height="5" style="border:none;border-bottom:solid windowtext 1.0pt;height:4.05pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" nowrap height="5" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.05pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">65%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Note:</font></p>
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-13.7pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font><font size="1" style="font-size:4.0pt;position:relative;top:-4.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">FCF is measured as FFO less sustaining capital (excludes payments to non-controlling interests and dividends on preferred shares).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Mr.&nbsp;Gellner&#146;s 2014 AIC award was based on 60% corporate performance and 40% individual performance:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Corporate performance was 129%, resulting in an equivalent factor of 39% of his 2014 base pay.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Individual performance, as determined by the HRC in relation to his pre-established and quantifiable personal goals, was 130%, resulting in an equivalent factor of 26% of his 2014 base pay.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">As such, the AIC award to Mr.&nbsp;Gellner for 2014, recommended by the HRC to the Board and approved in February&nbsp;2015, was $323,500 (i.e. 129% of target, or 65% of his 2014 base pay).&#160; Details of the annual incentive amount for 2014 are provided in column &#147;f&#148; of the &#147;Summary Compensation Table.&#148;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition to his AIC, Mr.&nbsp;Gellner received the following in 2014:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">A one-time RSU grant of $100,000 in recognition of Mr.&nbsp;Gellner&#146;s outstanding performance and leadership in executing TransAlta Renewables. The units will fully vest on January&nbsp;1, 2016.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">64<a name="PB_64_164614_5335"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">John H. Kousinioris &#150; Chief Legal and Compliance Officer</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial"><img width="126" height="148" src="g55361ms41i001.jpg" alt="GRAPHIC"></font></p>    </td>
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<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Mr.&nbsp;Kousinioris   joined the Company on December&nbsp;3, 2012 and is responsible for directing   TransAlta&#146;s legal affairs, regulatory compliance and governance matters.</font></p>
<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Prior   to joining TransAlta, Mr.&nbsp;Kousinioris was a partner and co-head of the   corporate commercial department at Bennett Jones LLP.&nbsp; He has over 20   years of experience in securities law, mergers and acquisitions and corporate   governance matters, and has represented clients in some of Canada&#146;s largest   public offerings and merger transactions.</font></p>
<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Mr.&nbsp;Kousinioris   has a Bachelor of Arts degree from the University of Western Ontario, a   Masters of Business Administration degree from York University and a Bachelor   of Laws degree from Osgoode Hall Law School at York University.</font></p>
<p style="margin:0in 0in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table summarizes Mr.&nbsp;Kousinioris&#146; actual performance for the 2014 AIC and details the incentive earned against each goal:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2014 Corporate   / Individual Goals </font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">TARGET</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">ACTUAL</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">% of Base Pay</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Actual</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">% Achieved</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">% of Base Pay</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Corporate   Goals</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="30%" nowrap height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in .5pt 0in .5pt;width:30.32%;">
<p style="margin:0in 0in .0001pt;text-indent:16.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">FFO</font></p>    </td>
<td width="12%" nowrap height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:9.0pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$760m</font></p>    </td>
<td width="12%" height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">15%</font></p>    </td>
<td width="14%" nowrap height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:9.0pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$762m</font></p>    </td>
<td width="14%" nowrap height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;height:9.0pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">103%</font></p>    </td>
<td width="14%" nowrap height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">15%</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="30%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:30.32%;">
<p style="margin:0in 0in .0001pt;text-indent:16.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">FCF </font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font></p>    </td>
<td width="12%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$410m </font></p>    </td>
<td width="12%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">7.5%</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$430m</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">129%</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">10%</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="30%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:30.32%;">
<p style="margin:0in 0in .0001pt;text-indent:16.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Availability</font></p>    </td>
<td width="12%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">89.7%</font></p>    </td>
<td width="12%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">7.5%</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">90.5%</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">180%</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">14%</font></p>    </td>   </tr>
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<td width="30%" nowrap height="16" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:30.32%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Individual   Goals</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="16" style="border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">20%</font></p>    </td>
<td width="14%" nowrap height="16" style="border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" nowrap height="16" style="height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">125%</font></p>    </td>
<td width="14%" nowrap height="16" style="border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">25%</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="30%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:30.32%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target</font></b></p>    </td>
<td width="12%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">50%</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Actual</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="5" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.05pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" nowrap height="5" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.05pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">64%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Note:</font></p>
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-13.7pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font><font size="1" style="font-size:4.0pt;position:relative;top:-4.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">FCF is measured as FFO less sustaining capital (excludes payments to non-controlling interests and dividends on preferred shares).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Mr.&nbsp;Kousinioris&#146; 2014 AIC award was based on 60% corporate performance and 40% individual performance:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Corporate performance was 129%, resulting in an equivalent factor of 39% of his 2014 base pay.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Individual performance, as determined by the HRC in relation to his pre-established and quantifiable personal goals, was 125%, resulting in an equivalent factor of 25% of his 2014 base pay.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">As such, the AIC award to Mr.&nbsp;Kousinioris for 2014, recommended by the HRC to the Board and approved in February&nbsp;2015, was $302,575 (i.e. 127% of target, or 64% of his 2014 base pay).&#160; Details of the annual incentive amount for 2014 are provided in column &#147;f&#148; of the &#147;Summary Compensation Table.&#148;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition to his AIC, Mr.&nbsp;Kousinioris received the following in 2014:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">A cash amount equal to $250,000 on January&nbsp;1, 2014. This reflects the second half of his sign-on bonus of $500,000 (the first half was paid on January&nbsp;1, 2013).</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">A one-time RSU grant of one times his base salary of $475,000, effective June&nbsp;6, 2014. This grant was in recognition of Mr.&nbsp;Kousinioris&#146; critical role in the execution of our corporate objectives.&#160; The units have a ratable vesting schedule, with the first tranche vesting on January&nbsp;1, 2015 and the second tranche vesting on January&nbsp;1, 2016.&#160; Additionally, the units will be paid in shares, which must be held until his share ownership requirement is met.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">65<a name="PB_65_171211_2897"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Cynthia Johnston &#150; Executive Vice-President, Corporate Services</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial"><img width="123" height="145" src="g55361ms41i002.jpg" alt="GRAPHIC"></font></p>    </td>
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<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Ms.&nbsp;Johnston   is Executive Vice-President for Corporate Services at TransAlta, responsible   for IT, Supply Chain Management, Engineering&nbsp;&amp; Construction, Land   and the Company&#146;s Project Management Office. She was formerly Vice-President   of Renewable Operations, accountable for TransAlta&#146;s wind and hydro   generation operations across five Canadian provinces.</font></p>
<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In   addition, Ms.&nbsp;Johnston is President of TAMA Transmission, where she   oversees the TransAlta-MidAmerican partnership that focuses on competitive   transmission projects in Alberta. With 27 years in the energy industry,   Ms.&nbsp;Johnston brings a skilled and diverse experience in operations,   strategic planning, complex project management, stakeholder relations,   economic analysis and regulation to her role.</font></p>
<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Preceding   TransAlta, she spent over five years with FortisAlberta Inc., leading   regulatory and legal affairs. Prior to Fortis, Ms.&nbsp;Johnston was   Vice-President, Transmission at TransAlta.</font></p>
<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in .2in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Ms.&nbsp;Johnston   has a Bachelor of Arts in Economics from the University of Calgary and a   Master&#146;s in Applied Economics from the University of Victoria. She has   previously served on the Lethbridge College Board of Governors, the Big   Brothers and Big Sisters Calgary&nbsp;&amp; Area Board of Directors, as well   as the Alberta Mentor Foundation for Youth.</font></p>
<p style="margin:0in 0in .0001pt 11.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table summarizes Ms.&nbsp;Johnston&#146;s actual performance for the 2014 AIC and details the incentive earned against each goal:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2014 Corporate   / Individual Goals </font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">TARGET</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">ACTUAL</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">% of Base Pay</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" height="4" style="border:none;border-bottom:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Actual</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" height="4" style="border:none;border-bottom:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">% Achieved</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" height="4" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:3.3pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">% of Base Pay</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="30%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:30.32%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Corporate   Goals</font></b></p>    </td>
<td width="12%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="30%" nowrap height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in .5pt 0in .5pt;width:30.32%;">
<p style="margin:0in 0in .0001pt;text-indent:16.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">FFO</font></p>    </td>
<td width="12%" nowrap height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:9.0pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$760m </font></p>    </td>
<td width="12%" height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">15%</font></p>    </td>
<td width="14%" nowrap height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:9.0pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$762m</font></p>    </td>
<td width="14%" nowrap height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;height:9.0pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">103%</font></p>    </td>
<td width="14%" nowrap height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">15%</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="30%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:30.32%;">
<p style="margin:0in 0in .0001pt;text-indent:16.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">FCF </font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font></p>    </td>
<td width="12%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$410m </font></p>    </td>
<td width="12%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">7.5%</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$430m</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">129%</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">10%</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="30%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:30.32%;">
<p style="margin:0in 0in .0001pt;text-indent:16.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Availability</font></p>    </td>
<td width="12%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">89.7%</font></p>    </td>
<td width="12%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">7.5%</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">90.5%</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">180%</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">14%</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="30%" nowrap height="16" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:30.32%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Individual   Goals</font></b></p>    </td>
<td width="12%" nowrap height="16" style="border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="16" style="border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">20%</font></p>    </td>
<td width="14%" nowrap height="16" style="border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" nowrap height="16" style="height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">135%</font></p>    </td>
<td width="14%" nowrap height="16" style="border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">27%</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="30%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:30.32%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target</font></b></p>    </td>
<td width="12%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">50%</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="5" style="height:4.05pt;">
<td width="30%" nowrap height="5" style="border:solid windowtext 1.0pt;border-top:none;height:4.05pt;padding:0in .5pt 0in .5pt;width:30.32%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Actual</font></b></p>    </td>
<td width="12%" nowrap height="5" style="border:none;border-bottom:solid windowtext 1.0pt;height:4.05pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="5" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.05pt;padding:0in .5pt 0in .5pt;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" nowrap height="5" style="border:none;border-bottom:solid windowtext 1.0pt;height:4.05pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" nowrap height="5" style="border:none;border-bottom:solid windowtext 1.0pt;height:4.05pt;padding:0in .5pt 0in .5pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" nowrap height="5" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.05pt;padding:0in .5pt 0in .5pt;width:14.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">66%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Note:</font></p>
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-13.7pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font><font size="1" style="font-size:4.0pt;position:relative;top:-4.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">FCF is measured as FFO less sustaining capital (excludes payments to non-controlling interests and dividends on preferred shares).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Ms.&nbsp;Johnston&#146;s 2014 AIC award was based on 60% corporate performance and 40% individual performance:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Corporate performance was determined at 129%, resulting in an equivalent factor of 39% of her 2014 base pay.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Individual performance, as determined by the HRC in relation to her pre-established and quantifiable personal goals, was 135%, resulting in an equivalent factor of 27% of her 2014 base pay.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">As such, the annual incentive award to Ms.&nbsp;Johnston for 2014 recommended by the HRC to the Board and approved in February&nbsp;2015 was $197,100 (i.e. 131% of target, or 66% of her 2014 base pay).&#160; Details of the annual incentive amount for 2014 are provided in column &#147;f&#148; of the &#147;Summary Compensation Table.&#148;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition to her AIC, Ms.&nbsp;Johnston received the following in 2014:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">A one-time RSU grant of one times her base salary of $300,000, effective June&nbsp;6, 2014. This grant was in recognition of Ms.&nbsp;Johnston&#146;s critical role in the execution of our corporate objectives. The units have a ratable vesting schedule, with the first tranche vesting on January&nbsp;1, 2015 and the second tranche vesting on January&nbsp;1, 2016. Additionally, the units will be paid in shares, which must be held until her share ownership requirement is met.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">66<a name="PB_66_171211_3020"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
<!-- SEQ.=1,FOLIO='66',FILE='C:\JMS\108705\15-5536-1\task7262475\5536-1-ms-41.htm',USER='108705',CD='Mar  9 22:03 2015' -->

<br clear="all" style="page-break-before:always;">
<div>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Performance Graph</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">This graph and table compare the return on the Company&#146;s common shares for the period 2010 through 2014, assuming a $100 initial investment at December&nbsp;31, 2009, with all dividends reinvested, to the cumulative returns for the same investment in respect of the S&amp;P/TSX Composite Index. The graph and table also compare the Company&#146;s return to the&#160; total compensation of our NEOs, which shows a strong correlation between our share performance and realizable pay.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial"><img width="719" height="357" src="g55361ms41i003.jpg"></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
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<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Investment</font></b></p>    </td>
<td width="10%" nowrap height="17" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:12.75pt;padding:0in .5pt 0in .5pt;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">31-Dec-09</font></b></p>    </td>
<td width="10%" nowrap height="17" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:12.75pt;padding:0in .5pt 0in .5pt;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">31-Dec-10</font></b></p>    </td>
<td width="10%" nowrap height="17" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:12.75pt;padding:0in .5pt 0in .5pt;width:10.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">31-Dec-11</font></b></p>    </td>
<td width="10%" nowrap height="17" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:12.75pt;padding:0in .5pt 0in .5pt;width:10.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">31-Dec-12</font></b></p>    </td>
<td width="10%" height="17" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:12.75pt;padding:0in .5pt 0in .5pt;width:10.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">31-Dec-13</font></b></p>    </td>
<td width="10%" height="17" style="border:solid windowtext 1.0pt;border-left:none;height:12.75pt;padding:0in .5pt 0.375pt .5pt;width:10.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">31-Dec-14</font></b></p>    </td>   </tr>
<tr height="17" style="height:12.75pt;">
<td width="37%" nowrap height="17" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:12.75pt;padding:0in .5pt 0in .5pt;width:37.9%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:8.0pt;">TransAlta</font></p>    </td>
<td width="10%" nowrap height="17" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.75pt;padding:0in .5pt 0in .5pt;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$100</font></p>    </td>
<td width="10%" nowrap height="17" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.75pt;padding:0in .5pt 0in .5pt;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$73</font></p>    </td>
<td width="10%" nowrap height="17" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.75pt;padding:0in .5pt 0in .5pt;width:10.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$77</font></p>    </td>
<td width="10%" nowrap height="17" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.75pt;padding:0in .5pt 0in .5pt;width:10.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$59</font></p>    </td>
<td width="10%" height="17" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:12.75pt;padding:0in .5pt 0in .5pt;width:10.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$57</font></p>    </td>
<td width="10%" height="17" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in .5pt 0in .5pt;width:10.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$48</font></p>    </td>   </tr>
<tr height="17" style="height:12.75pt;">
<td width="37%" nowrap height="17" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:12.75pt;padding:0in .5pt 0in .5pt;width:37.9%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:8.0pt;">S&amp;P/TSX Composite</font></p>    </td>
<td width="10%" nowrap height="17" style="height:12.75pt;padding:0in .5pt 0in .5pt;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$100</font></p>    </td>
<td width="10%" nowrap height="17" style="height:12.75pt;padding:0in .5pt 0in .5pt;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$150</font></p>    </td>
<td width="10%" nowrap height="17" style="height:12.75pt;padding:0in .5pt 0in .5pt;width:10.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$133</font></p>    </td>
<td width="10%" nowrap height="17" style="height:12.75pt;padding:0in .5pt 0in .5pt;width:10.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$138</font></p>    </td>
<td width="10%" height="17" style="height:12.75pt;padding:0in .5pt 0in .5pt;width:10.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$152</font></p>    </td>
<td width="10%" height="17" style="border:none;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in .5pt 0in .5pt;width:10.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$163</font></p>    </td>   </tr>
<tr height="17" style="height:12.75pt;">
<td width="37%" nowrap height="17" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:12.75pt;padding:0in .5pt 0in .5pt;width:37.9%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:8.0pt;">NEO 3-year average reported   compensation</font></p>    </td>
<td width="10%" nowrap height="17" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.75pt;padding:0in .5pt 0in .5pt;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$12,773,939</font></p>    </td>
<td width="10%" nowrap height="17" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.75pt;padding:0in .5pt 0in .5pt;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$10,750,034</font></p>    </td>
<td width="10%" nowrap height="17" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.75pt;padding:0in .5pt 0in .5pt;width:10.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$9,788,593</font></p>    </td>
<td width="10%" nowrap height="17" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.75pt;padding:0in .5pt 0in .5pt;width:10.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$10,872,143</font></p>    </td>
<td width="10%" height="17" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.75pt;padding:0in .5pt 0in .5pt;width:10.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$11,459,097</font></p>    </td>
<td width="10%" height="17" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in .5pt 0in .5pt;width:10.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$11,288,041</font></p>    </td>   </tr>
<tr height="17" style="height:12.75pt;">
<td width="37%" nowrap height="17" valign="bottom" style="border:solid windowtext 1.0pt;border-top:none;height:12.75pt;padding:0in .5pt 0in .5pt;width:37.9%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:8.0pt;">NEO 3-year average realizable   compensation</font></p>    </td>
<td width="10%" nowrap height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.75pt;padding:0in .5pt 0in .5pt;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$13,376,180</font></p>    </td>
<td width="10%" nowrap height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.75pt;padding:0in .5pt 0in .5pt;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$13,416,264</font></p>    </td>
<td width="10%" nowrap height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.75pt;padding:0in .5pt 0in .5pt;width:10.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$10,440,265</font></p>    </td>
<td width="10%" nowrap height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.75pt;padding:0in .5pt 0in .5pt;width:10.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$7,916,028</font></p>    </td>
<td width="10%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.75pt;padding:0in .5pt 0in .5pt;width:10.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$7,415,461</font></p>    </td>
<td width="10%" height="17" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:12.75pt;padding:0in .5pt 0in .5pt;width:10.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$7,402,648</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Executive compensation, and particularly that of the CEO, is heavily weighted towards at-risk compensation which provides for performance based pay.&#160; Our compensation program is designed to encourage executive performance toward the achievement of shareholder value as measured by TSR.&#160; The Company&#146;s share price performance has not been strong recently, which has resulted in below-target compensation for our executives, demonstrating that pay outcomes are aligned with performance. The HRC has confidence that the CEO, along with her executive team, will successfully lead TransAlta to deliver on its long-term strategy and to generate sustainable value for the Company and its shareholders.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">67<a name="PB_67_171211_7748"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
<!-- SEQ.=1,FOLIO='67',FILE='C:\JMS\108705\15-5536-1\task7262475\5536-1-ms-41.htm',USER='108705',CD='Mar  9 22:03 2015' -->


<br clear="all" style="page-break-before:always;">
<div>
<p style="margin:0in 0in .0001pt 3.0in;text-align:justify;text-indent:-3.0in;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Summary Compensation Table</font></b></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table sets forth the annual compensation received by the NEOs during the 2012, 2013 and 2014 financial years.&#160; For a description of the plans and programs addressed in this table, you may refer to the section above entitled &#147;Compensation Discussion and Analysis&#148; or for retirement arrangements you may refer to the section below entitled &#147;Retirement Plan Benefits&#148;.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="98%" style="border:none;border-collapse:collapse;width:98.66%;">
<tr>
<td width="12%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Name&nbsp;and</font></b></p>    </td>
<td width="0%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Year</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Salary</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Share</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Option</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" colspan="3" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Non-equity&nbsp;Incentive&nbsp;Plan</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Pension</font></b></p>    </td>
<td width="1%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">All&nbsp;Other</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="1%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="12%" valign="bottom" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Principal&nbsp;Position</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Based</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Based</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" colspan="3" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Compensation&nbsp;</font></b><b><font size="1" face="Arial" style="font-size:3.5pt;font-weight:bold;position:relative;top:-3.0pt;">(7)</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Value&nbsp;</font></b><b><font size="1" face="Arial" style="font-size:3.5pt;font-weight:bold;position:relative;top:-3.0pt;">(10)</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Compensation</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Compensation</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="12%" valign="bottom" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Awards&nbsp;</font></b><b><font size="1" face="Arial" style="font-size:3.5pt;font-weight:bold;position:relative;top:-3.0pt;">(6)</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Awards</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" colspan="3" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:3.5pt;font-weight:bold;position:relative;top:-3.0pt;">(11)</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="12%" valign="bottom" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" colspan="3" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="12%" valign="bottom" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" colspan="3" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="12%" valign="bottom" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(a)</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(b)</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(c)</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(d)</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(e)</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" colspan="3" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(f)</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(g)</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(h)</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(i)</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:12.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:6.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Annual<br>   Incentive<br>   Plan&nbsp;</font></b><b><font size="1" face="Arial" style="font-size:3.5pt;font-weight:bold;position:relative;top:-3.0pt;">(8)</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Long-term<br>   Incentive<br>   Plans&nbsp;</font></b><b><font size="1" face="Arial" style="font-size:3.5pt;font-weight:bold;position:relative;top:-3.0pt;">(9)</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="12%" rowspan="3" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:12.42%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">D.L. Farrell </font></b><font size="1" face="Arial" style="font-size:3.5pt;position:relative;top:-3.0pt;">(1)<br>    </font><font size="1" face="Arial" style="font-size:7.0pt;">President and Chief Executive Officer</font></p>    </td>
<td width="0%" rowspan="2" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.88%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2014</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.7%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.4%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">950,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.14%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2,090,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.76%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.08%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.28%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.36%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1,105,088</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.12%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:7.1%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">304,400</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.14%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">70,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:9.62%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">4,519,487</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.02%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.88%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2013</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.7%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.4%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">950,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.14%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2,090,038</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.76%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.08%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.28%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.36%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">421,088</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.12%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:7.1%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">423,800</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.14%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">70,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:9.62%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">3,954,926</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.02%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="0%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.88%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2012</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.7%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.4%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">949,722</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.14%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">3,040,543</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.76%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:6.08%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.28%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.36%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">688,275</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.12%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.1%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">910,400</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.14%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">70,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.62%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">5,658,940</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.02%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" rowspan="3" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:12.42%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">D. Tremblay </font></b><font size="1" face="Arial" style="font-size:3.5pt;position:relative;top:-3.0pt;">(2)</font><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;"><br>    </font></b><font size="1" face="Arial" style="font-size:7.0pt;">Chief Financial Officer</font></p>    </td>
<td width="0%" rowspan="2" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.88%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2014</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.7%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.4%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">339,231</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.14%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">621,634</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.76%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.08%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.28%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.36%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">219,482</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.12%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.1%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">137,400</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.14%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">259,562</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.62%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1,577,309</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.02%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.88%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2013</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.7%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.4%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">N/A</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.14%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">N/A</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.76%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.08%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">N/A</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.28%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.36%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">N/A</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.12%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">N/A</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.1%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">N/A</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.14%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">N/A</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.62%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">N/A</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.02%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="0%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.88%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2012</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.7%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.4%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">N/A</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.14%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">N/A</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.76%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:6.08%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">N/A</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.28%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.36%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">N/A</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.12%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">N/A</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.1%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">N/A</font></p>    </td>
<td width="1%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.14%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">N/A</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.62%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">N/A</font></p>    </td>
<td width="1%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.02%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" rowspan="3" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:12.42%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">B.M. Gellner </font></b><font size="1" face="Arial" style="font-size:3.5pt;position:relative;top:-3.0pt;">(3)<br>    </font><font size="1" face="Arial" style="font-size:7.0pt;">Chief Investment Officer</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.88%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2014</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.7%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.4%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">500,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.14%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">975,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.76%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.08%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.28%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.36%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">323,500</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.12%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:7.1%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">127,400</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.14%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">26,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:9.62%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1,951,900</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.02%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="0%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.88%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2013</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.7%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.4%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">500,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.14%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1,624,946</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.76%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.08%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.28%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.36%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">188,500</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.12%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:7.1%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">151,800</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.14%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">26,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:9.62%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2,491,246</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.02%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="0%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.88%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2012</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.7%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.4%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">500,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.14%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">625,345</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.76%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:6.08%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.28%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.36%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">257,250</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.12%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.1%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">131,400</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.14%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">26,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.62%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1,539,995</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.02%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" rowspan="3" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:12.42%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">J.H.   Kousinioris </font></b><font size="1" face="Arial" style="font-size:3.5pt;position:relative;top:-3.0pt;">(4)<br>    </font><font size="1" face="Arial" style="font-size:7.0pt;">Chief Legal and Compliance Officer</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.88%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2014</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.7%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.4%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">475,000</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.14%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1,068,750</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.76%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.08%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.28%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.36%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">302,575</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.12%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.1%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">147,400</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.14%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">276,000</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.62%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2,269,725</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.02%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="0%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.88%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2013</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.7%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.4%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">475,000</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.14%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">593,762</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.76%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.08%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.28%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.36%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">150,575</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.12%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.1%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">166,800</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.14%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">276,000</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.62%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1,662,137</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.02%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="0%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.88%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2012</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.7%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.4%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">39,583</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.14%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.76%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:6.08%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.28%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.36%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.12%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.1%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">17,000</font></p>    </td>
<td width="1%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.14%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1,333</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.62%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">57,916</font></p>    </td>
<td width="1%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.02%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" rowspan="3" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:12.42%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">C. Johnston </font></b><font size="1" face="Arial" style="font-size:3.5pt;position:relative;top:-3.0pt;">(5) <br>    </font><font size="1" face="Arial" style="font-size:7.0pt;">Executive Vice-President, Corporate Services</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.88%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2014</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.7%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.4%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">300,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.14%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">675,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.76%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.08%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.28%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.36%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">197,100</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.12%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:7.1%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">67,400</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.14%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">26,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:9.62%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1,265,500</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.02%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="0%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.88%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2013</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.7%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.4%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">300,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.14%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">375,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.76%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.08%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.28%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.36%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">95,100</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.12%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:7.1%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">83,800</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.14%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">26,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:9.62%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">879,900</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.02%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="0%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.88%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2012</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.7%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.4%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">300,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.14%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">300,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.76%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:6.08%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.28%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.36%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">156,600</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.12%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.1%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">76,400</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.14%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">26,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.62%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">859,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.02%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
<p style="margin:0in 0in .0001pt 16.55pt;text-align:justify;text-indent:-16.55pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mrs.&nbsp;Farrell was appointed President and CEO of the Company effective January&nbsp;2, 2012. Upon appointment, she received a one-time equity grant of $1,425,000 (i.e. 1.5x her base salary). The grant consisted of 50% PSOP units (which vested on December&nbsp;31, 2014) and 50% RSUs (which vested on December&nbsp;15, 2014).</font></p>
<p style="margin:0in 0in .0001pt 16.55pt;text-align:justify;text-indent:-16.55pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(2)</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Tremblay was appointed CFO on March&nbsp;31, 2014. Upon appointment, he received a one-time RSU grant of $200,000, as well as a one-time sign-on bonus of $200,000. The RSUs will fully vest on April&nbsp;1, 2016.</font></p>
<p style="margin:0in 0in .0001pt 16.55pt;text-align:justify;text-indent:-16.55pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(3)</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Gellner was promoted to CIO on August&nbsp;20, 2013. In 2013, he received a one-time equity grant of $750,000 (i.e. 1.5x his base salary). The grant consisted of 50% RSUs and 50% PSUs, each vesting on January&nbsp;1, 2016. In 2014, he received a one-time RSU grant of $100,000 that vests on January&nbsp;1, 2016.</font></p>
<p style="margin:0in 0in .0001pt 16.55pt;text-align:justify;text-indent:-16.55pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(4)</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Kousinioris was appointed Chief Legal and Compliance Officer on December&nbsp;3, 2012. Upon appointment, he received a one-time sign-on bonus of $500,000. The bonus was paid 50% in January&nbsp;2013 and 50% in January&nbsp;2014. On June&nbsp;6, 2014, Mr.&nbsp;Kousinioris received a one-time RSU grant of one times his base salary of $475,000. The units vest in two equal tranches on January&nbsp;1, 2015 and January&nbsp;1, 2016, and the after-tax value must be held in TransAlta shares until his share ownership guideline is met.</font></p>
<p style="margin:0in 0in .0001pt 16.55pt;text-align:justify;text-indent:-16.55pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(5)</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ms.&nbsp;Johnston was appointed EVP, Corporate Services on September&nbsp;1, 2011. On June&nbsp;6, 2014, Ms.&nbsp;Johnston received a one-time RSU grant of one times her base salary of $300,000. The units vest in two equal tranches on January&nbsp;1, 2015 and January&nbsp;1, 2016, and the after-tax value must be held in TransAlta shares until her share ownership guideline is met.</font></p>
<p style="margin:0in 0in .0001pt 16.55pt;text-align:justify;text-indent:-16.55pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(6)</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts in column (d)&nbsp;relate to the aggregate of the grant date fair value (&#147;<b>GDFV</b>&#148;) of units granted under the MTIP (2014 and 2013) and shares granted under the PSOP (2012).</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTIP amounts reported in 2014 were based on the grant of units issued on January&nbsp;1, 2014 for the period 2014 to 2016, using the closing price of the common shares on the TSX on December&nbsp;31, 2013 of $13.48.</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTIP amounts reported in 2013 were based on the grant of units issued on January&nbsp;1, 2013 for the period 2013 to 2015, using the closing price of the common shares on the TSX on December&nbsp;31, 2012 of $15.12.</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSOP amounts reported in 2012 were based on the grant of units issued on January&nbsp;1, 2012 for the period 2012 to 2014, using the closing price of the common shares on the TSX on December&nbsp;31, 2011 of $21.02.</font></p>
<p style="margin:0in 0in .0001pt 16.55pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">The GDFV of the PSOP awards differ from the fair values determined in accordance with IFRS 2 Share-based Payment. For financial statement purposes, the accounting fair value is adjusted to the period-end closing price of the common shares on the TSX, and is recognized over the periods in which the grants are earned.</font></p>
<p style="margin:0in 0in .0001pt 16.55pt;text-align:justify;text-indent:-16.55pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(7)</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts reported in column (f)&nbsp;relate to cash payments made under the AIC.</font></p>
<p style="margin:0in 0in .0001pt 16.55pt;text-align:justify;text-indent:-16.55pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(8)</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Incentive Plan amounts reported in 2014, 2013 and 2012 relate to the performance level achieved in each of those years against the AIC goals.</font></p>
<p style="margin:0in 0in .0001pt 16.55pt;text-align:justify;text-indent:-16.55pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(9)</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No long-term non-equity incentive plan payments were made to the NEOs in 2014, 2013 or 2012.</font></p>
<p style="margin:0in 0in .0001pt 16.55pt;text-align:justify;text-indent:-16.55pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(10)</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;Amounts in column (g)&nbsp;are the sum of the compensatory amounts related to the DC Pension Plan, and the SPP.</font></p>
<p style="margin:0in 0in .0001pt 16.55pt;text-align:justify;text-indent:-16.55pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(11)</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;Amounts in column (h)&nbsp;relate to car allowances and annual perquisite allowance. For Mr.&nbsp;Tremblay, column (h)&nbsp;also includes his $200,000 sign-on bonus and a $37,500 moving allowance. For Mr.&nbsp;Kousinioris, column (h)&nbsp;also includes his $500,000 sign-on bonus (50% paid January&nbsp;1, 2013 and 50% paid January&nbsp;1, 2014).</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">68<a name="PB_68_182731_7056"></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Other Required Disclosure</font></b></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Incentive Plan Awards - Outstanding Share Awards</font></b></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table details all equity-based compensation which has been granted to the NEOs as at December&nbsp;31, 2014 and that vests in future years:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">SHARE-BASED AWARDS</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Name</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Grant Date</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Vesting<br>   Date</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Number of   shares or units<br>   of shares that have not<br>   vested </font></b><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Market or   payout value of<br>   share awards that have not<br>   vested </font></b><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;position:relative;top:-4.0pt;">(2)<br>    </font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Market or   payout<br>   value of vested share-<br>   based awards that<br>   have not yet been paid<br>   out or distributed<br>   (aggregate market<br>   value or payout value)<br>   ($)</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">PSOPs/</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">PSUs</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">RSUs</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">PSOPs/</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">PSUs</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">RSUs</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="16%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:2.8pt;padding:0in .5pt 0in .5pt;width:16.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">D.L. Farrell</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Jan. 1, 2014</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:2.8pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Jan. 1, 2017</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">107,875</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:2.8pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">53,938</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:2.8pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$1,134,845 </font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:2.8pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$567,428 </font></p>    </td>
<td width="18%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:2.8pt;padding:0in .5pt 0in .5pt;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>   </tr>
<tr height="4" style="height:3.3pt;">
<td width="16%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:3.3pt;padding:0in .5pt 0in .5pt;width:16.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Jan.&nbsp;1, 2013</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Jan.&nbsp;1, 2016</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">104,398</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">52,205</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$1,098,267 </font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$549,197 </font></p>    </td>
<td width="18%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>   </tr>
<tr height="4" style="height:3.3pt;">
<td width="16%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:3.3pt;padding:0in .5pt 0in .5pt;width:16.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Jan.&nbsp;2, 2012</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Jan.&nbsp;1, 2015</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">110,750</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$1,165,090 </font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0 </font></p>    </td>
<td width="18%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="16%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:16.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">323,023</font></b></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">106,143</font></b></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$3,398,202 </font></b></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$1,116,624 </font></b></p>    </td>
<td width="18%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$0</font></b></p>    </td>   </tr>
<tr height="4" style="height:2.8pt;">
<td width="16%" height="4" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:2.8pt;padding:0in .5pt 0in .5pt;width:16.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">D. Tremblay </font></b><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(3)</font></p>    </td>
<td width="11%" height="4" style="height:2.8pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Mar.&nbsp;31, 2014</font></p>    </td>
<td width="11%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:2.8pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Jan.&nbsp;1, 2017</font></p>    </td>
<td width="11%" height="4" style="height:2.8pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">21,475</font></p>    </td>
<td width="11%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:2.8pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">26,869</font></p>    </td>
<td width="11%" height="4" style="height:2.8pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$225,917 </font></p>    </td>
<td width="11%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:2.8pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$282,662 </font></p>    </td>
<td width="18%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:2.8pt;padding:0in .5pt 0in .5pt;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>   </tr>
<tr height="4" style="height:3.3pt;">
<td width="16%" height="4" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:3.3pt;padding:0in .5pt 0in .5pt;width:16.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="4" style="height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Jan.&nbsp;1, 2013</font></p>    </td>
<td width="11%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Jan.&nbsp;1, 2016</font></p>    </td>
<td width="11%" height="4" style="height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">N/A</font></p>    </td>
<td width="11%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">N/A</font></p>    </td>
<td width="11%" height="4" style="height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">N/A</font></p>    </td>
<td width="11%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">N/A</font></p>    </td>
<td width="18%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">N/A</font></p>    </td>   </tr>
<tr height="4" style="height:3.3pt;">
<td width="16%" height="4" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:3.3pt;padding:0in .5pt 0in .5pt;width:16.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="4" style="height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Jan.&nbsp;1, 2012</font></p>    </td>
<td width="11%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Jan.&nbsp;1, 2015</font></p>    </td>
<td width="11%" height="4" style="height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">N/A</font></p>    </td>
<td width="11%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">N/A</font></p>    </td>
<td width="11%" height="4" style="height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">N/A</font></p>    </td>
<td width="11%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">N/A</font></p>    </td>
<td width="18%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">N/A</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="16%" height="20" style="border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:16.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="11%" height="20" style="border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="20" style="border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">21,475</font></b></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">26,869</font></b></p>    </td>
<td width="11%" height="20" style="border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$225,917 </font></b></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$282,662 </font></b></p>    </td>
<td width="18%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$0</font></b></p>    </td>   </tr>
<tr height="4" style="height:2.8pt;">
<td width="16%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:2.8pt;padding:0in .5pt 0in .5pt;width:16.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">B.M. Gellner </font></b><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(4)</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:2.8pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Jan.&nbsp;1, 2014</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:2.8pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Jan.&nbsp;1, 2017</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:2.8pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">45,160</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:2.8pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">30,222</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:2.8pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$475,083 </font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:2.8pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$317,935 </font></p>    </td>
<td width="18%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:2.8pt;padding:0in .5pt 0in .5pt;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>   </tr>
<tr height="4" style="height:3.3pt;">
<td width="16%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:3.3pt;padding:0in .5pt 0in .5pt;width:16.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Jan.&nbsp;1, 2013</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Jan.&nbsp;1, 2016</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">71,804</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">49,950</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$755,378 </font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$525,474 </font></p>    </td>
<td width="18%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>   </tr>
<tr height="4" style="height:3.3pt;">
<td width="16%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:3.3pt;padding:0in .5pt 0in .5pt;width:16.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Jan.&nbsp;1, 2012</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Jan.&nbsp;1, 2015</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">29,750</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$312,970 </font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0 </font></p>    </td>
<td width="18%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="16%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:16.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">146,714</font></b></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">80,172</font></b></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$1,543,431 </font></b></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$843,409 </font></b></p>    </td>
<td width="18%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$0</font></b></p>    </td>   </tr>
<tr height="4" style="height:2.8pt;">
<td width="16%" height="4" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:2.8pt;padding:0in .5pt 0in .5pt;width:16.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">J.H. Kousinioris </font></b><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(5)</font></p>    </td>
<td width="11%" height="4" style="height:2.8pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Jan.&nbsp;1, 2014</font></p>    </td>
<td width="11%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:2.8pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Jan.&nbsp;1, 2017</font></p>    </td>
<td width="11%" height="4" style="height:2.8pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">30,643</font></p>    </td>
<td width="11%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:2.8pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">51,097</font></p>    </td>
<td width="11%" height="4" style="height:2.8pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$322,364 </font></p>    </td>
<td width="11%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:2.8pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$537,540 </font></p>    </td>
<td width="18%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:2.8pt;padding:0in .5pt 0in .5pt;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>   </tr>
<tr height="4" style="height:3.3pt;">
<td width="16%" height="4" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:3.3pt;padding:0in .5pt 0in .5pt;width:16.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="4" style="height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Jan.&nbsp;1, 2013</font></p>    </td>
<td width="11%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Jan.&nbsp;1, 2016</font></p>    </td>
<td width="11%" height="4" style="height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">29,660</font></p>    </td>
<td width="11%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">14,830</font></p>    </td>
<td width="11%" height="4" style="height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$312,023 </font></p>    </td>
<td width="11%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$156,012 </font></p>    </td>
<td width="18%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>   </tr>
<tr height="4" style="height:3.3pt;">
<td width="16%" height="4" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:3.3pt;padding:0in .5pt 0in .5pt;width:16.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="4" style="height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Jan.&nbsp;1, 2012</font></p>    </td>
<td width="11%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Jan.&nbsp;1, 2015</font></p>    </td>
<td width="11%" height="4" style="height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">N/A</font></p>    </td>
<td width="11%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">N/A</font></p>    </td>
<td width="11%" height="4" style="height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">N/A</font></p>    </td>
<td width="11%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">N/A</font></p>    </td>
<td width="18%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">N/A</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="16%" height="20" style="border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:16.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="11%" height="20" style="border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="20" style="border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">60,303</font></b></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">65,927</font></b></p>    </td>
<td width="11%" height="20" style="border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$634,388 </font></b></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$693,552 </font></b></p>    </td>
<td width="18%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$0</font></b></p>    </td>   </tr>
<tr height="4" style="height:3.1pt;">
<td width="16%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:3.1pt;padding:0in .5pt 0in .5pt;width:16.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">C. Johnston </font></b><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(6)</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:3.1pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Jan.&nbsp;1, 2014</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.1pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Jan.&nbsp;1, 2017</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:3.1pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">19,360</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.1pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">32,271</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;height:3.1pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$203,667 </font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.1pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$339,486 </font></p>    </td>
<td width="18%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.1pt;padding:0in .5pt 0in .5pt;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>   </tr>
<tr height="4" style="height:3.3pt;">
<td width="16%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:3.3pt;padding:0in .5pt 0in .5pt;width:16.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Jan.&nbsp;1, 2013</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Jan.&nbsp;1, 2016</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">18,727</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">9,369</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$197,008 </font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$98,562 </font></p>    </td>
<td width="18%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>   </tr>
<tr height="4" style="height:3.3pt;">
<td width="16%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:3.3pt;padding:0in .5pt 0in .5pt;width:16.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Jan.&nbsp;1, 2012</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Jan.&nbsp;1, 2015</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">14,300</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0</font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$150,436 </font></p>    </td>
<td width="11%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0 </font></p>    </td>
<td width="18%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in .5pt 0in .5pt;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="16%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:16.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">52,387</font></b></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">41,640</font></b></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$551,111 </font></b></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$438,048 </font></b></p>    </td>
<td width="18%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$0</font></b></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="16%" height="20" style="border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:16.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="11%" height="20" style="border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="20" style="border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">603,902</font></b></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">320,751</font></b></p>    </td>
<td width="11%" height="20" style="border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$6,353,049 </font></b></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$3,374,295 </font></b></p>    </td>
<td width="18%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$0</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-13.7pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;This number shows PSU and RSU grants (i.e. MTIP Grants) made to the NEOs in 2013 and 2014 for the performance periods 2013 &#150; 2016, and 2014 - 2017, as well as PSOP grants made to the NEOs in 2012 for the performance period 2012 to 2014, and assumes performance results at target. Actual PSU and PSOP awards may range from 0% to 200% based on actual performance. The number of PSUs and RSUs include accumulated dividend equivalents.</font></p>
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-13.7pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(2)</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;The values included in this table are calculated using the closing price of a TransAlta common share on the TSX on December&nbsp;31, 2014 (i.e. the last trading day of 2014) of $10.52.</font></p>
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-12.7pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(3)</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;Mrs.&nbsp;Farrell&#146;s 2012 equity grant information includes the one-time promotion award of $1,425,000 (i.e. 1.5x her base salary of $950,000) she received upon being appointed CEO on January&nbsp;2, 2012. The grant consisted of 50% PSOP units and 50% RSUs. The RSUs vested on December&nbsp;15, 2014 and are therefore captured in the next section (i.e. &#147;Incentive Plan Awards &#150; Value Vested During the Year&#148;) of this proxy circular.</font></p>
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-13.7pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(4)</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Tremblay&#146;s 2014 equity grant information includes the one-time RSU grant of $200,000 he received upon being appointed CFO on March&nbsp;31, 2014. The units fully vest on January&nbsp;1, 2016.</font></p>
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-13.7pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(5)</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Gellner&#146;s 2014 equity grant information includes the one-time RSU grant of $100,000 he received for his outstanding performance and leadership in executing TransAlta Renewables. The units will fully vest on January&nbsp;1, 2016. Included in his 2013 equity grant information is the one-time grant of $750,000 (50% RSUs and 50% PSUs) that will fully vest on January&nbsp;1, 2016.</font></p>
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-13.7pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(6)</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Kousinioris&#146; 2014 equity grant information includes the one-time RSU grant of $475,000 (i.e. one times his base salary) he received on June&nbsp;6, 2014 for his outstanding execution in achieving our corporate objectives. The units vest in in two equal tranches on January&nbsp;1, 2015 and January&nbsp;1, 2016, and the after-tax value must be held in TransAlta common shares until his share ownership guideline is met.</font></p>
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-13.7pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(7)</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;Ms.&nbsp;Johnston&#146;s 2014 equity grant information includes the one-time RSU grant of $300,000 (i.e. one times her base salary) she received on June&nbsp;6, 2014 for her outstanding execution in achieving our corporate objectives. The units vest in two equal tranches on January&nbsp;1, 2015 and January&nbsp;1, 2016, and the after-tax value must be held in TransAlta common shares until her share ownership guideline is met.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">69<a name="PB_69_191812_5796"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">INCENTIVE PLAN AWARDS &#150; VALUE VESTED DURING THE YEAR</font></b></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table sets forth all variable compensation including equity-based and non-equity-based compensation that vested to the NEOs in 2014:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Name</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Share Based   Awards &#150; <br>   value vested during the year</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Non-equity   Incentive Plan compensation &#150;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">value earned   during the year</font></b></p>    </td>   </tr>
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<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">PSOPs </font></b><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font></p>    </td>
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<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">RSUs</font></b></p>    </td>
<td width="40%" height="19" style="border:none;border-right:solid black 1.0pt;height:14.25pt;padding:0in .5pt 0in .5pt;width:40.0%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">AIC </font></b><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(2)</font></p>    </td>   </tr>
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<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
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<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="40%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:40.0%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>   </tr>
<tr height="19" style="height:14.25pt;">
<td width="20%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">D.L. Farrell </font></b><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(3)</font></p>    </td>
<td width="20%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>
<td width="20%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$409,672</font></p>    </td>
<td width="40%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:40.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$1,105,088</font></p>    </td>   </tr>
<tr height="19" style="height:14.25pt;">
<td width="20%" height="19" style="border:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">D. Tremblay</font></b></p>    </td>
<td width="20%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>
<td width="20%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>
<td width="40%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:40.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$219,482</font></p>    </td>   </tr>
<tr height="19" style="height:14.25pt;">
<td width="20%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">B.M. Gellner</font></b></p>    </td>
<td width="20%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>
<td width="20%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>
<td width="40%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:40.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$323,500</font></p>    </td>   </tr>
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<td width="20%" height="19" style="border:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">J.H. Kousinioris</font></b></p>    </td>
<td width="20%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>
<td width="20%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>
<td width="40%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:40.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$302,575</font></p>    </td>   </tr>
<tr height="19" style="height:14.25pt;">
<td width="20%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">C. Johnston</font></b></p>    </td>
<td width="20%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>
<td width="20%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>
<td width="40%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:40.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$197,100</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
<p style="margin:0in 0in .0001pt .2in;text-align:justify;text-indent:-.2in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;As the Company did not meet the metrics under the PSOP plan for the 2012 to 2014 grant cycle, no amount was payable.</font></p>
<p style="margin:0in 0in .0001pt .2in;text-align:justify;text-indent:-.2in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(2)</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;The amounts disclosed in this column relate to payments made with respect to 2014 under the AIC and are also included in column (f)&nbsp;of the &#147;Summary Compensation Table.&#148;</font></p>
<p style="margin:0in 0in .0001pt .2in;text-align:justify;text-indent:-.2in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(3)</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;Mrs.&nbsp;Farrell&#146;s RSUs payment is in relation to the one-time equity grant she received upon appointment to CEO (i.e. 1.5x base salary of $950,000, 50% in PSOP units and 50% in RSUs). Mrs.&nbsp;Farrell used the after-tax value she received to buy 23,600 TransAlta common shares as traded on the TSX.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">TOTAL VALUE OF EQUITY HOLDINGS AT MARCH&nbsp;4, 2015</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="20%" rowspan="3" style="border:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Name</font></b></p>    </td>
<td width="80%" colspan="4" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:80.0%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total Value of Equity Holdings </font></b></p>
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="20%" height="19" style="border:none;border-right:solid windowtext 1.0pt;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Shares </font></b><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font></p>    </td>
<td width="20%" height="19" style="border:none;border-right:solid windowtext 1.0pt;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">RSUs </font></b><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1,2)</font></p>    </td>
<td width="20%" height="19" style="border-bottom:none;border-left:none;border-right:solid black 1.0pt;border-top:solid windowtext 1.0pt;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">DSUs </font></b><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(3)</font></p>    </td>
<td width="20%" height="19" style="border-bottom:none;border-left:none;border-right:solid black 1.0pt;border-top:solid windowtext 1.0pt;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>   </tr>
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<td width="20%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="20%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="20%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="20%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>   </tr>
<tr height="19" style="height:14.25pt;">
<td width="20%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">D.L. Farrell</font></b></p>    </td>
<td width="20%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,542,459</font></p>    </td>
<td width="20%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,243,350</font></p>    </td>
<td width="20%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">397,857</font></p>    </td>
<td width="20%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">3,183,666</font></p>    </td>   </tr>
<tr height="19" style="height:14.25pt;">
<td width="20%" height="19" style="border:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">D. Tremblay</font></b></p>    </td>
<td width="20%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">610,560</font></p>    </td>
<td width="20%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">314,741</font></p>    </td>
<td width="20%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0</font></p>    </td>
<td width="20%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">925,301</font></p>    </td>   </tr>
<tr height="19" style="height:14.25pt;">
<td width="20%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">B.M. Gellner</font></b></p>    </td>
<td width="20%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">675,095</font></p>    </td>
<td width="20%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">940,371</font></p>    </td>
<td width="20%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0</font></p>    </td>
<td width="20%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,615,466</font></p>    </td>   </tr>
<tr height="19" style="height:14.25pt;">
<td width="20%" height="19" style="border:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">J.H. Kousinioris</font></b></p>    </td>
<td width="20%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">127,826</font></p>    </td>
<td width="20%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">562,728</font></p>    </td>
<td width="20%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0</font></p>    </td>
<td width="20%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">690,554</font></p>    </td>   </tr>
<tr height="19" style="height:14.25pt;">
<td width="20%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">C. Johnston</font></b></p>    </td>
<td width="20%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">112,723</font></p>    </td>
<td width="20%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">355,420</font></p>    </td>
<td width="20%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0</font></p>    </td>
<td width="20%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:14.25pt;padding:0in .5pt 0in .5pt;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">468,143</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
<p style="margin:0in 0in .0001pt .2in;text-align:justify;text-indent:-.2in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;Based on the closing price of our common shares on the TSX at March&nbsp;4, 2015 of $11.52.</font></p>
<p style="margin:0in 0in .0001pt .2in;text-align:justify;text-indent:-.2in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(2)</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;This column includes unvested RSUs as well as vested RSUs that have not yet been paid. All RSUs include the value of dividend equivalent units allocated under the terms of the plan.</font></p>
<p style="margin:0in 0in .0001pt .2in;text-align:justify;text-indent:-.2in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(3)</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;This column does not include the value of Mrs.&nbsp;Farrell&#146;s DSUs for her 2014 AIC, which she elected to receive as DSUs.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">70<a name="PB_70_184246_7056"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Retirement Plan Benefits</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">All employees, including the NEOs, participate in a defined contribution plan (the &#147;<b>DC Plan</b>&#148;) registered under the <i>Income Tax Act</i> (Canada) and the <i>Alberta Employment Pension Plans Act.&#160; </i>All employees who have pensionable earnings over the <i>Income Tax Act </i>(Canada) ceiling of approximately $224,000 per year also participate in our defined benefit, non-registered supplementary pension plan (the &#147;<b>SPP</b>&#148;).&#160; Retirement benefits provided by the DC Plan and the SPP are summarized below.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Defined Contribution Plan</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Our DC Plan is a non-contributory plan.&#160; On behalf of employees, we contribute ten per cent of employees&#146; pensionable earnings (base pay and annual incentive payment) to the plan.&#160; In 2014, the maximum annual contribution was $22,437 (90% of the CRA maximum).&#160; Contributions are deposited to individual employee / member accounts and invested in accordance with their investment direction.&#160; Account balances grow with investment earnings and contributions.&#160; A member who leaves the Company prior to age 55 is eligible to transfer their account balance to a personal, locked-in account.&#160; Members are eligible to retire after age 55.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table details the accumulated value of each NEO&#146;s DC Plan contributions as at December&nbsp;31, 2014:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr height="28" style="height:21.0pt;">
<td width="19%" rowspan="2" style="border:solid windowtext 1.0pt;height:21.0pt;padding:0in .5pt 0in .5pt;width:19.32%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Name</font></b></p>    </td>
<td width="20%" height="28" style="border:none;border-top:solid windowtext 1.0pt;height:21.0pt;padding:0in .5pt 0in .5pt;width:20.18%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Accumulated Value at<br>   Start of year</font></b></p>    </td>
<td width="20%" height="28" style="border:solid windowtext 1.0pt;border-bottom:none;height:21.0pt;padding:0in .5pt 0in .5pt;width:20.18%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Compensatory</font></b></p>    </td>
<td width="20%" height="28" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:21.0pt;padding:0in .5pt 0in .5pt;width:20.18%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Non-Compensatory</font></b></p>    </td>
<td width="20%" height="28" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:21.0pt;padding:0in .5pt 0in .5pt;width:20.14%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Accumulated Value at<br>   End of Year</font></b></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="20%" height="20" style="border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:20.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="20%" height="20" style="border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0.375pt .5pt;width:20.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="20%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:20.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="20%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:20.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="19%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:19.32%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">D.L. Farrell</font></b></p>    </td>
<td width="20%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:20.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">193,775</font></p>    </td>
<td width="20%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0.375pt .5pt;width:20.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">22,437</font></p>    </td>
<td width="20%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:20.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">19,434</font></p>    </td>
<td width="20%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:20.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">235,646</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="19%" height="20" style="border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:19.32%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">D. Tremblay</font></b></p>    </td>
<td width="20%" height="20" style="border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:20.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="20%" height="20" style="border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0.375pt .5pt;width:20.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">22,437</font></p>    </td>
<td width="20%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:20.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,081</font></p>    </td>
<td width="20%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:20.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">23,518</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="19%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:19.32%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">B.M. Gellner</font></b></p>    </td>
<td width="20%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:20.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">156,915</font></p>    </td>
<td width="20%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0.375pt .5pt;width:20.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">22,437</font></p>    </td>
<td width="20%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:20.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">15,722</font></p>    </td>
<td width="20%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:20.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">195,074</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="19%" height="20" style="border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:19.32%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">J.H. Kousinioris</font></b></p>    </td>
<td width="20%" height="20" style="border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:20.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">29,227</font></p>    </td>
<td width="20%" height="20" style="border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0.375pt .5pt;width:20.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">22,437</font></p>    </td>
<td width="20%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:20.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">3,949</font></p>    </td>
<td width="20%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:20.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">55,613</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="19%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:19.32%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">C. Johnston</font></b></p>    </td>
<td width="20%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:20.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">109,981</font></p>    </td>
<td width="20%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 1pt .5pt;width:20.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">22,437</font></p>    </td>
<td width="20%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:20.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">13,805</font></p>    </td>
<td width="20%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:20.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">146,223</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Supplemental Pension Plan - Defined Benefit Plan (&#147;SPP&#148;)</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">To compensate employees who are affected by the pension limits imposed under the <i>Income Tax Act</i> (Canada), and by the cap on pensionable earnings under the DC Plan, we have adopted an SPP.&#160; The SPP is a non-contributory plan and is funded by the Company.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The SPP provides a defined benefit pension for each year of credited service equal to two per cent of the final average pensionable earnings (base pay and annual incentive payment) in excess of the average DC Plan pensionable earnings limit.&#160; Final average pensionable earnings are calculated as the highest five-year average in the member&#146;s last ten years of employment.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Members are eligible to retire after attaining age 55 and completing two years of service.&#160; Members who retire on or after the earlier of age 60 or attaining a combination of service years plus age totaling 85 receive an unreduced monthly pension.&#160; Other retiring members receive a monthly pension that is reduced by 5/12 of 1% for each month that their early retirement date precedes their unreduced retirement date.&#160; A member who leaves the Company prior to age 55, and after completing two years of service, is eligible to receive a deferred monthly pension.&#160; Pensions are payable for the member&#146;s lifetime, and at least 60 monthly payments are guaranteed.&#160; Members may select an optional form of payment.&#160; If the member is a U.S. tax payer, he or she is required to select an optional form.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Pension payments are increased by two per cent per annum every January&nbsp;1 after a member is first eligible for an unreduced pension.&#160; The first increase is prorated based on the number of months since the member reached the eligibility date, or the number of months the member has been retired, if less.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">71<a name="PB_71_184438_5335"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table details the estimated value to the NEOs under the SPP as of December&nbsp;31, 2014, and shows our accrued obligation as of that date.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="13%" rowspan="3" bgcolor="white" style="background:white;border:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:13.8%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Name</font></b></p>    </td>
<td width="11%" bgcolor="white" style="background:white;border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:11.82%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Number   of<br>   Years of<br>   Credited<br>   Service</font></b></p>    </td>
<td width="24%" colspan="2" bgcolor="white" style="background:white;border:solid windowtext 1.0pt;border-left:none;padding:0in .5pt 0in .5pt;width:24.36%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Annual Benefits Payable</font></b></p>    </td>
<td width="12%" bgcolor="white" style="background:white;border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:12.5%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Accrued<br>   Obligation at<br>   Start of Year</font></b></p>    </td>
<td width="12%" bgcolor="white" style="background:white;border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:12.5%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Compensatory</font></b></p>    </td>
<td width="12%" bgcolor="white" style="background:white;border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:12.5%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Non-<br>   Compensatory</font></b></p>    </td>
<td width="12%" bgcolor="white" style="background:white;border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:12.5%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Accrued<br>   Obligation at<br>   End of Year</font></b></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="11%" height="20" style="border:none;border-right:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="20" style="border:none;border-right:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">At Year End</font></b></p>    </td>
<td width="11%" height="20" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">At Age 65</font></b></p>    </td>
<td width="12%" height="20" style="border:none;border-right:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="20" style="border:none;border-right:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="20" style="border:none;border-right:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="20" style="border:none;border-right:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(#)</font></b></p>    </td>
<td width="12%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="12%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="12%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="12%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="12%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="13%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:13.8%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">D.L. Farrell</font></b></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">7.42</font></p>    </td>
<td width="12%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">194,000</font></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">461,000</font></p>    </td>
<td width="12%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">3,192,000</font></p>    </td>
<td width="12%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">282,000</font></p>    </td>
<td width="12%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">773,000</font></p>    </td>
<td width="12%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">4,247,000</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="13%" height="20" style="border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:13.8%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">D. Tremblay</font></b></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0.75</font></p>    </td>
<td width="12%" height="20" style="border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">8,000</font></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">173,000</font></p>    </td>
<td width="12%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0</font></p>    </td>
<td width="12%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">95,000</font></p>    </td>
<td width="12%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">20,000</font></p>    </td>
<td width="12%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">115,000</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="13%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:13.8%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">B.M. Gellner</font></b></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">6.33</font></p>    </td>
<td width="12%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">60,000</font></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">191,000</font></p>    </td>
<td width="12%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">814,000</font></p>    </td>
<td width="12%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">105,000</font></p>    </td>
<td width="12%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">217,000</font></p>    </td>
<td width="12%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,136,000</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="13%" height="20" style="border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:13.8%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">J.H. Kousinioris</font></b></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2.08</font></p>    </td>
<td width="12%" height="20" style="border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">20,000</font></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">161,000</font></p>    </td>
<td width="12%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">152,000</font></p>    </td>
<td width="12%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">125,000</font></p>    </td>
<td width="12%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">69,000</font></p>    </td>
<td width="12%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">346,000</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="13%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:13.8%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">C. Johnston</font></b></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">5.08</font></p>    </td>
<td width="12%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">22,000</font></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">73,000</font></p>    </td>
<td width="12%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">299,000</font></p>    </td>
<td width="12%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">45,000</font></p>    </td>
<td width="12%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">87,000</font></p>    </td>
<td width="12%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">431,000</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Assumptions:</font></p>
<p style="margin:0in 0in .0001pt 9.0pt;text-align:justify;text-indent:-9.0pt;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">An annual discount rate of 3.75% in measuring the accrued pension liability at December&nbsp;31, 2014;</font></p>
<p style="margin:0in 0in .0001pt 9.0pt;text-align:justify;text-indent:-9.0pt;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">A rate of salary scale increase of 3% before taking into account the limits on final average earnings;</font></p>
<p style="margin:0in 0in .0001pt 9.0pt;text-align:justify;text-indent:-9.0pt;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Assumed retirement rates reflecting TransAlta&#146;s Pension Plan experience; and</font></p>
<p style="margin:0in 0in .0001pt 9.0pt;text-align:justify;text-indent:-9.0pt;text-justify:inter-ideograph;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">A rate of escalation of DC earnings limits applied 2.5% used in determining final average pensionable earnings under the SPP.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-17.0pt;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">TERMINATION AND CHANGE OF CONTROL BENEFITS</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Our NEOs are subject to the same terms and conditions as all other employees of the Company for voluntary termination, retirement or permanent disability, and termination for cause.&#160; The terms are as follows:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Voluntary or Termination for Cause</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In the event of termination for cause, an employee receives payment of any outstanding base pay and payment in lieu of any unused accrued vacation up to the last day of work.&#160; No other compensation is paid.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Retirement or Permanent Disability or Death</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In the event of retirement or permanent disability or death, in addition to receiving base pay, and payment in lieu of any unused accrued vacation, an employee receives the following:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">payment of AIC at target, prorated from the beginning of the year to the date of retirement, permanent disability or death;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">compensation in lieu of RSUs, pro-rated for the percentage of the grant period(s)&nbsp;elapsed between date of grant and date of retirement, permanent disability or death; and</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">compensation in lieu of PSUs, pro-rated for the percentage of the grant period(s)&nbsp;elapsed between date of grant and date of retirement, permanent disability or death. PSUs will also be adjusted using the lower of target performance and estimated performance to the end of the quarter preceding the participant&#146;s retirement, permanent disability or death.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">72<a name="PB_72_185155_5796"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">EXECUTIVE ARRANGEMENTS</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In keeping with market practice for senior-level positions within the Comparator Group, we have entered into individual agreements with the NEOs which provide payments over and above our standard policies in the event of involuntary termination without cause and termination without cause in the event of a change of control.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Involuntary Termination without Cause</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The following lump sum payments will be made to the Executive instead of our standard policies:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">an amount equal to 24 months of base salary for the CEO and 18 months for all other NEOs;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">an amount equal to 24 months of AIC at target for the CEO and 18 months for all other NEOs;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">an amount equal to the grant of additional MTIP units for the year subsequent to termination;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">unvested MTIP units vest at 100% of target for the CEO, and unvested MTIP units for all other NEOs are subject to the plan provisions;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">an amount equal to 24 months of additional contributions to the Company&#146;s DC Plan and the SPP for the CEO, and 18 months for all other NEOs;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">reimbursement of up to $10,000 for the CEO and up to $5,000 for all other NEOs for expenses incurred in obtaining financial or tax advice; and</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">payment for outplacement services if requested.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Under the agreements, following an involuntary termination, the Executive may not use or disclose any information about the Company that is confidential, without our consent except as required by law, and will not for one year after termination, directly or indirectly solicit or entice away any of our or our employees, consultants, clients or customers.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table outlines the payments to each NEO upon involuntary termination as at December&nbsp;31, 2014:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="13%" rowspan="2" style="border:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:13.66%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Name</font></b></p>    </td>
<td width="9%" height="20" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:9.56%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Severance<br>   Period</font></b></p>    </td>
<td width="10%" height="20" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:10.38%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Amount of<br>   Base Pay</font></b></p>    </td>
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<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Annual<br>   Incentive<br>   Calculated<br>   at Target</font></b></p>    </td>
<td width="11%" height="20" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.08%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Benefits</font></b></p>    </td>
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<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Additional<br>   Pension<br>   Value</font></b></p>    </td>
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<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">PSU Value</font></b></p>    </td>
<td width="11%" height="20" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Other</font></b></p>    </td>
<td width="11%" height="20" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="9%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:9.56%;">
<p align="center" style="margin:5.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(# of<br>   months)</font></b></p>    </td>
<td width="10%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:10.38%;">
<p align="center" style="margin:5.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:5.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.08%;">
<p align="center" style="margin:5.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:5.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($) </font></b><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:5.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($) </font></b><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(2)</font></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:5.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($)</font></b><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;"> (3)</font></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:5.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="13%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:13.66%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">D.L. Farrell</font></b></p>    </td>
<td width="9%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:9.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">24</font></p>    </td>
<td width="10%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:10.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,900,000</font></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,710,000</font></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">418,000</font></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,750,000</font></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">3,626,445</font></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,813,291</font></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">11,217,736</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="13%" height="20" style="border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:13.66%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">D. Tremblay</font></b></p>    </td>
<td width="9%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:9.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">18</font></p>    </td>
<td width="10%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:10.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">675,000</font></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">337,500</font></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">108,000</font></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">230,000</font></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">450,306</font></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">470,162</font></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2,270,968</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="13%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:13.66%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">B.M. Gellner</font></b></p>    </td>
<td width="9%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:9.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">18</font></p>    </td>
<td width="10%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:10.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">750,000</font></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">375,000</font></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">120,000</font></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">385,000</font></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,245,280</font></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,135,076</font></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">4,010,356</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="13%" height="20" style="border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:13.66%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">J.H.   Kousinioris</font></b></p>    </td>
<td width="9%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:9.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">18</font></p>    </td>
<td width="10%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:10.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">712,500</font></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">356,250</font></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">114,000</font></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">251,000</font></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">711,304</font></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">891,469</font></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">3,036,522</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="13%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:13.66%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">C. Johnston</font></b></p>    </td>
<td width="9%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:9.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">18</font></p>    </td>
<td width="10%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:10.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">450,000</font></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">225,000</font></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">72,000</font></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">183,000</font></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">449,228</font></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">464,486</font></p>    </td>
<td width="11%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,843,714</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="13%" height="20" style="border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:13.66%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="9%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:9.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:10.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">4,487,500</font></b></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3,003,750</font></b></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">832,000</font></b></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2,799,000</font></b></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">6,482,562</font></b></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">4,774,483</font></b></p>    </td>
<td width="11%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in .5pt 0in .5pt;width:11.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">22,379,296</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
<p style="margin:0in 0in .0001pt .2in;text-align:justify;text-indent:-.2in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;Amounts in this column are the sum of the compensatory amount related to the DC Plan, and the SPP, and include the value of pensionable service credits for the severance period.</font></p>
<p style="margin:0in 0in .0001pt .2in;text-align:justify;text-indent:-.2in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(2)</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;PSU values for all NEOs, with the exception of Mrs.&nbsp;Farrell, and as defined in the Share Unit Plan, have been prorated where appropriate to reflect the time in the plan. The amounts have been calculated using the closing price of the common shares of the Company on December&nbsp;31, 2014 (the last trading day of 2014) of $10.52.</font></p>
<p style="margin:0in 0in .0001pt .2in;text-align:justify;text-indent:-.2in;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(3)</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;Includes compensation in lieu of RSU plan participation. The amounts have been calculated using the closing price of the common shares of the Company on December&nbsp;31, 2014 (the last trading day of 2014) of $10.52.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">73<a name="PB_73_185826_2897"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015 Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Termination in the Event of a Change of Control</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Change of Control agreements are in place with each NEO.&#160; The agreements incorporate a &#147;double trigger&#148;, whereby in the event of a Change of Control and upon termination of employment or constructive dismissal (as defined in the agreement), the NEO will have the right to receive the equivalent of 24 months of compensation.&#160; This agreement applies to all NEOs and is designed to compensate the individuals as they would be compensated at common-law upon a termination of employment without cause. The agreements provide the following:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">an amount equal to 24 months of base salary for all NEOs;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">an amount equal to 24 months of AIC at target for all NEOs;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:bold;">&#183;</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">an amount equal to the grant of additional MTIP units for the year subsequent to termination;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:bold;">&#183;</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">unvested MTIP units vest at 100% of target for all NEOs;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:bold;">&#183;</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">an amount equal to 24 months of additional contributions to the Company&#146;s DC Plan and SPP for all NEOs;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:bold;">&#183;</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">reimbursement of up to $10,000 for expenses incurred in obtaining financial or tax advice; and</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:bold;">&#183;</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">payment for outplacement services if requested.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Under the agreements, following termination due to a change of control, the NEO may not use or disclose any information about the Company that is confidential, without our consent or as required by law, and will not for one year after termination, directly or indirectly solicit or entice away any of our or our subsidiaries&#146; employees, consultants, clients or customers.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table outlines the payments to each NEO upon a change of control and termination of employment or constructive dismissal as at December&nbsp;31, 2014:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
<tr>
<td width="13%" valign="bottom" style="border:solid windowtext 1.0pt;border-bottom:none;padding:0in 0in 0in 0in;width:13.82%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Name</font></b></p>
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Severance<br>   Period</font></b></p>    </td>
<td width="10%" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Amount of<br>   Base Pay</font></b></p>    </td>
<td width="10%" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Annual<br>   Incentive<br>   Calculated<br>   at Target</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Benefits</font></b></p>    </td>
<td width="10%" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Additional<br>   Pension<br>   Value</font></b></p>    </td>
<td width="11%" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">PSU Value</font></b></p>    </td>
<td width="10%" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Other</font></b></p>    </td>
<td width="12%" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>   </tr>
<tr>
<td width="13%" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.82%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(# of<br>   months)</font></b></p>    </td>
<td width="10%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="10%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="11%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="10%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($) </font></b><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font></p>    </td>
<td width="11%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($) </font></b><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(2)</font></p>    </td>
<td width="10%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($)</font></b><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;"> (3)</font></p>    </td>
<td width="12%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>   </tr>
<tr>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.82%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">D.L. Farrell</font></b></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">24</font></p>    </td>
<td width="10%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,900,000</font></p>    </td>
<td width="10%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,710,000</font></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">418,000</font></p>    </td>
<td width="10%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,750,000</font></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">3,626,445</font></p>    </td>
<td width="10%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,813,291</font></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">11,217,736</font></p>    </td>   </tr>
<tr>
<td width="13%" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.82%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">D. Tremblay</font></b></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">24</font></p>    </td>
<td width="10%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">900,000</font></p>    </td>
<td width="10%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">450,000</font></p>    </td>
<td width="11%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">144,000</font></p>    </td>
<td width="10%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">307,000</font></p>    </td>
<td width="11%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">600,917</font></p>    </td>
<td width="10%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">470,162</font></p>    </td>
<td width="12%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2,872,079</font></p>    </td>   </tr>
<tr>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.82%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">B.M. Gellner</font></b></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">24</font></p>    </td>
<td width="10%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,000,000</font></p>    </td>
<td width="10%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">500,000</font></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">160,000</font></p>    </td>
<td width="10%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">499,000</font></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,813,795</font></p>    </td>
<td width="10%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,135,076</font></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">5,107,871</font></p>    </td>   </tr>
<tr>
<td width="13%" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.82%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">J.H. Kousinioris</font></b></p>
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">24</font></p>    </td>
<td width="10%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">950,000</font></p>    </td>
<td width="10%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">475,000</font></p>    </td>
<td width="11%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">152,000</font></p>    </td>
<td width="10%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">336,000</font></p>    </td>
<td width="11%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,030,221</font></p>    </td>
<td width="10%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">891,469</font></p>    </td>
<td width="12%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">3,834,690</font></p>    </td>   </tr>
<tr>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.82%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">C. Johnston</font></b></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">24</font></p>    </td>
<td width="10%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">600,000</font></p>    </td>
<td width="10%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">300,000</font></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">96,000</font></p>    </td>
<td width="10%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">247,000</font></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">650,675</font></p>    </td>
<td width="10%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">464,486</font></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2,358,161</font></p>    </td>   </tr>
<tr>
<td width="13%" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.82%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">5,350,000</font></b></p>    </td>
<td width="10%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3,435,000</font></b></p>    </td>
<td width="11%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">970,000</font></b></p>    </td>
<td width="10%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3,139,000</font></b></p>    </td>
<td width="11%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">7,722,053</font></b></p>    </td>
<td width="10%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">4,774,483</font></b></p>    </td>
<td width="12%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">25,390,537</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-13.7pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Amounts in this column are the sum of the compensatory amount related to the DC Plan, and the SPP, and include the value of additional pensionable service credits for the severance period.</font></p>
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-13.7pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(2)</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">PSU values for all NEOs have been calculated based on the terms of their executive Change in Control agreements. The amounts have been calculated using the closing price of the common shares of the Company on December&nbsp;31, 2014 (the last trading day of 2014) of $10.52.</font></p>
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-13.7pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(3)</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Includes compensation in lieu of RSU plan participation. The amounts have been calculated using the closing price of the common shares of the Company on December&nbsp;31, 2014 (the last trading day of 2014) of $10.52.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015   Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">74<a name="PB_74_174405_7056"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">EMPLOYEE SHARE OPTION PLAN</font></b></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">We have an employee share option plan which forms part of the incentive compensation program for employees below the level of manager.&#160; The plan provides for grants of 500 options to full-time employees and 250 options to part-time employees from time to time.&#160; Executives and directors do not participate in this plan.&#160; The HRC approves the granting of stock options, and the aggregate number of options that may be issued pursuant to the plan which will not exceed the maximum number of shares the Company has allocated under the plan.&#160; The term of each option is 10 years, and the options vest on a schedule of 25% per year over a period of four years.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company granted options to eligible employees in 2010, but no options have been granted since. Options are granted to employees in Canada and the U.S. and are priced in accordance with the provisions of the plan in the currency where the employee resides.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In the case of termination of employment for any other reason except for cause, the employee may continue to exercise any outstanding options; to the extent they were exercisable on the date of termination, for sixty days following termination or until the normal expiry date of the options, if earlier.&#160; In the case of retirement, the employee may continue to exercise any outstanding options, to the extent they were exercisable on the date of termination, for one year following retirement or until the normal expiry date of the options, if earlier.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">There were no options exercised in 2014.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">EQUITY COMPENSATION PLAN INFORMATION AS AT DECEMBER 31, 2014</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">At December&nbsp;31, 2014, there were 1.4 million options to purchase shares outstanding, all of which were exercisable as follows:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="27%" valign="top" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.94%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Plan Category</font></b></p>    </td>
<td width="21%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:21.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Number of securities to   be<br>   issued upon exercise of<br>   outstanding options, warrants<br>   and rights</font></p>    </td>
<td width="25%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Weighted-average exercise   price<br>   of outstanding options, warrants<br>   and rights</font></p>    </td>
<td width="25%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:25.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Number of securities   remaining<br>   available for future issuance<br>   under equity compensation plans<br>   (excluding securities reflected in<br>   first column)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="27%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.94%;">
<p style="margin:0in 2.15pt .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Equity compensation plans   approved by security holders</font></b></p>    </td>
<td width="21%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="27%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.94%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="21%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="27%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.94%;">
<p style="margin:0in 0in .0001pt 15.1pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Share Option Plan</font></b></p>
<p style="margin:0in 0in .0001pt 11.75pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="21%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1.40 million </font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font></p>    </td>
<td width="25%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$26.20 </font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(3)</font></p>    </td>
<td width="25%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">5 million</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 11.75pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt 15.1pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">PSOP</font></b></p>
<p style="margin:0in 0in .0001pt 11.75pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="21%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:21.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0 </font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(2)</font></p>    </td>
<td width="25%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0</font></p>    </td>   </tr>
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<td width="27%" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.94%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="21%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:21.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1.40 million</font></p>    </td>
<td width="25%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">5 million</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-13.7pt;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Outstanding under the Option Plan for both Canadian and U.S. participants.</font></p>
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-13.7pt;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(2)</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">As the Company did not achieve threshold for the 2012 &#150; 2014 PSOP grant, there was no award made in 2014 with respect to the 2012 PSOP grant.</font></p>
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-13.7pt;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(3)</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Weighted-average exercise price of shares outstanding under the Share Option Plan.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">EMPLOYEE SHARE PURCHASE PLAN</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In April&nbsp;2000 we implemented an Employee Share Purchase Plan (&#147;<b>ESPP</b>&#148;), which provides an interest-free loan for employees (below the Vice-President level) the opportunity to purchase common shares of the Company on the open market.&#160; Senior management, including all Executives, cannot participate in this plan.&#160; Loans provided to employees under this plan cannot exceed 30% of their annual base salary.&#160; In the case of a termination of employment, the employee has sixty days to settle his/her account.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">As at December&nbsp;31, 2014, 1.507 million shares had been purchased by employees under this plan.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">LOANS TO DIRECTORS AND OFFICERS</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">We do not make loans to our directors and officers.&#160; Therefore, no loans were outstanding to our directors and officers in 2014.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">75<a name="PB_75_174604_5335"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015   Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">DIRECTORS AND OFFICERS INSURANCE</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">We have directors and officers liability insurance, with an annual aggregate policy limit of US$150 million for all directors and officers of the Company and its subsidiaries.&#160; In 2014, the annual cost of this coverage was approximately US$725,862 and was paid by the Company.&#160; Directors and officers are not subject to any deductible in respect of amounts which may be paid on their behalf under this policy.&#160; We are reimbursed for payments made under the corporate indemnity provisions, subject to a deductible of US$4&nbsp;million with respect to those insured losses.</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">DIRECTOR APPROVAL</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The contents of the Proxy Circular and the sending thereof to each shareholder, whose proxy is solicited, to Ernst&nbsp;&amp; Young LLP and to the appropriate governmental agencies, have been approved by the Board.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.58%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.42%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">By the   order of the Board of Directors</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.42%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.42%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial"><img width="114" height="39" src="g55361ms47i001.jpg"></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Calgary,   Alberta</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">March&nbsp;9,   2014</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.42%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Maryse C.   St.-Laurent</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Vice-President   Legal and Corporate Secretary</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015   Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">76<a name="PB_76_175712_5796"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">APPENDIX &#147;A&#148;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">CHECKLIST OF CORPORATE GOVERNANCE DISCLOSURE &#150; FORM&nbsp;58-101F1</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">1(a)</font></p>    </td>
<td width="68%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:68.84%;">
<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Identity of directors who   are independent (all except for President and CEO)</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:23.5%;">
<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Majority 9 of 10</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">1(b)</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Identity of   non-independent directors</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">President and CEO</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">1(c)</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Majority of independent   directors</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Yes </font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">1(d)</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Identify directors who   are also directors of other issuers and name the issuers (none involving our   President and CEO, none involving compensation committees)</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">See table on page&nbsp;29</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">1(e)</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Independent directors   hold regularly scheduled meetings at which non-independent directors and   management are not in attendance</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Yes</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">1(f)</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Independent chair of the   board</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Yes</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">1(g)</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Attendance record for   each director </font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">See table on page&nbsp;20</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">2</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Disclose text of board&#146;s   written mandate</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Appendix &#147;B&#148; and at <u>www.transalta.com</u></font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">3(a)</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Written   position descriptions for chair and chair of each board committee</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">Yes and   at <u>www.transalta.com</u></font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">3(b)</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Written position   description for CEO</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Yes</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">4(a)</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">New director orientation</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Yes</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">4(b)</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Continuing education program   for directors</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Yes</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">5(a)</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Written code of conduct   for directors, officers and employees</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Yes</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">5(b)</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Board ensures directors   exercise independent judgment</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Yes</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">5(c)</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Board promotes a culture   of ethical business conduct</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Yes</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">6(a)</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Board has process to identify   new candidates for board nomination</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Yes</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">6(b)</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Nominating committee   composed of entirely independent directors</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:23.5%;">
<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Yes</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">6(c)</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Describe   responsibilities, powers and operation of nominating committee</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">See GEC on page&nbsp;35</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">7(a)</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Process by which board   determines compensation for directors and officers</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:23.5%;">
<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">See page&nbsp;39</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">7(b)</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Compensation committee   composed of entirely independent directors</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Yes</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">7(c)</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Describe   responsibilities, powers and operation of compensation committee</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:23.5%;">
<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">See HRC on page&nbsp;37</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">7(d)</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Identify advisors   retained to assist in determining compensation for directors or officers and   summarize mandate for which they were retained and nature of any other work   requested</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">See page&nbsp;56</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">8</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Identify standing   committees other than audit, compensation and nominating and describe their   function</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:23.5%;">
<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">None</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">9</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Disclose whether or not   the board, committees and individual directors are regularly assessed and   describe the process</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">See page&nbsp;31</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">10</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">Disclose   whether or not the issuer has adopted term limits for the directors on its   board or other mechanisms of board renewal and, if so, include a description   of those director term limits or other mechanisms of board renewal</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:23.5%;">
<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">See page&nbsp;21</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015   Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">A-1<a name="PB_1_181653_7056"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">11(a)</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Disclose whether the   issuer has adopted a written policy relating to the identification and   nomination of women directors</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">See page&nbsp;28</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">12</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Disclose whether and, if   so, how the board or nominating committee considers the level of representation   of women on the board in identifying and nominating candidates for election   or re-election to the board</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:23.5%;">
<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">See page&nbsp;28</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">13</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">Disclose   whether and, if so, how the issuer considers the level of representation of   women in executive officer positions when making executive officer   appointments</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">See page&nbsp;28</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">14(b)</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">Disclose   whether the issuer has adopted a target regarding women on the issuer&#146;s board</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">See page&nbsp;28</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">14(c)</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">Disclose   whether the issuer has adopted a target regarding women in executive officer   positions of the issuer</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">See page&nbsp;28</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">15(a)</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">Disclose   the number and proportion (in percentage terms) of directors on the issuer&#146;s   board who are women</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">See page&nbsp;28</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">15(b)</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">Disclose   the number and proportion (in percentage terms) of executive officers of the   issuer, including all major subsidiaries of the issuer, who are women</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">See page&nbsp;28</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NEW YORK STOCK EXCHANGE &#150; SIGNIFICANT DIFFERENCES IN CORPORATE GOVERNANCE PRACTICES</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Compliance with NYSE Standards</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta&#146;s corporate governance practices do not differ from those of the NYSE.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">A-2<a name="PB_2_182232_5335"></a></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015   Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">APPENDIX &#147;B&#148;</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TRANSALTA CORPORATION<br> GENERAL GOVERNANCE GUIDELINES FOR THE BOARD</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">A.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">INTRODUCTION</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board of Directors (the &#147;Board&#148;) is responsible for overseeing the management of TransAlta Corporation (the &#147;Company&#148;) by establishing key policies and standards, including policies for the assessment and management of the Company&#146;s principal risks, for reviewing and approving the Company&#146;s strategic plans and for hiring the President and Chief Executive Officer (&#147;CEO&#148;).&#160; The Board has the statutory authority and obligation to act honestly and in good faith with a view to the best interests of the Company, including all shareholders and its stakeholders.&#160; Although the Board is responsible for the stewardship of the Company, it has delegated to the President and CEO (the &#147;CEO&#148;) and the senior management team the day-to-day leadership and management of the Company.&#160; The Board monitors and assesses the performance and progress of the Company&#146;s goals through candid and timely reports from the CEO and the senior management team.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board has adopted the following guidelines to meet its governance responsibilities.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">B.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">BOARD ORGANIZATION AND MEMBERSHIP</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Independent Chair of the Board</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board has chosen to separate the positions of chair of the Board (&#147;Chair&#148;) and CEO.&#160; The Chair is independent from management and the Company.&#160; The Chair is appointed for a three-year term, contingent upon being elected to the Board annually by the shareholders.&#160; The Chair will normally serve no more than two three-year terms, subject to special circumstances arising.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Chair Position Description</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Chair&#146;s responsibilities are set out in a position description that encompasses the Chair&#146;s role as it relates to the Board, its committees, the CEO and the Company generally.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Size of the Board</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">It is the view of the Board that 10 to 12 directors are sufficient to provide a diversity of expertise and knowledge, permitting effective committee organization and is appropriate for efficient meetings and decision-making.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Governance and Environment Committee (the &#147;Committee&#148;) reviews annually the size of the Board and recommends changes in size and composition to the Board when appropriate.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Independence of Directors</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board annually affirmatively determines the independence of each director, based on the recommendations made by the Committee.&#160; An independent director is a director who is independent of management and who has no direct or indirect material relationship or any other relationship which could, in the view of the Board, be reasonably expected to interfere with the exercise of a member&#146;s independent judgment.&#160; In making this determination the Board adheres to the requirements of Canadian and U.S. securities and stock exchange rules&nbsp;and regulations.&#160; Each director is required to complete an annual declaration of interest identifying all executive and board positions held by that director and whether any relationships exist with the Company or any of its subsidiaries and affiliates. The Committee reviews these declarations annually to ensure the majority of directors are independent.&#160; The Board also undertakes this determination upon the appointment of any new director to the Board.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Any former officer of the Company serving on the Board is considered to be non-independent for purposes of corporate governance until such time as the applicable regulatory cooling off period has been met and the independent directors determine that no direct or indirect material relationship exists, taking into consideration the former executive&#146;s duties and relationships for and with the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015   Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">B-1<a name="PB_1_182510_2897"></a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">As a matter of policy, the Board is comprised of a majority of independent directors.&#160; Decisions on matters of corporate governance and executive compensation are reviewed and made by the independent directors.</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">5)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Majority Voting for Directors and Form&nbsp;of Proxy</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board believes that each of its members should carry the confidence and support of its shareholders.&#160; Directors stand for election each year at the annual meeting of shareholders.&#160; Shareholders are given the opportunity to vote in favour of, or to withhold from voting for, each director nominee individually.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In an uncontested election of directors at a shareholders&#146; meeting, the votes cast in favour of the election of a director nominee must represent a majority of the shares voted and withheld for the election of the director.&#160; If that is not the case, the director nominee is required to promptly tender his or her resignation for consideration by the balance of the Board.&#160; A director who tenders a resignation pursuant to this policy will not participate in any meeting of the board or any committee of the board at which the resignation is being considered.&#160; In the absence of extenuating circumstances, it is expected that the Board will accept the resignation in a time frame consistent with the interest of the Company and in any event within 90 days from the date of the relevant shareholders&#146; meeting.&#160; The resignation will be effective when accepted by the Board.&#160; Should the Board determine not to accept the resignation, it will issue a press release setting forth the reasons for that decision.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Criteria for Board Membership</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Each year the Committee reviews the composition of the Board in order to ensure that it has the best mix of skills and experience to guide the long-term strategy and ongoing business operations of the Company.&#160; This review takes into account diversity of background, skills and experience, gender, ethnicity, age, stakeholder perspectives and geographic background.&#160; Further, consideration is given to any upcoming retirements, succession needs, specialized committee membership requirements, industry, market and the strategic direction of the Company.&#160; The information is compiled through the use of a questionnaire which identifies the skills, education and experience of each current director and those factors needed to promote diversity and to lead the strategic direction of the Company.&#160; This information is then compiled into a matrix.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">If a vacancy or a particular need arises, the Committee, together with the Chair, identifies potential nominees through the assistance of a professional search firm, or its evergreen candidate list, screens their qualifications and fit for the Board following which the Committee makes a recommendation to the Board for appointment or election.&#160; The Board is responsible for nominating candidates to the Board for election by the shareholders and to appoint directors as the number of positions or skill requirement warrant between annual meetings.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">7)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Change in a Director&#146;s Principal Occupation</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">A director who makes a significant change in principal occupation must advise the Board in order to give the Board the opportunity to review, through the Committee, whether such change may have an impact on the Company.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">8)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">New Director Orientation</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">New directors are provided with an orientation and education program which includes written information about the duties and responsibilities of directors, the business and operations of the Company, minutes and material from recent Board and committee meetings, one-on-one meetings with senior management and Board members and site tours.&#160;&#160; A comprehensive director&#146;s manual is also provided to each new director.&#160; The orientation of each new director is tailored to that director&#146;s individual needs and areas of interest.&#160; Specialized and independent training is also available from professional organizations if required or requested.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">9)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Ongoing Director Education</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Each director is responsible for keeping informed about the business of the Company and developments in the industry.&#160; Management assists directors by providing regular updates at each in-person board meeting on various topics relating to the business, developments in the industry, political and economic developments in the geographical areas in which the Company is active and in the general market place.&#160; The Board also receives regular communications from the CEO on developments in the business, progress of the Company towards the achievement of its established goals / strategy and updates on relevant topics of interest.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, management engages external speakers from time to time to make presentations to the Board and management on matters affecting the Company, the industry or the market place.&#160; Directors also take part in tours of the</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">B-2<a name="PB_2_182658_3020"></a></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015   Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Company&#146;s facilities and suppliers and participate in management presentations on the operations of different aspects of the Company&#146;s business.&#160; These presentations, discussions and tours facilitate increased discussion between management and the Board and provide members of the Board with additional knowledge and context for exercising their duties.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Directors are also encouraged to participate in professional development courses and to maintain membership in professional associations that provide continuing education to directors.&#160; All costs associated with such memberships or development courses are reimbursed by the Company.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">10)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Retirement Age, Tenure and Succession</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The retirement age for Board directors is 72.&#160; In addition, to ensure the renewal of skills, expertise and personal attributes on the Board, the Board has adopted a maximum tenure of 15 years for all non-management directors appointed to the Board.&#160; The Board may, at its discretion, extend the term of a director beyond the limitations provided if it is deemed that the Company and the Board would benefit from the continued service of the director.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Committee reviews annually the retirement dates of directors.&#160; In this review, the Committee considers the size and composition of the Board and addresses the succession planning needs associated with both the loss of skills and experience created by retiring directors, the need for continuity on the Board balanced against the need for new skills to address the direction of the Company.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">11)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Director Compensation</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Committee annually reviews the Chair and directors&#146; compensation and makes recommendations to the Board for consideration when it believes that changes in compensation are warranted.&#160; In making this determination the Committee considers the market competitiveness of its compensation against companies of similar size and scope in Canada and within its Comparator Group in Canada.&#160; The Committee also reviews the compensation data compiled by independent firms in assessing the competitiveness of its compensation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board has determined that ownership of the Company&#146;s shares or Deferred Share Units (&#147;DSUs&#148;) by directors is desirable and aligns the interests of directors with those of the Company&#146;s shareholders.&#160; A portion of the director&#146;s annual retainer fee is paid in shares or DSUs of the Company.&#160; The Company has established a minimum share and/or DSUs holding requirement, which requires each director of the Company to acquire and hold a minimum value of three times the director&#146;s annual retainer fee within three years of their appointment to the Board.&#160; In addition, newly appointed directors are required to acquire and hold the equivalent of one time their annual retainer fee within one year of their appointment to the Board.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">C.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">BOARD MEETINGS AND MATERIALS</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Agendas and Materials</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Chair and the CEO, together with the Vice-President Legal and Corporate Secretary, establish the agenda for each Board meeting, ensuring that all matters to be addressed as provided in these guidelines form part of the scheduled agendas for the year.&#160; In advance of each meeting, management distributes to the Board written information and data necessary for the Board&#146;s understanding of the business to be conducted at the meeting.&#160; Any Board member may suggest the inclusion of additional items on the agenda.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Quorum</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">A majority of the members of the Board, present in person or by telephone or other communication device that permits all persons participating in the meeting to speak to each other, shall constitute a quorum.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-35.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-35.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Meetings and In Camera Meetings</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Members of senior management are invited to attend Board meetings as required.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015   Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">B-3<a name="PB_3_182706_7748"></a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The independent directors meet without management present as a standing agenda item at each regularly scheduled, in-person Board meeting.&#160; The Chair discusses with the CEO any matters which may have risen during these meetings that are relevant for the CEO or management.</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">D.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">COMMITTEE ORGANIZATION AND MEETINGS</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Board Committees</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Each committee operates according to an approved charter. The standing committees of the Board are: Audit and Risk, Human Resources and Governance and Environment.&#160; The Board may form a new committee or disband a current committee if, in its view, it is appropriate to do so, provided that the Board will always have an audit committee.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Assignment of Committee Members</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board, based on a recommendation of the Committee, appoints committee members and committee chairs.&#160; The Committee&#146;s recommendation is derived from consultations with the Chair, with individual directors and with the objective of utilizing particular expertise while recognizing and balancing the need for renewal of ideas and continuity of knowledge and leadership.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Committee Meetings</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Committee chairs, in consultation with committee members, determine the frequency (consistent with each committee&#146;s Charter) of committee meetings.&#160; The Audit and Risk Committee meets at least quarterly.&#160; Each committee reports to the Board with respect to the proceedings of its meetings.&#160; The independent directors meet without management present as a standing agenda item at each regularly scheduled, in-person committee meeting.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Committee Agendas</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The chair of each committee, in consultation with the appropriate members of management and the Vice-President Legal and Corporate Secretary, develops the committee&#146;s agendas.&#160; Through the use of a checklist linked to its Charter, each committee ensures that all matters to be addressed, as set out in its Charter, form part of its schedule of agendas for the year.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">E.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">BOARD AND MANAGEMENT RESPONSIBILITIES</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Board Relationship with Management</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Board members have open access to management for relevant information and management is encouraged to make appropriate use of the Board&#146;s skills.&#160; Open discussions between the Board and members of management about issues facing the Company are encouraged.&#160; The Board also encourages senior management to bring employees who have potential as future senior leaders, and who would benefit from exposure to the Board, into Board meetings from time to time.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Appointment of Chief Executive Officer and Senior Management</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board, at the recommendation of the Human Resources Committee (the &#147;HRC&#148;), is responsible for the hiring and appointment of the CEO, including the approval of his/her compensation and any employment agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board also approves, at the recommendation of the CEO and HRC, the appointment of the senior management team.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Evaluation of the Chief Executive Officer</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The HRC conducts an annual review of the performance of the CEO as measured against objectives mutually established by the HRC and the CEO, and approved by the Board.&#160; The Chair of the Board and the chair of the HRC communicate the performance evaluation to the CEO and to the Board.&#160; The HRC utilizes this evaluation to make recommendations to the Board with respect to the CEO&#146;s variable compensation for the year.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015   Management Proxy Circular</font></p>    </td>
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<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Corporate Strategy</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Management is responsible for the development of the Company&#146;s strategic direction and plan.&#160; It is the role of the Board to review, question, contribute, and approve the strategic plan of the Company and to oversee its execution.&#160; The Board dedicates time annually to review, discuss and approve the Company&#146;s strategic plan, receives updates at each regularly scheduled Board meeting and receives periodic updates from the CEO.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">5)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Limits to Management Authority</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board has established general authority guidelines that identify the limitations to management&#146;s authority and also delineates the areas of responsibility that require the involvement of the Board.&#160; Some of these areas include material organizational changes, policy development, budgets, material financial plans and commitments as well as corporate and substantive personnel matters.&#160; These guidelines place limits on management&#146;s authority based upon the nature and size of the proposed action.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Succession Planning and Management Development</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The CEO presents annually a detailed report on management development and succession planning to the HRC.&#160; The CEO, together with the HRC, also identifies, on a continuing basis, a successor in the event of the unexpected incapacity of the CEO.&#160; The HRC reviews and approves management&#146;s succession plans and reports to the Board on these plans as required but at least annually.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">7)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Risk Assessment</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board is responsible for understanding the principal risks associated with the Company&#146;s business and for ensuring that management has implemented appropriate strategies to manage these risks.&#160; It is the responsibility of management to ensure that the Board is kept well informed of these changing risks on a timely basis.</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Arial" style="font-size:10.0pt;">i)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Enterprise Risk Management</font></i></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board has delegated to the Audit and Risk Committee (the &#147;ARC&#148;) the oversight of management&#146;s assessment of the Company&#146;s principal risks.&#160; Management has adopted a comprehensive Enterprise Risk Management system which focuses on risk identification, risk classification, mitigation and identification of both residual and tail risks.&#160; These are construed within the risk appetite approved by the Board.&#160; Management reviews quarterly with the ARC the Company&#146;s risk scorecard and residual risks including the identification of risk profile changes if applicable.&#160; The ARC reports to the Board quarterly on this review.&#160; The Board undertakes a comprehensive review of management&#146;s assessment annually and its response plan.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Management also undertakes a comprehensive risk-reward analysis of all projects and growth opportunities brought to the Board for approval.</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Compensation Risk Assessment</font></i></p>
<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board has delegated to the HRC the oversight of risks related to compensation.&#160; Management has adopted a risk review framework which, as part of its overall Enterprise Risk Management review, assesses the Company&#146;s risks relating to compensation and focuses on the areas in which the Company would be most vulnerable.&#160; The Board has adopted a clawback policy to deter inappropriate risk-taking activities.&#160; The HRC undertakes an annual comprehensive review of compensation risk and reports to the Board thereon.</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">8)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Internal Controls</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company continually seeks to establish controls relating to financial or other matters that give the Board appropriate assurances that its responsibilities are discharged.&#160; The Company has adopted a framework for the assessment of internal controls and together with the internal and external auditors provide regular reports to the ARC which then reports to the Board.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company has a Code of Conduct that sets out the key principles and policies governing the organization and has adopted a separate code of conduct for employees engaged in financial reporting and for those engaged in energy</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015   Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">marketing.&#160; The Board, through the ARC, reviews the report of employees with respect to their compliance with these codes, the key financial policies of the Company, and is informed of any exceptions arising under any of the codes.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">9)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Insider Trading and Disclosure Practices</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company has adopted an Insider Trading Policy, which is reviewed annually by the ARC and reported to the Board.&#160; The policy requires, among other things, that directors and officers adhere to a trading blackout when in possession of material non-public information.&#160; All directors and officers, who are considered insiders of the Company, must consult with the Vice-President Legal and Corporate Secretary or the Chief Legal and Compliance Officer before trading in TransAlta securities and provide confirmation immediately following any trade.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">To facilitate and foster relations with shareholders and other stakeholders, the Company has adopted a disclosure policy which addresses the timely dissemination of all material information.&#160; The policy also prohibits any employee in possession of material undisclosed information from trading in the Company&#146;s securities prior to such information being disclosed to the public.&#160; The policy also requires that the chair of the ARC review and approve the release of financial information derived from the Company&#146;s financial statements.&#160; This policy is reviewed annually by the ARC and reported to the Board.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">10)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Outside Advisors for Individual Directors</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">If any individual director requires the services of an independent advisor to assist him/her with matters involving his/her responsibilities as a Board member, he/she may engage such an advisor at the expense of the Company provided that he/she has first obtained the authorization of the Chair.&#160; The director shall adhere to the principles enunciated in the Charter of the HRC in determining the independence of the advisor.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">EVALUATION OF THE BOARD AND THE BOARD-MANAGEMENT RELATIONSHIP</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Assessing the Chair&#146;s Performance</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In each year of the Chair&#146;s term, the Chair of the Committee, as a component of the Board evaluation questionnaire and through one-on-one interviews with each director, performs an evaluation of the Chair&#146;s performance, measured against the Chair&#146;s position description.&#160; The Chair of the Committee summarizes the results, discusses the assessment with the Chair and reviews the results of this assessment during an in camera discussion with the Board.&#160; The results of this review form the basis for objectives for the Chair for the upcoming year.&#160; In addition, prior to the expiry of the Chair&#146;s first term, these reviews form the basis for the Committee&#146;s recommendation to the Board with respect to the renewal of the Chair&#146;s term.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Assessing the Board, Committee,&nbsp;Individual Director Performance and Board-Management Relationship</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Chair meets annually with each director to obtain their views on the effectiveness of the Board, Board committees, the Board-management relationship, individual director contributions and performance, management contributions and overall workings of the Board.&#160; To facilitate these one-on-one meetings, questionnaires relating to Board and individual committee assessments are provided to each Director for completion on an anonymous basis.&#160; The questionnaires address specific topics and questions for discussion, including (among others) an overall assessment of the Board&#146;s performance in the discharge of its duties and responsibilities, whether the Board is satisfied with the strategic initiatives of the Company, the Company&#146;s risk management processes, the Company&#146;s disclosure processes, the management succession plan, the Board&#146;s relationship with management, the quality and timeliness of information provided to the Board in preparation for meetings, the operation of the Board and its committees and the contributions of each director.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Chair also utilizes the information obtained during this evaluation to identify areas of improvement and objectives for the upcoming year and communicates this information to the Board during an in camera discussion.&#160; In addition, the Chair provides individual directors feedback on the evaluation conducted by their peers and provides direction on areas for improvement if necessary.&#160; The information is also utilized by the Chair to provide feedback to the CEO on his/her performance and for communication to the senior management team for improvements in areas that will assist the Board in the discharge of its responsibilities.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">B-6<a name="PB_6_184216_5796"></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015   Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">G.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">COMMUNICATION AND SHAREHOLDER AND STAKEHOLDER RELATIONS</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Board Communications Policy</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board, or the appropriate committee thereof, reviews and approves the content of the Company&#146;s major communications to shareholders, other stakeholders and the investing public, including the quarterly and annual reports, the proxy circular, the annual information form and any prospectuses and supplements that may be issued.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board believes that it is generally the function of management to communicate with the investment community, the media, customers, suppliers, employees, governments and the general public on management and operational matters.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Shareholder and other Stakeholder Communication</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board believes that it is important to have constructive engagement with its shareholders and other stakeholders and has established means for the shareholders of the Company and other stakeholders to communicate with the Board through the use of a confidential Ethics Help-Line or by writing directly to the Board.&#160; The contact information for communicating with the Board is published annually in the Company&#146;s annual report.&#160; Shareholders and other stakeholders may, at their option, communicate with the Board on an anonymous basis.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, the Board has adopted an annual non-binding advisory vote on the Company&#146;s approach to executive compensation.&#160; The Company is committed to ensuring continued good relations and communications with its shareholders and other stakeholders and will continue to evaluate its practices in light of any new governance initiatives or developments.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2015   Management Proxy Circular</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">B-7<a name="PB_7_184255_2897"></a></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">SOLICITATION OF PROXIES</font></b></p>    </td>   </tr>
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<p style="margin:0in .1in .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The solicitation will be made primarily by mail   and the cost will be borne by the Company.&nbsp;   Officers and employees of the Company may solicit proxies without   compensation by telephone, facsimile or in person.&nbsp; TransAlta has also retained the services of   <b>Kingsdale Shareholder Services</b>, 130   King Street West, Suite&nbsp;2950, P.O.&nbsp;Box 361, Toronto, Ontario, M5X   1E2, as its proxy solicitation agent, to assist with the solicitation of   proxies on behalf of management.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">They may be reached at:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">Phone:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">North American Toll Free:&nbsp; 1.877.659.1820</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Outside North America, Banks and Brokers Call   Collect:&nbsp; 416.867.2272</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">Email:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">contactus@kingsdaleshareholder.com</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">Facsimile:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">416.867.2271 or 1.866.545.5580 (toll free)</font></p>    </td>   </tr>
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<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>a15-5536_1ex99d2.htm
<DESCRIPTION>EX-99.2 FORM OF PROXY FOR 2015 ANNUAL MEETING OF SHAREHOLDERS
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.2</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:11.0pt;">THIS IS YOUR PROXY - DO NOT DESTROY &#150; THIS IS AN IMPORTANT DOCUMENT</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
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<td width="100%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">This proxy is solicited by and on behalf of   Management and the Board of Directors of the Corporation.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.06%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="96%" colspan="2" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:96.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>
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<td width="49%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:49.22%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">The undersigned hereby appoints <b>Gordon D. Giffin, Chair   of the Board</b>, or failing him,<b> Dawn L. Farrell,   President and Chief Executive Officer</b>, or instead of the foregoing   persons,</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" colspan="4" rowspan="16" valign="top" style="padding:0in 0in 0in 0in;width:48.76%;">
<p style="margin:0in .2in .0001pt .05in;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in .2in .0001pt .05in;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;vertical-align:baseline;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">The form of proxy must be   deposited with the Corporation&#146;s Transfer Agent, CST Trust Company, not less   than <b>48 hours </b>(excluding Saturdays,   Sundays and holidays) prior to the time fixed for holding the Meeting (or any   adjournment thereof).</font></p>
<p style="margin:0in .2in .0001pt .05in;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;vertical-align:baseline;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in .2in .0001pt .05in;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;vertical-align:baseline;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">The undersigned hereby revokes any proxy previously given with respect   to the Meeting.</font></p>
<p style="margin:0in .2in .0001pt .05in;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;vertical-align:baseline;"><b><font size="1" face="Times New Roman" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in .2in .0001pt .05in;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;vertical-align:baseline;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">The shares represented by this   proxy will be voted for, against or withheld from voting, on any ballot that   may be called for and will be voted as directed by each shareholder.&nbsp; If no choice is specified, the shares will   be voted: (i) FOR the election of each of the persons nominated by management   for election as directors, (ii) FOR the appointment of Ernst &amp; Young LLP   as auditors of the Corporation at a remuneration to be fixed by the Board of   Directors, (iii) FOR the advisory vote to accept management&#146;s approach to   executive compensation.</font></b><font size="1" style="font-size:8.0pt;">&nbsp; Execution of this proxy is deemed to confer   on the proxyholder discretionary authority to vote as she or he feels fit in   respect of each matter set forth if no choice is specified and to act in   respect of any amendments or other matters that may properly come before the   Meeting or at any adjournment thereof.</font></p>
<p style="margin:0in .2in .0001pt .05in;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;vertical-align:baseline;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in .2in .0001pt .05in;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;vertical-align:baseline;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">This proxy must be signed and   dated by the shareholder or by his or her attorney authorized in writing or,   in the case of a corporation, the proxy shall be under its corporate seal   attested by the hands of its proper officers, or under the hand of an officer   or attorney duly authorized.&nbsp; If the   shares are registered in the name of more than one owner (e.g. joint   ownership, executors, trustees, etc.), any one of the joint owners may sign   the proxy and all executors, administrators, trustees, corporate officers,   etc. must indicate the capacity in which they sign.&nbsp; If the proxy is not dated in the space   provided, it will be deemed to bear the date on which it is mailed to the   shareholder.</font></p>
<p style="margin:0in .2in .0001pt .05in;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;vertical-align:baseline;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in .2in .0001pt .05in;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;vertical-align:baseline;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">The undersigned confirms the   express wish that this document and the related documents including the   Notice of Meeting and the Management Proxy Circular, be in English only.</font></p>
<p style="margin:0in .2in .0001pt .05in;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in .2in .0001pt .05in;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Le soussigne confirme sa   volont&#233; expresse que ce document et les documents se rattachant &#224; la   pr&#233;sente, y compris la circulaire d&#146;information, soient r&#233;dig&#233;s en anglais   seulement.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">as proxyholder of the undersigned shareholder with full power of   substitution, to vote and otherwise act for and on behalf of the shareholder   as directed below, and in respect of any amendments to the matters identified   below, and all other matters that may properly come before the <b>Annual Meeting</b> (the &#147;Meeting&#148;) of   shareholders of TransAlta Corporation (the &#147;Corporation&#148;) to be held on   Tuesday, April 28, 2015 at 11:00&nbsp;a.m. (local time) at The Metropolitan   Conference Centre, located at 333 Fourth Avenue SW, Calgary, Alberta, and at   any continuation after an adjournment thereof.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="2%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:2.76%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="8%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:8.86%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="9%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:9.08%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">The shareholder has the right to appoint a person (who need not be a   shareholder) other than those stated, as his or her </font></b><b><font size="1" style="font-size:8.0pt;font-weight:bold;">nominee to attend and act at the   Meeting, or at any adjournment thereof, and may exercise such right by   striking out the names of the specified persons and inserting the name of   such person in the blank space on this proxy form or by completing and   submitting another appropriate form of proxy.</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="31%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:31.28%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="2%" rowspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Items on which   shareholder&#146;s action is required:</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-10.1pt;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:2.24%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">1.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Election of Directors.&nbsp;   Directors and management recommend shareholders </font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">FOR</font></b></p>    </td>
<td width="9%" colspan="3" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Withhold </font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:29.92%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">vote for the election of the   management nominees.</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:9.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">from Voting</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">01</font></p>    </td>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">William D. Anderson</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
<td width="9%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:9.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">02</font></p>    </td>
<td width="27%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:27.68%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">John P. Dielwart</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
<td width="9%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:9.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">03</font></p>    </td>
<td width="27%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:27.68%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Timothy W. Faithfull</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
<td width="9%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:9.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">04</font></p>    </td>
<td width="27%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:27.68%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Dawn L. Farrell</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
<td width="9%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:9.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">05</font></p>    </td>
<td width="27%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:27.68%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Alan J. Fohrer</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
<td width="9%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:9.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">06</font></p>    </td>
<td width="27%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:27.68%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Gordon D. Giffin</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
<td width="9%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:9.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">07</font></p>    </td>
<td width="27%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:27.68%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">P. Thomas Jenkins</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
<td width="9%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:9.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-10.1pt;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">08</font></p>    </td>
<td width="27%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:27.68%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Yakout Mansour</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
<td width="9%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:9.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.86%;">
<p style="margin:0in 0in .0001pt .05in;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.38%;">
<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.74%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.78%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-10.1pt;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">09</font></p>    </td>
<td width="27%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:27.68%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Georgia R. Nelson</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
<td width="9%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:9.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:22.86%;">
<p style="margin:0in 0in .0001pt .05in;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Your   name</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:5.38%;">
<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:16.74%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.78%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-10.1pt;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">10</font></p>    </td>
<td width="27%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:27.68%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Beverlee F. Park</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
<td width="9%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:9.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="28%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:28.24%;">
<p align="left" style="margin:0in 0in .0001pt .05in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(please print exactly as it appears on the back of   the proxy form)</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.74%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.78%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-10.1pt;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="27%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:27.68%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="9%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:9.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="28%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:28.24%;">
<p align="left" style="margin:0in 0in .0001pt .05in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.74%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.78%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-10.1pt;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.24%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="27%" colspan="2" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">FOR</font></b></p>    </td>
<td width="9%" colspan="3" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Withhold </font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.86%;">
<p style="margin:0in 0in .0001pt .05in;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.38%;">
<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.74%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.78%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-10.1pt;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="27%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:27.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:9.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">from Voting</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="28%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:28.24%;">
<p style="margin:0in 0in .0001pt .05in;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Your   signature</font></b></p>    </td>
<td width="16%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:16.74%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.78%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-10.1pt;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="3" rowspan="3" valign="top" style="padding:0in 0in 0in 0in;width:29.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" style="font-size:8.0pt;">Appointment of Ernst &amp; Young LLP as Auditors at   a remuneration to be fixed by the Board of Directors.&nbsp; Directors and management recommend   shareholders vote for the appointment of Ernst &amp; Young LLP.</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
<td width="9%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:9.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:44.98%;">
<p style="margin:0in 0in .0001pt .05in;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.78%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="9%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:9.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="44%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.98%;">
<p style="margin:0in 0in .0001pt .05in;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.78%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:9.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:22.86%;">
<p style="margin:0in 0in .0001pt .05in;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Date</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.38%;">
<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.74%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.78%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="27%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:27.68%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:9.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:44.98%;">
<p style="margin:0in 0in .0001pt .05in;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(if you leave it blank,   the proxy form will be deemed to bear the date on which it was mailed to you)</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.78%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.24%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="27%" colspan="2" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.68%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">FOR</font></b></p>    </td>
<td width="9%" colspan="3" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Against</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:44.98%;">
<p style="margin:0in 0in .0001pt .05in;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.78%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-10.1pt;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="3" rowspan="2" valign="top" style="padding:0in 0in 0in 0in;width:29.92%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">3.</font><font size="1" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" style="font-size:8.0pt;">Advisory vote to accept management&#146;s approach to   executive compensation, as described in the accompanying Management Proxy   Circular.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
<td width="9%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:9.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.86%;">
<p style="margin:0in 0in .0001pt .05in;punctuation-wrap:hanging;text-align:justify;text-autospace:ideograph-numeric ideograph-other;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.38%;">
<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.74%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.78%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:9.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:44.98%;">
<p style="margin:0in 0in .0001pt .05in;punctuation-wrap:hanging;text-align:justify;text-autospace:ideograph-numeric ideograph-other;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Position and signature</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.78%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.24%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="27%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.68%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:44.98%;">
<p style="margin:0in 0in .0001pt .05in;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(complete this section   if you are signing on behalf of a corporation, estate or trust)</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.78%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:2.24%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="27%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:27.68%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" colspan="3" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:48.76%;">
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-justify:inter-ideograph;"><i><font size="1" face="Times New Roman" style="font-size:5.0pt;font-style:italic;">&nbsp;</font></i></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-justify:inter-ideograph;"><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;">If you have any questions, please call toll free   1-800-387-0825 in Canada or the U.S. or (416) 682-3860 outside North America</font></i><font size="1" style="font-size:8.0pt;">.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.38%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.62%;">
<p style="margin:0in .5in .0001pt 0in;punctuation-wrap:simple;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">VOTING OPTIONS AND INSTRUCTIONS</font></u></b></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;punctuation-wrap:simple;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">The options available to convey your voting instructions are outlined below and further described in the Management Proxy Circular.</font></p>
<p style="margin:1.0pt 0in .0001pt .05in;punctuation-wrap:simple;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">VOTE BY MAIL</font></b><font size="1" style="font-size:9.0pt;">:</font></p>
<p style="margin:1.0pt 0in .0001pt .05in;punctuation-wrap:simple;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">The form of proxy must be deposited with the Corporation&#146;s Transfer Agent, CST Trust Company, not less than <b>48 hours</b> (excluding Saturdays, Sundays and holidays) prior to the time fixed for holding the meeting.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="99%" style="border-collapse:collapse;margin-left:.05in;width:99.28%;">
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.58%;">
<p style="margin:1.0pt 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1.</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:1.0pt 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.08%;">
<p style="margin:1.0pt 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">In order to vote by mail, this   proxy must be dated and signed by the shareholder, or by his or her attorney   authorized in writing, or if the shareholder is a corporation, under its   corporate seal by a duly authorized person. If the shares are registered in   the name of more than one owner (e.g. joint ownership, executors,   trustees,&nbsp;etc.), any one of the joint owners may sign.</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.58%;">
<p style="margin:1.0pt 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2.</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:1.0pt 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.08%;">
<p style="margin:1.0pt 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">If shares are registered in the   name of an executor, administrator, trustee or similar holder, such holder   must set out his or her full title and sign the proxy exactly as registered.   If shares are registered in the name of a deceased or other shareholder, the   shareholder&#146;s name must be printed in the space provided, the proxy must be   signed by the legal representative with his or her name printed below their   signature and evidence of authority to sign on behalf of the shareholder must   be attached to the proxy.</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.58%;">
<p style="margin:1.0pt 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">3.</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:1.0pt 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.08%;">
<p style="margin:1.0pt 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Proxies not dated in the space   provided will be deemed to bear the date on which they were mailed to the   shareholder.</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.58%;">
<p style="margin:1.0pt 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">4.</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:1.0pt 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.08%;">
<p style="margin:1.0pt 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">The name of the shareholder   must appear exactly as it is shown on the affixed label. If shares are held   jointly, any one of the joint owners may sign.</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.58%;">
<p style="margin:1.0pt 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">5.</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:1.0pt 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.08%;">
<p style="margin:1.0pt 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">A proxy will not be valid and   will not be acted upon unless it is completed as specified herein and   received by the Corporation&#146;s Transfer Agent by mail to CST Trust Company,   Attention: Proxy Department, P.O.&nbsp;Box 721, Agincourt, Ontario, M1S 0A1   not less than <b>48&nbsp;hours </b>(excluding   Saturdays, Sundays and holidays) prior to the time fixed for the holding of   the Meeting (or any adjournment thereof).</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.58%;">
<p style="margin:1.0pt 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">6.</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:1.0pt 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.08%;">
<p style="margin:1.0pt 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">For further information, see   the Management Proxy Circular.</font></p>    </td>   </tr>  </table>
<p style="margin:1.0pt 0in .0001pt .05in;punctuation-wrap:simple;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">VOTE BY PHONE</font></b><font size="1" style="font-size:9.0pt;">:</font></p>
<p style="margin:1.0pt 0in .0001pt .05in;punctuation-wrap:simple;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">In order to vote by phone, use any touch-tone phone to transmit your voting instructions not less than <b>48 hours</b> (excluding Saturdays, Sundays and holidays) prior to the time fixed for the holding of the Meeting (or any adjournment thereof).&#160; Phone toll-free 1-888-489-7352 (English and French) and follow the instructions the &#147;Vote Voice&#148; provides you.&#160; Have this Proxy Form&nbsp;in hand when you call.&#160; You will be prompted to enter your 13&nbsp;digit Control Number which is located on the bottom left hand side of this form.&#160; The control number is your personal security code and will be used to authenticate your voting instructions.</font></p>
<p style="margin:0in 0in .0001pt .05in;punctuation-wrap:simple;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:1.0pt 0in .0001pt .05in;punctuation-wrap:simple;text-align:justify;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">VOTE BY INTERNET</font></b><font size="1" style="font-size:9.0pt;">:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="1" style="font-size:9.0pt;">www.cstvotemyproxy.com</font></u></p>
<p style="margin:0in 0in .0001pt .05in;punctuation-wrap:simple;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;punctuation-wrap:simple;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">In order to vote by internet, use the Internet address above to transmit your voting instructions, not less than <b>48 hours</b> (excluding Saturdays, Sundays and holidays) prior to the time fixed for the holding of the Meeting (or any adjournment thereof).&#160; Have this form in hand when you access the website.&#160; You will be prompted to enter your 13&nbsp;digit Control Number.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.24%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="73%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.28%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.48%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.28%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.48%;">
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#175;</font><font size="1" style="font-size:8.0pt;"> Your Control Number </font><font size="1" face="Symbol" style="font-size:8.0pt;">&#175;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.28%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.48%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="2%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:2.28%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.48%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:2.24%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="73%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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